Frequently asked questions

General

What currencies are available?


We offer over 200 currency pairs and cover all the major currencies pairs such as GBP/USD, EUR/USD, GBP/EUR etc. For further information on the currencies available please see FAQ>Currencies




Who uses WB Transfer?


Below are just a few of the industries we have helped save thousands on their international payments: Accountants, Clothing Manufacturers, Estate Agents, Financial Advisers, Freight Forwarders, Importers & Exporters, Logistics, Medical Suppliers, Pharmaceutical Wholesalers, Property Developers, Recruitment Consultants, Solicitors, Travel Agents. If you are unsure if you have a foreign exchange requirement, give us a call on 0203 66 77 345 or email team@mayfairfx.com and we can help.




How do I register?


Registering with us is quick, easy and free. Simply fill in the sign-up form here




I have forgotten my login details


Remember that your login ID, security questions and password are all case sensitive. Make sure you have not got Cap Locks on. Login IDs are also be unique. If you have multiple accounts, you will have different logins for each account. If you are still unable to access the platform, contact the Mayfair FX team and we will assist you with this.




Are you regulated?


Payment services for Mayfair FX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).





Currencies

What currencies are available?


We cover all the major currency pairs you would expect e.g. GBP/USD, EUR/USD, GBP/EUR etc. Over 200 currency pairs are offered. The following currencies can be converted via our online platform and payments can be made via SWIFT: AUD Australian Dollar GBP British Pound CAD Canadian Dollar CZK Czech Koruna DKK Danish Krone AED Emirati Dirham EUR Euro HKD Hong Kong Dollar HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Peso NZD New Zealand Dollar NOK Norwegian Krone PLN Polish Zloty RON Romanian New Leu SGD Singapore Dollar ZAR South African Rand SEK Swedish Krona CHF Swiss Frank THB Thai Baht TRY Turkish Lira USD United States Dollar If unable to provide a quote on the platform, please contact us.




Converting over the phone


The following currencies can only be converted over the phone: BHD Bahraini Dinars BGN Bulgarian Lev HRK Croatian Kunas INR Indian Rupees JMD Jamaican Dollars KES Kenyan Shillings KWD Kuwaiti Dinars OMR Omani Rials QAR Qatari Rials SAR Saudi Riyals UGX Ugandan Shillings




I can't get the rate?


Our trading hours are 24 hours a day from Monday to Friday. Some transactions face restrictions: – Forwards, TOD and TOM transactions are unavailable 22:00 to 23:30 each day
– Some exotic currencies are unavailable 22:00 to 23:20 each day
– Some currencies may be unavailable in the event of a bank holiday
– Some currencies are not available through our platform and will have to be completed via our telephone dealers





Managing FX Risk

How do I manage FX risk?


FX rates are very difficult to predict but you can take educated guesses at likely movements. Every business and transaction is different, but It is important to understand your budget levels. If you worked out you need to purchase USD against GBP at 1.6500 to break even and the current FX rate is 1.6300, you are buying below your budget rate, hence will incur a loss. To mitigate this you could have bought a forward at the rate of your budget level or higher (if the FX market was at or higher this level). This would remove the fluctuations in FX rates you would face as you would have essentially locked in your rate.





Payments

Has my payment been made to a beneficiary?


You will receive an automated email confirmation advising when we have settled a transaction. The status of the transfer will update to ‘Completed’ on the platform in Payment History. This means we have made the payment as per the instructions provided and are now waiting on funds to arrive with the recipient.




When will my funds arrive with the beneficiary?


Funds will be released on the ‘delivery date’ noted on the trade confirmation email.




The money still has not arrived with the beneficiary?


Double check the recipient’s bank details against the details in the payment confirmation and make sure they match.Are there any other external factors that could delay the payment such as a bank holiday? To help avoid delays on payments, always reference your payments clearly and pass the reference details onto the beneficiary so they know to look for it. If the money has not arrived and there is no reasonable explanation, please contact the Mayfair FX team.




Why have my funds been returned?


If a payment fails, then you will be sent an email with the reason given by the recipient’s bank for the failure. You need to speak with the beneficiary’s bank directly for instructions on avoiding a returned payment again. The most common reasons are incorrect details (e.g. account number or beneficiary name) being submitted on the payment.




I’ve realised that beneficiary details are wrong. What do I do?


On Swift payments, we can try to recall funds that have been sent to an incorrect account. This is not always successful as it relies on the co-operation and approval of the receiving bank and the beneficiary. The best way to get funds returned is to contact the receiving bank directly, inform them of the situation and get them to reject the payment. Please note, we cannot amend beneficiary details retrospectively once a payment has been released.




How much do you charge for payments?


We offer a free payment with every transaction.




How can you offer a free payment with every transaction?


Although we will make less money than traditionally generated by banks and brokers, we incorporate the free payment cost into the FX margin we generate from a transaction you make. It may make you wonder how much money banks and brokers are generating from every FX transaction your carry out.





Online Platform

Has my payment been made to my beneficiary?


You will receive an automated email confirmation advising when we have settled a transaction. The status of the transfer will update to ‘Completed’ on the platform in Payment History. This means we have made the payment as per the instructions provided and are now waiting on funds to arrive with the recipient.




When will my funds arrive with the beneficiary?


Funds will be released on the ‘delivery date’ noted on the trade confirmation email.




I can’t get a rate for my transaction


Our trading hours are 24 hours a day from Monday to Friday. Some transactions face restrictions: – Forwards, TOD and TOM transactions are unavailable 22:00 to 23:30 each day
– Some exotic currencies are unavailable 22:00 to 23:20 each day
– Some currencies may be unavailable in the event of a bank holiday
– Some currencies are not available through our platform and will have to be completed via our telephone dealers




The money still has not arrived with the beneficiary?


Double check the recipient’s bank details against the details in the payment confirmation and make sure they match. Are there any other external factors that could delay the payment such as a bank holiday? To help avoid delays on payments, always reference your payments clearly and pass the reference details onto the beneficiary so they know to look for it. If the money has not arrived and there is no reasonable explanation, please contact the Mayfair FX team.




I have forgotten my login details


Contact the Mayfair FX team and we will assist you with this.




I can't log in


Remember that your login ID, security questions and password are all case sensitive. Make sure you have not got Caps Lock on. Login IDs must also be unique. If you have one user with multiple accounts, he or she will have different logins for each account.





Pricing

What is the FX margin?


The FX margin is the difference between the mid-market rate and the client rate. It is the amount the currency provider will generate in respect of a currency transaction.




What is the mid-market rate?


This is also known as the market rate, inter-bank rate, bank rate. It is the mid price of the buy and sell prices available in the currency markets.




Why is your pricing better compared to banks and brokers?


We are a technology business with ultimately less overheads. We do not have the legacy issues faced by banks and broker and our objectives are different. We want to make a profit as a business but more importantly want to offer a consistent, fair and low price to our clients.




My bank or broker is offering me a lower price?


From our experience, very low pricing offered by banks and brokers is temporary. Over time, some clients have found their pricing to have increased. In rare cases do they agree a fixed margin with a client for the longevity of the relationship.




How do you derive your FX margin?


The FX margin you receive is based upon the FX volume you will transact annually. The greater the volume the lower the margin.





Products

Spot?


Spot trades cover transactions with a value date of today, tomorrow and today + 2 days. These are used for immediate transactions.




Forwards?


Forwards cover FX rates locked in today but for a future delivery date. e.g. you require $100,000 for delivery in 3 months time.





Registration

How to register?


Registering with us is quick, easy and free.




What are the benefits of registering?


By registering today you can start to benefit from our fantastic bank beating pricing and access to our online platform with many great features such as live FX rates and full transaction history.




Who Uses Us?


Below are just a few of the industries we have helped save thousands on their international payments: – Accountants
– Clothing Manufacturers
– Estate Agents
– Financial Advisers
– Freight Forwarders
– Importers & Exporters
– Logistics
– Medical Suppliers
– Pharmaceutical Wholesalers
– Property Developers
– Recruitment Consultants
– Solicitors
– Travel Agents





Security

How secure is the platform?


We use the highest security possible as the safety of your transactions is of most importance to us. We use SSL certificates to secure our websites and platform.




I have forgotten my login details?


Contact the Mayfair FX Team and we will assist you with this.




What happens to the funds I sent to you?


All client funds are received in separate client trust accounts, held at stable, tier-1 banks (e.g. Barclays, Bank of America).