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Forex Basics: How to send money online.

There are a number of online platforms out there which allow individuals and companies to carry out currency conversions and to send currencies 'bought' to overseas or domestic foreign currency recipients (beneficiaries).

You might want to repay someone for money they sent you whilst travelling. Pay rent or cover a foreign currency mortgage. You might be invoiced by your foreign supplier in their local currency. You might live outside one country, sell something abroad and want to convert and move the proceeds to your foreign bank account. At the end of the day, one of the main obstacles to using a simple online solution is a belief that, without guidance, the process is hard and uncertain.

So, using images from our own online platform, here is a step by step guide to sending money to a foreign currency recipient, whether they're in the UK or abroad - remember, just because you're converting the currency you hold into a foreign currency doesn't mean the recipient is in a different country. All the aspects of your recipient's particulars feed in to how best to send money to them...and that is what we are here to help you through.


First off, once you're registered as a client (and we'll approach this from the perspective that you're not necessarily a client of Prime Cap) you'll first and foremost be invited to familiarise yourself with the look, feel and function of an online platform.

On completion of your registration with Prime Cap one of our team will arrange to take/talk you through using our system, either in person or verbally over the telephone.

Having 'logged in' you will be confronted with our simple dashboard.

Our system shows you any currency amounts you are holding with us.

It shows you any transactions you have booked, whether they be outstanding and waiting for you to pay for them, in processing, or recently completed.

We treat 'payments' and 'trades' as two distinct things. This is because, especially for people with dealings abroad or businesses with suppliers overseas, you might buy an amount of currency from us, but you might want that amount to be split up and sent to a number of different recipients.

By enabling you to create and chose who gets paid what, you can hold money with us and determine when they are paid even though you know what your GBP costs is or was at the time of the booking; discretion is totally yours.

The 'Dashboard' shows below it a number of different tabs.


For your first transaction with us we want to talk you through the process. Therefore, our dealers will make some of the tabs on your dashboard visible to you only once you have called to speak with us. This is particularly the case with 'New Trade'.

Feed back has taught us that you're experience is improved if we are there to take you through the key points. We would rather speak to you before you try and interpret the system, rather than leave you wondering whether you have done things correctly.

Once visible on the left hand side, you can select 'New Trade', which takes you through to a sequence of steps, the first being titled 'Deal'.

On these screens you select the currency you want to 'buy' or 'sell'. If you have sterling (GBP) any foreign currency you want to 'send' is considered the currency you are buying. You are paying sterling and buying euros, for instance; and you can make this selection from the relevant drop down menu.

The final stage/screen in this sequence will ask you to chose the 'purpose of the transaction'. Please don't think us nosey - we ask you this because it is our responsibility to ensure that we can demonstrate an understanding of your uses for us should our regulator ask us to detail who uses our facilities.

When you signed up with us we asked certain questions designed to enable us to create a profile for you and designed to enable us to fashion a profile of your uses for our services.

Asking you to select an outline of the reason for your transaction helps us to ensure you're using us in the way you said you would. This is important because, for one thing, it enables our traders to guide you in future as to the most effective, cheapest and quickest way of executing the transaction.

Additionally, if the reason deviates distinctly from the reasons you first gave us, we will attempt to confirm with you that this was intentional. Having this information helps us better serve you, but, it also serves as an initial barrier. Deviation from the norm prompts us to get in touch and talk with you in more detail. Should/could you be doing things differently, or to better effect?


Once the currencies, contract and reasons for transacting have been confirmed, you're propelled through to the second heading - Beneficiaries.