For an increasing number of private clients living in the UK, receiving money from abroad is not such an alien concept.
Sure, they may never send money abroad and anything incoming might be a one off or their only engagement with foreign currencies between bank accounts, but, there are some simple ways to maximise the sterling amount you get into your bank account, and there are some very easy instructions you can provide to the person or company sending money to you.
You want to make sure that the rate of exchange used to convert whatever currency you're due to receive is the best it can possibly be.
Therefore, you don't want to provide the person sending you money with your simple every day sterling bank account details.
Doing so would leave you at the mercy of your UK bank.
From experience we know that this means you could loose anything up to 7% of the amount being exchanged.
Banks do vary, and yours might not be as militant or as stingy as the worst offenders on the UK high street, but, it is simply the case that, unless you take control of the money coming in before it is converted, you have to swallow what you are given.
By providing Prime Cap's foreign currency account details you can receive your money in the currency it was sent.
As well as then exchanging money for and with you at a better rate of exchange, using our services gives you control.
There are many different reasons why you might be receiving money from abroad or in a different currency.
Commonly we work with people who have inherited sums from relatives abroad.
In this instance we can work with the executor of the estate to make sure you get the most from the rate of exchange.
Alternatively you might be receiving money to go towards a house you are buying. Being able to track that money coming into the UK and being able to then send it directly to stakeholders in your buying process, for instance your solicitor, is a useful aspect of our service.
If you have a friend coming to stay with you who lives abroad and they want to send their spending money to your account and draw on it whilst they are in the UK, then they or you can register as a client of Prime Cap and make sure that you're not losing out on the exchange rate.
Sending money from your overseas foreign currency bank account back to your UK account for things like mortgage payments, utility bills or general UK expenses, is made easier and cheaper by virtue of our online transaction platform.
If you're receiving a loan from the bank of Mum and Dad, who happen to have retired to Italy, then, by giving them our EUR client account details you're making sure money arrive in a timely fashion and you get more of it than you would from your bank.
There are many reasons why someone who does not deal in currencies often and does not hold a foreign currency bank account might want to speak with us about our work.
As we have said in previous posts, we do not consider there to be a transaction amount too small.
Just the other day we sent £200 to Australia for a very respected City lawyer whose daughter is on her gap year.
An under-graduate studying at Trinity Dublin used us to send €1100 back to her own account in England earned from her part time job during term time.
The vast array of reasons people use Prime Cap is illustrative of how we deal with a variety of customers. By that we mean that we are not just here to deal with big value trophy conversions. Day to day transactions are just as important to the longevity of a business like Prime Cap and we are very well versed in sensitively and quickly explaining your options (some of which you won't have thought possible) and making sure you don't leave money on the table.
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