Whilst we invite correction, we consider 'Private Office' to mean activities and undertakings on behalf of an individual or family by a team of support staff, be they domestic administrators, personal or executive assistants, financial and fiduciary managers or property and portfolio management professionals.
Consider the term so, here we provide 5 examples of payments that can be delegated to a dedicated payment provider like Prime Cap.
:: 1. Insurance premiums and renewals. ::
Once broker or underwriter have confirmed settlement account details - details of the account into which a premium should be paid - representatives can manually upload beneficiary details to the Prime Cap platform or simply ask the client's personal broker to do the same.
On the day the premium is due to be paid, or days prior should that suit, Prime Cap buys the GBP amount owed and invoices the client. The foreign currency sum is then sent to Prime Cap, who settle the outstanding amount directly and provide confirmations as to the execution of that action.
:: 2. Rent Collection. ::
Whether working with an appointed or dedicated lettings or property management company, collecting rent personally in the UK , or permitting tenants to pay direct in a foreign currency, Prime Cap's expertise as a collection and exchange service means not only greater visibility over the flow of funds, but also a higher yield through our commercial rates of exchange.
All income collection and repatriation services are bespoke to the source and the destination of funds. Serving as conduit between you and our carefully selected payment partners, we can advise on potential fees that your bank might apply and ways in which these might be obviated to your financial advantage.
:: 3. Tuition and School fees. ::
Whether paying for tuition annually or on a term by term basis, more of your own money remains with you when you engage a broker like Prime Cap because the rates of exchange at which we operate mean that you pay less to achieve the same foreign currency amount.
A family's finance manager, once duly appointed and authorised, can liaise with the Prime Cap team to ensure that the more competitive rate of exchange is applied for all payments to an academic institution.
Additionally, top-up, sundry and expense related payments can be executed at a moments notice anywhere around the world through our secure online platform.
Parents are provided with enhanced visibility and can see the precise time and date of both bookings, execution of transactions and the arrival of funds.
:: 4. Property sale and acquisition. ::
As we have said before, the acquisition and disposal of real-estate assets across boarders and by and for families living and working around the world lends itself persuasively towards reliance on foreign exchange specialists to maximise value.
Prime Cap's 'View Only', 'Execution Only' and "Fully Managed' ensure that clients know what to expect regardless of the way they want to use our award-winning services.
For private office entities Prime Cap can liaise and interact with stakeholders across each phase of a transaction - whether that means including conveyancing solicitors on deposit and and balance payment notifications, or taking automated instruction to execute.
Making sure that each account holder has their own currency broker on hand, our service is like no other. It could be argued that providing clients with access to the full suite of Prime Cap resources overestimates the appetite of our customers, but, experience has taught us that giving you access to a person as well as cutting edge tools and resources is the most efficient way of maximising both value the user experience.
:: 5. Personal and family treasury. ::
Prime Cap and our transaction partners do not engage in speculative currency transactions. These are exchanges of currency conducted specifically with the intent to sell back the currency at a price which realises a profitable position.
Those families and individuals who wish to hold capital in a variety of currencies
are however able to use our exchange capabilities to maximise the value in their rate. If you hold funds in one currency and identify that the prevailing market rate is desirable/favourable you can use Prime Cap to exchange funds into that currency. Essentially this is treasury related and, provided your exchange is not conducted purely to flip the payment back into the original currency should the rate move, we are more than happy to assist you in your FX undertakings.
Many of our private clients find it more economical (both from a cost and a time perspective) to login to the Prime Cap platform to move even their same currency payments. Consider, your bank charges between £16 and £32 to send sterling to accounts outside the UK. Prime Cap can reduce this expense by no less than 30% and in some cases by as much as 60% - all with same day settlement, tagged and tracked flow of funds and an experienced advisor at the end of the telephone.
We welcome your call.