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How do I pay for a transaction? What do I need to do?

We ask clients to instruct their bank (or the bank of the person sending the base currency - if you are receiving money from someone) to electronically transmit the currency they're exchanging to the appropriately denominated, FCA regulated, segregated client trust accounts of the authorised payment institution appointed to facilitate any transaction. The information required to do this is issued to the client at the appropriate time directly from the API conducting the exchange and does not necessarily have to be issued once a rate of exchange has been confirmed. So, you are welcome to credit funds 'on account' before you have agreed a rate. Whether money needs to be sent onwards or simply held, the terms of the contract struck means that although you need to settle by a specified date, onward payment instructions can be provided subsequently and at your convenience. All segregated client trust accounts are held with Tier 1 banking institutions, so, if your money is held abroad then you may have to make an international payment to the selected authorised payment institution (API) and may incur a cost for so doing.

Please bear in mind that you will never be asked to send your money directly to Prime Cap. We are the broker that negotiates the terms and rate of exchange for you, but, the clearance and transmission of funds, in compliance with Financial Conduct Authority (FCA) regulations, is solely the responsibility of the authorised payment institution with whom you register when you decide to engage Prime Cap's services. Please remember, it is important that you instruct your bank not to convert your currency. They need to send it, but not exchange it. Some banks infer that because you're sending to an account abroad you want the money you're sending to be converted to the currency of that country.

If your bank does this then the money will automatically re-exchanged back into the currency the segregated account is denominated in and at a rate of exchange over which we have no control. Please rest assured we will instruct you as to the appropriate bank details you should present to your bank in order to settle your transaction successfully It is worth noting that you are unlikely to be able to do a same currency payment via an online banking platform unless you are sending GBP. Online banking tends to be focussed on domestic payments or currency exchange payments rather than the sending of the currency you hold to an account overseas, so, we advise you to speak with your bank to clarify how they conduct such a transmission.


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