We'll begin by saying that in light of market changes in the coming months and years this post may be out of date almost as soon as it is published. Also, we'll talk about the difficulties of you and I on 'main-street' to deal in and with certain currencies even though those in the finance and banking sphere may be able to transact in certain countries in a way you and I cannot. This is not a technical post...but, just a short list of those currencies it isn't that simple to work with. Give us a call if you would like more precise guidance. 1. It is difficult to confidently transmit your money to India, converting it to Indian Rupee (INR) before it arrives, happy in the knowledge it will definitely arrive without fees deducted, on the day you expect - we've not heard of this being easily done, ever. It is also not possible for us to agree to exchange INR in to any other currency because we cannot be assured that INR is what will arrive with us from the sending party, whether that be you or a client of yours. Nothing but pure speculation at this stage, but, we would expect broader global proliferation of the Rupee following the UK's exit from the EU. At the moment a variety of different local markets exist. Cash. Tourist. Regional. We wouldn't expect all of these to fade away, but, a unified central banking system that appeals to international or direct capital investment is a must if India wants to court the sort of investment and attention is't BRIC peers are gearing towards garnering. 2. Russian Ruble (RUB) and one's ability to buy it in exchange for another currency, or sell it in to another currency should it be what we expect to receive, has had a very fluid narrative. It is the currency of the Russian Federation, the two partially recognised republics of Abkhazia and South Ossetia. Recent sanctions mean that although it could be done on the supposition the various extremely convoluted compliance requirements are met, it is a currency you won't find yourself able to confidently transact in in the near-term. 3. Nira, the local currency of Nigeria, has a strange relationship with the international banking community. Steps are being taken to make it far more widely available outside the country and across the banking and international free trading worlds and we expect improvements in access to trickle down to the retail space because of the rapid growth Nigeria and many East African countries represents, but, issue over the source of funds and the compliance of it's accumulation, coupled with inconsistent sentiments on the part of the Nigerian Central Bank, mean there is still a way to go. 4. Most Carribean currencies are pegged to the US dollar, or indeed the pound in some instances. Local banks want the internationally liquid dollar and there has emerged a two tier currency market in some territories (British Sovereign or not). This means sending money to these destinations may simply result in the local trading entity asking to receive USD rather than any other dollar derivative. This can be frustrating because, if you're doing building or maintenance work, buying property or repatriating rental earnings (on your home over there or from your business interests), you don't accurately know what the conversion or price point should be. 5. The various iterations of main land and offshore currencies used when dealing with and extracting capital from China mean the process can be confusing, hard and convoluted. Parties involved in business development both in the UK and in China are working hard to codify what is expected of businesses and ​​ex-pats in pursuit of a more fluid banking arrangement and we have certainly see greater numbers of specialist business advisers who can explain the variations on this theme, but, it is still tricky and can be frustrating for individuals and businesses alike. USD is commonly used and arguably this is one of the benefits of globalisation and supply chain advances, but, in our view things can only get easier. #currencies #BIRC #BRIC

AI Worldwide Finance Awards recognises the companies, and individuals, within the finance industry who have shown excellence and dedication in their field. Aiming to reveal and reward those who have overcome the difficulties posed by the ongoing global economic issues to thrive and prosper. This prestigious award marks the hard work and stellar efforts of those who have helped shape this demanding and dynamic industry, and AI's comprehensive selection and judging process singles out Prime Cap as a true market leader of 2020. The nomination, selection and judging process takes over 3 months, during which time industry experts research, count nominations and analyse all supporting evidence to ensure that only the most deserving and top-performing individuals, firms and products are recognised. Awards are given on merit alone. This means that the number of votes received, size of nominated firms or financial incentives play no part in the crowning of award winners, with all recipients being decided upon through exhaustive and rigorous research and judging process, carried out by a dedicated in-house team. Of PRIME CAP PAYMENTS - With a particular focus on individuals and HNW property-related payment services, Prime Cap's ability to translate the intricacies of global foreign exchange and international settlement activities into simple, practical and extremely valuable guidance has won them notoriety across the sector as the boutique challenger to the private banking and API deliverable FX monopoly. Actively but discreetly courting the UK's private client market, as well as carrying a robust corporate services offering, elevates Prime Cap Payments from the mainstream. "Again our clients have told us what value they place on the way we work and the solutions we offer. Consistent referrals from our peers in the legal, property and financial services sectors show us that we are doing something right. 2019 saw us named the Best UK Deliverable Currency Broker and so to be put forward for a category in the 2020 awards, let alone to win versus some significant players in the UK deliverable currency space, means a lot to me and the team." Jamie Lesinski | Founder & Managing Director

Once your money has arrived with the authorised payment institution chosen to facilitate your transaction, the speed with which currency is released to your chosen beneficiary (or beneficiaries) depends on a number of factors. We can usually arrange for the release of your money on the same-day as the exchange itself, but this is not always possible or desirable. Same-day clearance of funds can only be guaranteed provided your money arrives with the authorised payment institution before the release window for the currencies you are exchanging, and on or after the 'value date' stated on the payment confirmation emailed to you at the time of the booking. In certain circumstances, you can request a specific value date. Additionally, when exchanging certain currencies or transmitting to and from countries in certain time zones, the ability to credit funds 'same day' may be affected. We will always endeavour to make you aware if and when this is the case. Our online system informs you if your payment can be made 'today' and if you are dealing by phone your broker will update you as to any relevant information in that regard, however, authorised payment institutions are not able to release purchased currency before the stated 'value date' even if your base currency has arrived. The time it takes for your bank to get funds to the appointed API can vary depending on where the bank is located. Again, we will inform you of the details you need to bear in mind when sending funds from different time zones. Be assured that we will afford you sufficient time to settle a transaction. In some cases, banks impose a daily limit on how much you can transmit. We will always take this into account when establishing the terms of a contract and, if you need to split up the number of transactions or to send smaller sums over an extended period, that is not a problem. When it comes to crediting your bought currency to your nominated recipient account there is an element of reliance on the receiving bank to perform their part of the action. No guarantees can be made as to the speed with which the receiving bank will 'apply' funds to the beneficiary account, but, we will always attempt to manage expectations and share any anecdotal evidence as to the speed of such application.

About Since 2017 we have been trusted brokers to private clients and businesses with complex currency needs, in good times and in bad. We offer a narrow range of specialist currency and international payment services primarily linked to property-related transactions. Buying, selling or developing property in the UK or overseas, it pays to have a currency specialist on your side - currency brokers who can help you navigate the complexities and clearly guide you forward. Solutions, both tailored and complete. Prime Cap was incorporated in May, 2017. It has evolved and grown over the years and today offers both private and business foreign currency exchange and international payment services, completely tailored to you. ​ At Prime Cap, relationships are more than everything; they motivate our people and define our approach. Through our process-knowledge, understanding of the currency markets and the trust placed in us by our clients and intermediaries, we help you refine and improve the way you move and exchange your money. ​ Having the right expertise on hand to minimise and manage risk, while operating on the tightest FX margins, relies on a dynamic, personal approach – a tailored service that connects you directly to the currency markets. ​ In recognition of our exceptional service, we are the proud winner of the Worldwide Finance Awards “Private Client FX Broker of the Year” 2022. Property Whether buying, selling, renting or managing real-estate assets, our highly experienced and discreet team of brokers are at your beck and call to guide, assess and instruct. ​ Read More As your personal currency brokers, we select the most jurisdictionally appropriate regulated provider for your transaction and then walk you step-by-step through the exchange rate quoting, transaction booking, and deal settlement processes - an approach that is specifically designed to optimise value. Earnings Living, working, studying or earning in a different country to your asset base? Read More Whether for day-to-day personal liquidity, or simply repatriating funds held in a foreign currency, put simply, our services ensure you retain more of your money. ​ The personal payments market is constantly evolving, so, we make sure to give you guidance appropriate to your objectives even if we are not the best way of achieving them. This may mean impartially suggesting other providers for things like smaller exchanges or bureau de change. Business Prime Cap serves as the preferred currency broker to a number of UK and overseas businesses operating both within and outside the residential property sector. Read More The extremely competitive rates of exchange we can secure for all our clients are just as valuable for corporate currency payments as they are for personal ones; we invite you to contact us if you would like to learn more. Prime Cap works with a diverse portfolio of clients with a range of requirements. Every brief is different and we make sure we fully understand your objectives before we suggest a personalised solution. Our telephone number is +44 (0) 203 417 5781. STAY UP TO DATE WITH THE LATEST NEWS JOIN Thanks for joining.

Services The premise of our service is that our business and private clients can achieve more favourable rates of exchange by leveraging our relationships with FCA regulated non-bank payment institutions. Around this core we gently wrap a personalised plan devised to make it easier, quicker and cheaper to conduct currency exchange transactions. YOUR CURRENCY EXCHANGE When you are ready, your personal broker quotes you a 'live' rate of exchange and then invites you to settle your trade through your dedicated fully segregated account held with one of our FCA regulated market-makers. Clients can transact via secure mobile or desk-top platforms hosted by our regulated partner. Alternatively, you can transact direct with your broker by phone or email. ​ All online and verbally provided rates of exchange and settlement terms are bespoke and specifically tailored to you. Get In Touch TAILORED PAYMENT STRATEGY Increasingly, our clients are familiar with a cross-section of non-bank currency service providers and processes. Clients are aware of the more competitive margins and speedier execution baked in to the sector. We are therefore driven to offer a multi-dimensional yet thoughtful and personalised service. ​ We value collaboration and work closely with our professional services and regulated peers in the UK and overseas to ensure seamless synergy between critical transaction requirements and the nuances of client preference. Get In Touch Prime Cap works with a diverse portfolio of clients with a range of requirements. Every brief is different and we make sure we fully understand your objectives before we suggest a personalised solution. Our telephone number is +44 (0) 203 417 5781. Latest Case Studies West End Pied à Terre Time poor and price sensitive, we assist an overseas client in securing an apartment for his daughter. Read Case Study The Cost of an Education Buy when the rate is with you; release funds when the deadline looms. Can you rely on your broker to execute both? Read Case Study Vivre La France A precise buying timeline and finite budget, how crucial are timing and strategy when buying abroad? Read Case Study View All

Renting in Edinburgh Case Study: Renting in Edinburgh The cost of a currency exchange is usually determined in one of two ways. Either the client has a specific currency amount and wants or needs to realise as much as possible in the currency they wish to 'buy', or, a client needs to purchase a specific currency amount and the rate of exchange is what dictates the cost of buying that sum. When you have a monthly or ongoing currency exchange requirement, it is wise to reflect on which of the two scenarios matches your need to exchange currency. Our client charges us with buying the GBP Sterling amount they need, monthly. On the same day every month our client receives a confirmation from us, which tells them the rate of exchange we were able to achieve when we bought for them. In the same confirmation we invite the client to send us the appropriate base currency amount. Because of the way this process is structured, the amount of money our client sends us varies each month...but they don't mind. On average, over the past 23 months, we have improved the client's rate of exchange (and therefore saved them) over 2.5%. We include the cost associated with sending a payment - a cost which their bank charges them separately - into the rate at which we exchange/buy their currency. All they need to do is send us the amount needed to settle the transaction. Transaction Amount: £4,370pcm Transaction Type: Rental Payments Currency Destination: Scotland Prime Cap Saving: 2.74% < Previous Case Study Back to Case Studies Next Case Study >