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- 5 currencies you'd expect to be able to deal with, but can't.
We'll begin by saying that in light of market changes in the coming months and years this post may be out of date almost as soon as it is published.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
- Private Client FX Broker of the Year 2020.
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
- How long does it take to complete a transaction?
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.
- Home | Multi Award Winning Currency Services | Prime Cap
BE AWARE - primecap.io is a company known to be falsely claiming to represent Prime Cap Payments Ltd. If you are contacted by or in contact with primecap.io please notify the FCA and click here to notify Action Fraud. PERSONALISED GUIDANCE AND A UNIQUE APPROACH Currency & Payment Services Prime Cap offers both private and corporate clients access to transaction settlement terms, rates of exchange and payment tools tailored to their domestic and international currency dealings. We are referred and relied on to provide simple, clear and personalised guidance before, during and after currency exchanges primarily associated with property transactions. Learn More View Services PROPERTY RELATED FX Whatever your objectives, by working hard to understand the key elements of your transaction, our personal broking team can ensure you benefit from strategic currency planning as well as razor-sharp rates of exchange. Compelling rates and precise payment schedules mean lower costs and a clear timeline on which you, your stakeholders and your advisors can depend. Read More WORLDWIDE LIQUIDITY With a client base comprised predominantly of affluent, sub and high-net-worth individuals, we specialise in making sure our clients are prepared, primed and ready to act in response to movements in the currency and capital markets. Our work is about providing bespoke, top-level guidance that fits in with your lifestyle and priorities, at home and abroad. Read More An overseas buyer and stung by the SDLT surcharge? Yes, we can help. Read More PRIME CAP Are we the right broker for you? A broker is a business like Prime Cap that sits between you and a regulated financial institution and arranges, negotiates or 'brokers' the sale and exchange of the currency you hold. We make sure the rate of exchange you can access is live, can be booked in real-time and is appropriate for your needs. Prime Cap does not hold client money. Our role is to negotiate the rate of exchange our clients can use and to then guide them through the process of settling and completing a transaction; this is a service we have been providing for nearly 15 years. Read More Reviews "Working with an independent specialist like Jamie on FX made the most sense to me. Moving a larger amount allowed him to offer a far more appealing rate than others, the process was swift and seamless and his professionalism ensured the whole experience was easy and without stress. I'd happily recommend Prime Cap for your FX needs." Andrew Jackson | Private Client | Sydney, Australia RECENT BLOG POSTS The latest insights, views and industry developments from Prime Cap focusing on private client foreign exchange, corporate transaction services and international payment strategy. 5 currencies you'd expect to be able to deal with, but can't. 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... Private Client FX Broker of the Year 2020. AI Worldwide Finance Awards recognises the companies, and individuals, within the finance industry who have shown excellence and... How long does it take to complete a transaction? Once your money has arrived with the authorised payment institution chosen to facilitate your transaction, the speed with which currency... VIEW ALL STAY UP TO DATE WITH THE LATEST NEWS JOIN Thanks for joining.
- Live Rates | Multi Award Winning Currency Services | Prime Cap
Live Rates We ask all our online visitors, client or no, to remember that what you see published (here, or on any other 'live' site) is not the rate of exchange you will receive when you proceed to convert your currency. For an actual tailored quote, we invite you to call us directly on +44(0)203 4175781.
- Contact | Multi Award Winning Currency Services | Prime Cap
Contact Us Prime Cap Payments Ltd. is registered with the ICO. Organisation number: 10755730 Email and telephone enquiries are handled in strict and total confidence and personal information is treated in keeping with General Data Protection Regulation (GDPR). Trading Hours Monday - Friday: 07.30 - 18.30 Online: 24hr Login Telephone: +44 (0)203 417 5781 Submit Your message has been submitted and we will be in touch shortly.