Receiving a Foreign Currency international payment through FIGPay is simple. No matter where your payment is coming from and in which currency, FIGPay can receive this payment on your behlaf, convert it into your domestic currency and send it to your bank account. No need to open lots of complex currency accounts.
How does it work
It couldn't be simpler. We provide you with our foreign currency bank details and a unique ID number. You provide these to whoever is sending you the foreign currency. When the funds arrive, our system emails you to let you know. We convert the currency into your domestic currency at the best rate of exchange and send your domestic currency to the bank account you specified. |
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How long does it take?
It is fast. As soon as we get the foreign currency funds that belong to you we send your domestic currency the same day. British Pounds, US Dollars and Euros arrive the same day, anywhere in the world. Most other currencies will clear in the specified account the next working day. |
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How do I get my funds to FIGPay?
Send our bank details to whoever owes you foreign currency (this may be by email or put on an invoice). They will then send the foreign currency to our bank account in the UK by international wire or transfer. We hold accounts in the UK for over 40 currencies. |
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Will I save money?
Yes. FIGPay is the most cost efficient way to receive foreign currency. We have much lower overheads that banks or brokers and pass these savings on to our clients, saving them up to 5% of the amount transferred. |
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How much does it cost?
Receiving an international payment through FIGPay is free. There are no fees or hidden commissions. We make a small amount on each payment in the difference between the exchange rate we get and the exchange rate you get. Payments below £3,000 carry a small processing charge to cover our costs. |
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Can I use my bank?
You can use your bank instead but you will get far less domestic currency for your money than we give you and they will charge you a fee to make the payment. In most cases, if someone tries to pay foreign currency into your UK bank account directly you will lose up to 5% of the amount due to bad exchange rates from your bank. |
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Am I eligible for an account?
Anyone can open an FIGPay Account. We will check all our customers' details to ensure we are only sending money for genuine people. |
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Is it safe?
Absolutely. Once the funds arrive with us your money is completely secure in Client Segregated accounts with Barclays Bank Plc and insured by an 'A' rated insurer. We have never lost a penny of our clients' funds and have made thousands or payments totalling many millions of pounds. |
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Are there minimum or maximum amounts?
We can receive any amount for you, no matter how big or small. However, if the amount is below £3000 we have to charge a small processing fee to cover our costs. This is up to £12 which is still much cheaper than banks. |
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Can I cancel a payment?
If you need to cancel a payment because your situation changes, please call us immediately on the number above and we will do all we can. When we cancel a payment we have to sell the currency we had bought for you. If this is at a loss, then we would ask you to cover the costs. |
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Will I know the rate up front?
As soon as we have your funds we can set the exchange rate for you. This will always be at the best market rate available to us at the time. |
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