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About Us > FAQ's

Frequently Asked Questions...

Q. How will Smart benefit me?
A. Smart Currency Exchange offer better-than-bank money exchange rates, a quick registration process, hassle free currency and transfer operations AND free resources to help you make the best decisions with your international transfers. All in all - by using Smart, you will save money and avoid the risk of a payment increasing!

Q. How does Smart create a savings for their clients?
A. Rather than you having to accept an uncompetitive rate from your bank, a Smart Trader will call the currency trading floors directly to negotiate an excellent rate on your behalf. In many cases, a specialist is able to get rates that are 4% better than offered by a bank. On a £100,000 this can equate to a whopping £4,000 saving. In addition to better rates, Smart Tranders know and understand the payment system and can often eliminate or reduce the various fees associated to international transfers. 

Q. How does Smart make money?
A. Similar to the bank, Smart Currency takes a margin between the buy and sell rate of the currency, however the margin taken by Smart is far less than the one taken by the bank. 

Q. Why should I use Smart rather than my bank?
A. The Smart Team consists of foreign exchange and international payment specialists. The staff at your high street bank have neither the expertise or market knowledge necessary to offer you the most competitive exchange rates or to monitor the currency markets on your behalf. Furthermore, banks often set the exchange rates in the morning whereas a Smart specialist will call the market floor (on your behalf) and get the very best live rate available at the time. Why pay more than necessary?

Q. What bank does Smart use when exchanging and transfering funds and how safe is that bank?
A. All client funds are held seperately in segregated client accounts with the Bank of Ireland in the United Kingdom, with whom we have had a business relationship since 2004. All client funds go into a client account in the Bank of Ireland (est. 1782) and are exchanged and transferred out immediately on receipt of cleared funds (Note: Accounts are set up in accordance with the FCA regulations).

Q. Does Smart charge commission on the money I want to purchase?
A. Smart is one of the only currency organisations in the UK where the currency traders are not paid on commission. When the directors set up the company, they knew that the industry was rife with the “greedy individual” rather than team approach. In an effort to ensure that clients not only get a great service, but to actually receive the best possible rates, the owners set up a business model that enables team work - and the greatest good for the client. When contacting Smart, there will never be any pressure to transact or that the rate you receive has been increased to add to the trader’s pay packet!

Q. Is there an minimum amount that I can exchange?
A. Many currency organisations have minimum amounts that they’ll transfer. Some won’t move anything under £5,000 or £3,000 unless it’s a regular payment. At Smart, no transfer is too small for our clients. Smart is very focused and rather than offer insurance or mortgages or other products, Smart works hard at continuously improving and providing an easy stream-lined, money saving service. 

Q. How long does it take to set up a Smart account?
A. Smart’s systems allow for an extremely fast registration process. Completed entirely over the internet, a new client can have a trading facility up and running within 2 hours of applying online. Many organisations take days to open an account or even return a phone call, for that matter. Swamped by burdensome antiquated processes and procedures, larger institutions are no longer able to serve the client. At Smart, the client always comes first.

Q. Does Smart Currency exchange and transfer money for transactions other than for property?
A. YES! We can assist you with all your money exchange needs including, but not limited to, buying automotives, boats, aeroplanes, commercial purchases (exporting & importing) and so on. However, our speciality is in providing a super added-value service for property buyers.

Q. How can I make sure you're a legitimate company?
A. Smart Currency Exchange is regulated by Customs and Excise (MLR 12198457). To contact Customs and Excise, their direct number is 0845 010 9000. Our company number is 5282305 - you can check this with Companies House. Smart Currency Exchange Ltd is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services. For more information on the safety of using Smart, check out our security page.

Q. How can I feel sure that Smart will beat my bank rates?
A. Call your bank! In fact - we urge you to do so before calling us. Doing so will allow you to see your savings.

Q. How can I learn more about Currency Exchange in general?
A. If you're buying an overseas property, check out our free report entitled, "When Property Investor, Mr Reed Purchased an Overseas Property, he Made Three Mistakes that Cost Him ?10,256...Learn How YOU Can Avoid Making these Same Mistakes" click here!

Q. How are the popular currencies performing now?
A. Check out our Smart Blog's any time.

Q. What information does Smart offer their clients?
A. Smart offers a huge amount of educational information that can be received through the post, in email or communicated over the phone. A special 10 page guide outlines the common mistakes that are made and how to avoid them. There is a currency worksheet that allows overseas property buyers to budget and even plan how to hedge for risks when it comes to stage payments. Daily and weekly currency exchange rates and reports are sent regularly along with special announcements when something has made a large impact on exchange rates. And representatives are always on hand to answer questions, outline market information and take each client step by step through the international payment process. Smart can even be followed on Twitter now! To request information, give us a ring on 0808 163 0102.

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