Once you have opened an account you can access rates online through PayFac or by telephone. If we offer a rate which you accept, we will immediately email, fax or post confirmation of the order. You then return this and make a payment for the currency.

TransGlobal operates 'Client Accounts' for all traded currencies, held with our financial partners. As such your funds will be held exclusively in these accounts and are identifiable at any given time. These accounts are totally separate to the 'Operating Accounts' TransGlobal has in place with our financial institutions.

We believe that settling your orders should be as simple and straightforward as the rest of your foreign exchange and payment process, which is why we offer our customers a range of settlement methods.

CHAPS – is the fastest way to send money
BACS Credit – takes 3 days for funds to reach our client account
BACS Direct Debit – is the easiest method for settlement
Cheque – mail a GBP cheque payable to TransGlobal Payment Solutions

On receipt of cleared funds into our client account. We ensure that every customer payment made is by CHAPS Priority Payment. This electronic 'same day' wire transfer ensures fast and secure delivery to anywhere in the world. This method also provides a transfer reference number, which enables us to track the payment
process on your behalf.

PayFac is TransGlobal’s single internet based payments solution capable of facilitating any type of transaction, any type of payment, in any currency. This payment solution can be accessed via an internet enabled computer with a user name and password.

A Forward Contract lets you secure a rate today for delivery of funds on a future date. Once a rate is secured, your GBP equivalent is fixed for the duration of the contract, thereby protecting your profits from erosion. This highly effective tool for managing currency risk can be used for both paying and receiving currencies.

Your BIC (Bank Identifier Code) identifies the bank you are sending money to and acts as a double check that your IBAN is correct. All European payments now require a BIC and an IBAN to be transmitted.

An IBAN (International Bank Account Number) is the European standard for sending international payments. It usually includes a country code, bank code, branch code and your account number and will vary in length depending on the country you
are sending to.

Your BIC & IBAN can normally be found on bank documents such as statements, but the receiving bank will be happy to supply them to you if necessary. Countries outside the EU use different standards and we can advise you of these when you place your order with us.

Faster Payments Service is a new initiative in the United Kingdom to improve the speed of low value person to person or business to business payments to near real time. Before the Faster Payments Service, it would require approximately three working days from the initiation of payment to the beneficiary's receiving the funds. The new Faster Payments infrastructure will be launched at the end of May 2008 and will run alongside existing payment schemes in the UK such as BACS & CHAPS.

The Single Euro Payments Area (SEPA) initiative for the European financial infrastructure involves the creation of a zone for the euro in which all electronic payments are considered domestic and where a difference between national and intra-European cross border payments does not exist. The initiative aims to improve the efficiency of cross border payments and turn the fragmented national markets for euro payments into a single domestic one: SEPA will enable customers to make cashless euro payments to anyone located anywhere in the area using only a single bank account and a single set of payment instruments.