In essence, providing currency services for foreign exchange is simple. However, in practice, there are complications. Here we provide answers to some of the most commonly asked questions that our clients are concerned about.
There is no definitive answer to this question as much depends on the currencies and amounts involved. What we can say is that Hermex is a specialist currency service, dealing with higher-value transactions and having tightly-controlled overheads. We are consistently very competitive with other specialist services, and almost always can offer a much better deal than generalist providers like our clients’ main banking partners.
Except in exceptional circumstances we do not charge our clients for our services and there are no transaction fees or commissions to pay either.
The answer to that is no however, Hermex does need to pay monies into a destination bank account. Normally this would be the account of your trading partner, whether that is a supplier, vendor or a third-party agent.
By bank transfer through CHAPS, BACS or telegraphic (wire) transfer. We cannot accept transfers from third parties unless they are your agents and FCA recognised, or they are your attorneys. We cannot accept cash.
Yes. Any client monies we hold are safeguarded in client accounts which are entirely separate from our own business administration account.
This is a simple process of completing a short registration form and providing us with 2 pieces of identification for anti-money laundering purposes. You can be set up and ready to execute your currency transactions within just a few hours.
There isn’t any cost to become a Hermex client and there are no transaction fees either.
Through relationships with the world’s leading banks we can use SWIFT (Society for Worldwide Financial Telecommunication) connection which means funds can be delivered to the destination bank within seconds of the order being approved.