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The Process of buying foreign currency
A Foreign currency dealer will lead you through the process of buying foreign currency. The procedure is normally as follows.
1. To comply with HM Customs and Excise money laundering regulations you will have to register your details with a Foreign Exchange company and supply supporting documents such as proof of address and proof of Identity.
2. Fix the exchange rate. Foreign exchange dealers will quote you exchange rates and help you decide an appropriate strategy if necessary (contract types). You can contact a dealers as many times as you want. Once you are happy to proceed an exchange rate is agreed. The forex broker will verify the agreed rate and amounts - a contract is then formed and the exchange rate is at that point fixed.
3. Confirmation. A confirmation of the foreign exchange trade will then be generated for your records. The client then arranges payment to the 'Foreign Exchange company.
4. Once payment is recieved the foreign currency transfer takes place to the recipient bank account. The estimated timings will be discussed with you by the foreign exchange broker.