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.
What is Hermex’s exchange rate, compared to the official exchange rate?
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.
What are Hermex’s fees?
Except in exceptional circumstances we do not charge our clients for our services. We make a small margin on each transaction by buying (or selling) a few basis points more cheaply than the rate we offer you. We believe our margins are generally much slimmer than those of mainstream competitors.
Do we need a bank account at the overseas destination?
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.
How do we move money to Hermex?
By bank transfer through CHAPS, BACS or telegraphic (wire) transfer. We cannot accept transfers from third parties unless they are your agents and FSA recognised, or they are your attorneys. We cannot accept cash.
Is my money safe with Hermex?
Yes. Any client monies we hold are safeguarded in client accounts which are entirely separate from our own business administration account.
How do we become Hermex clients?
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.
How much does it cost to become a Hermex client?
There isn’t any cost to become a Hermex client and there are no transaction fees either.
How is money moved between countries?
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.
Are Hermex International Ltd Authorised by The FSA?
Yes, Hermex International Limited is authorised by the Financial Services Authority under the Payment Service Regulations 2009 (534547) for the provision of payment services.