Keep Your Currency Transfers SAFE
With the recent behaviour of Banks, it’s natural to consider the security of your money, when planning large currency transfers.
The good news is that, with GCEN, you win all the way!
We are one of just a few Currency Brokers, registered as a businesses in the UK, with Financial Services Authority registration. This gives our clients greater security. Our FSA number is: 504346
There are a few other considerations when choosing who to make your foreign exchange transfer through:
Is the Broker Established?
You need to make sure that the Broker you prefer has at least 3 year’s of audited accounts behind them. This indicates that their auditing accountants are reasonably happy for them continue trading on the basis of them being a viable business. GCEN now have many years of trading and the auditing accountants are Berg Kaprow Lewis and our accounts advisors are Grant Thornton.
Experienced?
You need to be confident that your currency dealer has the relevant training and experience to handle any size of currency transaction. This is where some brokerages differ. However, this is where Brokers differ greatly from Banks.
Most currency transactions at banks are handled by a teller, who has little, or no, experience in foreign exchange. This is not to suggest that something may go wrong with your transfer. It’s more likely to be a poor exchange rate on your deal. This can cost you many thousands.
Specialist brokers will use their experience to help guide you to the best deal available. At GCEN, we regularly train our dealers and will also provide a “Rate Watch” service for clients who are waiting for a particular rate, but don’t have the time to sit and watch the exchange rates.
Looking after your interests.
By using a broker, you’re more likely to receive a specialist service, when compared to the Banks. Currency dealers are more likely to be up-to-date with all of the changes in the currency market. This is likely to include pre-negotiated deals by the brokers with the banks to save their clients from the crippling receiving fees that banks charge when clients just simply transfer from their own bank.
How is the money protected?
As we mentioned earlier, GCEN are regulated by the Financial Services Authority (FSA) in the UK and are registered as a money service business, with an appropriate registration number. GCEN are also regulated by HM Revenue and Customs ( with a Money Laudering registration number: 12137189). Finally, a reliable broker will keep your money safe in client accounts, which are entirely separate from their own business accounts.
GCEN is a commercial currency broker based in the United Kingdom, with overseas offices in Dubai, Spain and Portugal.
