Opening an account

Should I open a business account or a personal account?
If you have business that is transferring money or making payments you will need to open a business account. If you are an individual transferring money worldwide, then it’s a personal account.

Where can I see your terms and conditions?
You can find them right here

Why do you need my identification?
We must have information on every person or company that transfers money with us. It’s all to do with the anti-money regulations we have to adhere to. You can find out more about them here.

How long will it take to open an account?
A personal account can be opened within minutes. A business account takes a little longer. If we have all your documents it’s usually within 48 hours

What identification documents do I need to give you?

Personal accounts

If you are an individual transferring money, then we need a copy of your passport and something as proof of address. Proof of address could be either:
a utility bill dated within the last 3 months
OR
a bank statement dated within the last 3 months
OR
a photocard drivers licence showing the expiry date (make sure it’s not expired) and your address

Business accounts

If you are transferring money from a company then we need to know what kind of company you have. For example:

  • Limited company
  • Partnership
  • PLC
  • LLP
  • Sole Trader
  • Fund
  • Trust
  • Charity

Limited Company

  • Proof of business address
  • Passports for all directors and any shareholders over 15%
  • Proof of residential address for all directors and any shareholders over 15% (acceptable documents include a utility bill or bank statement dated within the last 3 months or a photocard drivers licence.
  • Company Registration Number

We may also ask for additional information

Do I have to have a UK address?
Nope. We accept clients from most countries as long as you are able to provide a valid proof of address. As we have non-cooperative jurisdictions… North Korea and Iran for example.

Changing your details

I have moved address, how do I change my address with you?
If you login to your account you can change your address under the section called your details. We will need proof of your new address. You can upload this via the your details section.

Don’t have access to your account? You can email the proof of address to your account manager.

Proof of address could be either:
a utility bill dated within the last 3 months
OR
a bank statement dated within the last 3 months
OR
a photocard drivers licence showing the expiry date (make sure it’s not expired) and your address

My passport/drivers licence has expired, why am I being asked for my new one?
We need to hold a copy of your current passport to comply with the UK’s Money Laundering Regulations. We will ask you for a new passport when your current one expires. You can login to your account and upload it via the your details section, or if you prefer you can email to your account manager. If your documents are not up to date it will hold up your payments being sent out.

Security

How do I know transferring money with GCEN is safe?
We are registered and authorised by the FCA as an Authorised Payment Institute. You can check GCEN´s regulatory status at https://register.fca.org.uk/. Our FCA registration number is 504346. We follow strict guidelines as to how your money is held. All money is kept in segregated client accounts with Santander UK. You can read more about the regulations and how we keep your money safe here.

How do I know my information is secure?
GCEN take the security of your information very seriously. We use secure encryption on our whole site, and not just our client area. You can check this by looking at our website address in your browser where you will see the secure padlock.

Are you going to run off with my money?
We haven’t run off with anyone’s money since 2003, and our regulations won’t let us. Regulations were brought in to our industry to make sure we can’t disappear with your money. We have to comply with these regulations. We have segregated client accounts. That means your money is held separately to our own company money. It’s not an asset of our business, so in the unlikely event of anything happening to us, your money is safe.

What happens to my money while you have it? Do you invest it?
We cannot invest client money as we are not regulated to do so and we don’t accept a client’s instruction to speculatively trade. GCEN is classed as an Authorised Payment Institute with the FCA so we are not allowed to speculate on the currency markets using client funds.

  • All client money is held in secure safeguarded client accounts
  • It is not invested over night
  • We do not buy and sell it several times over to make a profit

If GCEN can’t make money by investing my money, then how do you make money?
We give you a commercial business rate of up to 3% better than your bank and make our money by taking a small margin on the exchange rate and relying on a high turnover of business.

Exchange Rates

Can I get the exchange rate I see on the television/internet/newspaper?
If you look on the television, or in the newspapers or on the internet you will, generally see one exchange rate for each pair of currencies. Pounds and Euros are a pair, Euros and US Dollars are a pair. And so it goes. This rate you see is normally called the mid-market rate. The mid-market rate is the rate that is mid-way between the buy side of the market and the sell side of the market. It is not an achievable buying rate for anyone.

What is interbank?
Interbank is often confused with the mid-market rate. Interbank is the level banks buy and sell to each other at, when they are dealing in vast quantities. It is not a level that your average person transferring money can buy currency at.

What exchange rate will I get?
If you are transferring Pounds to Euros you will get a rate lower than mid-market. On the other hand, if you are selling Euros and buying Pounds you will get a higher rate than mid-market.

Spot transaction

How does a spot transaction work?
Think buy now, pay now. You buy your money now, at the current exchange rate and pay for it immediately.

Why would I do this?
Because you need the money within the next few days.

How long do I have to pay GCEN?
You have 2 working days to transfer the funds to GCEN.

What if the exchange rate moves between now and when I pay you?
Your money was purchased as soon as you gave us the instruction and that is the exchange rate that you have, it is not affected by movements after that time.

What if I change my mind?
We’ve already purchased the money for you. If you have changed your mind we will need to resell your money and there will be a cost to you.

Forward transaction

How does a forward transaction work?
You can buy money now at today’s exchange rate just by paying a deposit. The remainder of the balance is paid at a later date (chosen by you).

Why would I do this?
If you fix the exchange rate now. It takes the worry out of the exchange rate moving between now and when you complete on your property, so you know exactly how much it is going to cost you.

What if the exchange rate moves between when I arrange the forward and when I am due to pay the balance?
Your money was purchased as soon as you gave us the instruction and therefore that is the exchange rate that you have, and it is not effected by movements after that time.

How long can I arrange a forward for?
You can arrange a forward for any time up to 1 year.

Can I use my foreign currency all, or in part, before the completion of the contract?
Yes. You can draw down on your purchased currency as and when you need to. As an example – your deposit on the property and any other bills you may need to pay before completion.

What if I change my mind?
We’ve already purchased the money for you. If you have changed your mind we will need to resell your money and there will be a cost to you.

Regular payments

Can I set up a regular payment to pay my mortgage/transfer my pension/pay bills every month?
Yes. You can set up a standing order to send money using your GCEN account every month. We can process and send the foreign currency to your bank in time for your mortgage payment.

Can I set up a regular payment to transfer my pension or living costs every month?
Yes. This works in the same way, you send money every month to your GCEN account and we convert and send foreign currency to your bank account or anywhere (within our guidelines) instructed by you.

Can I set the exchange rate so I know how much my mortgage payments/pension/bills are every month?
Yes. We can fix your exchange rate for up to 1 year in advance.

Paying for your currency

Can I pay you by debit or credit card?
You can pay us by debit card for amounts up to £10,000. Please be aware that debit card transactions will take 3 working days to clear with us, so bank transfer is the fastest method to settle your trade.

My card was declined- what should I do?
Banks sometimes stop card payments as a security check. You will need to contact your bank to make sure that they will release the payment. Once released, you can login to your account and pay for your transaction using the pay for deal button. DO NOT CREATE ANOTHER DEAL.

Can I pay you by cheque?
Nope, no cheques.

Can I pay you by bank transfer?
Yes you can. We can take payments by faster payments, BACS or CHAPS, priority transfer, SEPA….

What if I pay you from a joint bank account?
We will need ID for both account holders. You can login to your account here and upload it via the your details section, or if you prefer you can email to your account manager.

Can I pay you by direct debit or standing order?
If you are paying us on a regular basis you can set up a standing order from your bank to ours. Ideal, if you need to pay a mortgage every month, or transfer your pension abroad.

My bank limits me to a daily amount, can I pay in instalments?
You can. Just let us know so we can allow time for you to pay.

What if I can’t pay you on time?
Give us a call and have a chat and we can look at your options.

How do I find your bank details?
Give us a call and we send you them. If you have already completed a transaction you can find them on your deal information that was emailed to you.

Can I have someone else pay you for my transaction?
Yes you can, however, we will need some information about that person. Give us a call and we can have a chat.

Cash

Can I transfer cash to you?
Nope, we do not deal in cash. The only way we can receive money is via a bank transfer or by debit card.

Can I get cash from you?
Nope, we do not deal in cash. If you need cash for a holiday or to spend while abroad our prepaid currency card may be just the thing for you.

Sending money out

Can I make payments to any bank account, or does it have to be my own account, or my lawyers?
You can transfer funds to any bank account designated by yourself, we just need to have the bank details.

How long does it take for my money to get to its destination?
Depends on type of transfer. G10 currencies same day or next day depending on cut off or payment type. Exotic currencies are next day but can be on occasion 2 days settlement/delivery

How do I give you the bank details of where I want my money to go to?
You can login to your account to add or amend your bank details

Can I send money to more than one account?
We can split payments for you. You can instruct this via your online account.

Other

What’s the minimum amount I can buy?
£200 or the equivalent in your currency

What’s the maximum amount I can buy?
There is no maximum, if you are transferring over £10,000 you will need to talk to us. You can buy up to £10,000 on your online account 24 hours a day. Click here to be taken to our account section.

What do I do if I’m not happy with the service I have received?
Firstly, we apologise if you’re not satisfied with GCEN’s service and try to do everything to act in our client’s best interests. If you do need to raise a concern, we will get back to you within 48 hrs. Here are our details:
Email: compliance@gcen.co.uk
Address: The Old Barn, Oasts Business Village, Red Hill, Wateringbury, Maidstone, Kent, ME18 5NN.
Telephone: 01622 816 940

A ‘GLOBAL’ FINANCIAL EXPERIENCE