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Currency : Frequently Asked Questions



Account Management

How do I sign up?

Signing up for a BIPS account is quick, easy and can be done online 24 hours a day, seven days a week with no obligation to make a transfer. To get started, sign up here or call 00 44(0)1753 752760.

Where is BIPS available?

You can use BIPS if your main residential address is in the UK, France or Ireland.

What happens when I sign up?

You will get a client number and you’ll be asked to create a password for your international payments account.

In some cases, for your security, we may need you to provide some documents to prove your identity and/or address before we can activate your account.

You can upload documents within the "My Account" section of your BIPS account or email BritlineIPS@hifx.co.uk

Transfers

How much can I transfer through BIPS?

The amount you can transfer is unlimited. Online, you can transfer between £50 and £300,000. You can also make transfers of £10,000 or more by telephone on 00 44(0)1753 752760.

What currencies can I send?

The service will allow you to buy and sell all of the world’s major currencies. The most popular currencies are available to transfer online. For a wider range of currencies (available in amount of £10,000 and above), please call 00 44(0)1753 752760 to discuss your requirements.

What types of transfers are available?

Spot, Forward and Market Order transactions are all available and you can also take advantage of automated regular transfers. You can find more information about each of these services below. Please call 00 44(0)1753 752760 to discuss the best option for your requirements.

How is my exchange rate calculated?

This depends on a number of factors, including:

  • The amount you’re transferring
  • The currencies you’re buying and selling
  • The exchange rate at the time of purchase

Are there any fees?

There are no transfer fees for transfers of £2,500 (or currency equivalent) and above. For amounts below this, a £9 / 10€ fee will apply. All fees incurred are clearly displayed throughout the transaction process and are in the currency that you are sending your funds in. Additional charges may occasionally be applied by Britline or other third party banks when transferring the funds to us or before the funds arrive in the recipient account.

What payment methods can I use?

The online service enables you to pay with a wide range of UK and French issued debit and credit cards. You can pay via electronic transfer (BACS/CHAPS) for online and telephone transfers. Please note that if you are paying via electronic transfer, the account to which you send your funds will be a HiFX currency account based in the UK, as they provide our currency services.

If you are sending money back to the UK from your CA Britline account, you can download the transfer request form here. It is recommended that you confirm that you can readily access your funds before you complete a transaction.

For transfers of up to 2,500€, you may wish to add the HiFX account to your CA Britline banking online as a beneficiary.

When will my money be sent?

We will confirm a payment date to you when you book a transfer and this will be the earliest date we can make your payment, provided we have received your funds. From when we send the payment, it can then take 1 to 4 working days for the payment to clear into the receiving account.

Can I cancel my transaction?

Please contact us immediately on 00 44(0)1753 752760 should you need to cancel your transaction. This will result in us entering into a reversal transaction, which may incur a close out cost to you.

Security

Who is HiFX and is my money safe with them?

Britline has been working with HiFX, a leading UK foreign exchange specialist, for a number of years to provide quick, easy and secure international money transfers to our customers. We selected HiFX as our currency provided because their passion for excellent customer service mirrors our own at Britline.

HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration 462444, for the provision of payment services. HiFX Europe Limited is also a registered MSB with HM Revenue & Customs – registration number 12131222.

Are my funds safe?

When buying or selling currency through the Britline International Payments Service, your funds are held either in pooled client trust bank accounts or are held at one of HiFX’s counterparty brokers as cash in transit or collateral to meet obligations relating to clients’ trades. Funds can be used to fulfil the contractual obligations of their clients but will never be anywhere other than:

  • In the segregated client accounts.
  • With their banking counterparties.
  • In transit, i.e. being sent.

Is your website secure?

We keep your money and personal information secure at all times. The BIPS website uses Norton, trusted by companies and consumers across the world.

Are my details and personal information protected?

The online service is fully encrypted using the highest form of security certificates provided by Norton.

Services available

You can find information below on each of the services offered by the Britline International Payments Service.

Spot contracts are available online or transfers for larger amounts can also be booked over the phone. For any of our other services, please give us a call on 00 44(0)1753 752760.

Spot contract

If you have access to your funds and want to convert all or part of them straight away, you can enter into a spot contract. This is essentially a ‘buy now, pay now’ option.

Forward contract

This is effectively a ‘buy now, pay later’ scenario, which allows you to lock in an exchange rate for up to two years. You don’t need to have all of the funds available right now but you will need to pay a percentage of the amount as an upfront deposit. Should the exchange rate worsen, you won’t need to worry. However, it is important to remember that if the exchange rate improves, you will still be obliged to complete your contract at the agreed rate.

This option is available for transfers over £10,000 and it can be helpful if you need to make a large payment, such as a house purchase, so you know exactly how much you will be paying.

Market order

If you are looking to achieve a specific rate, a market order can be arranged. You just need to let us know what your target exchange rate is. We will then monitor the market on your behalf and the transfer will be made automatically when your desired exchange rate becomes available. Your order can be amended or cancelled at any time until the transaction takes place.

Regular transfers

We have developed a regular transfers service to remove the stress from regular payments, such as mortgages, pensions, salaries or bills. Our regular transfers team can help you to secure an exchange rate for up to two years into the future and organise your international money transfers.

The process is fully automated by direct debit, which means you will never miss a payment. This type of transfer is ideal if you want to credit your CA Britline account with the same amount each month, and enables you to avoid unnecessary bank fees as there is no additional fee for these transfers.

Britline International Payments Service, powered by HiFX. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration 462444, for the provision of payment services. HiFX is also a registered MSB with HM Revenue & Customs. Registration number 12131222. HiFX accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information. HiFX is a limited company registered in England and Wales. Registered number: 3517451. Registered office: Maxis 1, Western Road, Bracknell, Berkshire, RG12 1RT.