Foreign exchange
For your foreign currency exchange requirements
Our dedicated team can provide a range of foreign currency exchange (FX) services, including:
- foreign exchange in most of the world’s major traded currencies
- onshore currency accounts in Euro and USD, other currencies on request
- forward contract – this allows you to fix an exchange rate if you are worried about currency movements
- time options – fixes the exchange rate between two currencies for an agreed period of time
Transacting your foreign exchange requirements with Weatherbys could reduce potential transmission fees arising through payments to third-party service providers.
Factors affecting your exchange rate:
When you make an FX payment, the exchange rate is linked to the mid-market rate at the time the payment is executed.
A margin will be applied to the mid-market rate, with our margin built into the rate applied to each transaction. This margin is based on a sliding scale, in accordance with the size of the transaction.
The maximum margin applied to a market rate is currently capped at 1.6%.
Examples of the margin that we apply are shown in the table below:
In the example table above, a client selling GBP 100,000 to buy EUR would achieve an exchange rate of 1.1281 with a transaction margin of 1.045% being deducted from a market rate of 1.1400.
This would mean that you receive €112,810 EUR as opposed to €114,000 if transacted at the market rate.
Currency will be converted at the market rate subject to the margins as set out above.
Why can I not trade at the market rate?
Weatherbys Bank provides its clients with access to Foreign Exchange markets with each instruction executed with reference to live prevailing market pricing. Weatherbys Bank does not have access to interbank pricing and the Bank does not speculate nor trade Foreign Exchange for its own account.
Due to economic conditions involving negative credit interest rates used by some central banks, Weatherbys Private Bank will apply a negative interest rate to the following currency accounts:
Speak to our team today
To benefit from our market-leading foreign exchange expertise, please get in touch with our specialist team by completing your details below.
Important information
Weatherbys do not provide advice in relation to any foreign exchange services.
Client instructions are accepted in good faith and are executed as swiftly as possible after receipt. If you wish to secure the rate you trade at, please contact our Foreign Exchange team who can quote rates in real time.
Exchange rates can be affected by factors such as interest rate expectations, inflation, macroeconomic events and natural disasters.
If you are unsure about a transaction, you should seek professional advice before proceeding.
These services are only available to existing Weatherbys banking clients over the age of 18 who have cleared available funds.
We work with external platforms for our Foreign Exchange services. Our Order Execution Policy is available on request.