We’ve pulled together some key FAQ’s that people have when it comes to foreign exchange and international currencies.
(It’s an ever-growing list that is added to regularly.)
Our FAQ’s are divided into three sections. Hit the button below to choose which type you are looking for.
Most world currencies can be freely traded, but there are a few notable exceptions, such as the Indian Rupee (INR) and the Brazilian Real (BRL). With Finseta you can transact in over 140+ major currencies. You can find out more on our Currencies page, with those not visable online available through your account manager on request.
A spot transaction is a single transaction using the live exchange rate for the chosen currency pair. Settlement for these trades are made within 1-2 days from the trade date.
A forward exchange contract allows you to lock in the current exchange rate for payment up to 24 months in the future. It covers your exchange rate risk and protects you from negative rate movements. Finseta only offers forward contracts for non-speculative purposes.
Finseta does not currently offer any foreign exchange derivatives to clients outside of forward contracts.
A limit order allows you to choose the desired exchange rate and if the chosen rate is reached, the trade will be executed by Finseta. If your rate is not met, your order will remain pending.
A stop-loss order enables you to limit your losses if the market rate moves against you. We agree on a rate at which we should sell your currency to prevent further losses.
We aim to make the payment the day we receive your funds. The speed of the payment depends on the value date, time of payment, transaction currency and compliance approval. If you have any queries about your payment timeline, please contact your account manager.
Yes! By booking a forward contract, you can lock in the current exchange rate for payment up to 2 years in the future.
If you’re looking for more information on a payment made with Finseta, please contact your account manager. We are available Monday-Friday, 8:30am-5:30pm.
Of course! You can register for our online platform here. If you are a client currently trading over the phone, please contact your account manager to discuss setting up an online account.
Getting started with Finseta is quick and easy. Once you start an online registration or request a callback from our expert team, we’ll onboard you right away. Make sure you have the relevant key documents about your business and source of funds to hand – your dedicated account manager will have you ready to trade in no time!
Yes! Creating a Finseta online account is completely free and doesn’t involve any obligation to make a transaction.
After starting your online registration or requesting a callback from the Finseta team, we’ll require a copy of your passport and proof of address, bank statement or utility bill.
An International Bank Account Number (IBAN) is an internationally-agreed code, used worldwide for making or receiving international payments.
A SWIFT code – also known as Bank Identifier Code (BIC) – is a standard format used to help overseas banks identify which bank to send money to. Unlike IBAN numbers, SWIFT codes only relay bank information.
The Single Euro Payments Area (SEPA) is a payment framework enabling businesses and individuals to send and receieve electronic payments between any of the 36 countries in within the Eurozone.
A beneficiary, also known as a payee or recipient, is the business or individual you’d like to pay.
After starting your online registration or requesting a callback from the Finseta team, we’ll require a copy of your passport and proof of address, bank statement or utility bill.
