We’ve pulled together some key FAQs that people have when it comes to foreign exchange and international currencies.
(It’s an ever-growing list that is added to regularly.)
Our FAQs are divided into four 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 – those that aren’t visible online are 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 24 months 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 process your application 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.
Yes! Businesses registered in 70+ jurisdictions including the EU, US, China, Israel, Japan, and South Africa can register for a Finseta account. For a complete list of authorised jurisdictions, please get in touch.
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.
Administrators can select the card type based on the specific needs of the cardholder. You can choose between physical and virtual cards. Physical cards are best for users who intend to use the card for travel, entertainment, or in-person purchases. Virtual cards are best for e-commerce expenses like subscriptions, online shopping, and digital services. Our team are on hand to advise you on the best choice for your needs, chat with the team to learn more.
You can see your card details and PIN by logging into your Finseta account, and navigating to Card > Actions > View Card Details. Your details will only be displayed for a limited time. If you encounter any issues, please contact our support team.
Before you can sign-up for a Finseta card, you must first have a Finseta account. Follow the ‘Sign Up’ process on our website to register for your account.
Unblock your pin by logging into your Finseta account, and navigating to Card > Actions > View Card Details. Here, you can select to unblock your PIN and your card will be ready to use. If you need additional help, please reach out to our support team.
The Finseta Card lets you set custom limits on each individual card. This way, your cardholders can spend independently, while you keep full control and visibility over how the cards are used. In your Finseta account, you can enable or disable ATM withdrawals, online payments, or contactless transactions. You can also set a monthly budget for each card,
To download a statement, log in to your Finseta account, select which account you want the statement for from your dashboard, and click on the download icon. Enter your desired date range and download your statement.
We aim to process your application within 24 business hours after it is received. Once your application has been reviewed, we will notify you of the outcome. If any additional information is required to proceed, a member of our team will reach out to you directly.
To change your PIN, you can easily use the PIN services option available at any supporting ATM.
Within your Finseta account, you can hold GBP, EUR, and USD as separate currencies, which we refer to as Accounts. You have the flexibility to create multiple accounts to allocate funds for specific individuals, projects, or teams – helping you maintain full control over your budgets.
To top up your Finseta Card, first find your card details by navigating to ‘View Card Details’ on the platform. You can then add these details as a beneficiary with your usual banking provider and send payments at your own convenience.
Within your Finseta Card account, you can hold GBP, EUR, and USD as separate currencies, but you’re able to spend with your Finseta Card anywhere Mastercard is accepted.
All physical and virtual Finseta Cards are completely free! There may be associated fees (such as for making exchange currency transactions). Please see our T&Cs for more.
To open a Finseta business account, all directors must be at least 18 years of age and represent a registered UK-based legal entity, such as a limited company, with both the registered and principal trading addresses situated within the United Kingdom.
If you are a sole traders, please note that all incoming funds must originate from an account in your name – third-party funds will not be accepted.
As part of the application process, Finseta will conduct verification checks on all Persons with Significant Control (PSCs) associated with your business. It is essential to ensure that each PSC has granted their consent for these checks to proceed.
