Frequently asked questions
What is the advantage of exchanging my currency with Mercury FX Intl rather than my bank?
In our experience banks are too 'top heavy' to achieve a competive edge in foreign exchange, due to concentrating on their main area of profitability, mortgages and loans. High street banks in particular generally offer rates that seem to be geared at tourists and holidaymakers. At Mercury FX Intl foreign exchange is the core of our business, not just a sideline.
What are your exchange rates?
The rates that currency is traded between banks, at a volume of many millions, are known as the interbank rates. To promise these rates to our clients would be unrealistic, and we would caution against dealing with any companies that do. Our position in the market as a wholesale supplier to many other foreign exchange companies enables us to utilise our high reserve to offer the lowest forex conversion rates available, thus passing on the benefit to all our clients. Plus, we are always happy to negotiate rates with our clients, as we are confident no better rates will be found.
Is it complicated to open an account with you?
Certainly not. Alongside a member application form, we do ask for staightforward proof of your details to keep in line with anti-money laundering and anti-terrorism legislation. Once these details are received trade can commence within minutes.
How long does it take to get my Account set up?
As soon as we have received your completed client application form and two forms of identity, the process usually takes less than 2 hours. Once set up, you are free to make a currency exchange with us immediately.
How do I know that Mercury FX Intl is trustworthy and genuine?
Besides being estalished for over 30 years, we have a very close working relationship with our bank, The Royal Bank of Scotland, and as a result references to this are available from our account manager MR. MARIOS KOUNNOUS, who has endorsed our company and our website by including his photograph and contact details at the bank with a direct line for any queries you may have.
How do I pay Mercury FX International?
Payment can take place via bank transfer directly to our account, by cheque (please note a delay may occur as it must first clear), or by paying cash in person at one of our 5 bureaus. Once payment is received in full, the transfer will take place instantaneously.
What fees do you charge?
Mercury FX Intl do not charge any commission or bank transfer fees on transactions above the value of £2,500. Above this amount, our fees are derived from the spread received between our purchase price and selling price.
What fees will I be charged?
We charge no fees at all. We simply profit from the margin - the difference between the price at which we buy against the price at which we sell. Unlike banks and other foreign exchange companies, we do not make any charge for transferring funds.
What currencies do you supply?
We stock the major 8 currencies ( USD, GBP, EUR, HKD etc) alongside approximately 20 others: South African Rand, Aus $, UAE Dirhams , Indian Rupees, New Zealand $, Swiss Francs etc. If you are unsure please feel free to call and see if we have your desired currency in stock.