Category: Money Exchange

High value dealers and money laundering regulations

Money laundering is a term used to define the action of changing money that has been gained through an illegal act. For example, if an individual was to travel to Spain and win money through a bull fight then this money was gained through illegal means according to UK law. If the person was to spend this money back in the UK they would therefore be money laundering.

In recent times the amount of money being laundered worldwide runs into the billions each year. This has stirred up a lot of concern amongst many Governments and regulations are currently in place to help deter anyone who may be tempted to commit the offence.

 

The HMRC considers you to be a high value dealer if you accept any of the following:

  • a single cash payment of 15,000 Euros or more
  • several cash payments totalling 15,000 Euros or more, including a series of payments and payments on account
  • cash paid by a customer totalling 15,000 Euros or more in any 90 day period
  • cash payments totalling 15,000 Euros or more which appear to have been broken down into smaller amounts to come below the High Value Payment limit

If you are a High Value Dealer, then your business will need to be registered with the HMRC Revenue and Customs Money Laundering Regulations.

 

The following are the types of businesses that need to be monitored by a supervisory authority:

  • most UK financial and credit businesses such as currency exchange office, cheque cashers or money transmitters
  • independent legal professionals
  • accountants, tax advisers, auditors and insolvency practitioners
  • estate agents
  • casinos
  • High Value Dealers

Your business does not necessarily need to be monitored by HM Revenue and Customs as there are other supervisory authorities that can carry out the task. There are also designate d professional bodies that act as supervisory authorities. A full list can be obtained from HM Revenue and Customs.

Some businesses will need to register with both the FCA and HMRC. This applies to Money Service Businesses who also do money transmissions. Through the Financial Conduct Authority the business would be required to register under the Payment Services Regulations 2009.

If you think you may be classed as a High Value Dealer then it is extremely important that you complete all the relevant registration prior to accepting any payments otherwise you could find yourself facing a hefty fine for failing to do so.

We work with people and businesses or deal money on a daily basis. We have our state of the art money exchange software called Money Exchanger. Enquire today for details.

What to avoid when buying your foreign currency for your holiday

Travelling abroad inevitably means you will need to exchange your pound sterling into the currency of your chosen destination. Many holiday makers forget to consider all the available options to ensure the best exchange rate for their money.

Many travellers exchange their holiday money at their local foreign exchange bureau, but what this option doesn’t show you is if you could get a better rate elsewhere. In today’s competitive market you can also purchase your chosen currency online, the advantage of this option is the ease at which you can compare all available rates in one place and opt for the best one for you.

Unfortunately many people fall into simple traps that ultimately take advantage of a holiday maker’s poor planning. One such trap is purchasing your currency with the use of a credit card. With the average UK adult owning approximately three such cards it is no wonder that so many people make this mistake. Because purchasing your foreign currency in this way is in fact classed as a cash advance from your provider, you will find yourself slapped with an unexpected cash advance charge. It is worth noting that this service is not free of charge and you could certainly benefit from purchasing through an alternative means.

Travelling to another country inevitably brings about that long list of important things to organise, but one thing you shouldn’t overlook is leaving the exchange of your holiday money until the last minute. Exchange rates at the airport are notoriously known to be the worst on the market. The reason for this is that they are targeting a specific audience, the one that has no option but to purchase at a rate that could be up to 10% lower than at a city centre branch, so always make sure you purchase in advance.

It’s very easy to exchange more money than we will actually need during our time away, and sometimes this might be a safe option. You should always consider the buy back rate which can often be at a lower rate than you originally exchanged your money for. If you are intending to take out more than you are likely to spend then look around for a service that offers to buy back at the original price.

So try to keep up to date with the current exchange rates and no the market’s movements. Shop around for the best deal available, budget your money and always buy in advance of the airport to ensure you get the best deal.

Or you can enquire about our currency exchange software today.

Top tips for achieving your currency exchange trading goals

Money Exchange Software

The possibility of making money on the foreign exchange market is achievable, however, it is essential that you do your homework first and are fully aware of how the trading system works.

Forex is the largest currency trading centre in the world. The main participants within the trading market are the larger international banks. It has a greater market trading volume than both stock and bond markets and offers investment opportunities for those who choose to navigate it.

Trading in foreign currencies can be tricky as it’s hard to know what is going on in another country. Currency and trading analysis is very subjective and highly technical. For example, different traders can look at the same data and come to different conclusions. Carrying out thorough research first is the safest way to protect your assets from other’s mistakes.

A good first tip is to ease yourself into the trading market gradually, avoid the temptation of doing too much too soon and risking big losses. Therefore, it’s advisable to only use one currency pair when beginning.

Make sure you keep positions to under 5% of your account’s value, this will then allow you to make mistakes. By doing this you still have the chance of coming back and winning a trade even after a mistake. It’s important to remain conservative in your trading in order to become successful in the market.

When buying into expensive trading programs, make sure you check the customisation options available. You will want to have the ability to alter your system if necessary so that your strategies are still working.

Trading on the Foreign Exchange Market is more about intelligence and judgement than our emotions and gut instincts. You need to think carefully about all the decisions you make. Be wary of the Forex robots as they often turn out to be a big profit maker for the seller and not much for the buyer.

Experienced Forex traders will advise anyone new to the market to take notes on all trades, outline successes and failures and learn from this.

In order to mitigate your risk factors, start out with a practise account, this is a great tool to use in the beginning until you can assess what you are capable of.

Once you feel you have reached a level of stability in your trading strategies, it may be time to move up to a mini account. Try to attempt the scalping method, this involves making a series of trades within short time frames. Keep four-hourly or daily charts when you are trading on the market for best results. This is easily achievable with access to the Internet, which can now keep you constantly updated.

Finally, trading in too many markets can get confusing so make sure you don’t over-trade. Over-trading could result in a loss whereas making fewer trades could result in greater profits.

Questions to Ask Yourself to be Successful

Forex, the foreign exchange market involves the trading of foreign currency and is available to anyone. Large international banks are big traders within the market.

Newcomers to the Forex market should remember never to trade with you emotions, it is all about intelligence and accurate judgements.

If a particular market lacks public interest then avoid trading here. Because every trader will make different choices, do not chose your personal Forex position based on that of another traders. Beware though, mistakes can easily happen in this market even if someone seems to be succeeding, so you must make thoroughly researched choices.

A Forex Robot is a piece of automated Forex software that automates trading decisions. The most popular robots for retail traders are built around the metertrader platform. They run on this platform as “expert advisers” and can do anything from giving you a signal to place a trade, to automatically placing and managing the trade for you. Their use is never advisable, as they create huge profit for the sellers and little for the trader.

You can practise your trading moves through virtual demo accounts or practise accounts as a way of familiarising yourself with the market and how it all works.

Although you can track the market every 15 minutes, this will not give you the overall direction of the current trend so avoid the stress of doing this. This time window is known as a short-cycle.

You need to remember to keep a cool head when you are trading with Foreign Exchange, otherwise you will end up losing money.

Try starting out by trading in a single currency pair rather than multiples. Once you have more knowledge of the market you can start to increase this number.

Start by following the market for just 2-3 hours at a time and note what happens. Avoid trading too much too soon and risk potentially losing a lot of your capital. Newcomers should learn how the market works and make their own informed judgments. This is how you become a successful Forex trader.

Finally, remember that as a newcomer, there is a lot to learn about the Foreign Exchange Market, it will take time to succeed and don’t forget to learn from your mistakes.

How to find the best Forex software for you

The Foreign Exchange market is the largest currency trading market in the world. Once you understand the basics of currency trading, there are great profits to be made and you will simply have to plan your trades carefully.

Forex (the Foreign Exchange Market) differs from stock markets in that it can take just a few seconds for a trade to open up and close. The Internet has become a vital tool for communities who make global Forex trading profits. With so much money involved in Forex (around US$2 trillion being traded daily), prices are unaffected by any single investor.

To succeed in this rapidly paced trading world, you will need to have a Forex account backed up by some successful trading strategies. You don’t need to have any Forex trading education but it’s advisable to seek the guidance of someone who has successful Forex experience. It’s important to understand that even if a strategy has worked for someone else it may not be right for you. Begin only with small trades, as the temptation to dive straight in can have severe consequences and result in a loss of capital.

At the beginning, you may want to consider the option of Forex trading software if you are planning to trade of the market. The software programs work by compiling information about the stock market prices. There are two different types of software available.

Web based software – if you plan on being successful in Forex you will need to have a high-speed Internet connection so that you have up to date information exactly when you need it. This form of software is convenient and can be accessed from any computer through your login details. It also benefits from being less susceptible to viruses and it’s not very easy to hack due to the high security standards that have been implemented.

Client based software – this software can only be accessed on the computer that it’s been installed on. It can also pose potential security risks unlike the web based version. The advantage of this type is that it updates you regularly about changes to the market.

 

Ensure your software offers you two main things:

Provides you with real-time quotes

And gives you the means to trade quickly

A steady supply of information is always provided as brokers store client information on two different severs in different locations. This then transfers all information to the other server should there ever be a failure. Brokers also have back-up systems to ensure that no data is lost under any circumstances.

Once you have your preferred software in place you will be able to begin trading, if you use your head well the possibilities are endless

Request a Demo
Translate »
×