How does it work?

1. Registration

Firstly you will need to register; you need to complete the account opening form and send it back with two forms of identification, we will accept;

• A copy of either your passport or your driving licence, which must be certified by a UK lawyer, accountant, post-master/sub post-master, banker, teacher or minister of religion, doctor or person of similar status.

• And two separate utility bills or bank statements (these must be originals or certified copies and not more than 3 months old)

Registration is free of charge and you are under no obligation to trade with us. As soon as we receive your application it will be immediately processed, you will then be able to buy and sell your currency with us. You will be assigned a personal dealer who will talk you through the process and answer any questions you may have.

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2. Your Currency Transaction

Your dedicated dealer will discuss with you which strategy is most suitable for your currency purchase. There are two types of contract available; a spot trade (for immediate delivery) and a forward contract (to fix an exchange rate for future delivery). When the trade has been completed we will send you a contract note which will confirm the currency, the amount and the exchange rate of the purchase. This you will need to sign promptly and send back to Parasol FX.

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3. Settlement

To settle spot trades you will need to transfer the funds to us within 48 hours of the transaction, for a forward contract a 10% deposit is required immediately and the remainder to be paid no later than 48hrs before final delivery, if you have given us a target exchange rate no payment will be required until this rate has been reached. We accept payment by BACS or CHAPS / telegraphic transfer. Finally we will need details of your onward payment instructions to enable your funds to go direct to their final destination, (some overseas banks may charge a fee for receiving funds).

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