How can I pay the deposit?
In the majority of cases, RationalFX will take the deposit from your bank account by standing order. If however the deposit is needed within a 2 week period, we will ask you to send us this first payment by bank transfer.
How does RationalFX make money?
Like your bank we make our money in the spread between the rate at which we buy the currency and the rate at which we sell you the currency. However we have much lower overheads and we pass these savings on to our customers.
How much does it cost to set up a Regular payment service?
Setting up a Regular Payment Service is completely free of charge. Unlike your bank there are no hidden commission charges or transfer fees. Note: this does not include charges incurred where the funds being sent are in a different currency than the destination bank account.
Can I cancel a Regular payment service contract?
To set up your Regular Payment RationalFX buys your total currency requirement up front. In order to do this the market requires a deposit as security, in the same way it requires a deposit for trading a forward contract. This deposit is equal to 1 month’s payment for each year of the contract. The deposit is not a fee and is used for the final payment(s).
Should you sell the contract, we can sell your foreign currency and buy pounds for you, but please be aware that the rate may have varied. As a result your deposit will be returned minus any losses (if relevant).
Why do I have to pay a deposit up front?
To set up your Regular Payment RationalFX buys your total currency requirement up front. In order to do this the market requires a deposit as security, in the same way it requires a deposit for trading a forward contract. This deposit is equal to 1 month’s payment for each year of the contract. The deposit is not a fee and is used for the final payment(s).
