Forex ,Currency,Money

STEP 1:
Well first of all you need to open an account with currency today that’s very easy, that can be done on the internet by registering your details there and then submitting to me a minimum, a copy of your passport and you send that to me by scanning and emailing, that’s the ideal method or by post obviously that will be slower, faxes unfortunately are not acceptable due to most faxes coming through unreadable.

STEP2:
Second step that you need to make after discussing your requirements with me and actually between ourselves you deciding to go ahead and buy you currency you need to book a rate, in order to book a rate you can do that between normal office hours 8.30am to 6pm over the telephone and I can confirm the exchange rate with you at the time and the date in which you need to make a payment or settlement in sterling or if your selling currency over to us.

STEP 3:
Thirdly you need to send your money to us, now there’s three main methods for sending funds over to us before we can then send your currency on, or if you were selling currency to send the currency to us before we can return your sterling.

The first method for doing this is the most popular method especially for smaller sums, that’s sums below £10,000 and that’s internet banking, so that’s where you can literally go onto your internet banking log in select add a new payee you can put the payee details for the royal bank of Scotland in there, click submit obviously including the amount and any reference and the reference would also include either your surname or your unique reference with us when you set up an account and then you can press submit and we'll receive your funds usually between the same day and three working days.

The other option which is less popular but is still an option available to you is to call your bank direct and ask them to do a transfer to our account by giving them our account details with the royal bank of Scotland and asking them to send the money straight over to us the only problem with that is like internet banking which I didn't mention a minute ago there is actually a £10,000 limit which you have to adhere to so anything above £10,000 you will have to send us a separate transaction or you may even have to wait until the next day before your limit is lifted and then you can send another £10,000.

The last option which is most popular for transactions over £10,000 and for anything urgent, so if you need to get money urgently over to an account overseas, or if you need to bring currency back and receive your sterling very quickly then you need to look at doing a chaps transfer, a chaps transfer does cost between £20 and £30 but the advantage of doing a chaps transfer is that the money will come the same day sometimes within a matter of minutes to our bank account. In order for us to then send your currency on to the designated beneficiary bank account of your choice.

STEP 4:
The forth option is to send your onward payment details to us that’s where you want the person to be paid or the company to be paid overseas or even yourself overseas there is a form to complete which you need to fill out now for European payments you need to have on there the account name, the bank name the iban number the swift code and the amount you wish to send. For anything outside the euro zone for America you usually need an account number and an ABA or routing number and then there’s vary other codes for countries like Australia which work on BSB numbers and account numbers but without getting you too confused at this stage there is a form you need to complete with all the correct details for the beneficial banking you want to pay that you need to provide to us as soon as you can ready for when your funds arrive and your currency needs to be sent.

STEP 5:
The last stage of this process, that’s step five, is for you to receive a payment confirmation that will always be sent to you on the day of your payment being sent you'd usually receive that by 6pm on that given day unless you were looking to send an exotic currency which does not include the euro, Australian dollar, US dollar, etc so I’m talking about currencies like United Arab dirham’s, Moroccan dirham’s etc unless those one of those currencies you will receive payment conformation same day and which you can then use that for proof that your money has been sent.

In the stock market, a trader has the opportunity to choose from more than 5,000 companies - hundreds of which will rally in the most vicious of bear markets and thousands of which will crash during the strongest of bull runs. But in the currency market, such divergent possibilities do not seem to exist. In this article, we'll look at how forex traders can use currency crosses to make a wide variety of trades that are unaffected by the day-to-day fluctuations of the greenback.

All Currency Bets Are the Same
When dealing in the major currency pairs, most traders are presented with only one choice: dollar bull or dollar bear? Regardless of whether a trader is long the GBP/USD (British pound-U.S. dollar) or the EUR/USD (euro-dollar), or short the USD/CHF (dollar-Swiss franc) or USD/JPY (dollar-Japanese yen), the unifying theme in all of these positions is that the trader is bearish on the greenback. Therefore, the question of which of the four trades should be taken is immaterial, since all of them will likely be profitable if the dollar is weak and all will lose money if the dollar is strong.

Granted, this may sound like a gross oversimplification of the forex market. We'll be the first to acknowledge that some currencies can and do challenge this paradigm - the Canadian dollar is one good recent example of such a dynamic. Buoyed by skyrocketing oil prices, the loonie has turned into a petrocurrency as Canada has become the United States' No.1 supplier of crude. As a result, while other major currencies like the euro, the yen and the pound have recently declined against the U.S. dollar, the Canadian dollar has gained in value. However, this is an exception that proves the rule.

To better understand how this works, let's take a look at the two charts below. Figure 1 looks at the performance of the seven most liquid currency pairs in forex, composed of the four majors:

• EUR/USD
• USD/JPY
• GBP/USD
• USD/CHF
and the three commodity pairs:

• USD/CAD
• AUD/USD
• NZD/USD
Figure 1 looks at activity on a single trading day - Oct 12, 2005. To normalize the data, we converted every pair so that its performance could be analyzed accurately. Typically, if the dollar were weak, the EUR/USD would rise and the USD/CHF would decline; however, in Figure 1 we have made the adjustment so that the returns are consistent vis a vis the dollar