FAQs

1. How do I know I am getting the best price on my currency?

At NWME we pride ourselves on providing the best low rates to all of our customers. An NWME dealer checks the UK foreign exchange market on a continuous basis to ensure that we offer the best rates.

2. How does NWME make its money?

NWME can offer you excellent rates everyday. As a result of using our extensive buying power for volume trading, we save money. This saving is reflected in our low rates.

3. Are there any commission charges or other hidden charges?

No, there are no commission charges.

4. Will you ‘buy back’ any currency I don’t use?

We do not offer a specific ‘buy back’ guarantee because we continuously offer the best rates, meaning you can be assured that you will get the best rate of exchange for any unused foreign currency.

5. What can I do if I am not satisfied with the service I have received?

At NWME we strive to offer exceptional levels of customer service, however, if you are unhappy, please feel free to contact us. We welcome all kinds of feedback and use it as a means of improving our overall service.

You can write to us or e-mail us detailing your complaint and explaining where the service did not meet your expectations and what you believe would have prevented your dissatisfaction. We will send you an e-mail to confirm that we have received your complaint and that we are looking into it. We will endeavour to provide a response within 5 working days but failing that we guarantee that a full response, detailing the outcome of our investigations, will be provided within 10 working days of receipt of the complaint.

6. How is the foreign exchange rate I pay calculated?

The rate you are offered by your dealer will be dependent upon a number of factors including:

1. The amount of money you are exchanging.
   
2. The time frames you have - whether you are looking to buy now, pay now or buy now, pay later).
3. The currency you are purchasing.
4. The exchange rate at the time of purchase.

7. Are there any hidden charges?

With NWME there are no hidden charges. There are no transfer charges, no commission fees and no foreign bank receiving fees.
 As part of the service, NWME provides one free transfer per trade. Multiple transfers will incur a charge of £15 each.

8. I am thinking of buying off-plan how can NWME help?

Buying overseas property will involve one or more international money transfers throughout the purchase process. Buying a new development off-plan will require planning and you will have to make a number of stage payments during the property’s construction.

For Example

UK resident buying in Spain
A UK investor is buying a property in Spain

1. A deposit in Euros is required and then further stage payments during the next 18 months, with a final payment upon completion.
   
2. The actual price of the property in Sterling will be determined by the exchange rate you receive.
   
3. If Sterling strengthens the cost will decrease, but if the Euro strengthens, then your Euro costs will increase (A stronger Euro means your overseas property will cost more in Sterling).
   
4. If the investor does not secure a rate of exchange in advance then the final cost of the property will not be known.

Removing risk with a forward contract

To remove this risk, NWME can offer a forward contract. This is essentially a buy now, pay later option. A forward contract enables you to fix a rate for any period up to 12 months. The exchange rate does not then change, regardless of market movements. A 10% deposit is required.

9. Can NWME help with overseas mortgage payments?

If you have a foreign mortgage our Regular Payments facility can help you. This service will take the stress and hassle out of your regular transfers.

NWME can secure and fix the exchange rate for up to 12 months in advance and plan your regular transfers in next to no time. There are no bank charges with NWME and this saves you up to £300 each year. The process is fully automated so you’ll never miss a payment.

10. Why should I register to trade with NWME?

At NWME we aim to make you well informed so that you get the best rate of exchange for your money and you are protected from exchange rate fluctuations. It is free to register and you are not obliged to trade with us but you can contact us for up to date market information as and when required.

11. Can I open a bank account abroad before I emigrate?

Yes. Proper planning and organisation could potentially save you thousands of pounds and means that you have more money to start your new life abroad.

12. How much money can I take when I emigrate?

The amount you are allowed will vary from country to country but is normally 10,000 of the local currency. You should check this in advance.

13. What do your business services involve?

Your dealer will talk to you in order to gain an in-depth knowledge of your business. The dealer will provide you with the necessary guidance so that you are well informed. This information will enable you to minimise your exposure to FX risk ultimately protecting your core business profits.