Racing Bank foreign exchange
Flexible ways to exchange currency
We have a market-leading, dedicated team working on foreign exchange and using our service often means paying less in fees to third-party providers.
Our FX service includes
- Foreign exchange in most of the world’s major traded currencies
- Onshore currency accounts in Euro and USD, with other currencies on request
- Forward contract, allowing you to fix an exchange rate if you’re concerned about currency movements
- Time options – to fix the exchange rate between two currencies for an agreed period of time.
Factors affecting your exchange rate
When you make an FX payment, the exchange rate applied is linked to the market rate we get at the time of the payment.
A margin is applied to the market rate, with our margin built into the rate applied to each transaction. This margin is based on a sliding scale, depending on the size of the transaction.
The maximum margin applied to a market rate is currently capped at 1.6%.
Examples of the margin that we apply are shown in the table below:
In the example, a client selling GBP 100,000 to buy EUR would get an exchange rate of 1.1281 with a transaction margin of 1.045% deducted from a market rate of 1.1400.
You would receive €112,810 EUR instead of €114,000 if transacted at the market rate.
Currency will be converted at the market rate subject to the margins as set out above.
Why you can’t trade at the market rate
Weatherbys Bank provides its clients with access to Foreign Exchange markets with each instruction executed with reference to live prevailing market pricing. Weatherbys Bank does not have access to interbank pricing and the Bank does not speculate nor trade Foreign Exchange for its own account.
What you need to know
We don’t provide advice in relation to any foreign exchange services.
We accept your instructions in good faith and execute them as quickly as we can after we receive them. If you’d like to secure the rate you trade at, please contact our Foreign Exchange team who’ll be able to quote real-time rates.
Exchange rates can be affected by things like interest rate expectations, inflation, macroeconomic events and natural disasters.
If you’re unsure about a transaction, you should seek professional advice before going ahead.
These services are only available to existing Weatherbys banking clients over the age of 18 who have cleared available funds.
We work with external platforms for our Foreign Exchange services. Ask for our Order Execution Policy if you’d like more details.