We only operate in countries that have low money-laundering and other financial system risks according to various indices of financial transparency, economic and political risk. We can only transfer and receive money between these countries: Australia, Austria, Belgium, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Latvia, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom and the USA.
We offer spot and forward transactions on all these major currencies: British Pound (GBP), Euro (EUR), United States Dollar (USD), Swiss Francs (CHF), Japanese Yen (JPY), Australian Dollar (AUD), Canadian Dollar (CAD), New Zealand Dollar (NZD), Swedish Krona (SEK), Norwegian Krone (NOK), Danish Krone (DKK), Hungarian Forint (HUF), Czech Koruna (CZK), Polish Zloty (PLN), Hong Kong Dollar (HKD), Singapore Dollar (SGD), South African Rand (ZAR), Emirati Dirham (AED).
At this time, we can only accept registrations if you are resident in any of the following countries: United Kingdom, France, Spain & USA. We plan to accept registrations from Australia, Canada and Germany early next year. We are registered with the IRS under FATCA, GIIN KGSCU6.99999.SL.826 and so can accept US clients.
You send your funds to our multi-currency account with Barclays in the UK. This means you can send GBP using Faster Payments, EUR using SEPA and all other currencies using SWIFT. You will have to check with your bank how much they charge you for those different methods.
No, we cannot accept cash deposits at all - the risk of money laundering is too high for us. Nor can we accept cheques or card payments as they are too expensive to process. You can send us your funds using your online or telephone banking.
Generally, we are unable to accept funds from an account that is not in your name. This is due to compliance and also our processing which uses an intelligent algorithm to match your funds to your order. However, your relationship manager will try and facilitate your requirements where it is legally possible.
For all standard payments below £10,000, we charge £10 for transfers to your beneficiary, irrespective of whether it is a local payment or SWIFT. Single payments over this amount are free. Standard payments will be sent using local payment methods for the following currencies: British Pound (GBP), Euro (EUR), United States Dollar (USD), Swiss Francs (CHF), Australian Dollar (AUD), New Zealand Dollar (NZD), Swedish Krona (SEK), Norwegian Krone (NOK), Danish Krone (DKK), Hungarian Forint (HUF), Czech Koruna (CZK), Polish Zloty (PLN), Hong Kong Dollar (HKD) and Singapore Dollar (SGD). Any currency going to an account in a country that does not use that currency will be sent by SWIFT, including all transfers in these currencies: Japanese Yen (JPY), Canadian Dollar (CAD), South African Rand (ZAR) and Emirati Dirham (AED). For priority payments, we charge £25.
We like to keep things very simple so we charge the same low rate for both local and SWIFT payments of just £10. You probably compared our SWIFT charges to other providers or your bank and found theirs to be much much higher, maybe even £35? Basically, this policy costs us every time we make a SWIFT transfer. However, we have a very comprehensive range of local payment facilities so we do not expect to do so many SWIFT transfers that we need to review this policy.
Yes, of course, that is the main reason why people use our service! However, the beneficiary will have to have a bank account in one of the countries we operate in and we screen all beneficiaries for PEPs
and financial sanctions.
Yes, before you can enter into any trade, we have to prove your identity. The verification process will take just a few minutes of your time and the process will be discussed with your account manager.
Yes, Live Financial's parent, Supercapital Ltd, is registered under the HMRC Money Laundering Regulations 2007 (no. 12752676), Authorised by the Financial Conduct Authority to carry out payment services under the Payment Services Regulations 2009 (no. 662541) and with the ICO under the Data Protection Act 2003 (no. ZA060138). Also registered with the IRS under FATCA, GIIN KGSCU6.99999.SL.826. Under the Model 1 inter-governmental agreement between the US and the UK.
The security of your funds while they are with us is a primary concern. As a regulated Money Service Business (MSB)/Payment Institution (PI), we must hold all client funds in segregated client accounts (it is one of many prudential requirements that we must comply with). Your funds are held safely and securely in segregated client accounts at Barclays Bank in the UK. These accounts are separate from our own bank accounts and we cannot access them for use to settle any of our own obligations. We also have professional indemnity insurance that covers any error or misdeed resulting in a loss of your funds up to £500,000.
All our important policies and documents are available to you on request once you have enquired or registered with us. The Terms & Conditions are here
Our exchange rate spreads (the margin of profit we put on the interbank rate) are typically 50-75% cheaper than high street banks and yet we offer a superior service. This is because we specialise in what we do.
Yes, absolutely. Unlike your bank and other notable money transfer businesses, we offer you a rate at which you can trade in real time, there and then. When you send us an order, it will be executed exactly at the rate you are offered. And if that rate isn't good enough for you, you can specify at exactly what rate you want to trade and if the market reaches your level, we will execute for you.
The main reasons people still use their banks to make foreign payments is due to convenience, risk and lack of information. We believe we have eliminated the inconvenience of using our service because our verification process is no more cumbersome than logging into your online bank and the payment process thereafter is very similar. Since 2008, there have been a lot of changes in the way our business is regulated so that now your funds are safer than ever with us. Since you have made it as far as this FAQ on our site, you're obviously now well-equipped with all the information you need to decide to use Live Financial for your next foreign exchange transaction!
No, Live Financial works with your existing bank account(s), in any country listed where we operate. We can send foreign funds to any beneficiary bank account in our country list in any currency that we deal in. However, if you want to receive foreign funds from a third party, the best way is to open a multi-currency account with your current bank (most will do this for you for free) and receive the foreign funds without converting them. Then get us to do the conversion for you, and finally transfer the local funds back to you. You will probably save a lot of money doing this rather than letting your bank convert the funds for you. Just ask your relationship manager for advice and guidance.
You do not necessarily need to use internet banking to send your funds to us. For example, you can also use telephone banking.
Our normal office hours are 9am to 5pm (UK time) Monday to Friday. Outside of these hours you may not receive an immediate response from your relationship manager but we will always try to accommodate you even outside of normal market hours. In exceptional circumstances, we can still execute transactions between midnight and 10pm Sunday to Friday.