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Currency Service

Currency exchange FAQs

Here we seek to address some frequently asked questions about the Currency Service.

If you're unable to find what you're looking for, please do not hesitate to phone us on 0117 311 3257 (8.00am to 6.00pm Monday to Friday) or email us.

Our service

  • There is no minimum transaction size for lump sum transactions made online.

  • There is no commission on any payment and no transfer fees for transactions made online over £3,500 (£5 if under £3,500). For more complex currency requirements made over the telephone via our specialist team, there are no transfer fees for amounts over £7,500 (£10 if under £7,500).

    Regular transfers over £500 per month are free (£7 per month if under £500).

  • If you don’t need your currency immediately but you want to fix the rate of exchange, we are able to arrange a forward contract.

    This type of arrangement, where you fix the exchange rate for a set date between now and up to two years in advance, provides shelter should rates move against you. However it also removes the potential to benefit from any favourable rate movements.

    We suggest you call us prior to placing your order on 0117 311 3257 so we can help you decide which type of order is best for your circumstances.

  • You will always need to ensure we have cleared funds in our account before we are able to send your currency. Any delays in us receiving payment will result in delays to your transfer being sent.

  • Yes. You can set up a Direct Debit facility to make monthly transfers abroad. You can set up a monthly payment plan by speaking to one of our currency dealers on 0117 311 3257.

  • Provided we've received your payment on time, in most cases we'll send out the foreign currency on the settlement date. Where you have asked for the currency to be converted immediately this is normally two working days after you placed the instruction. If you have arranged a fixed exchange rate for a future date the funds will be transferred on the prearranged settlement date.

  • No, our service will provide transfers to accounts denominated in the underlying currency. We do not provide cash.

  • Yes, you can pay to a third party. However we will undertake additional checks on third party accounts and we may require further documentation to complete the transfer.

  • Yes, you are able to convert foreign currency back into sterling. You will need to instruct your bank to remit the funds to our account. These details are available by logging into your online currency account or contacting our Currency team on 0117 311 3257.

Currency transactions

  • You can pay by phone with a debit card from an account in your name or by bank transfer using either CHAPS or Faster Payments.

  • If you would like your currency converted immediately we may ask for a small deposit by debit card. If you would like to fix the exchange rate for payment on a future date, you will typically be required to make a 10% deposit payment prior to giving your order.

  • Once your Currency Service account is open you can place your instruction online or by calling 0117 311 3257 (8am-6pm Monday – Friday).

  • When you agree to enter into a foreign exchange transaction, you're committed to paying for the foreign currency in full. However, we do understand circumstances change; for example a property you are buying falls through. We'll do our best to help you by either extending or cancelling your contract. This may incur additional costs.

  • A member of our team will be able to arrange transfers of funds from another Hargreaves Lansdown account. Please call us to discuss this.

  • Payment instructions will need to be received by us by 12:00PM in order to be processed on the same business day. Payment instructions received after that time, or outside of our business days, will be processed on the following business day.

    Our business days are Monday to Friday, excluding public and bank holidays.

Using your online account

  • This is known as your beneficiary account and you will need to provide us with these details before you want to transfer currency. Once you have logged into your account, click on Sterling (GBP). From the following page you will see "Beneficiary accounts" in the navigation bar towards the top of the page. You may find it useful to read our page on the bank information that we will require, as there may be subtle differences depending on the country you are sending funds to.

  • When a beneficiary is added to your Currency Service account it will need to be checked by our currency team to ensure we have all the required information to make a payment. During this time it will show as "Pending". After it is approved the status will change to “Active” and you will be able to make a payment. Please note that when making transfers to a third party, we may require further documentation to complete the transfer.

  • When you add a beneficiary to your online currency account it is checked by our team. If the beneficiary details have disappeared from your currency account, this will normally indicate that they are in the final phase of the checking process and should be set up on your currency account shortly.

  • Clicking on Sterling > Cash > View > Authorised Debit Card Payments will show any debit card payments that are awaiting clearing. When a payment shows as authorised, we are awaiting the funds to be sent from the remitting bank, however we will enable you to trade on the assumption that they will shortly arrive. This will normally take approximately one working day.

  • When placing a trade online, funds will leave our account on the transfer date that you have selected. However, funds will be received by the beneficiary at varying dates based on the nature of the currency converted. Please note that these are not definite dates, and funds may be received later. Hargreaves Lansdown is not responsible for any delays caused by the receiving bank or any intermediary bank.

Security

The Hargreaves Lansdown Currency Service is a trading name of Hargreaves Lansdown Asset Management Ltd, which is a wholly owned subsidiary of Hargreaves Lansdown Plc, One College Square South, Anchor Road, Bristol, BS1 5HL. Company Registered in England & Wales No. 1896481. Hargreaves Lansdown Currency Service is provided by Hargreaves Lansdown Asset Management Ltd which is authorised by the Financial Conduct Authority (FCA) as a Payment Institution under the Payment Services Regulations 2009. The Firm Reference number is 115248. You can look this up on the FCA register website.