FAQ

Opening an account with Frank eXchange is completely free and usually takes between 5–10 minutes, including identity verification. Please ensure you are in a well-lit area and have your ID ready before beginning the registration process.

To open an account, you will typically need:

• A valid photo ID, such as a passport or driving licence
• Proof of address
• Source-of-funds documentation

Business accounts may require additional company documents and shareholder information.

Frank eXchange supports a range of international transfers, including:

• Personal international money transfers
• Business foreign exchange payments
• Payments for eCommerce and online marketplace sellers
• Payments for importers and exporters
• Overseas property purchases

Yes. We offer multi-currency account solutions that allow businesses and individuals to hold, receive and send funds in multiple currencies under one set of account details.

Most international transfers arrive on the same day or within one working day, depending on:

• The destination country
• The currency being sent
• The banking network used
• Any required compliance checks

International SWIFT payments offer tracking and are often preferred for larger or higher-priority transfers. Local transfers are typically faster, lower cost and used within a domestic banking network.

The most suitable method depends on:

• The destination country
• The currency being sent
• The payment value
• Your tracking requirements

SWIFT payments can be tracked internationally, while local payments are often faster and more cost-effective. Contact our team for guidance.

Local payment networks are typically the fastest method. Delivery speed depends on the currency corridor and the recipient bank.

Using a foreign exchange specialist such as Frank eXchange is often more cost-effective than using a high street bank due to:

• Competitive exchange rates
• Lower transfer costs
• No hidden fees

To make an international payment:

1. Choose your currencies
2. Enter the transfer amount
3. Secure your exchange rate
4. Add the recipient’s details
5. Confirm and fund the transfer

Our team can assist you throughout the process when needed.

Yes. Our platform supports batch payments and bulk international transfers for businesses paying suppliers, contractors or overseas payroll.

You will usually need:

• The recipient’s full name
• The bank account number or IBAN
• The SWIFT/BIC code
• The recipient bank’s address
• A payment reference

If your payment has not yet been processed, changes or cancellation may still be possible. Contact our team immediately for assistance.

Exchange rates can be negotiated and are typically more competitive than bank rates, with transparent pricing and no hidden fees.

No. Frank eXchange provides transparent pricing with no hidden charges. Any applicable fees are clearly displayed before you confirm your transaction.

Exchange rates are based on live interbank market pricing, with a transparent margin applied depending on the currency, transfer size and market conditions.

Yes. You can access live foreign exchange quotes through our platform with no obligation to proceed.

Currency exchange rates can fluctuate in response to:

• Interest-rate decisions
• Inflation data
• Economic news
• Political events
• Market sentiment
• Global supply and demand

The interbank, or mid-market, rate is the wholesale exchange rate used when banks trade currencies with each other in global financial markets.

Yes. A forward contract allows you to secure an exchange rate today for a future conversion. This can help hedge against the risk of adverse market movement by locking in your rate.

Yes. Client funds are safeguarded in segregated accounts held with Financial Conduct Authority (FCA)-regulated institutions. Frank eXchange does not directly hold client funds.

No. We process client funds through FCA-regulated institutions, including Currencycloud, Sciopay and Equals.

Identity and source-of-funds documents are required to comply with anti-money laundering (AML) and Know Your Customer (KYC) requirements.

Yes. Secure payment platforms, regulated banking partners and identity-verification procedures help protect international transfers.

Yes. We offer currency risk-management tools including:

• Forward contracts
• Market orders
• Rate alerts
• Spot contracts

Our platform supports bulk uploads and mass-payment processing for suppliers, payroll and contractors.

Yes. Paying suppliers in their local currency can improve supplier relationships and reduce conversion costs for the recipient.

Yes. Our multi-currency accounts are well suited to eCommerce sellers receiving overseas payments.

Multi-currency accounts are particularly useful for:

• Importers and exporters
• eCommerce businesses
• International consultants
• Recruitment agencies
• Businesses with overseas suppliers

Yes. We support high-value and multi-currency transactions with tailored assistance.

Absolutely. Our services support businesses of all sizes, from startups to established international companies.

We support major currencies including GBP, EUR and USD, along with a wide selection of additional global currencies. Contact us for specific currency availability.

Yes. UK residents and UK businesses can send payments worldwide using our platform.

We support international payments to most countries globally, subject to local banking regulations and compliance checks.

We support both small and high-value international transfers. Contact us for specific limits.

You can track payments in real time through our platform, including SWIFT tracking and email notifications.

Common causes of delays include:

• Incorrect beneficiary details
• Bank compliance checks
• Public holidays
• Intermediary-bank processing
• Banking cut-off times

Contact us immediately. We can attempt to initiate a recall request with the receiving bank. Funds may also be returned automatically, although recovery is not always guaranteed.

Some international transfers pass through intermediary banks that may deduct processing fees before the funds reach the recipient.