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Bankers’ Automated Clearing Services - the process for making Sterling payments via domestic banks. Mostly used for direct credits and direct debits. BACS payments tend to take three business days to clear.
The movement of funds from one entity to another. When related to moving cash from one location (country) to another, this is often interchanged with terms including; currency transfer, foreign exchange, currency converting and more.
This is the process of moving funds from one location, and therefore currency, to another. The process of effectively changing money revolves around expertise, and at World First we have one of the most experienced foreign exchange teams in the marketplace. See our global foreign exchange team.
A global market which exists for the effective movement of capital (cash/money) from one destination to another. Also referred to as Forex, FX and currency market, the foreign exchange market facilitates the trading of currencies. Some of the items that make the FX market unique compared to any other trading entity include; the global natural of the industry, the volume of transactions taking place, myriad factors impacting exchange rates and the use of leverage to enhance profit and loss margins.
Money can be transferred in a number of ways from country to country, and spanning a variety of volumes and currency types. Some of the most common types of money transfers include; electronic funds transfers, wire transfers, Giro and money orders.
A stop loss order is a means of limiting your risk in case exchange rates get worse. A currency stop loss level is set. If that currency level is reached, the trade is automatically executed in the market to stop any further loss. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect yourself from adverse changes in exchange rates without needing to constantly monitor the rate.
The spread is the profit taken by a bank or a broker between the rate they receive and the rate they pass on to clients. We take a smaller spread than most banks and other currency companies, and pass this benefit on to our clients.
Like a stop loss order, a take profit order first involves setting a currency level. Once that currency level is reached, the trade is executed in the market. The currency level used for a take profit order is always better than the current market price. This allows you to capitalise or take profit on improvements in exchange rates without having to keep an eye on the rate.