Foreign Currency Exchange
Moving money overseas doesn’t have to be a headache!
Following on from my first blog post, I often get asked the following questions from potential clients:
“Who are you, you’re not a bank!”
That’s true, Misano Payments is not a bank, it is a foreign exchange company with access to the banks’ exchange rates. I am Toby Dyke, the owner of the firm.
“But you’re not regulated, are you?
I, Toby Dyke, am not regulated by the FCA or other authority. This is because I do not need to be. I am not selling complex or structured financial products which require me to be authorised by the FCA. I am carrying out spot or forward foreign exchange contracts on behalf of my clients. Misano Payments Ltd, however, is registered in England and Wales No: 12821613.
“So how do you conduct your business?”
All the services provided by Misano Payments are provided by my broker partner The Currency Cloud Limited. It is The Currency Cloud Limited who is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and it is through them that I am able to provide my services. No client money passes through Misano Payments. I am effectively the agent acting for my own company which pays to use all of the services provided to me by The Currency Cloud Limited.
“Where does my money end up?”
Misano Payments will send your money to the bank account(s) you specify.
“How do I get my money to you?”
You send money to Misano Payments from your bank account, just like you would when paying anyone else. Most clients use their online banking to send us their funds. You will receive an email confirmation of receipt whenever you send funds to Misano Payments.
“What is an e-wallet?”
When you sign up with Misano Payments, you are by default given an “e-wallet” account with which you can send and receive more than 30 different currencies and in addition to that, all of your currency accounts within your e-wallet have the same account details, so you can have somebody send you euros and later dollars, for example, to the same account details, which eliminates the possibility of funds being converted because they’ve been sent to the wrong currency account. Finally, your e-wallet with Misano Payments means that your currency accounts are in your own name, just like your regular bank account(s)!
