If you are trading internationally, you want to be sure you are getting the best deal on your foreign exchange and overseas payments. Yet for many businesses using traditional payment providers, the experience is far from ideal.

Businesses routinely report a number of frustrations. These include:

• Time taken for payment to be received and funds cleared
• Uncompetitive exchange rates
• Hidden fees
• No ability to track payments
• Time taken to investigate missing payments
• Lack of communication
• Reconciliation of payments

4X’s international payments service is specifically designed to eliminate these problems, and to allow you to spend more time managing your business without worrying about your payments.
We offer:

• Competitive exchange rates
• Price and cost transparency
• Fast payments
• Payment tracking
• Payment investigation
• Real people to talk to
• Electronic audit trail

Competitive exchange rates

4X offers wholesale exchange rates which can be significantly better than those offered by the banks. On average, our exchange rates can save a business between £400 and £1,000 on a £50,000 trade.

4X is able to offer these rates because it uses unique bespoke software which streams live exchange rates straight from the inter bank market in London.

Rates are updated up to three times per second, so they are always the most up to date available. Because our dealing process is automated and overheads are low we can set our profit margin on each trade significantly lower.

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Price and cost transparency

What you see is what you get. You can see exactly what the payment is going to cost you before you execute your trade with 4X Currency. We charge absolutely nothing extra - there are no commissions or hidden fees.

Our currency rates are ‘streaming’. This means they are live and automatically pegged directly to the underlying inter bank rate. So you get the most up-to-date rates, which include all fees charged by 4X Currency .

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Fast payments

All our payments are made by same-day international wire transfer, and can be made to any bank account in the world, either yours or a third party's. This means we can pay your suppliers directly.

Following receipt of your cleared inward funds in our bank account we will make the international payment as instructed by you. This would typically be on the second morning after you have instructed the currency deal.

Example
Monday: You instruct the currency deal and onward payment details via 4X Dealer™ and you wire your funds from your bank account to 4X Currency by CHAPS or international wire payment
Wednesday: Your funds have cleared 4X Currency’s bank account and we make your onward payment by international wire payment

If your payment to 4X Currency is below £10,000 or currency equivalent you may send your payment to 4X Currency using your online or telephone banking facility.

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Payment tracking

If you are making an international payment it is vital that you know it will reach its recipient on time.

You will receive an automated email notification as soon as your same day wire payment payment has been released by 4X Currency's bank to your beneficiary, containing all the details.

These details can be used by you and by us to track and trace the progress should a payment become delayed in the banking system.

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Payment investigation

Occasionally problems arise within international banking systems. Banks may typically take 2-3 weeks to resolve payment problems – by that time your supplier may not want to deal with you any more.

Before authorising payment to your beneficiary, 4X Currency validates key details in its banking system. This reduces the risk of errors that result in payments being delayed in the banking system for days or weeks before the funds are investigated and returned.

You will have a single point of contact who will deal with you personally until the problem is resolved.

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Real people to talk to

We don’t operate call centres or queuing systems. If you wish to speak to us about any aspect of your payment or account, one of our small team of client support staff will be able to answer your questions.

You can speak to the same person every time, and they will treat you like a human being, not a number.

And we are pro-active. If we spot something wrong, we will contact you before it becomes an issue – for example if we haven’t received you inward funds or if there is some information we think you should know.

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Electronic audit trail

As soon as you instruct the payment, you will receive an electronic contract note which you can print and save, and also an email confirmation of your instruction.

The contract note shows all the details of your currency exchange and the details for payment to 4X Currency's bank account and your beneficiary's bank account.

The system also has a full electronic transaction log, which can be exported into a CSV file and then directly into your accounting system or Excel.

This log shows all payments, including the date, time, amount and exchange rate. You can also bring up the contract note for any historical trade and payment to view more detail such as beneficiary, unique trade reference etc.

This massively cuts down the time taken to reconcile international payments, whilst reducing human error and allowing you to demonstrate best practice.

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