Foreign Currency Account opening procedures for Non-UK Nationals and Overseas Clients29 November 2008 - Mark Maffia (Which Way To Pay)
Foreign Currency Account opening procedures for Non-UK Nationals and Overseas Clients
Account opening procedures for Non-UK Nationals and Overseas Clients
All our foreign exchange banks cater for worldwide customers – so even if you're not based in the UK you can make full use of the banks' services to purchase or transfer currency. If you are based outside of the UK, for purposes of client security, identification and anti money laundering regulations, you will usually need to provide a certified form of ID. This means you will need a photocopy of an official document such as a passport signed by an official such as a lawyer, accountant or government agent (police office, mayoral official etc.) You will also have to provide a counter-signed copy of a utility bill for proof of your current address.
Please find below more information on provisions for account opening from the individual banks.
Foreign Exchange Brokers/Banks
World First can process transactions from non-UK residents too. The registration is exactly the same but as with all our clients that are based offshore we need to request proof of identity. We would need a certified copy of their passport and a recent utility bill or bank statement. The certification can be done at a Post Office/Police station/Mayor’s office etc. This would need to include the certifiers contact details as well. When registered, all other details are the same. We have private client dealers who speak French, Spanish and German.
Raphaels Private Bank
To open a currency account with Raphaels Bank we require a client to complete our Trading Agreement. In addition to the standard requirement of a copy of photographic ID we also require two forms of address verification. The address verification has to be dated within the last three months and be a bank statement or an agreed utility bill (Gas, Electricity, Rates) and either be the original or certified by a Lawyer, Banker, Authorised Financial Intermediary, or Accountant and will need to be signed, dated and stamped with the firms name with the following narrative "This is a true copy of the original". The copy of the photographic identification also needs to be authenticated.
If you live abroad you can still benefit from the specialist services of a UK based foreign exchange broker like TORfx. Clients that have moved abroad often have pensions or savings accounts in a UK bank or building society, so need to arrange transfers from their UK account to their account abroad. These regular monthly transfers, or even one-off transfers, can be carried out by TORfx, which typically saves clients around 4% when compared with exchange rates offered by high street banks.
If you have a UK address to open an account, you need to complete the short account opening form. For clients resident outside of the UK, please also supply us with a colour copy of your passport and a utility bill not more than 3 months old. This can be scanned and emailed to us.
As part of the Anti Money Laundering and Know Your Clients regulations that Currencies Direct adheres to all non UK-nationals living outside of the UK will have to provide certified documents proving their identity and residential address.
Non-UK Nationals living outside of the UK
1. A counter-signed copy of your passport
Each document must be certified by one of the following:
Non-UK Nationals living in the UK
AxiaFX can trade for overseas clients - the only restriction is that we need to get certified proofs of ID to register an account.. We would need a certified copy of their passport and also something with their address on like a bank statement or utility bill.
Simply register on line for non UK. Our compliance officer will then request scanned copies of a passport and utility bill (both verified by professional person).
For non-UK residents to register with Moneycorp, they usually are required to provide:
On receipt of these documents, Moneycorp will open the trading facility then individuals can start to benefit from their market knowledge and strategies. Once registered, there is no cost or obligation to use their services.
Currency SolutionsFor Non UK ID holders we require authenticated (stamped by an official) copy of your passport and proof of address along with signed terms and conditions posted to us. Registration is free, there is no obligation.
The process is exactly the same for UK and non UK residents. They fill in a form, provide a passport and proof of address (usually utility bill) and we open the account.
Basically we can trade all "English speaker" clients. However, if the client is based in Australia, he will be refer to our Australian office simply because the legislation are different. If the client is any where in Europe/World but are an English speaker we are trading him from the UK (US excluded because we have US office)
Concerning the documentation need. We systematically need a photocopy of passport and a photocopy of an utility bill not older than 3 months for all the client living outside UK.
If you are an overseas national and would like to open an account, you just need to send over the following documents to complete your application:
1) Certified copy of your passport (this can be certified by a Lawyer, solicitor, notary or bank manager).
For non UK residents it is simple to open an account with Personal FX. We will require our trading agreement to be completed, a clear copy of passport or photo driving license and a copy of a recent utility bill or bank statement (no older than 3 months). These can be returned by fax, email or posted.
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