Sat Worldwide

SAT Worldwide is registered by the Financial Services Authority under the Payment Services Regulations 2009 (Reg no. 509587), for the provision of payment services and registered with HM Revenue and Customs under Money Laundering Regulations (Reg no. 12251701) as a Money Transmitter. SAT Worldwide also holds Professional Indemnity Insurance that covers every customer up to £250,000 per transaction.

We understand that sending large amounts of money overseas can be daunting and we want you to feel confident and happy with every aspect of the process. As a result, we protect your funds by holding them in segregated client accounts with Natwest which are is specifically used to process all client funds until we receive written confirmation from you indicating where you want your funds to be transferred.

There are no costs, no charges and no commission when using SAT Worldwide to buy or sell foreign currency.

We make our money within the rate of exchange so the rate of exchange you receive includes our costs and profit for completing the deal. Due to the volume of currency we trade, we are able to access interbank rates of exchange which we pass on to you, saving you money compared to your bank.

The rate you receive will depend on the amount being transferred and the date you want the funds to arrive. The rates on our website and included in our daily market updates are "mid-prices" interbank rates that banks buy and sell from one another. Mid-price means they are the difference between the buy and sell price and it is our aim to get you as close as possible to the mid-price when you trade.

A spot trade means you "buy now, pay now" with the funds exchanged 2 working days after the transactions is agreed.

A forward trade is when you "buy now, pay later" and means you are booking a rate now at which two currencies can be exchanged at a preset future date. By trading forward you are eliminating all the risk faced from fluctuating exchange rates.

There is no minimum amount however; the more you trade the more you will save.

Once you have agreed a trade with us you will receive the bank details for our client account so you can transfer funds to us is via an online bank transfer. This is the most common way to send us funds however; you can also send funds directly to our accounts from your nearest bank's branch. Alternatively, you can send funds via a cheque however we cannot agree a trade until your funds have cleared in our accounts which takes 5 working days.

You send your funds to our clients accounts held with Natwest Bank.

We send all client funds out on a same-day basis however, funds may not be received by your bank on the same-day due to time differences. If you are sending Euro's, US Dollars, Sterling and Canadian Dollars your funds will be cleared in your account on the value date of the trade; all other currencies are received on the next working day.

BACS: Bankers Automated Clearing Services - the process for Sterling clearing for domestic banks. Usually takes 3 business days.

CHAPS: Clearing House Automated Payment System - a faster means of making payments. Usually occurs on the same day.

Exposure: The amount of money at risk due to Foreign Exchange movements.

Faster Payments: A new process when UK banks will transfer funds on the same day for amounts up to £10,000.00.

Forward Points: The difference between the spot rate and the forward rate.

Forward Contract: A contract to exchange a specific amount of one currency for another on a future date at a predetermined rate. A deposit is normally required for forward contracts.

GTC - Good til Cancelled: A GTC foreign exchange order will be left in the market until executed or cancelled by you.

Hedge: Protection against future currency movements.

Market Order: You can leave an "order" with us to transact on your behalf if a particular exchange rate is reached.

OCO - "One Cancels Other": A combination of a 'Stop Loss' order and a 'Take Profit' order. When one of these two orders is executed, the other order is automatically cancelled.

Spot rate: The foreign exchange rate at which two currencies can be exchanged in 2 days time.

Spot Transaction: The exchange of one currency for another at a specified rate for settlement in 2 working days.

Stop Loss Order: A stop loss order is a means of limiting your risk from adverse exchange rates. A currency level is set. If that currency level is reached, the trade is automatically executed in the market. 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.

Value Date: The date for the exchange of payments.