The FX Hub has access to the same liquidity markets as the banks, which in turn provides us access to currencies at the live mid-market rate (the wholesale rates at which banks, and only banks, buy and sell currency between each other).
We simply use the mid-market rate and add a small transparent fee, which creates an exchange rate that is drastically lower than what the banks or traditional currency dealers currently offer.
A typical bank they will calculate your exchange rate by using the mid-market rate and adding a hidden fee that varies from 2% to 5%. They then display this as their internal “rate” without providing any insight as their fee of the mid-market rate they used.
At The FX Hub, you always know what you are getting. Firstly, with each quote we always display the live mid-market rate so you can see how we compare. Secondly, we lock our fee at 0.65%, so no matter the frequency, timing or amount of your transfer; you will always be sure that your rate to be 0.65% above the mid-market.
The future success of our company depends on trust, so we have gone to great lengths to safeguard your funds by partnering with a top-tier international payment provider thus ensuring strict security processes and controls.
- All customers must go through our KYC (Know Your Customer) and AML (Anti Money Laundering) process to be approved by our compliance team and granted access to our FX platform.
- The FX Hub has partnered with The Currency Cloud, a London based international payment provider who has more than 150,000 end-customers and processes in excess of $10B in payments every year.
- When you make a transfer, your funds are held in your own segregated numbered customer account at Barclays Bank in London until payment is made to your recipient.
- These customer accounts are kept separate from one another and kept separate from working capital accounts so there is never a risk of co-mingling.
The Currency Cloud Ltd is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA register number 900199. The Currency Cloud Ltd is registered with the UK Data Protection Act Registration Number Z1550331.
The FX Hub and The Currency Cloud offers bank-grade levels of security through a comprehensive set of processes and controls, including:
- Physical Security: Multiple high security Tier 4 Data Centers used by banks and other financial institution
- Network Security: Firewalls managed by dedicated staff; undergo regular third party penetration tests
- Encryption: Network traffic and customer data is encrypted
- Data Separation: Multi-tenant architecture ensures all customer data is stored separately from one another
- Strong Access Control: Unique IDs and two step authentication for all access
After an extensive international search for a FX platform provider with the size and experience we required, we forged a partnership with The Currency Cloud in the UK. In addition to the FCA Compliance and Data Protection Act Registrations, The Currency Cloud has reached more than 150,000 end-customers, processes in excess of $10B in payments every year, across more than 30 currencies over 200 countries.
This volume, combined with their international payment network allows us to provide transfer times that are actually faster than most domestic banks. So, in fact by transferring funds through the UK, you not only receive more protection and better rates, it can actually be the fastest way to get your money to a recipient in your neighboring country.
Please note that it generally it takes 1-2 days for your funds to move from your bank account to your account at the FX Hub.
Keep in mind that you would be paying this same transfer fee to your bank if you were to make a funds transfer directly to your beneficiary; the only difference is that you would also be receiving an exorbitant exchange rate.