A partnership for profit
Questions and Answers
How much space will I need for a bureau in my agency?The minimum size we recommended is 5ft by 5ft. The ideal location is at the rear of the shop.
How much will the bureau cost?
No more than £1000 for a standard sized bureau.
Do I need a minimum turnover to take advantage of Forex4Agents?
Yes, if you have a retail shop with a turnover of £0.5 million then you are eligible. You should aim to achieve pound for pound of your retail turnover in foreign exchange sales.
What charges should I make to clients?
Forex4Agents will give you guidelines of charges we recommend for currency and travellers cheques, but this decision is entirely up to you as an agent. Just remember you keep 100% of the charges.
What margins can I expect?
Our current average margin is 3.11% but this can vary depending upon the level of charges that you make to your clients.
We have no foreign exchange experience?
Full initial training and helpdesk support will be provided by Forex4Agents.
Why do I need a money laundering licence?
This is a legal requirement from Custom and Excise to operate a bureau. Applications are made direct to Customs and Excise. The current cost is £65 per annum.
Do I need a dedicated member of staff?
No, however we do require 2 members of staff to be fully trained to cover holidays, days off etc.
I am a member of a consortium, can I still use the service facility of Forex4Agents?
YES
When will I be paid?
On a monthly basis - commissions are paid monthly in arrears on the 7th of the month following the month end.