Frequently Asked Questions
Q. Is my money safe?
A. Yes, our clients funds are held in segregated accounts at all times. Once funds are traded, they are released within 24hrs.
Q. How do I transfer funds to you?
A. SGM are only permitted to receive funds electronically. Via CHAPS, BACS, SEPA or FPS (Faster payment system)
Q. Can you make SEPA transfers?
A.Yes, SGM can make SEPA transfers to your account if it is based within the EU. Please note that with SEPA payments we cannot issue a swift payment confirmation and your funds may take up to 3 extra working days to arrive, depending on the receiving bank.
Q. Do you sell cash?
A. No. SGM do not have a licence to sell cash or travellers cheques.
Q. Why is SGM different to other FX companies?
A. SGM offer a personalised service for each client and believe both corporate and private clients deserve a bespoke service.
Q. What are your charges?
A.Transfer charges for trades under £20,000 are £10 each, and transactions over this amount are free of charge. If you book a large amount, and want to make multiple payments, you are welcome to, the first payment is free of charge and each subsequent payment is charged at £10 each.
Q. Do you charge commission?
A. No, we do not charge commission.
Q. Can I pay by credit or debit card?
A. No, SGM do not have this facility, we are only permitted to receive funds electronically via bank transfer.
Q. Can you debit my account directly?
A. No, the transfer to SGM must be instructed to your bank by you.
Q. Will you charge me to receive funds?
A. No, SGM do not charge you to receive your funds. This cost is absorbed by SGM.
Q. Do I have to pay landing fees at my bank?
A. Yes, the transaction fee that you may pay in the UK is only UK charges, we do not cover any overseas charges. These vary from bank to bank and country to country. Some clients are able to negotiate reasonable landing fees directly with their bank. Please also note that SGM are not responsible for intermediary charges. If your payment needs to be sent via an Intermediary bank they take a charge, SGM will not cover this fee.
Q. Do you accept cheques?
A. No, we do not accept cheques.
Q. What is a margin call?
A. Please refer to our Terms and Conditions for an in-depth explanation of margin calls and how they affect you.
Q. Do you do forward contracts?
A. Yes, SGM are able to offer forward contracts. We offer fixed contracts as well as the flexibility for time option contracts. Please speak to one of our sales team who will advise you how this works and how it can be of benefit to you.
Q.What is a spot trade?
A. A spot trade is a transaction booked for a two day value. This means we need your funds within 24hrs of booking the trade with your sales advisor. Please speak to our sales team to assist you with these transactions.
Q.Where can I monitor the live rates?
A.We do not offer a page where you can monitor live rates – the reason for this is that they are not reflective of the actual rate which is achievable from the market. Interbank rates are where the banks trade currency with each other. They are not available to the public.
Q. What is a SWIFT message?
A. A SWIFT message is a secure bank message generated between banks when transferring funds abroad. It is the only internationally accepted form of bank to bank transaction.