The Registration
Before conducting a currency transaction with piagi you will need to complete a very simple and short registration process. This can be done online in just a few minutes by CLICKING HERE, or alternatively you can simply download the application form to get started. CLICK HERE
There is absolutely no cost involved when registering with piagi and you are not obligated whatsoever to conduct any transaction with us once you have registered.
The Deal
Your dedicated FX specialist will discuss with you and identify your currency requirements, suggest a product that suits your needs. Your FX specialist is there to inform you if the rate is moving in a beneficial or adverse direction so that you get the best possible deal. Once both parties have accepted that the product and rate are suitable for your needs, the exchange rate is guaranteed and will not change. The foreign currency you have requested is officially dealt for you. Please note that an oral instruction given and acted upon is a verbal contract and is legally binding as per our TERMS OF BUSINESS.
Once a verbal instruction to piagi is given to execute a trade on your behalf you will receive a written confirmation of the transaction which piagi has performed for you. This will show the type of product you have agreed to execute, the currency you have purchased and the exchange rate agreed. This needs to be completed with your destination banking instructions, signed and returned to us by fax or email within 24 hrs.
Debiting Funds
Once you have traded and received your trade confirmation you will need to instruct your bank to send your payment to piagi. Your trade confirmation will contain all the relevant account details you will need to transfer your funds. Transfers can be made by BACS (an on-line internet payment or done via your branch). BACS is a payment which will be received by us within 3-5 business days once you have executed the payment with your bank. There should be no charge levied by your bank for a BACS payment. The other method is CHAPS which is same day depending on time of execution and your bank will charge you for this service. Such charge is dependent upon your bank. For international payments please liaise with you bankers as these should be sent via SWIFT PAYMENT which is up to 2 day clearance.
Crediting Funds
Once you have transferred your funds in and your trade matures, your purchased currency is then ready to be sent out. These funds with be instructed to be credited to the destination banking details supplied by you on your trade confirmation. Depending on which currency we are transferring for you your funds will arrive same day, next day or within four working days as a maximum.