Q And A

Covent Garden FX - FAQ

Why Use Covent Garden FX?

We offer great rates, no commission and a personal service. Once you have used us once all you need to do is give us a call and we can place the order for you, no hassle quick efficient and a personal service you wont find anywhere else.

If you want to use a company that will talk to you that will answer your questions that is quick and easy to use. We have a small call center and strive to speak with our customes and deal with your enquiries.

All we ask is that you first try and gather what you need from our website and place your first order online and then we can take it from there.

If you are not a regular internet user and need some guildance then we will help you through the process.

Once you have used our service all you have to do next time is call us or drop us a email and we will do the rest for you.

How do you make your money?

We work on high volumes and low profit margins, we have been trading since 1981 so we have a strong customer base. We work on around 1% margins which is why our rates are very low.

We strive to offer our customers the best rates available to them at point of purchase. Our customer service is key to our business, we want to offer you a service that you remember thats easy to use and one that you recommend to friends and family.

How do I know I am getting the best rates for my money?

CGFX team checks the UK foreign exchange competitor market and our rates are live they move when the market moves this to make sure we are not beaten on price. If we are then let us know.

How do I place order?

Using our web page select the service you require. Add your currency into the basket and complete the order form.

We will confirm order via Email and give you a order number.

Follow the instructions on the email and complete your payment.

Everything is automated and we will update you via email as your order progresses through to our dispatch department.

We will Email you once payment has been recieved and again when we dispatch your parcel with a Royal Mail tracking number so you can track it right to your door.

If you need next day delivery you need to order and make payment by 1pm.

Once you have used us once, we can place the order for you so next time you can just call the order can be placed in seconds.

I have not received my email order confirmation?

If 5 mins has passed and you have checked in your spam account to see if it has been filtered there. Then give us a call and we will send you another one. Its worth checking with the call centre that you have entered the right email address.

I have made my payment and have not received email confirmation?

As soon as your payment clears we will let you know via email. Most payments take between 2-3 hours, its worth noting that some banks do take longer than others. If you have not heard back from us with 5 hours then please give us a call or drop us a email and will can then chase it up.

We would also advise that you first check with your bank to make sure they have issued the payment and is not being held up by them. This may be because you have exceeded your upper daily security limit. Please first check with your bank that payment has been issued before chasing us up.

Bank payment time scales are out of our control so we have to just wait for the two banks to process and let you know as soon as it arrives.

Why do I need to Provide ID?

We will check that you are who you say you are, thats why we ask for home address details on the order form. Sometimes we will find that you may not be listed against that address (this could be because you have recently moved, married or are living a a newly build premise so we will ask you to provide us with ID.

We will also ask you for ID when you purchase over a certain amount.

Under HMRC Money Laundering Regulations we are required to keep full records of transactions of £10,000 Sterling and above, together with copies of identification provided.

Below is a list of the exact requirements needed according to the amount being spent:

Please note: This is an accumulative amount so if you have changed with us before and are going to go over these amounts for the year (12 months of transactions) then you will also need to provide the following forms of identification.

  • £2,500 or more:
    Valid Passport or Valid Driving Licence, Proof of Address dated within the Last Three Months.

  • £5,000 or more:
    £5k Large Transaction Form, Valid Passport or Valid Driving Licence, Proof of Address dated Within The Last Three Months.

  • £9,000 or more:
    £9k Large Transaction Form, Valid Passport or Valid Driving Licence, Proof of Address dated Within The Last Three Months and Source of Funds.

Why do you only accept Bank Transfers (Faster Payment Service) for Postal Delivery orders?

We want to be able to offer you the best rates without any hidden extras. Over 50% of the banks still charge their customers for using a Debit Card/Credit Cards for purchasing Currency, treating payment as a Cash advance and apply charges. This means you could be charged a fee for using a card.

Bank Transfers are Free and are a fast secure way to settle a bill. No fees are applied.

You can use your Debit Card in store and a 1% charge is applied againist total transaction total and Limit is £1000 per customer. We will not be held responsable for any charges your bank my apply.

What is your Refund Process?

As a rule we dont offer refunds. We are happy to buy back any currency you may have purchased by mistake or not in time for your holiday at our buy back rate.

I want to Exchange a Large amount can I get a better Exchange Rate?

Only if the amount is over £10,000 will we try our best to improve that rate, please call us and we see what we can do.

Its worth noting that our on-line rates are out best rates.

Can I Change or Cancel my order?

If you need to change any of the details in your order such as pick up date or delivery date please email [email protected] or give us a calll and we will do our best to make those changes.

You can not Cancel an order once payment has been received, as you are buying a money product from us that has been sold with a live rate. Â We are happy to buy back any currency you order by mistake.

Can I order different Currencies all in one go?

Yes, you can order different Currencies all part of the same transaction. When you place an order you select your first currency add into basket and then just add additional currency.

What is the minimum/maximum ordering limit?

The minimum order value for orders is £150 and there is no maximum order limit.

Under HMRC Money Laundering Regulations we are required to keep full records of transactions of £10,000 Sterling and above, together with copies of identification provided.

Below is a list of the exact requirements needed according to the amount being spent:

Please note: This is an accumulative amount so if you have changed with us before and are going to go over these amounts for the year (12 months of transactions) then you will also need to provide the following forms of identification.

  • £2,500 or more:
    Valid Passport or Valid Driving Licence, Proof of Address dated within the Last Three Months.

  • £5,000 or more:
    £5k Large Transaction Form, Valid Passport or Valid Driving Licence, Proof of Address dated Within The Last Three Months.

  • £9,000 or more:
    £9k Large Transaction Form, Valid Passport or Valid Driving Licence, Proof of Address dated Within The Last Three Months and Source of Funds.

Fast Track Collection - FAQ

How does it work?

Fast Track Collection Service is valid only for orders submitted after 9am and are paid for (via Bank Transfer or in store debit card or cash) for the same day before 6pm.

When can I collect the currency I have ordered?

You can arrange to collect on Same Day after 11am or 4pm or on any nominated day that is providing you have paid for this in advance.

Why do I need to pay for currency in advance of collection?

To allow us to give all our customers the best rates we ask that you pay for your currency in advance. You have placed the order and we will be ordering in the currency for you. Its Simple, we give you access to the best rates and all we ask is that you pay for what you have ordered.

I have paid by Bank Transfer and want to know when I can come along to collect?

We will Email you conformation of payment received when it clears our bank. You can then come along at your appointed time, either after 11am or 4pm.

Postal Delivery - FAQ

How do you send me the currency?

We use Royal Mail Special Delivery Service. Its a safe secure reliable service. The parcel is tracked all the way through the delivery process.

Is there a maximum order limit?

Maximum order limits may vary depending upon your preferred method of payment, we can only accept a maximum of £2500 on a debit card. If you are paying via bank transfer, this limit does not apply. However, if your order is over £7,500, the delivery will have to be take place across several days, this is due to Royal Mail limiting us to sending no more than £7,500 to one address in a calendar day, we can only therefore split orders across several days if the order is above £7,500 for insurance purposes.

What time do they deliver?

Delivery is between 8am and 1pm. The parcel is delivered by your regular postman.

How will I know my Tracking Number?

When your order is dispatched we will send you a email with your Royal Mail Tracking number together with a link onto Royal Mails Track and Trace system. Your Tracking number will be activated when it is sorted and scanned at the Central London Sorting office, this normally appears between 8pm-9pm each evening. You will then be able to track your parcel to your door.

Its Past 1pm and Parcel has not arrived?

If it is past 1pm and does not show on Royal Mail system that it is on route for delivery then please contact us. If its shown as on route, then the Postman must be running a little behind. In the rare occasions that they fail to deliver next day, we find that they do get delivered following day.

Our advice to our customers is that you should order your currency at least a week in advance and no less than 3 working days to avoid the stress or a late delivery.

The Parcel has not been delivered, the tracking showing its not moved anywhere?

Then please do contact us and we will work with you to locate the parcel. On the rare occasions that no tracking numbers appear it tends to down to a IT issue on Royal Mails Tracking system. If its not then we can start investigation with Royal Mail, but have to wait 10 working days before Royal Mail will consider parcel as lost.

At this point we can claim for lost parcel the whole process takes 28 days from point of claim for Royal Mail to respond back.

Buy Back / Sell Your Currency - FAQ

Where will I find the Buy Back / Sell rate for my Currency?

Go to the Buy Back Section on our web site. You will need to enter your amount and select your currency. The conversion will be done for you.

I want to Sell my Currency and use your Buy Back Service how can I do that?

Firstly to secure the Rate you need to complete the Buy Back order Page. We will send you Email confirmation of your order, together with instructions on how to complete the order.

You need to decide how you want to return the currency.

Direct at CGFX in Store in Covent Garden - making sure you have a note of your order number.

Royal Mail Special Delivery - have a next day secure delivery service. You can just pop into your local post office and send us the parcel direct. All address and mailing information are available to view on your email confirmation. We use the same service to Post Currency to our customers.

I want to post it back to you how do you pay me?

Postal Buy Backs - Direct into Bank Account within 24 Hours of receipt.

Shop Buy Backs -Direct into Bank account with 12 hours of recepit. Or by Cash.

I dont want to complete a Buy Back Order form and just come along what rate will you give me?

Our on-line rates are always our best rates, so unless you ask us you will get the latest Shop Rate at point of Sale.