London City Skyline - Millbank FX


Why choose Millbank FX?

Millbank FX is a financial institution executing billions of pounds worth of transactions a year. This provides our clients unique access to multiple liquidity providers as opposed to a singular bank.

Why is it more cost effective to trade with Millbank FX instead of my bank?

It's simple. We make money on the exchange rate spread; the difference between the buy and the sell rate. The only difference is that we charge a smaller margin and profit than other brokers and banks. We also eliminate extra fees, charges and commissions. It is also important to highlight that, unlike major banks and financial institutions, we don't have large overheads.

Does it take longer to transfer through Millbank FX than a bank?

No. As a specialised payment institutional we are experienced working in the foreign exchange market and understand the importance of payments reaching their destination on time. Therefore, as soon as funds reach a client account they are automatically sent by international transfer which can take as little as a few minutes to credit the beneficiaries account.

Why would I want to use a broker when it is so convenient to use my own bank?

Using Millbank FX creates simplicity and convenience by allowing you to outsource the task of facilitating payments. Millbank FX are specialists focused on one area: foreign exchange. This enables you to obtain information quicker and track your transactions with your dedicated broker from start to finish.

What do I need to do next?

You need to apply for  an account through our online application. An account enables you to access to our dealing desk and institutional pricing where trades can be executed via phone, whats app or online.

How long does it take to get my account set up?

As soon as we have received your completed Millbank FX application, we'll seek authorisation from our compliance department. We will also need to carry out a "Know Your Client" (KYC) process on all new clients. Your account can then be opened and confirmed by email within the same day.


How quickly can I trade?

Your trading account can be activated within minutes of receipt of your completed documentation and Millbank FX authorisation.

How easy is trading with Millbank FX?

Trading with Millbank FX is extremely simple. You can open an account online, assign a dedicated broker and trade either by phone or online. Our exceptional levels of service and groundbreaking technology enable you to complete efficient, hassle-free transactions.

What is a spot transaction?

A spot transaction is an agreement to buy or sell a currency to be delivered and settled usually within two working days, as per the value or settlement date agreed. Millbanlk FX can provide settlement to clients of up to five working days to allow for BACS payments. Spot transactions are an ideal tool for businesses or private individuals.

What is a forward time option contract?

It's also known as fixed forward. This works in exactly the same way as a standard forward contract but allows the funds to be drawn down in full or as a partial amount prior to contract maturity. The option is available within a maximum of a three month time window. For example, if you purchased currency on 1st February for maturity on 1st June you could request a time option three months prior to this date on 1st March, allowing you to make unlimited drawdowns between these two dates. This is ideal if you need a fixed exchange rate but are unsure of the date you require funds within the time window. Millbank FX also has the facility to roll the maturity date of a forward by executing a swap if required. This may involve additional cost.

Can I leave an order for Millbank FX to execute if the market reaches a certain market level?

A limit order placed in the market will enable you to buy or sell a currency when the market reaches a particularly required level, higher than the current market price. We will then monitor the market and confirm your order is filled if the market reaches your specified level / target rate. You can place a time limit on the order or let the order run GTC (Good ‘Til Cancelled). A limit order can also be requested on an unconfirmed alert only basis (without commitment). This type of order is worked 24 hours a day on the international market.

Can Millbank FX help protect me if the rate moves against me?

A stop-loss order placed in the market will enable you to buy or sell a currency set a lower level exchange rate than the current market rate. This protects you against negative movements in the exchange rate, and limits your loss. You can place a time limit on the order or let the order run GTC (Good ‘Til Cancelled). A stop-loss can also be requested on an unconfirmed, alert-only basis (without commitment). This type of order is worked 24 hours a day on the international market. Stop orders that are activated are filled at the best possible rate, and are not guaranteed at the rate at which they are entered, there is therefore a risk that such orders may be executed on less advantageous terms.

Are there any hidden charges, costs or commissions?

No. Millbank FX does not add any additional charges costs or commission to your transaction. The only charge we make is a payment fee for onward transmission of your funds.

What sources of information does Millbank FX use?

Our experienced brokers use a wide range of sources to gather accurate, reliable and up-to-date information, used to inform our clients. These sources of information vary and include; CNN, CNBC, Reuters, Bloomberg, financial news websites, investment banks, independent market analysts and our own in-house market experts. Our proactive approach through our online and phone brokering, keep our clients up-to-date and in touch with exchange rate movements.

How can you minimise currency risk?

We have many tools available to help you reduce your currency risk. The most commonly used contract is a forward which allows you to lock in a currency rate today for a future date, whilst only paying initial margin (a deposit) to secure your rate. The balance of payment will be payable on your agreed future date. The reason for doing this is because no one knows where the currency rate will be in three or six months time, but by securing your currency rate early, you can lock in your costs with suppliers, and manage your exposure in a much more certain way.

Payments & Settlements

How do I pay for the currency I've ordered?

There are several payment methods available to settle a trade:

FASTER PAYMENTS - ​Using your unique Millbank FX account number and sort code, you can send up to the value of GBP1,000,000 to your account. Payments received are credited 24/7 and normally within 30 minutes.
CHAPS - ​This is a same-day transfer. Your bank may charge you to transfer money using this method.
BACS - ​​This includes online payments and can take 3-4 days.

Important: Millbank FX do not accept cash payments under any circumstances.
Please note: methods above are not applicable to all value/settlement dates.

How long do I have to make payment to Millbank FX for my trade?

- Same day transaction - ​Payment required by 12pm on the working day.
- Spot transactions - ​Standard is 2 workings days. VFX Financial provides flexibility of up to 5 working days if required and arranged when you book your transaction.
- Forward and Forward Time options - ​10% deposit is required within 2 working days. 90% required 24 hours before completion/maturity date.

Payments are always made as per agreed value or settlement date agreed with your broker or online. Please note late payment may incur extra costs.

What happens if I am unable to pay for my trade?

If you cannot make settlement for a transaction, Millbank FX will have to closeout the contract by selling the related currency back to the market. Losses and charges incurred will then be covered by the client.

Do you charge for payments/wire transfers?

No. Unlike banks and brokers, we do not charge our clients for sending or receiving payments.

How long does it take Millbank FX to make payments?

Millbank FX make automatic payments on receipt of your funds and beneficiary bank details. We will then email payment confirmation. Most currencies can be credited to an account same-day. However, the currency and destination country will determine the settlement period.

What if I need my money before or after the forward transaction date?

Your foreign exchange contract will be booked with a value or settlement date. This is the date by which the transaction needs to be paid for. This is always agreed before you book a trade. If you should need your currency sooner than expected, we can 'draw down' the currency for early delivery. If you need funds after the value date, Millbank FX can 'roll over' or extend the value date. In both cases, your original exchange rate may be subject to adjustment and extra costs.

How are payments quicker and more efficient with Millbank FX?

All outgoing transfers are sent via the faster payment rail available for that particular currency. Most currencies will credit the same-day we receive client funds, removing any time delays. For all UK domestic payments, we send payments by same-day CHAPS. We always retain beneficiary bank details to avoid any need to email details every transaction you complete.

Have more questions?

Contact our team or open an account to start your application.