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Security of Funds

Cosmos only works with tier 1 partners who have the highest accreditation with the FCA (Financial Conduct Authority), the UK regulator. As a result, all client funds, regardless of amount or currency denomination, are held in pooled safeguarding accounts by our FCA-regulated partners Equals Connect Ltd at a credit institution. In the case of our other partners, the Currencycloud, when funds are posted to your account, e-money is issued in exchange for these funds, by Currencycloud who are an Electronic Money Institution. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

Whether you make or receive currency payments, the Cosmos team has decades of accumulated experience to help guide you to the best result possible for you within your chosen timeframe. Unlike most of the industry that provides tech-only answers where you, the client, have to self-service; the Cosmos team will guide you through the process every step of the way to help minimise the cost of your currency payments or maximise the return from your currency receipts.

No. All our client funds are securely held either in non-interest-bearing pooled client safeguarding accounts with our fully FCA-authorised partners Equals Connect in any one of over 35 currency accounts or in the case of the Currencycloud, when funds are posted to your account, e-money is issued in exchange for these funds, by the CurrencyCloud, an Electronic Money Institution. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Both Equals Connect and the Currencycloud stop safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

 

This way, you can be sure that if we suggest you wait for possible better times ahead to secure your particular currency payment or receipt exchange rate, it’s not because of any ulterior motive on our part, but instead, our opinion that for the reasons we will point out to you at the time, we feel at that time that the exchange rate in question should improve for you within your chosen timeframe.

 

We are not clairvoyant and do not pretend to be, but we do have many years of experience and tools to help us identify opportunities within your chosen timeframe.

Once your registration application is successful and your account is open and activated, we will email you the appropriate client collection account details for your funds to be transferred into. We always recommend you telephone us to confirm these details. Likewise, when you email us the beneficiary details for the currency funds we purchase on your behalf, we will always call you before making the first transfer into that account to make sure the information we receive is the same as you have sent. It’s a simple but effective way to help prevent fraud in case emails get intercepted.

Registration

It’s quick and simple; all you have to do is contact us. Click here to book your free ‘Discovery Call’ so we can start to craft your own currency payment solution, tailor-made to suit your own particular requirements. You will then be asked to complete a simple online registration application form best suited to meet your needs.

Of course, you can call Cosmos on +44 (0)300 124 6409 to discuss your currency requirement in complete confidence.

To comply with Financial Conduct Authority (FCA) rules and regulations so Cosmos can be an option for you, but registration carries no cost nor does it obligate you to use our services.

If you are buying currency, it’s whoever’s name is on the bank account that sends the funds to us to convert for you. If the funds are in a personal account, then you register personally. If the funds are in any type of business account, even for a sole trader, then you need to register for a business account.
Cosmos can guide you through this process as part of our free-of-charge and obligation ‘Discovery Call’.

Registration is free of cost and carries no obligation to use our services. Instead, it complies with FCA rules and regulations so we can be an option for our client. There is also no cost in maintaining an account with Cosmos.

Cosmos is a multi-award-winning currency payments solution business. Cosmos provides a relationship-based, proactive personal service with the convenience of local collection accounts in the USA, Canada, and the EU. At Cosmos, we believe one size fits no one well. In every case, we focus on the individual client’s circumstances and provide a tailor-made solution within that client’s chosen timeframe.

Currency exchange rates change every 3 seconds night and day in the global wholesale currency markets. That is 28,800 changes every 24 hours. Most banks, online brokers and payment apps are reactive in nature.
You, the client asks for a quote and the algorithm shoots back with the current exchange rate that is available at that moment in time and that is it. That is how 99% of the retail currency markets function these days. It’s then up to you, the client to either accept the quote or not.

Because we carry out a discovery call with each client, we are fully aware of the client’s requirements, including their timeframe, availability of funds and attitude to risk. Cosmos will then actively monitor the markets to alert the client to opportunities within their timeframe.
We are not clairvoyant; we are not going to get it 100% right. Only with hindsight can you get it 100% right, but surely it’s better to make your financial decisions based on facts and data than just accept a quote because that is when you happen to be free to ask the question.

Cosmos helps clients, including individuals, charities or businesses to make or receive currency payments in over 35 currencies to and from over 50 countries around the globe.

The Cosmos difference?

We treat each client like the individual they are.

Our clients get access to a 24/7 platform, but that is not the core of the Cosmos business.
The core is to guide each client every step of the way, first with a free from charge and commitment ‘Discovery call’ to help us fashion a tailor-made currency payment solution that satisfies each client’s requirements. We then guide each client through the registration process (again free of charge or obligation); add the requirement to our rate-watcher program and monitor the ever-changing currency markets to alert you to opportunities that arise within your timeframe.

Payments

By online, telephone banking transfers or asking your bank to do it for you.
Through our Tier 1 partners, payments can be made to our client collection accounts through the UK’s faster payment network; the EU’s SEPA payment system, the ACH online banking system in the USA, the EFT online banking system in Canada and the global SWIFT payment system.
A Cosmos client, once they have successfully registered can gain access to over 35 currency accounts based in London plus a US Dollar collection account based in New York, USA; a Canadian Dollar collection account based in Calgary, Alberta, Canada, and a Euro collection account based in Frankfurt, Germany.

It will first depend on how long it takes you to settle with us. Once we receive your funds in settlement of our contract, we can usually send payments to bank accounts in the UK, Europe, USA, and Canada on the same day or on a next-day basis. Other payments, due to time-zone differences, can take between 24-48 hours. We pride ourselves on our high level of customer service and communication so you will never be out of the loop.

Yes, you will receive an email from us every time we receive funds into your client’s account.

Yes, you will receive an email to confirm the details of every payment we make out of your account in full accordance with your instructions.

All our currency contracts are legally binding, so once you have instructed Cosmos to proceed, whether verbally, in writing or in person, your currency contract is not cancellable.

Firstly, we are only able to accept client instructions to enter a legally binding contract from fully registered clients. Secondly, we must always understand and approve any payment to us is in full accordance with FCA rules and regulations. Then, on receipt of client instructions as to where the beneficiary funds are going, we also security verify these details before acting on them.

No, Cosmos provides a relationship-based, proactive personal service for all our clients, large or small, personal, or corporate.

Depending on what currency you are sending, the requirements may differ, but we will guide you every step of the way.

Absolutely. That is one of the Cosmos USPs. Once you successfully complete your registration application, we will add your requirement to our bespoke rate-watcher list and carefully monitor the currency markets to alert you to opportunities within your chosen timeframe.

Overseas

Unless a sanctioned country is involved, chances are we can help. Talk to us at +44 (0)300 124 6409 so we can guide you through the best currency payment solution specific to your needs.

With so many people and businesses online these days, it’s never been easier to have overseas clients or suppliers, but making payments or receiving funds can be complicated and costly.
However, a Cosmos client can send or receive funds to and from over 50 countries around the globe, in over 35 currencies, and the Cosmos team is here to guide you through every step of the process. You do not need to have your own currency accounts. This will save you set up changes, monthly fees and simplify your accounting. If you have clients in the USA, Canada, or the EU, they can pay locally too, which should help you win and keep their business.

Over 35 currencies at the last count. Just speak to us on our direct landline number +44 (0)300 124 6409 in confidence.

Referrals

Just contact us on +44 (0)300 124 6409 or email us on tonyredondo@cosmoscurrencyexchange.com with a brief outline of the currency payment requirement and the contact details and we will take it from there.
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