Interest Rates - Each currency has a central bank, and this central bank issues an overnight lending rate. This is a prime gauge of a currency's value. Base Interest rates, are normally change by central banks on a monthly basis (if changed).
Unemployment Rate - The unemployment rate is a strong indicator of a country's economic strength. When unemployment is low, this usually reflects a strong economy and currency.
Geopolitical Events - Like all markets, the currency market is affected by what is going on in the world. Key political events around the world can have a big impact on an economy and the value of its respective currency.
Payments and Settlements
- 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.
- CHEQUE- This will take up to 10 days to clear on receipt.
Important: VFX Financial do not accept cash payments under any circumstances.
Please Note: Methods above are not applicable to all value/settlement dates.
- 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.
6. Czech Republic
9. Finland (incl. Åland islands)
22. Portugal (incl. Azores and Madeira)
26. Spain (incl. the Canary Islands)
28. United Kingdom
Log-in to your VFX account and select Cards, Currency cards then click the “Activate” button.
On the VFX mobile app, select Cards, Currency cards, Click the “>” and then click “Activate” card.
Enter the 16-digit number that appears on the front of your VFX card, accept the terms and conditions and click “Confirm”.
Your PIN number will be displayed in a Pop-up when you activate your VFX card.
Your VFX card can be used for making payments using the following methods:
Point of Sale - Insert the card into the card reader device, then enter your 4 digit pin number when prompted;
Online - Purchases made through merchants on the internet;
Magnetic Stripe – The card is swiped through the card reader or the 16 digit card number is entered manually;
Contactless - If your card has the symbol on it, you can pay for items by simply holding your card up to any device with this symbol displayed.
Note: Your first card transaction must be performed using a chip and pin terminal.
You have complete control over how you use your card, thanks to the security settings. You will find these with your card details under "Cards", "Currency Cards" on both the mobile and web applications.
Point of Sale transactions using the cards chip and pin technology is always available, but other payment channels are configurable by you:
Contactless - This payment method is enabled by default. 4 contactless transactions are available in a 24-hour period. If you need to do more this can be enabled by either resetting the counter manually using the "Reset Here" link on the web and mobile app or it will automatically reset after 00:00 (UK time) each day. You can also choose to have contactless payments turned off completely;
Magnetic Stripe - This channel is disabled by default. To use magnetic stripe, click “Enable” and choose the country you wish to transact in. Enter the end date (up to a maximum of two weeks). When the end date is reached, the channel will automatically disable but can be re enabled by following the same steps as previous. To minimise risk, only one country can be enabled at a time;
Online - This channel is disabled by default. Once enabled online transactions can be made for 30 days, at which point the channel will automatically turn off, and an SMS will be sent to the registered mobile number to advise. This can then be re enabled, for another 30 days if required.
We recommend only enabling these payment channels when required, to minimise risk of your card becoming compromised.
You can use your VFX card anywhere mastercard is accepted, at over 35 million locations worldwide, over 2 million ATMs and most online merchants.
Card fees information: https://www.vfxfinancial.com/card-fees