Press Office
NEW ACCESSIBLE CURRENCY SERVICE LAUNCHED BY SKIPTON GUERNSEY
One of the difficulties for expatriates living and working all around the world is making deposits and withdrawals in foreign currencies into offshore sterling deposit accounts. The transactions inevitably become complicated, taking time to process as customers become involved in exchanging local currency at local exchange rates before they make their deposit or are able to use the funds received.
Now a new foreign exchange currency transaction service from Skipton Guernsey Limited (SGL) aims to simplify the process providing its clients with an accessible and competitive way of making deposits and withdrawals. This practical new service allows clients to deposit into their sterling Guernsey account in any of 10 major currencies, such as Euros, Australian and Canadian dollars, US Dollars or Swiss Francs. Clients making deposits are provided with instructions to send funds to Skipton Guernsey's London Correspondent bank, where these funds are sent to Skipton Guernsey and converted into sterling.
The service is also available for currency withdrawals wherever clients are living and working. So if they are perhaps in the Middle East and need a US Dollar withdrawal, SGL can arrange for funds to be sent to their bank account in this currency. The whole process generally takes two working days and the client pays just the normal money transmission fee of £25.
In addition to moving client funds quickly and cheaply, this new SGL currency service enables competitive exchange rates to be offered, as the client avoids having to convert currency at the local bank where he or she lives. Ken Jones, manager – investments of SGL comments, “We know that this is often the Achilles heel of money transmission, as local rates can be costly to the client. We feel that our new accessible currency service for both deposit and withdrawals sets us apart and would encourage investors interested in learning more about the service to contact us.”
Ends
Editor's Notes
Skipton Guernsey Limited (SGL) is a wholly owned subsidiary of Skipton Building Society. Deposits made with SGL are not covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Skipton Building Society, established since 1853, has given an undertaking agreeing to discharge the liabilities of SGL in so far as SGL is unable to discharge them out of its own assets and whilst SGL remains a subsidiary of Skipton Building Society. SGL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended and conducts business only in Guernsey; it is not authorised to accept deposits elsewhere. Copies of the latest audited accounts are available on request.
