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ACCOUNT AND VERIFICATION FAQs

I have forgotten or want to change my password?

 

Click on the Client Area tab on the top right hand corner of the First Rate FX webpage. Next click on the forgotten password button. Please enter the email address for your account. A verification code will be sent to you. Once you have received the verification code you will be able to choose a new password for your account.

 

I sent my documentation in, what happens next?

 

All documentation received will be processed as quickly as possible normally within one business day and sometimes even sooner. Once your documents have been reviewed we will advise you whether your account has been opened or if we need further information and/or documentation.

 

What file formats can I upload?

You can upload any of the following file types: JPG,PDF,TIF,GIF,PNG. Other file types can be less secure and will often be too large to upload. The formats above are generally the easiest to produce and most common. If the document is not in this format, you will not be able to upload it.

What is the maximum file size I can upload in the Client Area?

The maximum individual file size that you can upload is 8 MB.

I have a paper copy of my document – how can I upload this?

Documents can be uploaded when they have been saved to a computer. To do this, you can scan the documents, using a scanner, and save this to your computer. Alternatively, by using a digital camera, you can take a photo of the document and save that to your computer. Once you have either scanned or uploaded the document, click on 'Browse' in the Client Area and go to the location that saved the document within your computer, finally selecting the relevant file.

What is verification of my business?

 

Similar to banks and other financial service providers, we follow money laundering guidelines and must complete the verification of your company during the payment flow.

For the verification of your business, we need the following information:

  • Copy of the registration papers of the company
  • Details of all shareholders with 25% of shares or over, including their full name and date of birth
  • country of residence and share percentage
  • In case you (the First Rate FX profile holder) are not a shareholder we will also need a signed letter from one of the directors of the company stating that you are allowed to make transfers on the company's behalf
  • Proof of ID of the First Rate FX account holder (see ID verification procedure)
  • If there are no shareholders holding 25% of shares or over, or you are a sole trader, there

will be an option to skip entering the shareholder details ('There are no shareholders, or they own less than 25% of the business').

 

What is verification of my address?

 

Just as with banks and other financial institutions, First Rate FX follows money laundering guidelines and regulations. At some point in your time with us we may need to ask for address or ID proof in order to process your payments.

Valid address proofs can be:

  • Utility bill - gas, electricity, phone (please note we can only accept landline and not mobile phone bills)***
  • Bank or credit card statement (must be a physical letter rather than an online statement)
  • Council tax or HMRC notification
  • Vehicle registration or tax
  • Driving license with address*
  • Other government or financial institution** issued document

*Please note that a driver's licence can be used for either address or ID, but not both.

**Not including insurance companies

*** Has to be dated within the last three months unless it is an annual utility bill

 

Should I make a payment with personal or business profile?

We are unable to accept deposits from bank accounts not matching the customer profile.

This means:

- If you wish to deposit to us from a personal bank account, the First Rate FX payment should be made from your personal profile.

- If you wish to deposit to us from a business/company bank account, the First Rate FX payment should be made from your business profile.

What is verification of my ID?

Just like banks and other financial institutions, First Rate FX follows money laundering guidelines and regulations. At some point in your time with us we may need to ask for copies of ID or proof of address in order to process your transfers. Should we need this you'll be notified during the payment flow.

Valid ID documents can be:

Passport (photo page only)

National ID card

Photo driver's licence*

​*Please note that a drivers licence can be used for either address or ID, but not both.

 


Everything you Need

some useful information and links to guide you through the choices

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First Rate FX is authorised by the FCA under the Payment Services Regulations 2009, Registration No. 537060, for the Provision of Payment Services
44 (0)2035 888 555

info@firstratefx.com

 

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