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The SGM-FX Escrow Facility - applies to some transactions in excess of £100,000 or equivalent.
SGM-FX has in place, an Escrow facility that can be used where organisations or clients need to demonstrate fiduciary care. To address the need to provide the highest level of protection for our clients, SGM-FX have arranged and established an Escrow facility in concert with Trust and Administration experts Hutchinson & Co Trust Company Ltd at National Westminster Bank PLC.
Clients transact FX business with SGM-FX which is then confirmed to both the client and also to Hutchinson. Payment for currency is made by a client to Natwest for a/c of the Hutchinson & Co Trust Company Limited SGM-FX Client Escrow Account. Once the funds have been received from both the client and from the market, Hutchinson will disburse the funds in accordance with the payment instructions provided to Hutchinson by the client.
This facility means that at all times client funds remain under the control of the client and are independently administered by Hutchinson.
Examples of the use of an Escrow facility
A property developer is selling new apartments in Portugal "off-plan". Buyers are required to pay the deposit and a number of subsequent stage payments into the Escrow account. Payments are only released to the developer upon satisfactory completion of building works. Using the SGM-FX Escrow facility provides the mechanism to protect the clients' funds from fluctuating exchange rates and also to give both sides peace of mind about the various aspects of buying off-plan.
A Financial advisory company often transfers client funds from one currency to another as their clients invest in various global funds and other investments. By using the Escrow facility the Financial Advisors are able to take advantage of the superior exchange rates and service that SGM-FX are able to provide, compared to the exchange rates that their bankers could offer, and still ensure that at all times they can satisfy the requirement that their clients' funds remain under their control
1) All clients who wish to to open an Escrow facility must download, sign and return the Escrow terms & conditions
2) Depending on whether you are applying as a Company or a Private Individual, please download, sign and return the appropriate form, along with the supporting documentation required in each case.
If you have any questions, or would like further information about Trustee services and the Escrow facility, then please call 0207 220 1740
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