The Novia Global Wealth Management Service operates in a number of currencies. This provides flexibility for a client to:
The Service reports and facilitates investment in US Dollars (USD), Sterling (GBP), Euros (EUR), Swiss Franc (CHF), Australian Dollars (AUD), and Hong Kong Dollars (HKD).
In each currency holding there is a cash facility. This provides liquidity within the Account and holds funds for investing and withdrawing. Money from sales and dividends from within the specific currency holding will be paid into its cash facility and the relevant fees and charges will be paid from it. A minimum of 2% of the value of the currency holding will be maintained in the cash facility to meet these obligations. All cash and investments are handled by Novia Global in accordance with the client money rules of the Financial Conduct Authority.
We regularly review the level of interest that we pay on the cash held in the cash facilities and will publish the rates for each currency here. Our interest rate for all currencies (other than EUR, HKD and CHF accounts) is currently 0%, reflecting the exceptionally low levels that predominate internationally.
Any negative interest costs incurred on Euro, HKD, or CHF denominated cash accounts held on the platform will be passed onto the holding client.
This cost is an annual interest rate (calculated daily and based on a 360 day year) and consists of the Euro Overnight Index Average (EONIA) rate plus 0.30%. Any incurred costs will be debited from the client’s cash facility at the end of every month.