Are you looking for an online money transfer company that lets you send funds directly to international banks accounts?
Currencies Direct began operations in 1996, becoming the first non-bank foreign exchange payments service provider in the UK. It is amongst the largest and oldest foreign exchange companies in Europe. This money transfer company lets people from different countries use its services, which includes Australia.
Currencies Direct has serviced over 200,000 personal and corporate clients globally. It processes around US$4.5 billion in currency payments every year, trading in more than 60 currencies. This company has over 250 employees, spread across its offices in Europe, United States, Asia, Africa and the Middle East. It launched its online money transfer service in 2008.
This foreign exchange specialist has the highest possible credit rating of ‘Level 1’ with Dun & Bradstreet. The Financial Conduct Authority (FCA) has authorised it to provide international payment services. In addition, HM Revenue & Customs has registered Currencies Direct as a money service business.
Currencies Direct exchange rates
You’ll notice that Currencies Direct offers competitive exchange rates, especially if you compare it with banks. While the website’s online currency converter gives you an easy way to find out how much foreign currency you stand to receive for your Australian dollars, you can also request for a free quote for transfers, regular payments and holiday money.
The currency charts it offers give you insight into fluctuations. It also offers exchange rates in a tabular while letting you select a base currency. This is what the table looks like.
The rates given above are current as of 11th March 2016.
How much does it cost to transfer money with Currencies Direct?
Most online overseas fund transfers through the Currencies Direct website are free. This means you can think about sending any amount to any location without paying any fees. If Currencies Direct is to charge you a fee for a particular service, it informs you of the same in advance. This money transfer company carries out around 90% of its transactions for free.
If you recommend a friend to Currencies Direct, and he or she makes a transfer as per some terms and conditions, you stand to earn £25, or its equivalent amount in US dollars or euros.
Back to topMinimum transfer amount and available countries
The Currencies Direct website does not list any minimum or maximum transfer limit. It lets you send money in as many as 60 currencies, which include, but don’t limit to:
- Canadian dollar (CAD)
- Euro (EUR)
- Sterling (GBP)
- New Zealand dollar (NZD)
- United States dollar (USD)
- UAE dirham (AED)
- Swiss franc (CHF)
- Czech koruna (CZK)
- Danish krone (DKK)
- Hong Kong dollar (HKD)
- Hungarian forint (HUF)
- Israeli New sheqel (ILS)
- Japanese yen (JPY)
- Norwegian krone (NOK)
- Omani rial (OMR)
- Philippine peso (PHP)
- Polish zloty (PLN)
- Russian rouble (RUB)
- Saudi riyal (SAR)
- Swedish krona (SEK)
- Singapore dollar (SGD)
- Thai bhat (THB)
- Turkish lira (TRY)
- South African rand (ZAR)
What types of transfers can you carry out with Currencies Direct?
Currencies Direct lets you carry out different kinds of transfers.
- Spot Contracts. These refer to one-time transfers through which you send money as quickly as possible. The exchange rate you get online or over the phone depends on the existing market rate. This is what most Currencies Direct customers use.
- Forward contracts. If you think that the existing exchange rate is good and wish to secure it for a transfer you wish to carry out at a later date, you can get a forward contract. You can secure a Currencies Direct forward contract with a 10% deposit.
- Regular transfers. If you wish to make regular payments you can get Currencies Direct to set up a direct debit system that lets it send payments automatically.
- Limit orders. If you wish to make a transfer only when the exchange rate reaches a desired level, you can get a limit order.
The registration and transfer process
The online registration process is simple and takes no more than a few minutes to complete, provided you have all the required information close at hand. The application requires that you provide some basic information.
- Your name, nationality, date of birth, occupation and contact details
- Details from an acceptable form of ID such as your driver’s license, passport or Medicare card
- The currencies you wish to commonly sell and buy
- The amount you typically wish to transfer
- Reason for transfer
- Source of funds
To comply with HMRC and FCA guidelines, Currencies Direct needs to verify your identity and address. This is why you have to share copies of your bank account statement and an acceptable form of ID.
Once you submit the application, a Currencies Direct representative contacts you via email. You then have to activate your account online. With that out of the way, you can start sending money online or over the phone.
This money transfer company can process payments to countries in Europe on the day you initiate the transfer. The normal turnaround time is 24 to 48 hours.
Back to topWhat are the pros and cons of using Currencies Direct instead of a bank?
Pros
- No fees. Currencies Direct provides fee-free transfers in most scenarios, letting you send a range of currencies to countries the world over.
- Competitive exchange rate. If you compare exchange rates on offer by Currencies Direct with banks, you’ll see that this transfer company gives you a noticeably better deal. It rates favourably even when compared with other money transfer companies.
- Multiple options. This transfer company lets you carry out one-time spot transfers. It lets you make regular scheduled payments and offers forward contracts as well as limit orders.
Cons
- No offices in Australia. The fact that Currencies Direct does not have offices in Australia can serve as a drawback for people who prefer sending money in person.
What other products and services does Currencies Direct offer?
Currencies Direct provides specialised products for businesses.
- Premier business accounts. The company’s Premier Business service is ideal for businesses that are looking at trading and hedging. As a customer, you benefit through a dedicated currency consultant that sets up your account in accordance to your specific needs. The expertise on offer can help enhance cash flow, improve profit margins and protect against volatility.
- E-tailer collection accounts. These accounts are best suited for online retailers who are looking at saving foreign exchange costs. Currencies Direct can provide you with an overseas bank account located in a market of your choice, so you can collect payments with converting the money into your local currency.
Frequently asked questions
How can I make a payment for a transfer through Currencies Direct?
Using your debit card is one option and transferring funds using the Currencies Direct online banking system is another. You can also sign up for direct debits if you wish to send money on a regular basis.
Is the information I provide on the Currencies Direct website safe?
Yes, this website uses high levels of encryption to make sure your details remain safe and secure.
Does Currencies Direct let me pay more than one payee at a time?
Yes, you can use its services to pay multiple payees through a single payment.
Using Currencies Direct to send money overseas can work in your favour. However, since you can find numerous money transfer companies that offer similar services, take some time to compare your options.
