Currencies Direct Multi-Currency Account for online sellers

Last updated: Dec 3, 2019

Get better exchange rates for your e-commerce business and manage payments from customers around the world.

Good for managing money in four different currencies and the range of marketplaces it's compatible with.

Not so great for immediate customer service, with a non-Australian based office.

See our full list of pros and cons below.

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What's in this guide?

How does a Currencies Direct Multi-Currency Account work?
Why should I use this instead of PayPal?
Currencies Direct Multi-Currency Account fees
How do I set up a Currencies Direct Multi-Currency Account for my e-commerce store?
In a nutshell
How does a Currencies Direct compare to other marketplace seller services?

How does a Currencies Direct Multi-Currency Account work?

The Currencies Direct Multi-Currency Account is designed to make it easier for marketplace sellers to manage their international payments. It allows you to use one online account to receive payments and hold funds in four currencies:

GBP British pound
EUR Euro

JPY Japanese yen
USD US dollar

This means you can collect payments from the USA, UK, Japan, France, Germany, Spain and Italy, as well as any other European country that accepts the euro. You'll also be able to make payments to over 40 different currencies with AUD or one of the currencies listed above, like a normal international money transfer. You can read more about making money transfers with Currencies Direct in our guide.

A Currencies Direct Multi-Currency Account saves you the hassle of opening multiple overseas bank accounts, which can make managing cash flow easier. This means you can get paid in the local currency, enjoy fast access to sales revenue and transfer your funds back to Australia when needed.

The fact that you can hold funds in multiple currencies also gives you the freedom to monitor foreign exchange markets and convert your money into AUD when the exchange rate is at its highest.

Finally, you can have sales profits paid into your Currencies Direct Multi-Currency Account from more than 25 online marketplaces, including:

Amazon
eBay
Game

Groupon
Newegg
Overstock

Play
Rakuten
Shopify

Wayfair
Wish

Why should I use this instead of PayPal?

PayPal is a hugely popular and convenient online payment option. However, it does have a couple of key drawbacks for online sellers:

- Payment fees apply. When you receive money for something you've sold, you need to pay a fee. For PayPal Wallet transactions, this fee is 2.6% + $0.30 for payments from Australia, or 3.6% + a fixed fee for international payments.
- Currency conversion fees apply. When you receive payments in currencies other than Australian dollars, PayPal converts them to AUD at a rate 2.5% above its base exchange rate.

In comparison, the Currencies Direct Multi-Currency Account charges a 0.1% fee on all payments received. It also offers competitive exchange rates and gives you the freedom to choose when you want to convert your payments back into AUD. As a result, using a Currencies Direct Multi-Currency Account instead of PayPal could mean big savings for your e-commerce business.

Currencies Direct Multi-Currency Account fees

The Currencies Direct Multi-Currency Account doesn't have any:

Account opening fees
Monthly fees
Payment fees

However, a 0.1% receiving fee applies to all payments made into your account. This fee is incorporated into your exchange rate, but is shown separately on your account statement.

The Currencies Direct website also mentions that same-currency transfers are available "at a competitive rate". However, you'll need to contact the provider's customer support team for more details about any fees that may apply.

In order for your application to be processed, businesses outside the UK must also upload the following supporting documents during the registration process:
- Copies of a government-issued photo ID (like a driver's licence) for directors and shareholders.
- Copies of proof of address for directors and shareholders.
- Copies of an annual business tax return or other document that confirms the names of business owners/shareholders.
- A copy of your certificate of incorporation or a business bank statement.
In some cases, you may also be asked to provide verification of your seller profile and sales history.

In a nutshell

Pros

Competitive exchange rates. When you want to convert funds within your account to another currency or send a transfer back to Australia, the exchange rates offered by Currencies Direct are often better than what you'll see at the major banks.
Convenient features. You can use your Multi-Currency Account to set up automated payments, receive rate alert notifications to secure your ideal exchange rate, and set up automatic account withdrawals.
Easy to use. You can manage multiple currencies using a simple and straightforward online interface, with 24/7 access to your account.
Regulated. Currencies Direct was established in 1996 and has branches in eight countries. It's authorised by the UK's Financial Conduct Authority as an Electronic Money Institution and processes all customer money through a segregated bank account.

Cons

Multi-Currency Account only supports four currencies. You can only use this account to receive payments in four currencies, which is less than other online seller accounts.
UK-based. Currencies Direct is headquartered in the UK and has over 20 branches around the world, but none of them are in Australia.
Fees apply. A 0.1% receiving fee applies to all payments made into your Multi-Currency Account.

How does a Currencies Direct compare to other marketplace seller services?

To find out how the Currencies Direct Multi-Currency Account stacks up against the competition, enter your payment details in the table below.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
AUD 1	1 day	AUD 0.00	0.772	USD 7,723	Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Phone, Agent Transfer options One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AUD, CAD, CNY, EUR, GBP, JPY, USD Go to site Read the full review
AUD 250	1 day	AUD 0.00	0.772	USD 7,715	Finder exclusive: $0 transfer fees on any transferred amount. Receive local bank account details for 6 currencies. Free account signup with 24/7 support.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Agent Transfer options One off payments, Forward contracts Customer service Phone, Email, Branch Available currencies AUD, CAD, EUR, GBP, HKD, SGD, USD Go to site Read the full review
GBP 100	2 days	AUD 10.00	0.771	USD 7,700	Avoid bad exchange rates by using Currency Solutions' Borderless account, which lets you keep multiple currencies in the one account.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 100.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email, Branch Available currencies AED, AUD, BBD, BGN, BHD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KWD, LSL, MAD, MXN, NOK, NZD, OMR, PLN, QAR, SAR, SEK, SGD, THB, TND, TRY, USD, XPF, ZAR Go to site Read the full review
AUD 1	1 - 2 days	AUD 45.00	0.775	USD 7,719	Send or receive money with the real exchange rate and a multi-currency account. You can also get local bank account details in the UK, US, Europe, New Zealand and Canada.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
AUD 10	Same day	AUD 0.00	0.773	USD 7,731	Airwallex can help you make business payments to 23+ currencies using competitive interbank rates and no fees for most transfers.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 10.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CHF, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, PKR, SGD, THB, TRY, USD, VND Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Tim Falk

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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Currencies Direct Multi-Currency Account for online sellers