In this article, we bring you information about another service - this time it's Currencies Direct. This service offers three ways to transfer funds.
The service does not charge any hidden fees. According to its statistics, it performs 90% of all transactions free of charge. The only thing that is charged is transfers of small amounts (ie under 100 pounds). As a result, the service itself advertises that you will save about 5% compared to the service with fees.
In other cases, the transfer is calculated only according to the Currencies Direct exchange rates. These fluctuate quite a bit, because the service speculates on the market, and at different times you will have different rates. (However, the exchange rate remains stable after arranging the transfer)
How does the service work?
While banks can take you up to 5% of the amount transferred on fees and still deliver money for a relatively long time, Currencies Direct works faster and has fewer fees. It can buy currency in larger quantities at bank prices that are not available to individuals or companies. The speculative nature of the operation of this service therefore means that exchange rates may change at any time.
There are three ways to transfer - by debit card transfer, using an online system and creating a direct debit for more frequent transfers.
- Spot contracts are used for a one-time payment. The spot in the name means that you agree on the course directly "on the spot" and it then applies to the entire transaction.
- Forward contracts are useful for payments planned for the future. It is actually a fixation of a favorable exchange rate for future payments, with the proviso that it can be made up to one year from the conclusion of the contract.
- Regular transfers are used for regular payments, for example when paying a mortgage abroad. The course can be fixed up to 6 months in advance.
Currencies Direct also offers several services for entrepreneurs or large companies.
How to open an account?
There are three steps to opening an account - you choose the appropriate currencies (you can choose up to ten currencies for each transaction), you register (personal information such as name, nationality, date of birth and contact information is required during registration) and you just choose payment details.
Another option is a telephone transaction - you can also call the British branch, where they will process your payment as if you had entered it online. Opening hours are always from 10 am to 5 pm our time from Monday to Friday.
Does the service advertise on its website that it is faster than banks, does this statement correspond to reality? It always depends on the destination to which you are sending money. Within Europe, it is delivered that day, or if there are more payments no later than the next day.
To expedite your transfer, please enter your payment before 3:00 p.m. The transaction will be sent immediately. The only exceptions are weekends, during which waiting until Monday. Waiting can be avoided by paying extra for the Saturday transfer service.
One of the pros is the fact that Currencies Direct is a well-established company operating for more than 15 years. During this period they have served about 100,000 clients every year. An undeniable advantage is also the number of currencies offered, of which there are over 50. These currencies can be transferred withing a short period of a time (maximum 3 working days, or just a day in the case of a transfer over £ 1,000).
There are also low fees and speculative rates, which will allow you to wait for the right moment.
However, customers complain of occasional short circuits - payment stuck in service accounts, or technical support unable to find a solution.
Who runs the service?
The company has been in existence since 1996 and was one of the first British non-banking services specializing in transfers abroad. It transfers over $ 4 billion annually and has 12 branches around the world (for example in South Africa or the USA).
The online service has up to date security - all information is encrypted and does not fall into the wrong hands. The company also adheres to the FCA Code of Ethics. Your money is held in separate accounts, so Currencies Direct cannot use it to meet its obligations.