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FAQ - Currency Exchange

International Payments

Why use a foreign exchange provider to make my international payments?

Dealing in foreign currency can save you time and money, reduce risk, and help you gain a competitive advantage.
  • Save time. It is quick and easy to register and you can book your transfer on the phone or make it online. Moving money has never been so easy.
  • Save money. At Currencies Direct we strongly believe you shouldn't have to pay for the privilege of transferring your money. To reinforce this we offer all our clients free transfers, with no commissions or hidden charges.
  • Reduce risk. Securing a rate means you secure your order - and know the full cost of the transaction before the transfer is sent.
  • Gain competitive advantage. You may be able to negotiate a better price with your overseas business partner, thereby gaining yourself an edge over your competitor! By receiving a transfer in a local currency, the beneficiary will avoid the risks of currency rate fluctuations and the costs of foreign exchange.

How do I know my money is safe?

Currencies Direct is one of the few companies which works under all the correct certification that is needed to be a first-class international payments company. We hold all client funds in separate secured client accounts with our bank, HSBC PLC. We are regulated by HM Customs and Excise, and authorised and regulated by the Financial Services Authority (FSA) and the AMF in France.

Why don't I get the rate I see on the TV, Internet or Teletext?

You are seeing the interbank rate. This is the rate at which the banks trade between themselves. Banks won't offer these rates to an individual buiyer. However, a big institution such as Currencies Direct has considerable buying power. We buy huge amounts of currency, and because of that we get a better rate. We then pass some of those savings on to you, our clients.

Does Currencies Direct have a prepaid Currency Card?

Yes we do!  You can use your Currencies Direct Prepaid MasterCard wherever the MasterCard acceptance mark is displayed, including shops, bars, tourist attractions, restaurants, hotels, web sites, over the telephone and at ATMs. Cards are currently available in EUROS. The Currencies Direct Prepaid MasterCard represents excellent value for money and it is free to obtain for a minimum initial load of £10, or equivalent. There are no monthly fees or transaction fees when spending in the specified card currency, and no currency conversion commissions when loading funds. A small transaction fee does apply when using ATMs.

Can I block a rate so I can benefit from it at a later date?

A fixed forward contract. This is the 'buy now - pay later' option of foreign exchange. It allows you to fix a rate for up to two years and protect yourself against any movement in the currency market. 

A forward contractTo take advantage of a forward contract you simply need to pay a small deposit up front and then the rest on maturity of the contract. This means that you can keep the rest of your money in a high interest account until you need it.

Open forward contactThis is similar to a forward contract, but allows you the flexibility to transfer some or all of your funds prior to the maturity date. If you have to make staged payments for your property, or simply require more flexibility than a fixed forward contract allows, this could be ideal for you. Your foreign exchange trader will explain the details and tailor an open forward contract to your specific requirements. This product is popular with clients who have payments due on set dates in the future, for example, completion on a property.

Can I make regular transfers and still benefit from great rates?

Absolutely. Currencies Direct offers an ORTP (Overseas Regular Transfer Plan) ideal for:
  • Overseas mortgages
  • Pension transfers
  • Living expenses
  • Paying maintenance costs
  • Paying salaries
  • Any regular outgoing in a foreign currency 
This is non-contractual contract and there are no set-up charges or 'per month' charges.

How many Currencies do you deal in?

At Currencies Direct we deal in over 45 different currencies every year.

How do I register?

Opening an account takes just a few minutes, is free and without any commitment!

UK Residents
All you need to do is fill out the application online.  It will be validated within a few hours. 

French Residents
A clear photocopy of a valid passport.
Proof of residence - a documeny less than 3 month old (utility bill, bank statement).
Fill in the application online.  Validation will be within 24 hours.

Non UK Citizens 
All of the above documents.  Note that we reserve the right to request certification of these documents if our compliance officer deems it necessary.  Validation will be within 48 hours upon receipt of all the documents.


Can you really beat the high street banks?

Yes. Currencies Direct not only beats the banks' rates but we ensure that you get the best rate for every transfer that you make - regardless of the amount or whether you are sending or receiving - as we watch and monitor the markets closely. Try us and we'll prove it to you!


end faq

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