Currencies Direct business transfers review June 2018 | finder.com

Review: Currencies Direct international money transfers for businesses – June 2018

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

Europe’s first money transfer service offers solutions for international payments and online sellers.

Currencies Direct has made a name for itself as a leading money specialist since its founding in 2016. With branches in eight countries, this provider claims it can offer the “best deal on every transaction.”

Its business solutions are designed to integrate with your existing technology, and multicurrency accounts can help you jump the barriers that come with overseas bank accounts. Forward contracts and market orders on forex transactions can help protect your cash flow and manage risk.

Product NameCurrencies Direct International Money Transfers business
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer Methods
Online, Phone
Transfer Options
Regular payments, One off payments, Market orders, Forward contracts, ...
Transfer Speed
Minimum transfer time
1 - 2 days
Banking PartnerCurrencies Direct
Customer Service
Phone, Email, Branch
Available CurrenciesAED, AUD, BGN, BHD, BWP, CAD, CHF, CNY, CZK, DKK, EUR, FJD, GBP, HKD, HRK, HUF, ILS, JPY, KES, KWD, LTL, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, USD, ZAR
Online Transfer FeeEUR 0
Exchange Rate UpdatesReal time

Pros

  • Forward contracts and market orders
  • Designated account managers
  • Over 120 currencies

Cons

  • Not licensed to send money from many US states, check accepted state list first
  • Only one physical office in the US if you want to walk in
  • Unavailable in Central and South American countries

What can Currencies Direct offer my business specifically?

Currencies Direct creates custom solutions for its business clients, considering itself a partner in helping you minimize the costs that come with international transactions.

When you sign up with Currencies Direct, you’re assigned a dedicated account manager to help you make the most of your account. You specify your businesses needs, whether that’s looking for invoice management or integrating batch payments to employees and contractors. Your account manager then suggests tools that can help you expand your reach into global markets without the hassle.

A multicurrency account with Currencies Direct gives even small businesses a way to receive payments in pounds, euros, yen and dollars — with minimal fees and without opening an overseas bank account. These accounts automate currency conversions, allowing you to receive and send payments to worldwide businesses, clients and suppliers easily and quickly. And you can also use your account to pay government taxes.

Manage your account’s multiple transactions online or from your phone, signing up for notifications whenever your recipient receives a check.

How are Currency Direct’s exchange rates?

Currencies Direct buys currencies at wholesale prices, which typically means minimal spreads on the mid-market rate. Once you agree on a rate, it’s the rate you get, regardless of market fluctuations.

Rates on major currency pairs are competitive, often beating the rates you’ll find with your local bank. Because it deals in volume, minor or exotic pairs might not be as strong.

How much will my business pay to send money with Currencies Direct?

Your business pays nothing to send money anywhere Currencies Direct provides services.

To receive money into a business account, you’ll pay a receiving fee equal to 0.1% of the transaction.

Tailored business services come with fees that vary by your business’s needs. Speak with a business representative to learn more.

Calculate your exchange rate

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
Currencies Direct International Money Transfers business $0 1 - 2 days - - Minimizes costs of international transactions and offers custom solutions for business clients. Show details

Compare up to 4 providers

What types of transfers can my business make?

Currencies Direct supports bank-to-bank money transfers to more than 50 countries worldwide. The company operates 21 offices worldwide, but only one in the US — in Orlando, Florida — limiting your ability to transfer money in person.

With a multicurrency account, you have the flexibility to receive payments in pounds, euros, dollars or yen and pay out from from your account in more than 120 currencies.

General transfer tools include forward contracts, which allow you to lock in a favorable exchange rate now for up to a year from that date, and limit orders, where you choose a target exchange rate and Currencies Direct initiates your transfer when the market meets that rate. You can also set up regular transfers from a personal or business account.

Pros and cons of using Currencies Direct for business

Pros

  • No fees and strong rates. No matter how much you send, you’ll pay nothing in fees to gain a rate that’s lower than your bank’s and competitive with other online money specialists.
  • Business accounting integration. Seamlessly integrate Currency Direct’s business solutions with your existing technology, or upload files from your accounting system to get started.
  • Multicurrency accounts. Receive payments and pay international suppliers and more with no monthly service fee.
  • Flexible limits. Send as little as $125 and as much as you need at the same strong rates.

Cons

  • Limited services nationwide. Currency Direct isn’t licensed in all US states.
  • Requires lots of documentation. When you register your business, you’re required to submit business records for compliance with international law. This is especially true for businesses outside the UK.

How do I make an international payments with Currencies Direct?

You’ll first need to register for a free business account. Depending on where you live and the business you conduct, the supporting documents your required to submit could include:

  • Government-issued ID
  • Last year’s tax return
  • Business bank statements
  • A certificate of incorporation
  • Official documents listing business owners
  • Business bank statements

Online sellers might also need to provide verification of seller profiles and your sales history.

After your account is approved, log in to to your account either online or through the Currencies Direct app. Select the currency you want to transfer and your beneficiary’s location, then send your money from the bank account you set up with registration. You’ll receive email confirmation after the money is transferred to your recipient.

You can also book a transfer by phone or directly at any Currencies Direct branch.

For other business services, talk with your dedicated account manager

What happens next?

  • Track your transfer. Watch the progress of your transfer through your online account or the app.
  • Get support. Contact your assigned account manager, email usa@currenciesdirect.com or call 407-900-2174 for help.

What is Currencies Direct?

Currencies Direct began offering money transfer services across Europe back in 1996. It has since expanded to 22 branches in eight countries across Europe, North America, Africa and Asia.

The company’s solutions for businesses encompass international payments, risk management, multicurrency accounts for online sellers and partnerships that either award businesses for money transfer referrals or offer solutions for those wanting to embark into the international payments business.

Bottom line

Currencies Direct provides no-fee money transfers at rates that are competitive with other online money transfer specialists, making it a strong contender for your business dollar. And its multicurrency accounts eliminate the need to open multiple accounts in each country you do business in.

But it’s not the only money specialist focused on meeting your business needs. To learn about other providers that can help you safely manage overseas payments, read our guide to international business transfers.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site