Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Currencies Direct multi-currency account for online sellers
Get better exchange rates for your e-commerce business and manage payments from customers around the world.
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 NZD 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 New Zealand 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 NZD 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:
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 3.4% for payments from New Zealand, or 3.6% + a fixed fee for international payments.
- Currency conversion fees apply. When you receive payments in currencies other than New Zealand dollars, PayPal converts them to NZD 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 NZD. 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 a nutshell
- Competitive exchange rates. When you want to convert funds within your account to another currency or send a transfer back to New Zealand, 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.
- Multi-currency account only supports four currencies. You can only use this account to receive payments in four currencies, which is fewer 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 New Zealand.
- Fees apply. A 0.1% receiving fee applies to all payments made into your multi-currency account.
How does a Currencies Direct multi-currency account 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.
More guides on Finder
Kraken vs Coinbase
We compare the key differences between two of the most popular cryptocurrency exchanges in terms of fees, features, customer support and more.
HelloFresh vs FED.
We compare recipes, delivery options, packaging, cost and more in this meal delivery review of HelloFresh and FED.
Migrant banking: Opening a bank account in Australia
Having an Australian bank account is crucial in order to access and manage your funds in your new home country.
The best places to live in Australia
Choosing where to live when you move to Australia is a crucial decision. We’ve put together this handy guide to living in Australia’s capital cities to help you make the right choice.
sass & bide discounts and coupons May 2021
Get beautiful and unique designer items from sass & bide online and turn heads! Save on this top brand with our discount codes.
Guarda Wallet – 2021 review
Learn more about the Guarda cryptocurrency wallet and find out how it works.
Binance vs Coinbase: Which is best for you?
Binance and Coinbase are two titans of cryptocurrency – let’s see how the two stack up and find out which suits your needs.
New Zealand student discounts May 2021: All the ways to save on clothes, tech and more
There are plenty of discounts up for grabs for Kiwi students. But how do you get access?
Online stores with free delivery and returns
Not many stores offer both free shipping and returns when you order online. Find out where to shop and learn more about how these processes work.
Ask an Expert