Currencies Direct can help with everything from buying a house overseas to receiving payments for your online business.
Currencies Direct are a international money transfer company with roots in the United Kingdom stretching back to the late 90s. It has since expanded, and now Currencies Direct has offices all over the world and let you exchange funds to almost 40 different international currencies.
There are a range of personal and business transfer services on offer including spot payments, forwards contracts, limit orders and rate tracking. Whether you’re buying a house, paying employees or sending cash to family on a regular basis, Currencies Direct can help. Find out more below.
Currencies Direct exchange rates
As well as the major international currency pairs, you can also trade a range of exotic currencies such as Tunisian Dinars and Romanian New Leu.
Exchange rates are tied to the interbank rate and are updated every couple of seconds. Currencies Direct purchase funds at the market rate and pass the savings onto you, the customer.
While Currencies Direct do not charge a commission for the majority of their services, a small profit is made by applying a margin to their exchange rates. Even with this margin, Currencies Direct can still provide a better rate than your bank.
|Buy currency||Currencies Direct Rate||Amount you get for $1000NZD||Interbank rate|
|AUD (Australian Dollars)||0.8895||889.52||0.8932|
|CAD (Canadian Dollars)||0.8815||881.54||0.8835|
|GBP (Pounds Sterling)||0.4683||468.32||0.4694|
|USD (United States Dollar)||0.6784||678.38||0.6794|
|AED (UAE Dirham)||2.4937||2493.7||2.4978|
|CHF (Swiss Franc)||0.6551||655.05||0.6591|
|CZK (Czech Koruna)||16.2489||16248.9||16.3272|
|DKK (Danish Kroner)||4.4863||4486.29||4.4965|
|HUF (Hungarian Forint)||184.9150||184915||187.1091|
|ILS (Israeli New Shekel)||2.6155||2615.47||2.6280|
|JPY (Japanese Yen)||75.4610||75461||75.7903|
|NOK (Norway Kroner)||5.6665||5666.45||5.7075|
|PLN (Polish Zloty)||2.5622||2562.2||2.5724|
|RUB (Russian Rouble)||45.4880||45488||46.4645|
|SEK (Swedish Krona)||5.5748||5574.85||5.5984|
|TRY (Turkish Lira)||1.9439||1943.86||1.9510|
|ZAR (South African Rand)||10.3297||10329.67||10.4001|
*Rates correct: 5.00PM 20/03/16
As well as the currencies we’ve listed above, you can also trade the following. You’ll need to contact Currencies Direct to find out what rate they can offer for these currencies.
How much does it cost to transfer money with Currencies Direct?
90% of international payments using Currencies Direct will not attract a commission. Currencies Direct may apply a margin to the exchange rate. These charges are displayed both before and after you’ve accepted and paid for the international money transfer.
The fee structure for personal customers and business customers is different. If you’re using Currencies Direct to facilitate online payments for a business, while there are no monthly account fees, you may be charged a commission on a transfer by transfer basis.Back to top
Minimum transfer amounts and available countries
Currencies Direct lets you make international payments in up to 40 different currencies. You can not transfer funds to countries which are currently subject to international sanctions including:
- North & South Sudan
- North Korea
What types of transfers can you carry out with Currencies Direct?
Whether you’re buying a house overseas, making the move to another country or even purchasing art or collectables, you can carry out these types of international money transfers with Currencies Direct:
- Spot contracts. An on-the-spot international payment using the current market rate.
- Forward contracts. Lock in a rate and make a payment up to a year later. Just put down a 10% deposit.
- Regular payments. A regular payment service allows you to make recurring payments to an overseas beneficiary.
- Limit orders. Limit orders let you target a specific rate. When the target rate becomes available, Currencies Direct will execute the transfer.
- Rate tracking. Currencies Direct will monitor the market and let you know when your desired rate becomes available so you can execute the transfer.
The registration and transfer process
You must register for a free account before you can make a transfer with Currencies Direct. To do so, you’ll need to give you personal details as well as provide a copy of your passport and your bank account details to verify your identity and address. The online component of the registration process can be completed in just a couple of minutes and is completely free of charge to join Currencies Direct.
- First enter your personal information such as your name, address and contact numbers.
- You’re then asked to enter information about your transfer needs like how much you want to transfer, which currencies you want to buy and the transfer destination.
- Accept the terms and conditions and your account is open. You’ll have full access once you verify your identity by sending Currencies Direct your identification and financial documents.
Once the funds have been received by Currencies Direct, transfers can take anywhere from 24 – 48 hours, depending on the destination You have the option of paying for your transfer using your debit card or you can send funds via a bank transfer — if you’ve requested a regular payments, you can even set up a direct debit agreement with Currencies Direct. Card payments will take less time to clear than a bank transfer. Currencies Direct will send you an order confirmation once you accept the transfer with the following information:
- The exchange rate.
- Payment arrival date.
- Order charges.
The good and the bad of using Currencies Direct
- Bank beating rate. Currencies Direct can provide a bank beating exchange rate.
- No commission. 90% of all transfers with Currencies Direct are free, business customers may be liable to pay a transfer fee.
- Refer a friend. Currencies Direct give you a financial incentive to refer your friends to their service.
- It’s your money. Currencies Direct are subject to government regulations and your money is kept in an independent account — Currencies Direct don’t use your money to run their business.
- UK Service. Currencies Direct is a money transfer company based in the United Kingdom. New Zealand residents don’t have access to travel money services such as ordering foreign cash and the prepaid travel money card.
- Customer service. Currencies Direct do not have a New Zealand based customer service team to contact if you need to speak to someone local about your money transfer.
What other products and services does Currencies Direct offer?
Currencies Direct offer more than international payments for individuals.
- Business services. Currencies Direct can help if you have an online business and you want a simple platform to receive international payments as well as pay international suppliers. Currencies Direct business customers can make use of the same international payment services as personal customers.
- Travel money. Currencies Direct also provide travel money products such as a prepaid travel card and foreign cash to residents on the United Kingdom. New Zealand residents do not have access to these services.
Questions and answers
Do I have to be a UK resident to use Currencies Direct
New Zealand residents can use the international payment services of Currencies Direct. Non-UK residents may have limited access to some services, such as ordering foreign cash other travel products.
What information do I need to make an international payment?
You can send money to an overseas beneficiary by entering the recipient’s IBAN. This is the International Bank Account Number (IBAN) and can be used along with other information such as the beneficiary’s bank name, address and personal details to send funds to an account overseas.
Can I cancel an order?
If you’d like to terminate a foreign exchange order, you must inform Currencies Direct in writing before the order maturity date. You can contact Currencies Direct via email, fax or the Currencies Direct online system made available to customers from time to time.
How long do transfers take using Currencies Direct?
Currencies Direct are based in the United Kingdom. Transfers to Europe only take a day once the funds have been received by Currencies Direct. Transfers outside the EU can take up to 48 hours once payment has been received. Paying with your debit card is the way to go if speed is your main concern. You can also pay by bank account deposit; however, this will increase the time it takes the funds to clear by a matter of days.
Send money online at a bank beating exchange rate with Currencies Direct. You can register for a free online account in just minutes.
Ask us a question using the form below if you need help with your comparison of international money transfer companies.