CURRENCIES DIRECT
Currencies Direct (Foreign Exchange)
        
Currencies Direct is one of Europe’s largest independent foreign exchange specialists. When you are making international payments for individuals you can benefit from their expertise in seeking the best possible rate, whether you are sending or receiving foreign currency. Currencies Direct help to protect you from exchange rate fluctuations and save you time and money on international payments. Whether you need to make a one-off payment Currencies Direct will be able to help you.
Credit Rating: D&B Level 1 rating
Location: Australia, UK, Spain, Canada, South Africa, India
Languages:
Advantages:
1. Free to open an account which can be ready to trade within hours
2. Guarantee the rate you receive is within 0.2%-1% of the live interbank spot rate.
3. Can generate a cost saving of between 0.5% to 4% when compared to a high street bank. This is equivalent to a maximum saving of $4,000 on a $100,000 transaction.
4. Currencies Direct charges no commission and no transaction costs
5. We can reduce your currency risk by offering forward contracts to help set the rate for your future transaction
6. We will keep you informed at all stages of the payment process and provide a more efficient service than your bank
7. All client funds are secure as they are held in segregated client accounts by our banking partner HSBC
8. Currencies Direct is a UK registered Ltd company (Reg No.: 3041197) and operates under the regulation of HM Customs & Excise, adhering to their Anti-Money Laundering Regulations (MLR No.: 12132225)
Disadvantages:
1. You will undergo an ID check as part of the account opening process which for non-UK residents will require additional identification documents to be submitted.
Services:
1. Regular Payments.
2. Forward Contacts.
3. Spot Contracts.
4. Stop Loss Orders.
5. Limit Orders.

Established: 1996 ASIC - AFS 246838
Spread/Margin: 0.2-1%
Costs/Fees: $0 above $5000
Rate Improved With Volume: Yes
Transfer Methods: UK Bank to Foreign Bank or vice versa
Transfer Speed: Upon receipt of cleared funds US & Western Europe usually occur the same day. Rest of the world 24 hours
Transfer Minimum: $1000
Trust Accounts: HSBC Trust Accounts

Online Trading Platform: No
Currency Converter: No

Spot:
Yes
Forwards:
Forward contracts are utilised by both private and corporate clients to effectively budget for their international payments.  A forward contract enables the client to buy currency now at an agreed rate that can be drawn down at any point within the following 24 months.  This is a perfect way for an overseas property buyer or private/corporate client who has a series of payments to make to budget for their purchase.  The advanteages it offers are well illustrated by looking at what has happened to the GBP:EURO rates over the past 6 months.
 
Example:
Client A and B are buying identical properties in Spain for €200,000.  Both agree to the purchase in June 2008 when the exchange rate is £1:€1.50.  Their 30% deposit payment is due immediately with following payments of 30% within 2 months and finally 40% on completion in Dec 2008.
 
Client A books a 6 month forward contract with Currencies Direct at £1:€1.49.  He places a 10% deposit (which is used as a contributing payment to the full amount) at the time of booking the rate to secure the rate.  He then draws down and settles for the required amount when each payment is due at the agreed rate of £1:€1.49
 
The total cost to Client A is £134,228
 
Client B trades at the spot rate each time a stage payment is due and gets the following rates:
1st payment – 30% - Rate achieved €1.495
2nd payment – 30% - Rate achieved €1.24
3rd payment – 40% - Rate achieved €1.05
 
The total cost is therefore
 
1st payment - £40,134
2nd payment - £48,387
3rd payment - £76,190
Total equals £164,711
 
Therefore Client A saves £30,483 in comparison to Client B
 
Currencies Direct require a minimum of 10% deposit against all forward contracts.
There are no transaction charges applied for booking a forward contract
Regular Payments:
The Regular Payments Plan is an excellent product designed for those private and corporate clients who have regular payments to make overseas.  For example overseas property mortgage payments, overseas school fees etc.
 
The client can choose from a monthly or quarterly payment plan.
The minimum thresholds required to benefit from free transactions are:
 
Monthly payment plan – Min £150 / month
Quarterly payment plan – Min £400/month
 
The client can choose to have the money sent on either the 1st or 15th of the required month.
 
The client can either fix the sending or receiving amount i.e. send $200 or beneficiary receives €200
Terms and Conditions:
See website for details

Number Of Currencies: 38
Currencies Available:
1. United Arab Emirates, Dirhams AED AED
2. Australia, Dollars AUD AUD
3. Bulgarian Lev BGL BGL
4. Canada, Dollars CAD CAD
5. Switzerland, Francs CHF CHF
6. Czech Republic, Koruny CZK CZK
7. Denmark, Kroner DKK DKK
8. Euro Member Countries, Euro EUR EUR
9. United Kingdom, Pounds GBP GBP
10. Hong Kong, Dollars HKD HKD
11. Hungary, Forint HUF HUF
12. Indonesian rupiah IDR IDR
13. Israel, New Shekels ILS ILS
14. India, Rupees INR INR
15. Japan, Yen JPY JPY
16. Kuwaiti dinar KWD KWD
17. Morocco, Dirhams MAD MAD 
18. Mauritius, Rupees MUR MUR
19. Norway, Krone NOK NOK
20. New Zealand, Dollars NZD NZD
21. Oman, Rials OMR OMR
22. Pakistan, Rupees PLZ PLZ
23. Qatar, Rials QAR QAR
24. Romanian lei RON RON
25. Saudi Arabia, Riyals SAR SAR
26. Sweden, Kronor SEK SEK
27. Singapore, Dollars SGD SGD
28. Slovakia, Koruny SKK SKK
29. Thailand, Baht THB THB
30. Tunisia, Dinars TND TND
31. United States of America, Dollars USD USD
32. South Africa, Rand ZAR ZAR
        
REVIEWS
Currencies Direct (Which Way To Pay - 20/4/2010)
Currencies Direct is ranked 3 out of 5. Based on 1 review.

3 Star Rating

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Currencies Direct
Currencies Direct