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29-03-2016, 16:21   #1
Currencies Direct: Alex
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How it works



We're here to make money transfers abroad simple – that means offering a helpful service and getting you a great deal. No problem. During an international money transfer, your bank will take some of that money in poor exchange rates, fees and charges. They’re also not in any rush to get it done either. Here at Currencies Direct, we’re a bit different. We change money from one currency to another, and we don’t charge transfer fees. It works like this:


1. Register with us (it takes about 2 minutes)

2. Tell us what currency you’d like to send and where

3. Make your payment to us

4. We’ll send the payment as soon as the funds clear







To set up a free account or get a free quote






ireland@currenciesdirect.com



+353 (0) 1 513 6191
+44 (0) 20 7847 9400

Last edited by Currencies Direct: Alex; 30-03-2016 at 10:46.
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13-04-2016, 16:36   #2
Time
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Hi Alex,

Can you tell me what the advantages are in using Currencies Direct over say Revolut? Since they offer a completely free service and the transfer is instant. Are your rates better than theirs? Looking at your site it's impossible to determine without registering.
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14-04-2016, 13:15   #3
Currencies Direct: Alex
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Hello

Thank you for your question.

There are many types of companies in the payments sector which offer different services. It entirely depends on what you are looking to do?

Revolut seems to be an app only payment service between phones for smaller amounts with the ability to spend funds using a multi-currency card. Additionally, they only offer three currencies EUR/USD/GBP whereas we can offer over 50 currencies. Similar to Currencies Direct they offer a free service, however they make a margin on the exchange rate.

Currencies Direct focus on bank to bank transfers and we have two models. Smaller payments up to €20,000 can be made using our online platform or mobile app and for larger amounts you will have a dedicated point of contact that will help you through the process of booking your payment from start to finish. However if you would like to make smaller transfer over the phone we are happy to accommodate.

With Currencies Direct you can negotiate a rate (Revolut’s margin is fixed) and we have a range of products to protect you against currency fluctuations which banks/Revolut don’t offer.

For example
• Forward contract – fix the rate for up to a year for a 10% deposit
• Limit order – We can purchase your currency when it hits a desired rate

Looking through their FAQs there seems to be restrictions such as they can’t make transfers to the US. Currencies Direct have 22 branches worldwide with local settlement accounts and experience with banks in these jurisdictions.

Revolut look like they are a great company for small transfers/currency when traveling however if you would like a more comprehensive service I would suggest Currencies Direct. Revolut were only established in 2015 whereas Currencies Direct have been assisting clients with their currency transfers since 1996.

If you have any more questions please let me know or feel free to give us a call.
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14-04-2016, 15:48   #4
Time
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Thanks Alex
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14-04-2016, 19:26   #5
handlemaster
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What guarantee/ protection do customers have if the company were to have financial problems ? for example the government provides a guarantee for deposits in banks, what happens with the customers cash that's in the process of been transferred ?
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15-04-2016, 11:34   #6
Currencies Direct: Alex
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Hello

Thank you for your great question. Security of your funds is paramount when deciding on which company to use for your money transfers.

As a client you should only deal with brokers such as Currencies Direct who operate client segregated accounts, that way you’ll know that your money is safe. They should also be able to confirm their bankers.

Currencies Direct Ltd is authorised and regulated under the FCA (passported to Ireland) and all client’s funds are held in segregated clients’ accounts with our banking provider Barclays.

Where Currencies Direct receives money from a client, Currencies Direct shall hold any money belonging to the client in a designated segregated client account pending the settlement of the transaction or the making of any onward payment.

Therefore Currencies Direct does not mix client’s funds with the firm’s balances and should Currencies Direct run into any financial difficulties the clients funds will be refunded.

Please check Currencies Direct on the FCA website - https://register.fca.org.uk/ShPo_Fir...000000MftN0AAJ

Also when you choosing a broker make sure their business is in good financial health. It is worth noting Currencies Direct have the highest possible Credit Rating 1 with Dun and Bradstreet.

Also we have recently had £200m worth of investment at the end of 2015
http://uk.reuters.com/article/us-cur...0QG1AR20150811

If you would like copies of the letters from our banking providers Barclays confirming the segregation of our client’s accounts or our credit rating agency D&B please send me an email at ireland@currenciesdirect.com.

Thank you again for the great question and if you or any one else has a further question feel free to ask.
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15-04-2016, 16:58   #7
 
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I would like to compare your services to that of the companies I usually use.
How do I do that without registering? currencyfair and transferwise do not require logging in for this purpose.
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15-04-2016, 17:03   #8
handlemaster
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HI Alex thanks for your reply. You mention under UK rules been passported to Ireland. If you are operating in Ireland should your company not but under the regs of the Irish central bank and not the UK ?
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18-04-2016, 09:12   #9
Currencies Direct: Alex
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Hello

With regards to your quote, please send me an email with the amount and your timescales to ireland@currenciesdirect.com

Thanks
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18-04-2016, 09:33   #10
Currencies Direct: Alex
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Hi

Thank you for your question. As we have no physical operation in Ireland it is not necessary to be registered under the Central Bank of Ireland. Should we wish to open an office then we would of course make an application to the Central Bank of Ireland to make sure we are fully compliant.

Thanks again
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26-04-2016, 10:41   #11
handlemaster
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Quote:
Originally Posted by Currencies Direct: Alex View Post
Hi

Thank you for your question. As we have no physical operation in Ireland it is not necessary to be registered under the Central Bank of Ireland. Should we wish to open an office then we would of course make an application to the Central Bank of Ireland to make sure we are fully compliant.

Thanks again
Hi Thanks for your reply. This does not fill me with confidence. I at least know the standards and obligations of my own bank under Irish law. Im I right in saying that your company does not have to abide by the rules and obligations of an irish bank or financial institute operating from a physical building in Ireland ? Therefore comply with the Irish central banks rules and regulations.
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01-05-2016, 20:14   #12
Currencies Direct: Alex
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Hello

Sorry for the delay in replying. It is really important that you feel comfortable with the prospect of using our company and therefore I submitted your enquiry to our head of compliance in order to give you an accurate answer.

Their response

'As a UK FCA regulated firm (with all FCA guidelines and protections) the Client would be protected by the FCA which means that the client would be afforded the protection under the UK law in respect of their funds. Under EU laws, Currencies Direct has validly pass-ported its activities into Ireland and the Central Bank of Ireland are aware of this and have given permission as the “host” state to the FCA (our “home” regulator) which permits us to market our services in Ireland without being directly regulated by the Central Bank of Ireland.

The UK and Ireland are part of the EU and therefore both countries both have to comply with the same international standards in respect of client protection and ML Regulations so the client should be assured that regardless of the fact that we are not licensed locally we are regulated by the FCA who are the equivalent of the Central Bank of Ireland.'

Currencies Direct have been established for over 18 years and are trusted by thousands of clients, corporates and companies who recommend our service around the world.

Feel free to PM me if you require any further assistance.
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