What is Currencies Direct? Currencies Direct Review

About Currencies Direct

Currencies Direct currently has over 500 staff in 28 offices around the world, serving over 275,000 business and individual customers and transferring over £6.5 billion per year, making it one of the largest currency companies in the UK.

Supported Platforms

Amazon, Allegro, Bol, Cdiscount, eBay, Darty, Depop, Fnac, Frugo, Game, Groupon, Jet, Lazada, Newegg, Overstock, Paypal, Pixmania, Play, Priceminister, Rakuten, Spartoo, Target, ToysRUs, Trademe, Walmart, Wayfair, Wish.

*Note: The number of stores your account is compatible with varies depending on the country and currency in which your account was opened.

Supported currencies

Sellers can open accounts to receive payments in the following countries: United States, United Kingdom, France, Germany, Spain, Italy and Japan.

Supported currencies include Euro, US Dollar, British Pound and Japanese Yen.

cost

New customers can open an account for free, with no monthly fees or payment processing fees.

Currencies Direct charges a 0.1% receiving fee on all funds received into your account. This fee will be included in the exchange rate you agree to but will be shown separately on your statement.

·It also supports same-currency transfers with preferential rates.

Information required to register an account

It is not mandatory for Currencies Direct to provide supporting documentation, however, providing as much documentation as possible will allow it to process your application more quickly. Below is a list of documents that sellers may need to submit:

1. If you are a UK company and have no non-UK shareholders or directors, you may need a copy of your government-issued photo ID (passport, driving licence, etc.) and proof of address (utility bill or personal bank statement) not older than three months.

2. If you are a company located outside the UK, you need to provide the following documents:

Copies of the directors’ and shareholders’ government-issued photo identification (such as passports or driver’s licenses);

Copies of proof of address (utility bill or personal bank statement) not older than three months for directors and shareholders;

·Copies of annual tax returns or other official documents confirming the names of the individual shareholders/owners of the business;

· Copy of the certificate of incorporation or corporate bank statement.

Applicants may also be asked to provide seller details and verification of sales history. This requirement will be explained by a Currencies Direct team member at the time. The verification will usually be a screenshot of the seller's details.

CD Company Service Advantages

1. Security

1) The highest credit rating (level 1) from Dun & Bradstreet of the United States;

2) Authorised by the UK Financial Conduct Authority (FCA) to provide payment services in accordance with the Payment Services Regulations 2009;

3) "HMRC Anti-Money Laundering Regulations" registration certificate number: 12132225, following the highest industry standards.

Second, low rates

1) No registration fee, no deposit fee, no exchange loss, and other hidden fees;

2) No compulsory currency exchange and low handling fees;

3) No minimum withdrawal amount limit, T+O payment will be received on the same day;

3. Personalization

1) Automatic withdrawal: You can set up an automatic withdrawal function in your CD account, for example, set a limit of 50,000 USD. When the funds in your account reach this limit, we will notify you via SMS or email, and the withdrawal will be automatically processed after your confirmation.

2) Exchange rate reminder: You can set the exchange rate reminder function in your CD account. For example, if you don’t like the current exchange rate, you can set an expected exchange rate value. When the actual exchange rate reaches your expected exchange rate, we will notify you via SMS or email, and the withdrawal will be automatically processed after your confirmation;

3) Exchange rate consultation: A professional Dealer team provides you with real-time exchange rate trends and analysis, helping you withdraw cash and settle foreign exchange at a better time;

FAQ

Q: How long does it take to complete the registration?

A: Once we have received your complete application, Currencies Direct will usually approve your account within 24 hours. Your bank details will then be sent to you.

Q: Can I get a certificate to verify my multi-currency account?

A: Yes. Currencies Direct can provide a certificate verifying access to banking facilities. Malls sometimes request proof for this purpose.

Q: Is there a minimum registration period or will I be charged for not using my account?

A: There is no minimum period you must hold your account and Currencies Direct will not charge you fees for not using your account.

Q: How safe are my funds?

A: The security of our customers’ funds is our top priority. We offer a multi-currency account that is used to collect sales proceeds from our marketplace and pay them out to customers separately. This ensures that your sales proceeds are safe and secure, and are completely separated from other sellers and our own corporate funds.

Currencies Direct does not speculate in currency markets and all dealings between it and its clients are conducted in strict accordance with the requirements of the Financial Conduct Authority, ensuring that clients are given the strictest protection.

The company has obtained the highest credit rating of Dun & Bradstreet, and the accounts are issued by Barclays Bank and Deutsche Bank. The US dollar accounts are protected by the Federal Deposit Insurance Corporation (FDIC) of the US government.

Q: Where can I send funds from my multi-currency account?

A: Your multi-currency account balance can be used to send funds to your own bank account and to send funds to government tax authorities.

You can send money to these accounts in over 40 different currencies, including AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RL, SGD, ZAR, SEK, CHF, THB, UAE dirham, USD, HKD, and CNY.

Q: How long does it take from the time the store pays me until I receive the funds in my bank account?

A: Amazon will remit funds to your multi-currency account in the same amount of time as it takes for the funds to reach your own bank account. If you are an Amazon seller, it will take 4-6 days for the funds to arrive. The time for other marketplaces to receive funds varies.

You will receive a balance notification on the morning of the day the funds are available. Once you receive the notification, you can immediately instruct Currencies Direct to transfer funds by phone or by logging into your online account. Once the transaction is confirmed, Currencies Direct will transfer the funds to your bank account. Funds will usually arrive in your own bank account within 24 hours; this depends on the opening hours of your bank.

Development History

-In 1996, Currencies Direct was established.

-In 1999, Currencies Direct opened its first European branch in Torrevieja, Spain.

-In 2004, an office was established in Cape Town, South Africa.

-2005 Expanded operations, opened an office in Mumbai and was named in the Sunday Times 100 Fast Growing Companies list.

-In 2007, we established an office in the United States.

-In 2008, online money transfer service was launched.

-In 2009, it obtained authorization from the Financial Conduct Authority (FCA) and began to provide services to Amazon sellers.

-In 2010, it received the highest credit rating from Dun & Bradstreet - Level 1.

-In 2011, we established an office in Nice, France.

-In 2012, the Group was recognized as a “Global Growth Company” by the World Economic Forum and hired PricewaterhouseCoopers as its auditor.

-In 2013, the number of employees exceeded 250; operations expanded to Malta and Ireland.

-In 2014, a new brand was launched.

-In 2016, it helped its 150,000th customer complete a cross-border transfer; it won the MoneyAge "Best Funds Transfer Service Provider of the Year" award; and its Chinese office was established in Shenzhen to provide better services to Chinese cross-border e-commerce sellers.

-In 2017, the 15th branch in Europe was opened, bringing the number of branches to 22; cross-border transfers were completed for the 210,000th user; and the MoneyAge "Consumer Champion of the Year" award was won.

References

• 1. French e-commerce platform CDiscount cooperates with Currencies Direct to provide euro payment service: Sohu [cited on 2016-06-08T16:00:00.000Z]