Solutions offered include business multi-currency accounts, batch payments, and currency risk tools like market hedging and forward contracts.
There is also the option to white label the solution for your own business, and offer services to existing or new customers as needed.
Currencies Direct cross-border transfers
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
$0 / £0 | Agreed per transfer | No fees | Wallet to store USD, AUD, EUR, and GBP |
- Transaprent fee structure with no upfront fees and no spending fees
- Supports 40 currencies and 120 countries, including all major currencies
- Sync accounts payable and receivable to the Currencies Direct portal using the API
- Dedicated account manager and 24/7 support for cross border business payments
- Currency exchange rate with Currencies Direct is a little vague, even on card payments.
Features | Insight |
|---|---|
Forward contracts | Lock favorable exchange rate for the future |
Limit orders | Set the target exchange rate for the future |
Spot contracts | Exchange currencies at the current exchange rate |
Dedicated account manager | An account manager will help you negotiate the rates and provide support |
Features | Insight |
|---|---|
Mass and bulk payments | Send high volumes of payments, automated or via an upload |
Receive payments | Sync Currencies Direct to accounts receivables and reduce the cost of being paid from abroad |
API options | Work with the API to sync all data to existing accounting software or provide white-labeled services to clients |
Supported currencies
Currencies Direct business accounts allow transfers to over 120 countries and 40 currencies.
This is on par with most others in the market (For example, Caxton offers 28 currencies across 195 territories, whereas XE offers 130 currencies across 190 countries) and includes USD, CAD, GBP, and EUR as well.
Access to these markets is relatively quick, with most being received within a couple of days.
Batch payments
Currencies Direct BatchPay feature allows businesses to send multiple payments at once, getting a better exchange rate.
Similarly to other accounts offering bulk services, this can help with the management of currency risk.
However, if you are specifically looking for currency risk management solutions, we'd suggest looking at Moneycorp and Key Currency (UK only).
Currencies Direct has branded this as more of a feature than others. For most platforms even where it is not offered as standard it is possible to set up through an API.
When sending bulk payments Currencies Direct will approve and send the funds for you.
There's not too much else to note. It works well and does the job it needs to.
Accounts payable and receivable
Accounting teams can take advantage of the Currencies Direct software through a Xero integration, or through an API.
From here, payments in and out can be tagged, international suppliers or staff can be paid and invoices raised.
Where a local currency exists (or can be held), this will be used.
Currency exchange is quoted and agreed upon before any transfer is confirmed.
Currencies Direct fees and general cost
There are no fees or upfront costs with Currencies Direct other than the exchange rate. Exchange rates are negotiated and agreed on a per-transfer basis and will depend on individual needs. This means you can negotiate and get the best rates when making larger transfers compared to using someone like Revolut or Wise.
Signing up for Currencies Direct
Visit the Currencies Direct Website
Navigate to Currencies Direct and select the "Sign Up" button located at the top right corner of the homepage.
Fill Out the Registration Form
Fill in your details, including your full name, email address, phone number, country of residence, and currency preferences. You’ll also need to enter company details, including the business name, registration number, and type of business.
Select the products needed
At this stage, select the products needed for sign up.
Options are accounts payable, account receivable, mass payments, currency hedging and API integrations.
Verify Your Business
Finally, you will be asked to upload identification documents, such as a passport or driver's license, and proof of address (like a utility bill or bank statement).
Complete any additional verification steps as required, which might include a phone call with a representative to confirm your details.
Solutions offered by Currencies Direct
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Currencies Direct API and white labelling
Currencies Direct offers the ability to white label the product and provide cross-border payment solutions to your customers.
Provide foreign exchange services and cross-border solutions to existing clients
Collect payments on behalf of clients
Provide access to multi-currency wallets for storing money
Allow for automated batch payments for end users
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