What’s the difference between an FX provider and a bank?
When you’re transferring money overseas there are two main options: using a bank or using a currency broker, such as Currencies Direct.
As a specialist FX provider, Currencies Direct offers a more dedicated service than banks tend to. You have greater freedom and flexibility over how and when you move your money, and you get personalised support from friendly currency experts.
This can save you significant amounts of money, particularly on larger transfers. Currency markets are notoriously volatile, with exchange rates shifting by as much as 3% in a single week. In the last week of July 2022, for instance, GBP/EUR rose from €1.16 to €1.19. On a £100,000 transfer that three-cent difference amounts to €3,000.
With help from a Currencies Direct account manager, you can time your currency exchange for when the market is in your favour.
FX providers also tend to offer more competitive exchange rates than banks as they work to a smaller margin. In addition, Currencies Direct don’t charge transfer fees, and you can check to see how their rates compare with the banks.
How do currency transfers work?
Moving money with Currencies Direct is quick and easy.
1. Create an account
Register for free with Currencies Direct. You can do it over the phone, online, or in person, and it only takes a few minutes.
2. Agree on the transfer
Let them know how much you want to transfer and agree on an exchange rate.
3. Send the funds
Forward the money to Currencies Direct by debit card or bank transfer and they’ll do the rest.
As a Currencies Direct client, you’ll have a dedicated account manager. They’re there to give you guidance and support so that you can make confident, informed decisions.
Equally, if you need to make a quick payment, you can transfer funds 24/7 online or through their app.
Register with Currencies Direct
As mentioned above, it’s free and fast to set up an account with Currencies Direct. You can register online, give us a call or pop into your local branch to find out more.