Currencies Direct now offer US $ accounts
A new online platform from Currencies Direct now enables users collect sales income in dollars and transfer it into Sterling at favourable rates. Savings of up to 3% of sales turnover can be achieved, that would be otherwise lost in commission and unfavourable exchange rates.
Currencies Direct’s new platform means merchants can more easily collect payment in the same currency without converting it, vastly simplifying and economising the transfer of money back into the UK. Rather than having to convert every payment at the time it arrives, they will be able to accumulate funds in the US in dollars and transfer money in lump sums, choosing when to convert into their home currency; weekly, monthly or when the rate is right.
In addition, the platform allows Merchants to keep abreast of their global earnings in dollars, sterling and euros and adjust prices accordingly to maximise profits. Merchants can take advantage of the dollar being significantly stronger against the pound than in the summer by slashing prices to increase sales – enjoying the same margins as they enjoyed earlier in the year but with a higher turnover.
Phil McHugh, Currencies Direct trading floor manager explains: “Whereas in early July sterling was trading at 58p to the dollar, this has now risen to a near-18-month high of 66p. British e-tailers selling to the US in dollars are now finding that they’re getting substantially more bang for their bucks. It’s therefore important that they make the most of their improved margins and don’t see it eroded by commission and fees when transferring their earnings“.
As well as the new dollar accounts, Currencies Direct also offers euro and Sterling accounts for online sellers and has recently created a dedicated new online home for their merchants. This includes Knowledge Hub, collecting a range of news and opinion aimed at the online seller audience.
As far as I know, you need to sell in the value of 50k / year US$ to take advantage of the US$ account.
How do Currencies Direct and WorldFirst compare? Are there rates fairly similar and which is more user friendly?
When i spoke to Currencies direct in the past they were not really interested in my business unless i also moved my other currency trading business over to them, basically they said it cost them money to operate the service so it was not really worth their while unless they get all my business, i did not like their approach, it seemed a bit aggressive and money/profit orientated. This is completely different to world first who i was a customer of before i spoke to currencies direct, world first have never said anything about the cost of providing the service, have always been friendly and have had the time for me as a small business, i personally believe that currencies direct may not be interested or may lose interest if your are not big business for them, that was the impression i got from speaking to the sales people. They both offer similar services and online platforms, world first is very easy to use and i would recommend them.
I had the same experience as Kieran. I’m sure I don’t appeal to World First as a large business would, but they are always happy to speak with me all the same. With Currencies Direct it felt like it was more about the numbers involved rather than the service
Thanks for that Kieran. I already use Currencies direct but WorldFirst have tried to get my business. They have said that their rates were slightly better, no fees and their product had better tracking options for money received (an online interface).
They would both argue that they offer a better rate than the other, i think it really depends on how much money you are converting, but i am sure they are really both on par with each other. I am sure currencies direct are absolutely fine to use, the comments i made above are just a personal opinion, bottom line, they are both companies out to make a profit, they are not a charity, but it is the approach, customer service and competitiveness that may separate them. Personally i would say if it is not broken do not fix it, stay with currencies direct if you are happy with them, but it costs nothing to try either company, so for anyone looking for a currency broker, why not let them both speak for themselves with the service they offer you, you can decide for yourself who offered the better service etc.
Thank you Keiran, Chris and Jimbo,
I rely on customers like you to provide useful feedback so that we can constantly improve our service. I thought it would be useful to provide some clarity on the US bank accounts and other points raised above. The US market is a fantastic opportunity for e-tailers to increase revenues, and our US bank accounts are an effective way to bring back sales proceeds from Amazon.com. The accounts can be accessed 24/7 through our newly launched purpose built e-tailer online platform (as can our Euro and GBP accounts) and can usually be issued within 48 hours of application. The costs involved in Currencies Direct delivering bank accounts with ease are significant which means that sellers with smaller overseas marketplace revenues may not always be able to avail the service. There are no hard and fast rules on minimum volumes and we are open to finding ways of helping as many customers as possible take advantage – we can for example offset the costs of the accounts against revenue we can generate from other sales locations such as Germany and France. My team do deliver a truly personalised high quality service to thousands of e-tailers and we continue to be regularly endorsed by our customers as a great company to work with and one which is focussed on our helping our customers grow.
Online sellers benefit greatly through the competition that exists in the market. In certain situations Worldfirst may excel, in others it may be Currencies Direct that delivers the best solution. My advice is that you should interact with both companies and evaluate which one can offer the best solution for you and your business.
In the case of Currencies Direct, I would like to personally reach out and connect with Tamebay readers that have any questions or wish to discuss the services we provide. Please email me Deepak.email@example.com or call my direct line +44 207 847 9421.
Head of E-commerce, Currencies Direct