Security Of Your Funds
At Currencies Direct integrity is one of the core values which have underpinned our company since its formation in 1996. Ensuring your money is safe and you are treated fairly, is the fundamental principle of how we do business.
You can trust Currencies Direct to protect your funds when you make an international transfer. You want the security of knowing that the company you are using to make your transfer has a reputation for creditworthiness and compliance. We do.
We are authorised by the Financial Services Authority to provide payment services as an Authorised Payment Institution. This means we comply with FSA safeguarding rules which require us to keep our clients’ money separate from our own. We are also required to comply with comprehensive FSA rules which protect you by governing how we conduct our business and the levels of our capital resources.
Predicting a company´s prospects for success or failure can be seen at a glance using Dun and Bradstreet´s business risk evaluations, as they are based on a breadth and depth of up to date information. Currencies Direct have a rating of 1(as at 10 September 2012) which demonstrates that we have the highest level of creditworthiness and the minimum risk of failure. To find out more about D&B risk evaluations visit http://www.dnb.co.uk/rating.asp.
Under the Money Laundering Regulations 2007, commercial foreign exchange companies are treated as "Money Service Businesses" which are covered by regulations administered by HM Revenue & Customs. Activities falling within the scope of the Money Service Business include the operations of bureau de change, transmission of money by any means and the cashing of third party cheques. We maintain the highest levels of compliance with the anti-money laundering policies specified by HMRC.
In addition we subscribe to the Non-Investment Products code created by the Bank of England which regulates companies involved in foreign exchange transactions such as spots and forward contracts.
We will always send the full amount of currency to your beneficiary account when you make an international payment using Currencies Direct. However we cannot guarantee that the bank receiving your funds will not deduct a fee. There are also intermediary bank charges that are levied when payments are made across borders which are out of our control. Unfortunately we will not be able to confirm such charges before payments are initiated because the agreements between banks are not made public.