- How long does it take to complete a registration? Once we receive your full application, we will normally take around 24 hours to approve the account. You will be sent bank details shortly afterwards.
- Which documents do I need to register?
Supporting documents are not always required, however providing us with as many supporting documents as possible will enable up to process your application faster. Here is a list of the documents you may be required to share with us:
If you are a UK company with non-UK shareholders or directors; we may need copies of government issued photo ID (e.g. passports, driving license), and proof of address (utility bill or personal bank statement) no older than three months.
If you are a business located outside of the UK, you will need to supply the following documents:
- Copies of government issued photo ID (e.g. passports or driving license) for directors and shareholders
- Copies of proof of address (utility bill or personal bank statement) no older than 3 months for directors and shareholders
- Copy of the annual tax return or other official document which confirms the names of the individual shareholders/owners of the business
- Copy of the certificate of incorporation or business bank statement
Applicants may also be asked to provide us with verification of their seller profiles and sales history, a member of our team will explain the requirement, this will usually take the form of a seller profile screenshot.
- Which online marketplaces are compatible with Currencies Direct multi-currency accounts?
Our accounts can receive credits from the following sources (please note the number of marketplaces that your account is compatible with will depend on the countries and currencies in which it has been opened):
Amazon, Allegro, Bol, Cdiscount, eBay, Darty, Depop, Fnac, Frugo, Game, Groupon, Jet, Lazada, Newegg, Overstock, Paypal, Pixmania, Play, Priceminister, Rakuten, Shopify, Spartoo, Target, ToysRUs, Trademe, Walmart, Wayfair, Wish.
The number of compatible marketplaces is growing all the time. If you are using another marketplace that you’d like to collect currency from, or if you’d like more help setting up payments from any of the sources mentioned above call us for more information.
- Can I get a certificate to verify my multi-currency account? Yes you can. We are able to provide certificates to verify access to banking facilities. Certification is sometimes required by marketplaces for this purpose.
- Do I have to sign up for a minimum period, or pay a fee for not using the account? There is no minimum period that you can hold an account for, and you are not charged fo rnot using the account.
Locations and charges
- What are the account charges?
New customers can open an account for free with no monthly charges or payment fees.
There's a 0.1% receiving fee applied to all funds collected in your account. We will include this fee in your agreed exchange rate but it will appear separately on your statement.
Same currency transfers are also available at a competitive rate. Please contact us for more details.
- Which countries and currencies can I open an account in? You can currently open accounts to collect sales made in the following countries: USA, UK, France, Germany, Spain, Italy and Japan.
It is possible to collect funds denomintaed in EUR, USD, GBP and JPY.
Payments & security
- How secure are my funds?
The security of our customer' money is our principal concern. The multi-currency accounts we provide are for the sole purpose of collecting marketplace sales and are issued to customers on an individual basis. This ensures that your sales proceeds are safeguarded and completely segregated from those of other sellers and our own business funds.
Currencies Direct does not speculate on currency markets and all of our transactions with customers are conducted in line with the requirements of the Financial Conduct Authority to ensure customers receive the utmost protection (see question 'What regulations and standards do Currencies Direct adhere to?' for further details).
The business holds a level 1 credit rating, the highest possible, with Dun & Bradstreet and our accounts are issued by Barclays and Deutsche Bank. US dollar accounts are protected under the US government Federal Deposit Insurance Corporation scheme (FDIC).
- What regulations and standards do Currencies Direct adhere to?
Currencies Direct Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. Our FCA Firm Reference number is 900669.
Currencies Direct Ltd is registered in England & Wales at One Canada Square, Canary Wharf, London, E14 5AA, No. 03041197.
- Where can I send money from my multi-currency account?
Your multi-currency account balance can be used to make payments to your own bank accounts and to government tax bodies.
You can make payments to these accounts in over 40 different currencies including AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, AED, USD, HKD, and RMB, please contact us if you require a currency which is not on this list.
- How long will it take from the marketplace paying me to receiving funds in my own bank account?
It takes the same amount of time for Amazon to send funds to your multi-currency account as it would normally take to arrive in your own bank account. In the case of Amazon sellers, funds take 4-6 days to appear in your account, other marketplace payment timescales differ.
You will receive a balance notification in the morning when funds are available to withdraw. As soon as you receive notification, you can instruct us to transfer funds either by phone or by logging into your online account. Once you have confirmed a transaction we will send the funds to your bank account. The funds will normally be available in your own bank account within 24 hours; this is subject to the business opening hours of your bank.
- How can I pay overseas suppliers with Currencies Direct?
You can pay overseas suppliers through your online application.
- How will I be notified when I receive money into my multi-currency account? We will inform you by email and SMS when funds are received into your account. The notification will include the details of the payment received and a real-time total balance of the account.
- Can I set up automated payments from my multi-currency account?
AutoWithdraw is a free service that enables you to set up rules that will automatically transfer balances from your multi-currency account to a specified bank account. You have the option to automatically transfer funds, every time they arrive in your account, or once your account balance reaches a desired level.
Go to the ‘AutoWithdraw’ tab on your online account and follow the instructions to set up a rule, or cancel an existing rule, at any time. You can also use AutoWithdraw on our online sellers mobile app.
- How can I check my balance? You can check your account balance at any time by logging in to your online account or using the online sellers app from the ‘View statements’ tab. From there you can also see a record of your transactions and download a copy of your statements. You can also contact your account manager for this information.
- Do you have a refer a friend scheme? Yes we do. If you would like to refer our service to another online seller please contact your account manager.
- How can I set up a rate alert?
Our rate alert service allows you to set a target exchange rate that you would like to achieve for your currency conversions.
Once your desired rate has been reached we will send you an SMS and email alert.
To set up a new alert or modify an existing rate alert log in to our online service and go to the 'rate alert' tab.