UK government borrowing figures yesterday beat forecasts and showed the lowest borrowing for an August since the financial crisis.
The workings of a money transfer
When you click, swipe or give us the all clear over the phone, the Currencies Direct cogs immediately start turning to ensure your transfer reaches your chosen recipient.
Here’s how the cogs fit together…
1. The expert factor
Before anything starts, you’ll have the opportunity to speak to our experts over the phone when agreeing your exchange rate. They’re a key part of our process and between them have hundreds of years’ of experience.
Our currency experts are here to understand your requirements – for example what currency you’re after, how much you’re sending and the number of transfers you’re planning on making – and then tailor a solution that suits your needs using their in-depth knowledge and insight.
If you’re transferring online or with our App, we’ll assume you’re happy to do things yourself and you can skip straight to exchange rates!
2. It’s all about timing
Exchange rates move at a rapid pace due to political and economic developments, often with swings of 10% in a matter of days.
So, to ensure you secure the best possible rate by transferring at the right time, our experts (who already understand your requirements) will give you market guidance and insight through friendly consultation in person or over the phone, offering simplified facts for you to base your decision on.
If you’re online or on our App, we don’t want you to miss out from this market insight. That’s why we created a rate alert tool to let you set your own exchange rate targets and automate this expert factor, and provide daily news on market movements.
3. Exchange rates
We talk about our bank-beating exchange rates a lot because they’re exactly that – better than the banks by a mile, making your money stretch further.
We beat the banks because currency is all we focus on. Foreign exchange is a small part of what the banks do for you, so they haven’t got the time, people power, or incentive to get you the best deal.
4. Make your payment
We’ll take payment by debit card (we accept GBP, EUR and USD debit cards), or if you’d prefer you can send payment funds from your bank account to ours.
Paying by debit card is much quicker and less hassle for you – you can log in online, or call us, to make a debit card payment straight away.
5. First-class delivery
Once you’ve agreed your rate and made your payment to us, our payments team kick-in to ensure that the currency is out of our door and on its way immediately.
We’ll notify you by email as soon as we’ve sent your money, so that you’ll know when to check your overseas account to see your new currency glistening in its bank-beating glory.
Most transfers for “major” currencies like euros or US dollars, will go through on the same day, if you make your transfer before 1.30pm GMT (it’ll be next-day if it’s after 1.30pm).