Currencies Direct
Encyclopedia
Currencies Direct Ltd is a UK based foreign exchange
broker and international payment provider. It provides currency exchange services in a number of different countries to individuals and small businesses.
It offers foreign exchange services to individuals and small businesses competing against the banks with forward contracts, Telegraphic transfer
, Risk Solutions and online payments. It provides these for foreign home buying, emigration
, Imports and Exports, Overseas education and regular transfer.
It also provides tax (VAT
) refund services through its subsidiary Universal VAT Services.
from the firm.
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
broker and international payment provider. It provides currency exchange services in a number of different countries to individuals and small businesses.
Company history
- The company was founded in London in 1996.
- In 1999 it opened its first overseas office in TorreviejaTorreviejaTorrevieja is a seaside city and municipality located on the Costa Blanca in the province of Alicante, in south-eastern Spain.Torrevieja lies about 30 miles south of the city of Alicante and has a population of 104,000...
on the Costa BlancaCosta BlancaCosta Blanca refers to the over 200 kilometres of coastline belonging to the province of Alicante in Spain. The name "Costa Blanca" was devised as a promotional name used by BEA when they launched their air service between London and Valencia in 1957. It has a well-developed tourism industry...
, SpainSpainSpain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
.
- By 2003 it had 40 employees and expanded to Australia when it opened an office in SydneySydneySydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
. However this was later shut down and Australian business was operated from London.
- The following year it was granted Australian Financial Services License, opened a third Spanish office in Mojacar on the Costa Almeria and opened an office in Cape TownCape TownCape Town is the second-most populous city in South Africa, and the provincial capital and primate city of the Western Cape. As the seat of the National Parliament, it is also the legislative capital of the country. It forms part of the City of Cape Town metropolitan municipality...
, South AfricaSouth AfricaThe Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
- In 2005 it opened an outsourcing office opened in MumbaiMumbaiMumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
.
- In 2006 it moved its UK headquarters to new premises in the heart of LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and the following year it opened offices in the USA. It also opened a second Australian office in MelbourneMelbourneMelbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
although both Australian office were later closed. That same year Currencies Direct acquired a majority stake in Universal VAT Services, a company providing tax reclaim services. Mayank also stepped away from day to day running of the business and used his holding company Azibo Group to look for other business to acquire.
- On 11 November 2008 Currencies Direct launched an online payment system for businesses called I-PAYFX.
- The following year on 13 February 2009 it launched a charity web site, FX4Charity, where for each FX payment done with Currencies Direct it would donate funds to one of the number of charities.
Operations
Currencies Direct has offices in the UK, Spain, Canada, US, South Africa and Portugal.It offers foreign exchange services to individuals and small businesses competing against the banks with forward contracts, Telegraphic transfer
Telegraphic transfer
Telegraphic Transfer or Telex Transfer , often abbreviated to TT, is an electronic means of transferring funds overseas. A transfer charge is collected while sending money...
, Risk Solutions and online payments. It provides these for foreign home buying, emigration
Emigration
Emigration is the act of leaving one's country or region to settle in another. It is the same as immigration but from the perspective of the country of origin. Human movement before the establishment of political boundaries or within one state is termed migration. There are many reasons why people...
, Imports and Exports, Overseas education and regular transfer.
It also provides tax (VAT
Vat
Vat or VAT may refer to:* A type of container such as a barrel, storage tank, or tub, often constructed of welded sheet stainless steel, and used for holding, storing, and processing liquids such as milk, wine, and beer...
) refund services through its subsidiary Universal VAT Services.
FX4Charity
Through FX4Charity, Currencies Direct makes a donation to a registered charity of any new customer's choice when they buy or arrange foreign currencyCurrency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
from the firm.
I-PAYFX
I-PAYFX, combines the foreign exchange and payment elements of a transaction into one online process.Awards
- 2005 Currencies Direct ranked as one of UK's hottest companies in the 2005 Sunday Times Fast Track 100
- 2006 Currencies Direct short listed for Business of the Year at the National Business Awards.
- 2007 Currencies Direct short-listed for Service Business of the Year at the Fast Growth Business Awards.
- 2007 Management Today names Currencies Direct Chairman Mayank Patel at number 22 in their ranking of Britain's most successful entrepreneurs