Currency Online Review

How It Works

Currency Online provides more services including online money transfers to clients. With Currency Online, money can be in one country one minute and then with the click of a mouse can be in someone else's account across the world.

As its name implies, an interested client can get registered via online, as indicated on their website dashboard. Registration is free of charge, whereas account opening is optional. Your country of origin is important, and information you need to submit may vary depending on your geographical location.

How Much Does It Cost?

Unlike many other foreign currency exchange companies, Currency Online Limited is in charge of their fees and guarantee you will not experience any hidden costs added to your transactions or services.

With their One Free Disbursement initiatives, all clients receive their first transfer free, with transfers above $10,000 currency equivalent fee-free.

If your sold currency is higher than the amount listed ($10,000), you will not be charged a fee by Currency Online. However, if you are transacting an amount that is smaller than the amount listed, the amount varies based on the money total you send.

What Exchange Rate Will I Get?

Currency Online Limited don't operate on a fixed exchange rate as the prices fluctuate every day. They promise exceptional exchange rates. As we mentioned, there is a 'Rate Alerts by email' online tool provided the Currency Online team, so you can track your most favourable rates.

How Do I Send or Receive Money from Overseas?

Before we can discuss the service, this one is a bit different than other options because it is focused fully on online money transfer. This type of transfer occurs when a bank customer wants to send money to another country through their bank. A bank provides this procedure which allows customers to send money to a country that has a branch of that particular bank.

The transfer will also be converted to whatever currency used in the other country. Banks also provide messages and updates about the procedure allowing the customer to know where the money is throughout the process.

How Do I Pay?

With Currency Online Platform, clients can manage and transfer money anytime, anywhere. Anyone with a computer can transfer money online with this service. The basic process is as follows:

• Get a quote for the money transfer and current exchange rate
• Lock in your quoted rate
• Send money from one account to another with Currency online

If a user does not have access to the internet, they can often also call a service number to transfer the money.

Can I Pay by Credit Card?

You cannot pay by credit card for this service.

What Currencies Can I Transfer?

Some of the currencies available for transfer are:

• Australian Dollar (AUD)
• Canadian Dollars (CAD)
• Euro (EUR)
• Great British Pounds (GBP)
• Japanese Yen (JPY)
• New Zealand Dollars (NZD)
• United States Dollars (USD)
• Swiss Francs (CHF),
• Czech Republic Koruna (CZK),
• Danish Krone (DKK),
• Fijian Dollars (FJD),
• Hong Kong Dollars (HKD),
• Hungarian Forint (HUF),
• Mexican Peso (MXN),
• Norwegian Krone (NOK),
• Philippine Peso (PHP),
• Polish Zloty (PLN),
• Swedish Krona (SEK),
• Singapore Dollars (SGD),
• Thai Baht (THB),
• South African Rand (ZAR)

Currency Online is a decent tool if you want to conduct foreign transactions and money transfers. In some cases, people send money back and forth at the best rates just to make a profit or run their business more effectively. Transfer cash quickly with Currency Online, a service we recommend, especially to Australians, looking to conduct straightforward money transfers.

What Services Do They Offer for Businesses?

Formerly known as Eldridge Lynch & Associates Ltd, Currency Online limited was founded in 1986 mostly to serve the foreign exchange needs to the automotive industry in New Zealand.

HiFX Group, in October 2008, bought the company. While the HiFX Group was in turn acquired by Euronet Worldwide Inc, in May 2014.

The acquisitions nevertheless have ensured that Currency Online Limited continues to deliver a highly credible service to its clients along with an improved capability to generate new features and benefits in the coming years.

Currently, the online platform provides a wide range of products including the following:

Spot Contract – Immediate Money Transfers

The Currency Online spot contract is used for immediate money transfers and is the most popular method of transferring funds.

• Competitive, comparable prices
• Currency exchange rates updated every 5 seconds
• Over 25 currencies offered
• Payment in 1-3 business days

Forward Contract

The forward contract of Currency Online allows you to agree on the current market rate for payment in the future and is useful for protecting you from adverse market movements. Particularly useful if you want to lock in a favourable rate, but don't have the funds available to pay for the contract immediately.

All forward contracts are subject to a minimum amount and payment of an initial margin to secure the obligation. Variation margin may be requested if significant adverse market movements occur during the term of the contract.

• Forward contracts in 15 currencies
• Real-time competitive forward rates
• One week to six months
• Ability to pre-deliver or extend forward contracts

Market Orders

Customers can place a Market Order to target a predetermined rate that you would like to achieve, and we'll monitor it for you. Market Orders allow customers to target a rate they wish to transact at that is either better than the current market rate to capture positive movements or worse than the current market rate to protect against adverse transactions or exchanges. Market Orders are free to use.

Currency Online platform allows you to place, modify, and cancel Market Orders. Clients can also view the savings or cost differences between the current market rate and order rates. Orders offered include limit and stops and OCO's (One Cancels the Other).

Take the stress out of watching the market rate fluctuate and let the Currency Online team monitor it for you automatically. Orders remain live until you cancel.

Manage Beneficiary Details

Customers can add the bank accounts you wish to send funds to (beneficiaries). Specify payments straight after purchasing currency or pay directly from your currency account.

• Add beneficiary details online (these are saved for future disbursements)
• View full history of payments to each beneficiary
• Automatically notify beneficiary payment is on its way by adding their email address
• Standard format for each currency reduces bank charges

Access Account History

Your full account history is available online for your lifetime transfer activity with Currency Online. This is useful because you can search and use features like this:

• Lifetime account history
• Sort by currency, date, beneficiary or reference
• Grant view-only access to your accountant

Market information

Access the latest market information, all in one place. Currency Online keeps you in touch with the world's dynamic currency markets.

• Daily commentaries online
• Email roundups sent to your inbox
• Exchange rate graphs 24 hours, 30 days, 12 months and ten years
• Twitter updates for the latest market information, as it happens
• Rate Alerts via our online platform
• Download the iPhone app for convenience

Multiple Payments

Currency Online's payment platform allows you to pay multiple recipients within the one transaction or from your money held on account. This ensures you enjoy the most efficient process possible when you need to pay more than one person or supplier.