WAYS TO CONVERT CURRENCY
Quick, easy and secure international payments
Before you choose which way to convert your currency, there are a few things to think about:
- When do you need the currency?
- Are you making single or multiple payments?
- How will changes in exchange rates affect you?
Convert and send straight away
In most cases you can convert your money immediately and it’ll be sent the same day*. We use the live market when we quote you a rate, so you know the rate you’re getting is right up to date. Just agree a rate and tell us where you’d like the money to be sent.
*Subject to normal banking cut off times. Transfer speed can vary depending on the currencies and destinations involved, the time the transfer was initiated and the processing time of the receiving bank.
Fix the exchange rate
With a forward contract
Worried by fluctuating exchange rates? If you have an overseas payment planned in the future, you can fix an exchange rate today.
A forward contract lets you pay a small deposit to fix a rate for up to a year ahead. This gives you complete certainty of the cost of a future conversion, no matter what happens with exchange rates. As the rate is fixed, you’d benefit if rates were to fall but you’d miss out if they were to rise.
Target a specific exchange rate
With a rate alert or market order
If you have a specific exchange rate in mind, we can monitor the markets for you and alert you if your desired rate becomes available with a rate alert. You can set more than one rate alert at a time, simply log in to your online account or call our team.
Alternatively you can use a limit order to target an exchange rate higher than the current level. Let the team know what rate you want to achieve and we’ll automatically purchase your currency if it becomes available. You’ll benefit if the rate reaches your target, but it doesn’t offer protection if rates fall.
Make low-cost monthly transfers
Automate your regular overseas payments and relax knowing they’ll be made at great exchange rates, with no transfer fees.
Convert and hold in a currency wallet
Your digital wallets allow you buy currency in advance and hold it until you’re ready to make an onward overseas payment in the future. Please note that these can’t be used directly to buy or sell overseas shares through Hargreaves Lansdown. Your money will be held in a segregated client account so it will be separate to Currency Direct’s own company funds. Read more about how your money is held in our FAQs.