Brand Migration FAQ
We will be moving your payments service and data to Currencies Direct Ltd by the end of June this year and retiring the Currency UK brand, giving you access to a broader range of international payment solutions and risk mitigation tools.
While this will mean saying goodbye to the Currency UK brand, we are excited to merge our team with Currencies Direct and the opportunity that creates to be an industry leader in the international payments space.
Our clients will benefit from a range of innovative foreign exchange products and enhanced service offering all with the same high level of customer service that has become synonymous with Currency UK.
We anticipate that this will happen by the end of June this year and will ensure clients remain updated as dates become finalised.
Any current trades you may have will be seamlessly transferred to our new trading platform using API technology. This means existing trades, beneficiaries and margins will remain the same as we introduce the Currencies Direct brand.
The main change our clients will experience is a new online platform where they can manage their account, view payment information, and book new trades. The new online platform is easy to use and has enhanced capabilities when compared to our current system and, as they can now, customers can book trades online themselves or by contacting a member of our team.
Information about the new platform and how to log in will be shared in the coming months and your account manager will be on hand when we migrate to the Currencies Direct system should you need any support.
Your FX and payment transaction history will be present when you log into the new platform. This will include beneficiary data, statements, and anything you would currently expect to access via Currency UK.
Our partnerships team will be in touch to transition you to the new affiliate platform.
Currencies Direct are also authorised by the FCA. The differences between our existing terms and conditions and the Currencies Direct terms and conditions are largely technical and relate to moving from an Authorised Payment Institutions (Currency UK) to an Electronic Money Institutions (Currencies Direct FCA Firm Reference Number 900669). The key difference between these two is that E-Money Institutions, in addition to the list of Payment Services that an API may conduct, can also issue electronic money. This enables us to deliver more services to you.
Our pricing and fees will remain consistent with your current experience. Critically, your funds will be safeguarded under Currencies Direct Ltd, similar to as they were under Currency UK Ltd. Click here for further information regarding safety of funds to see how Currencies Direct Ltd will be protecting your funds.
Currency UK has a regulatory obligation to keep historic customer and transactional data for 7 years. This obligation will pass to Currencies Direct Ltd. As such, any customer and transactional data we hold for that period including personal data about who instructed the transactions will be transferred to Currencies Direct Ltd. As Currency UK is already part of the Currencies Direct Group, regulatory and compliance functions within the Group already have access to this data.
You don’t have to do anything as part of this process but you do have the option to opt out if you wish. Please call or email your regular contact at Currency UK if you wish to opt out.
Clients will be issued with links to the new online platforms and the links via the Currency UK website will also be updated.
For your first transaction, you will be taken through a bespoke journey, where you will set a new password for enhanced security on the new platform. This will include a multi-factor authentication e.g. a pin sent to your mobile device.
An added benefit is that private clients will be able to log into their online system via the Currencies Direct app and manage all aspects of their account.
Again, your familiar contact at Currency UK will be on hand to help you through this process, whether you deal with Hayley, Rob, Nicole, Chris, Alex or any other member of the team – we will be here to support you.
If you prefer to book your trades and manage your account via email or speaking to your account manager, you will still be able to do this as normal when we adopt the Currencies Direct brand. You will also go through a verbal multi factor authentication over the phone. To simplify this process, we will gather security questions during your first call once the change has taken place.
When it comes to trading with us you will still have the ability to manage trades and payments yourself via our online platform or by speaking to your existing account manager.
Initially there is no need for you to update the bank details that you use to transfer funds to us as these accounts will be novated to Currencies Direct.
However, with each new transaction we will issue you with Currencies Direct account details which you can use in place of the Currency UK account details. There will be a period of time during which you can use both the Currency UK and Currencies Direct account details. Eventually, we will aim to retire all Currency UK account details.
As part of these changes, you will have access to a wider range of products and currencies, for which there may be additional sets of bank details.
When funds are with Currency UK we have an obligation to safeguard these funds. We do so by holding the funds in a specific, protected set of accounts. These accounts will be novated to Currencies Direct, at which point Currencies Direct will continue to safeguard them until you compete for your transaction. As Currencies Direct is an Electronic Money Institution, there are some technical differences in how your funds will be safeguarded. Click here for further information.
Both companies have an obligation to you under our FCA authorisations, to ensure this is a seamless process and that there are no gaps in the security of your funds. Neither Currency UK nor Currencies Direct are part of the Financial Services Compensation Scheme.
Your account manager and point of contact will remain the same. The CUK staff are becoming Currencies Direct staff. Whether you deal with Hayley, Rob, Nicole, Chris, Alex or any other member of the team, we are committed to maintaining our high standards when it comes to customer service and client support.
Our Currency UK contact details will remain the same with exception of the URLs where you login to our online platform and the email address from which your automation transaction emails come from.