Currency Online Foreign Exchange transfer procedure

Currency Online

There are a few options for transferring money in different currencies around the world, and this week I had to choose one to use for my own transfer of about $10,000 into another country.

It has been many years since I did a large currency transfer, and the last time I used my own bank, as it was the easiest option at the time.

However, this time I opted to use Currency Online, and I have now learned the procedure for transferring this way.

Who are Currency Online ?

Currency Online is part of the HiFX group of companies, a global group executing foreign exchange transactions in excess of USD $46 billion and with operations in the UK, North America, New Zealand and Australia and have been operating since 1986. Currency Online Ltd are an Australian Registered Business (ARBN 154 565 296) and they hold an Australian Financial Services Licence Number: 415643.

What do Currency Online Charge?

Transfers of A$10,000 and over are free of charges. The amount you give them is the amount that is converted.

There are transfer fees for values under A$10,000 and these can be seen at the Zero Fees page at, the A$ charge for smaller values is $12.00  The charge for transfers from a UK account is GBP £5.00

Currency Online make their main profits on the different rates that they buy and sell currency at.

The Currency Online procedure:

1: Set up your account online at

This will entail having a scanned copy of identification  including your address. I used my passport and a copy of my Electricity bill.
The camera in a mobile phone makes it really easy to get a “scanned” copy of ID documents these days. The account set up procedure asks you to upload these documents while creating the account, or emailing or faxing them later. Uploading was easiest for me.

2: Set up the details for the foreign currency account where you are transferring funds to.

You will need the SWIFT code for the bank, and the branch details, with the account name and number. The bank can easily supply the SWIFT details.
I was also given a “routing number” by my receiving bank, but Currency Online did not seem to require this. I did ask them to check and they confirmed that it was all OK without it.

3: Once your account is created, you buy your currency.

You have the option to buy currency at the current rate “Spot Rate” or you can decide what rate you want, and place an order to activate as soon as it hits that rate. eg: The current rate for my transaction was hovering around 41.2 to the dollar.

I really wanted a rate of 42 to the A$, and I had the time to wait, so I set a “new market order” for the rate of 42.00 and waited until the rates changed enough to activate.
Once the rate reached 42, which took about 3 days, my order was automatically activated, (while I was out sightseeing), and I received an email requesting me to deposit my order value to the Currency Online account by online transaction.

I then transferred the A$ sum online, which arrived with Currency Online the following morning. I received an email from Currency Online at 8am, advising me that my foreign currency funds would be transferred to my nominated overseas account the next day.

Then it was down to the international banking systems, and how long each segment took.

I now sit and wait for the funds to reach the desired foreign bank. That bank did say it can take a week to come through. I will be checking online every day 🙂

How Currency Online make their profits:

There are THREE main Foreign Exchange (FX) rates quoted where currency transactions are involved.

  • The Interbank Rate – This is the most commonly quoted rate, but is never used as a price for customers.  This is a non profit price between banks.
  • The BUY rate –
  • The SELL rate –

The difference between the buy and sell rates are the profits that currency traders retain.

Examples rates to explain how this works are:

  • 42.50 The Interbank Rate
  • 42.00 The BUY rate. ie: you get 42 for every dollar
  • 43.00 The SELL rate. ie: you pay 43 to get every dollar

The difference between 42 and 43 is the profit that the currency trader makes.

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