Clear Currency Review

Sending money abroad can be a daunting task – finding the best exchange rates, understanding hidden fees and dealing with long wait times. 

Clear Currency is a well-respected online platform for money transfer services that aims to make international payments simple, fast, and cost-effective. Through its platform, users can easily transfer money to over 130 countries from the comfort of their homes. 

In this comprehensive review, we will explore Clear Currency’s services in detail, from services to pros and cons and everything in between. 

Whether you’re looking to send money to family abroad or to pay international contractors, Clear Currency could be the right solution for you.

Clear Currency Overview

With Clear Currency, you can transfer money internationally through the company’s payment platform, via email, or over the phone. 

Additionally, they can offer their clients forward contracts that lock in an advantageous exchange rate for a year, which mitigates currency risk.

Clear Currency Individual Services

Forward Contract

A currency forward contract is an agreement to buy or sell a set amount of currency at a set price on a future date. This type of contract can be used to hedge against exchange rate risk. 

For example, if you expect to receive a large payment in euros in three months, you could enter into a forward contract to sell euros and buy dollars at the current exchange rate. 

This ensures that you receive a certain amount of dollars even if the value of the euro decreases by the time you need to make the payment.

Limit Orders

Limit orders are purchases or sales of currencies at a specified price or better. Buying limit orders can only be executed at limit prices or lower, while selling limit orders can only be executed at limit prices or higher. It is common to use limit orders as a means of protecting against sudden exchange rate fluctuations.

Stop-Loss Orders

A stop-loss order is an order to buy or sell a currency when it reaches a certain price. Stop-loss orders are often used to limit losses on investments.

For example, if you own shares of XYZ Company and you are worried about them losing value, you could place a stop-loss order at $50 per share. This would instruct your broker to sell your shares automatically if they fall below $50 so that you don’t lose any more money than you are comfortable with.

Combining Orders

It is also possible to combine different types of orders to create more sophisticated hedging strategies. For example, you could place a stop-loss order combined with a limit order so that your currency would be sold automatically if the exchange rate fell below $50, but only if they were able to be sold for at least $49. 

This would help ensure that you didn’t take too big of a loss while still protecting yourself from sudden market movements.

How to Use Hedging Tools?

• Identify your goals

When you are looking to use hedging tools, the first step is to identify your goals. Are you looking to protect your assets from inflation or from a currency collapse? Or are you simply looking to profit by speculating on the currency movements? Once you know your goals, you can begin researching which hedging tools will help you achieve them.

• Research different types of hedging tools

There are a variety of hedging tools available, and each has its own strengths and weaknesses. Some common hedging tools include currency forward contracts, limit orders, stop-loss orders, and options contracts. Therefore, you should research each type of tool and how it works before deciding which one is right for you.

• Consider potential risks

All hedging strategies come with some degree of risk. You should always consider the potential risks before implementing any hedging strategy. 

Clear Currency Business Services

Batch Payments

Organisations that make regular or batch payments to suppliers, employees, or contractors can save time and money by using a money transfer company. Rather than issuing multiple payments each month, businesses can automate their payments through a single platform. This not only saves on processing fees but it also reduces the chance of human error when making manual payments.

Automated Currency Conversion Functionality

Another benefit of using a money transfer service is the ability to convert currencies automatically. This is especially beneficial for businesses that operate in multiple countries or deal with international customers. By using a service that offers real-time currency conversion, businesses can avoid the hassle and expense of manually converting currencies.

Dedicated Account Manager

When businesses sign up for a money transfer service, they are assigned a dedicated account manager. This individual is responsible for helping them set up their account, choose the right payment options, and troubleshoot any problems that may arise. Having a dedicated account manager provides peace of mind and allows businesses to focus on their core operations without having to worry about their payment processes.

Benefits of Using Money Transfer Services for Businesses

• Security

When it comes to business transactions, security is always a top concern. Money transfer services can provide an extra layer of security by ensuring that all payments are processed through a secure, encrypted platform. This can give peace of mind to both businesses and their customers, knowing that their information is safe and secure.

• Improved international payment processing

Another benefit of using money transfer services for businesses is improved international payment processing. By using a service that specialises in global payments, businesses can streamline the process and avoid any potential obstacles or delays. This can be a major advantage if you frequently engage in international trade.

• Reduced transaction fees

Finally, another benefit of using money transfer services is the reduced transaction fees. Many times, these services will charge lower fees than traditional banks or other financial institutions. This can save businesses a significant amount of money on each transaction, which can add up over time.

Clear Currency Accessibility

With Clear Currency’s online payments platform, you can manage all your currency requirements 24/7, anywhere, anytime. It gives users visibility and control over everything from instructing payments to purchasing currency.

Clear Currency Currencies Available

The company’s payment platform supports over 35 currencies, and more are being added constantly. 

At present, they cater to the following:

• CNY – Chinese renminbi (yuan)

• RON – Romanian leu

• AED – United Arab Emirates dirham

• HUF – Hungarian forint

• PHP – Philippine peso

• AUD – Australian dollar

• UGX – Ugandan shilling

• ZAR – South African rand

• HKD – Hong Kong dollar

• BWP – Botswana pula

• ILS – Israeli new shekel

• CAD – Canadian dollar

• KES – Kenyan shilling

• TRY – Turkish lira

• JPY – Japanese yen

• CHF – Swiss francs

• NOK – Norwegian krone

• NZD – New Zealand dollar

• PLN – Polish złoty

• CZK – Czech koruna

• THB – Thai baht

• DKK – Danish krone

• EUR – Euro

• GBP – Pounds sterling

• USD – US dollar

• SGD – Singapore dollar

• MUR – Mauritian rupee

• MXN – Mexican peso

• OMR – Omani rial

• QAR – Qatari riyal

• SAR – Saudi Arabian riyal

• SEK – Swedish krona

Clear Currency Exchange Rates & Fees

It is well known that even a small change in the exchange rate can significantly affect your international payments. Exchange rates at Clear Currency are competitive, helping you save money. Live rates are available on their payment platform, or you can ask a specialist to assist you in securing the best rate.

With Clear Currency’s automated payments system, you don’t have to wait long for your funds to arrive. Within two working days after placing funds in your Clear Currency account, you’ll be able to access them in the new currency.

Furthermore, there is no fee for transfers.

How to Send Money With Clear Currency?

• Create an account

This process is usually pretty straightforward and simply requires you to provide some basic personal information. Once you have created your account, you will need to confirm your identity by providing some additional documentation, such as a copy of your passport or driver’s licence. This is typically done through an online verification process.

• Confirm your exchange rate

Once you have signed up for an account and confirmed your identity, you will need to select the currency you want to transfer and confirm the current exchange rate. Unless you are using hedging tools, exchange rates will fluctuate according to market conditions.

Clear Currency will allow you to lock in an exchange rate for a certain time, which can be helpful if you’re trying to minimise risk.

• Transfer funds

Once you have selected the currency you want to transfer and confirmed the exchange rate, you will simply need to enter the amount of money you want to send and provide the recipient’s information.

Transfer Time

Depending on the cut-off time, you will receive your funds in the new currency the same day or the following day. A three-day transit time is typical for long-distance destinations like Thailand or New Zealand.

FREE QUOTES

Clear Currency offers free quotes on its website. 

Here’s the information you’ll need:

• Type of transfer: personal or business

• Your transfer amount

• Currency(s) you will be transferring (both from and to)

• Include your name, e-mail address, and telephone number

Clear Currency Reviews

Both first-timers and loyal customers have written reviews of Clear Currency based on their experience with their services.

Several satisfied clients have reviewed Clear Currency on Trustpilot, where they’ve received an Excellent rating.

Is Clear Currency Safe?

As a licensed electronic money issuer, Clear Currency is regulated by the Financial Conduct Authority (FCA). This is particularly useful if you wish to make monthly payments overseas safely and without restrictions.

Clear Currency Pros

• Using Tier 1 banking partners facilitates speedy, efficient payments

• Transfers to international accounts same-day and next-day

• A dedicated account manager provides currency guidance and risk mitigation strategies

• Transact in 130 countries and 35 currencies 

• There is no hidden charge or fee

• A free online account that offers a secure and safe payment platform

Clear Currency Cons

• Credit card payments are not available

• A London office and a Dublin office are the only offices available

Clear Currency Summary

Whether making large or small international payments, Clear Currency can help companies and individuals manage currency risk.

• An individual approach

The company will assign you a dedicated account manager who will monitor the currency market on your behalf to reduce the cost of international payments when there are fluctuations in currency exchange rates.

• Tools of the trade

A forward contract, for instance, can help you lock down exchange rates for future payments with the help of your account manager. These tools will ensure you don’t incur any additional costs when you make international payments. 

• A safe and secure environment

The company is authorised and regulated by the FCA, which governs 50,000 firms in the UK to ensure fairness, honesty, and competitiveness in financial markets.