Across the big pond

If you want to send money abroad in a foreign currency, you can either use your bank account or turn to specialized service providers, which can sometimes be much cheaper. German-born Anne Schneider of Currencies Direct in Orlando explains some of the advantages.

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Florida Sun Magazine: Ms. Schneider, the value of currencies is known to fluctuate. This can lead people to transfer money at a bad time when the exchange rate is particularly unfavorable.

Anne Schneider: Yes, that is true. This is where we at Currencies Direct come in to optimize currency transactions.

Can you be more specific?

Well, when it comes to the exchange rate of the euro against the US dollar, for example, from August 2022 to February 2023, it has ranged from lows of $0.96 to highs of almost $1.10. So if you wanted to transfer an amount of 200,000 euros, the difference of 14 cents would ultimately result in a difference of 28,000 dollars.

For someone who wants to buy a vacation home in Florida, for example, that is a significant amount of money. Would you say it's all a matter of timing?

That's one way of putting it! At Currencies Direct we help you get more for your money - with the best possible rates, expert insight and a range of flexible transfer options.

How does it work?

One way is through derivative contracts. If today's exchange rate looks good but you don't want to transfer any money yet, you can simply send us a small deposit and we will lock in the exchange rate for you for up to two years. Similarly, if you have an exchange rate in mind and no time pressure, a limit order can be useful. You tell us what your target rate is and as soon as that rate is reached, we will execute the transaction for you.

Is this a service that banks don't offer?

No, we have a clear advantage as a specialist provider. 

How long has Currencies Direct been around?

We have been around since 1996 when we launched as the first money transfer company in Europe. We now have 27 offices between our headquarters in London, Spain, Portugal, USA, Canada, Australia, South Africa, India and Dubai.

What sets you apart from similar service providers?

We are the only money transfer company with a widespread retail presence, a phone system, an online service and a mobile app. Last year, we processed more than 570,000 payments and transferred more than 11 billion euros in foreign currency.

Do you have any collateral that your customers can rely on?

Currencies Direct does not speculate in the currency markets. All our client transactions are conducted in accordance with the requirements of the UK Financial Conduct Authority to ensure maximum protection for our clients.

What about the United States?

In the United States, accounts held in US dollars are protected by the Federal Deposit Insurance Corporation (FDIC). Our company has received the highest possible credit rating of "Level 1" from the credit agency Dun & Bradstreet.

Do customers from German-speaking countries benefit from having you in Florida?

[Laughs] I hope so! I'm not primarily interested in selling a product, but rather a service. In addition to small transactions, I want to help people realize their real estate dreams in Florida - or help them transfer the proceeds from the sale of a property in the Sunshine State smoothly back to their bank account at home.

Ms. Schneider, thank you very much for this interview!

Anne Schneider

As a German-speaking, Florida-based real estate specialist with 35 years of professional experience, Anne Schneider has in-depth knowledge of sales and business management as well as the real estate industry. At money transfer company Currencies Direct, she and her team assist customers with all aspects of sending money across the Atlantic. Anne holds a degree in Business Administration and resides in Sarasota with her husband and three children.

Phone: (407) 885-1881

anne.schneider@currenciesdirect.com