FAQ
Frequently Asked Questions (FAQ)
What is FX4Charity?
FX4Charity is a way of raising money for a charity of your choice when you buy or sell foreign currency
How does FX4Charity work?
FX4Charity works very simply. You register with Currencies Direct through the FX4Charity website or over the phone and each time you make a transaction – for example buying holiday money, or making a regular overseas payment such as a mortgage or pension – you generate a minimum £1 donation to a good cause of your choice.
The donation increases in line with the amount of foreign currency you buy or sell, in multiples of £1000, with amounts of more than £500 rounded up to the next threshold. Currencies Direct makes the payment at the end of the month, based on the amount of currency you have transacted that month., For example, if you bought or sold £3,500 of foreign currency in a month, in a single amount, Currencies Direct would pay £5 to your chosen good cause. This consists of £1 for the transaction, plus £4 for the multiples of £1000, rounded up to £4000. If however the sum you bought was £3,499, the donation would be £4.
Why should I use FX4Charity?
You will get one of the best foreign exchange rates available while generating donations to a good cause. It is the best of both worlds.
Am I getting the possible rate of exchange for my foreign currency when I use FX4Charity?
By using FX4Charity you will get the standard Currencies Direct rate of exchange, which is commonly two to three per cent better than the rate high street banks offer, while generating money for a good cause.
The rate is available for all to see without hidden extras and customers are encouraged to compare Currencies Direct’s rate with their own high street bank and deal with whoever offers the best exchange rate and fee structure.
Am I making the donation?
No, it is Currencies Direct. Each time a client buys foreign currency through FX4Charity, Currencies Direct will donate a portion of its profit margin to the customer’s chosen charity. This ensures the customer receives the best available rate whilst generating a charitable donation at no personal cost.
Are there any limits on the amount of money I can move?
You can transfer as much or as little as you like, although there is a £15 fee for transferring less than £5000 overseas. Check the website www.fx4charity.com to see more specific details on each product as well as terms and conditions.
Are there any limits to the number of times I can use FX4Charity?
–for a one-off payment, a series of regular transfers or holiday money.
Can I use the full range of Currencies Direct's service e.g. hedging, setting up regular payments, when I use FX4Charity?
Yes, whether it is a one-off transfer, or a regular payment, you can take advantage of all the great services Currencies Direct offers its customers.
Is Currencies Direct making money out of FX4Charity?
Yes, Currencies Direct launched FX4Charity as a way of growing its business whilset generating money for good causes. It is important that fund-raising initiatives are based on sound, profitable foundations to ensure they are sustainable in the long run.
How much does Currencies Direct expect to donate per year?
£100,000 to good causes of our customers' choice by the end of the first year.
What is PositiveFX?
The power of FX4Charity is based on the fact that every transaction will have a positive effect, by donating money to a charitable cause. That is what we call PositiveFX.
Who owns FX4Charity?
FX4Charity is a promotional concept owned by Currencies Direct, a leading supplier of foreign currency and international transfer, and designed as a fundraising initiative for consumers, charities, fundraisers and businesses.
There are also four founding members - Charities Trust, Bell Pottinger Business & Brand, Three's Company Communications and Nexolink – who have helped make the concept become a reality.
Tell me more about Currencies Direct?
Currencies Direct is one of the largest foreign exchange and international payment providers in the UK and Europe, with more than 100,000 private customers in five5 continents and over 3,000 business partners and customers. With its headquarters in London, and officesand offices in America, Africa, Continental Europe and Asia, Currencies, Currencies Direct offers an integrated foreign exchange service, beating banks on price and service. Twelve years of history, and a long list of awards confirm its reputation as a market leader and innovator.
Why did Currencies Direct found FX4Charity?
Currencies Direct is always looking for new ways to support good causes. FX4Charity is a simple and effective way to make fundraising an on-going, long-term commitment and a true reflection of Currencies Direct culture and values.
Besides, the current economic climate is ideal to introduce new innovative concepts that helps people save money and at the same time helps charities raise funds.
How can I get more involved with FX4Charity?
You can become more involved by spreading the word about FX4Charity, recommending it to charities and to users. The more people that use FX4Charity the greater the benefit for the charities and their beneficiaries.
Can a charity use FX4Charity to buy and sell currency, or move it overseas, and generate donations to itself?
Yes, this is a good way for a charity to raise more money for good causes.
Why does CD not make all of its customers use FX4Charity?
FX4Charity is an off-shoot of Currencies Direct which offers exactly the same exchange rate and quality of service but also generates a donation to charity. It is up to our customers to decide whether they wish to use FX4Charity or not but we hope that they will do so.
Will FX4Charity expand to other countries?
Yes. The objective is to make this platform a worldwide fundraising initiative available in all countries.
The Technical Stuff
Is FX4Charity a foreign exchange company?
No. FX4Charity is a branded fundraising initiative owned by Currencies Direct, not a legal entity. It was created as a “neutral” ground where consumers, charities and fundraisers can raise funds without focusing on who is the ultimate foreign currency provider.
The important message is: save money and donate, not the Currencies Direct brand.
Is FX4Charity registered with the Charities Commission?
FX4Charity is not a charity so it is not registered with the Charities Commission. It is part of Currencies Direct, the UK’s leading specialist foreign exchange and regular transfer provider, which is a fully registered UK company.
Who am I dealing with when I order currency or make a foreign exchange transaction through FX4Charity?
FX4Charity is not a foreign exchange platform, it is a marketing fundraising initiative. You will always be dealing, ordering and transacting through Currencies Direct. By registering with Currencies Direct through FX4Charity you will be joining a fundraising initiative that will allow you to generate a donation to a charitable cause of your choice each time you transact.
How do I know that my money is safe?
Currencies Direct corporate banker is HSBC, one of the biggest and safest banks in the world. Customers’ money is held in HSBC accounts and transferred through its systems, ensuring it is as safe and secure as possible.
How do I know that Currencies Direct is making the donation to my chosen charity?
Currencies Direct has appointed Charities Trust to disburse donations to the charities. Charities Trust is a registered, audited charity and has 20 years experience of collecting donations, making sure they are calculated correctly and allocating them to right charity.
Using FX4Charity
How do I sign up to use FX4Charity?
There is a simple three-step process for new customers:
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Register with Currencies Direct through FX4Charity (www.fx4charity.com or by telephoning +44 (0) 20 7 847 9400)
Select your charity
Buy the foreign currency, secure in the knowledge you’re getting one of the most competitive rates of exchange possible and raising money for a good cause.
Can I choose any charity in the world to donate to?
At the moment you can choose from around 200,000 charities which operate in the UK and around the world. All the charities are registered with the Charities Commission, the body which vets and monitors charities in England & Wales or with OSCR which registers charities in Scotland or with HMRC.
What do I do if I can't find my charity?
If the charity you want to donate to is not on the list then we will endeavour to track it down for you and make the donation. However we cannot guarantee this will be possible in every case – when it is not we will contact you and ask you to nominate another charity.
How do I know the donation is getting to the charity in full?
Currencies Direct is paying Charities Trust an administration fee on top of the donation to ensure the full amount reaches to the charity.
Do you have plans to alter the financial structure of the donations if FX4Charity exceeds expectations?
Our plans are to adapt, evolve and improve FX4Charity on an on-going basis, including the financial structure. Its success will be based on how meaningful it is to consumers, charities and fundraisers. We will seek feedback on a regular basis to make sure FX4Charity becomes the leading fundraising platform within the foreign exchange industry.
How did you decide on the financial structure of the donations?
We wanted something that was meaningful to charities, commercially viable and simple to calculate. At the same time it was very important that all transactions, regardless of size, generated a donation. The scheme we have in place fulfils all of these objectives.
Are my details going to be released to the charity?
No. Your data will be stored on Currencies Direct’s secure database and protected in the same way as any other responsible business guards its data. It will not be given or sold to third parties. Your charity will only know the donation was generated via FX4Charity.
Am I covered by the Data Protection Act 1998?
Yes. Your data will not be given or sold to third parties and Currencies Direct will not contact you for any other information, besides that relevant to FX4Charity or Currencies Direct.
What is the scheme for business transfers?
At the end of each month, Currencies Direct will donate £1 for every transaction (buy/sell contract of foreign currency) you execute in the month. If the monthly amount exceeds £10,000, then Currencies Direct will donate a further £1 for every multiple of £10,000. For these purposes, amounts of £5000 or more will be rounded up to the nearest £10,000. For example, if in a month a single contract was entered into in respect of which the monthly amount was £35,000, then Currencies Direct would donate £5. If the monthly amount under such contract was £34,999, then Currencies Direct would donate £4.
And why is it different to consumer transfers?
The donation scheme is different because in corporate foreign exchange the average transaction value is normally much higher, and hence foreign spreads are much tighter, preventing Currencies Direct from offering the same structure to business as it offers individuals.
£1 doesn’t seem a lot. Why not more?
£1 is the minimum guaranteed donation per transaction, and will rise in line with the amount of money transferred. Currencies Direct’s expects to donate at least £100,000 to good causes in the first year. There are 70 million trips overseas every year starting in the UK - just imagine how much could be raised for charitable causes if everyone used it.
Will ‘Gift Aid’ be added to the donation my transaction generates?
‘gift aid’ donation. This is done by calculating the tax relief which Currencies Direct receives from HM Revenue & Customs on its donations and then topping up its payments to charity by the same amount on a regular basis.
Does Currencies Direct claim corporate tax relief on its charitable donations?
Currencies Direct’s corporate tax rate will be adjusted to account for its charitable donations. However the savings that are made will be set aside and passed to customers’ chosen charities to ensure they receive everything they would be entitled to.
Who can I call if I have a problem?
You can contact anyone from the Currencies Direct sales team on +44 (0) 20 7 847 9400.
For Charities & Fundraisers
I’m a charity. What is the benefit of registering with FX4Charity?
By registering with FX4Charity you will not only be able to encourage existing donors to donate extra money through FX4Charity but you will open doors to many other potential donors. There will always be a demand for international payments and foreign exchange transactions – the UK market moves $3.2 trillion a day.
I’m a charity. What is the benefit of registering with FX4Charity?
Any registered charity or fundraiser can use FX4Charity, this includes schools, colleges and businesses with foundations registered as charities.
Are we eligible to sign up to FX4Charity?
By registering with FX4Charity you will not only be able to encourage existing donors to donate extra money through FX4Charity but you will open doors to many other potential donors. There will always be a demand for international payments and foreign exchange transactions – the UK market moves $3.2 trillion a day.
How do we register?
By visiting www.fx4charity.com/charities or www.fx4charity.com/fundraisers and following the onscreen instructions, or by calling Currencies Direct on +44 (0) 20 7 847 9400.
What do we get when we sign up?
As a charity or fundraiser you will get full support from a marketing and sales perspective to promote FX4Charity. Besides a detailed marketing pack you will get training and exposure in FX4Charity's website.
When will I receive a payment?
Donations are disbursed to charities each month by a BACS payment from our charity payment partner, Charities Trust. If you are new to FX4Charity and do not currently have a payment relationship with Charities Trust please contact them on info@charitiestrust.org to ensure that your payment can be made without delay.
I was expecting a payment this month and did not receive one. Why did this happen?
Possible reasons for payment delays are:
- timing – Charities Trust will pay over monies received from Currencies Direct up to the 2nd Wednesday of the month
- no bank details for the beneficiary charity
Can we set up our own FX4Charity webpage to generate donations?
When you register with FX4Charity you may be eligible to get your own dedicated landing page under the FX4Charity website. This will allow you to direct your traffic to this page and secure as many donors as possible.
Who handles the donation process?
When you register with FX4Charity you may be eligible to get your own dedicated landing page under the FX4Charity website. This will allow you to direct your traffic to this page and secure as many donors as possible.
When will I receive a payment?
There are three parties involved: the customer, Currencies Direct and Charities Trust. The customer selects the beneficiary of the donation, Currencies Direct is the legal entity making the donation, and Charities trust is the charity disbursing them.
Tell me more about Charities Trust?
individuals, companies and charities. Every month it processes thousands of charitable donations and has been doing so for over 20 years. As a registered charity it is regulated by The Charity Commission, and as a payroll giving agency we are regulated by HMRC. Its accounts are independently audited each year by Price Waterhouse Coopers.
When do we receive our donations?
You will receive your donations via Charities Trust in the 3rd week of each month.
Does the donation include Gift Aid?
Because the money is being donated by Currencies Direct, which runs FX4Charity, not the customer it cannot be Gift Aided. However Currencies Direct does claim back Corporate Tax Relief on its charitable donations and pays this to the charity, via Charities Trust, on a pro-rata and regular basis.
Can we find out which individuals have chosen our charity?
Currencies Direct complies with all Data Protection Act requirements and as such protects all its customers details. They will only be released if donors indicate to Currencies Direct they do not wish to remain anonymous.
What else can FX4Charity offer to me?
As well as being a unique fund-raising platform FX4Charity gives you access to a world-leading foreign exchange service for your own currency requirements.