Guide to Currenxie: fees, processing time and limits

What is Currenxie？

Currenxie is an one-stop-shop international financial platform that serves as both a Money Service Operator and an Electronic Money Institution. Based in Hong Kong, it operates as a licensed money service operator and money lender, though it is not a bank and is not regulated by the Hong Kong Monetary Authority. 

Since launching global account services in 2014, Currenxie has catered to a diverse clientele, including e-commerce businesses, small and medium enterprises, and large corporations. Its offerings include multi-currency accounts, commercial Visa cards, international remittances, and forex services.

Businesses can easily open Business Accounts online at no cost and with no monthly fees. Currenxie provides currency exchange using real-time foreign exchange rates, identical to the mid-market rates displayed on Google. Currenxie’s accounts support 18 different currencies across more than 30 countries, and fees vary depending on the specific service or currency involved.

Registrations are accepted from businesses registered in most countries and regions, except for those registered in the United States. However, businesses with directors who are U.S. citizens are still welcomed.

Currenxie Global Account

Currenxie’s Global Account supports 18 currencies. Once a business opens an account, it gains access to dedicated bank account numbers in key locations such as Hong Kong, Australia, Canada, Europe, Singapore, the UK and the US, spanning over 30 countries. This setup allows businesses to receive payments in local currencies like USD, GBP and GBP. For example, a Hong Kong account allows merchants to use Currenxie’s remittance services to receive e-transfers from other companies, and subsequently transfer to recipients in 100+ countries.

Furthermore, Currenxie’s Global Account integrates with e-commerce platforms like Amazon and Shopify, as well as third-party payment services such as Stripe and Paypal. This empowers businesses to use their Global Account and collect sales revenues from e-commerce sites, and make withdrawals and payments to suppliers.

Steps to create an account with Currenxie

Eligible businesses can apply to open accounts online at any time, with the process taking approximately 10 to 15 minutes. Follow these steps to open an account:

1. Visit the Currenxie website or mobile application;

2. Gather all the necessary documents such as Business Registration Certificate or Certificate of Incorporation, and the ID and proof of address of the company Director signing up and any UBO holding >25% of company shares

3. Fill out personal and company details

4. Upon completing the applicable and submitting the required documents, most applications will be reviewed within 3 business days.

How to make transfers with Currenxie?

Making transfers with Currenxie is essentially similar to most online remittance platforms. Start by preparing the recipient's bank account details, and register them as a new recipient in your Global Account. The registration typically takes 1 working day.

Once registration, you can transfer funds from their balance to the recipients. Depending on the recipient's bank location, the funds generally arrive in the recipient's account on the same day or the next working day.

Remittance fees for Currenxie

The setup and maintenance of a Global Account with Currenxie are completely free, with charges only applied for remittance transactions, as outlined below:

• Collect local payments: USD $0.75 per transaction

• Send local payments: USD $3.00 per transaction

• Send and receive SWIFT payments: USD $8.00 per transaction

• Fees for Foreign Exchange: From 0.1% to 0.6% of the transaction amount, depending on the currency

Currenxie may also apply non-standard fees, such as sending CNY to an individual from a foreign currency, incurring an FX fee of 0.4%, with a transfer fee of CNH 20 or 0.1% of the transfer amount, whichever is higher. For more details, please visit the official website.

How long does it take to remit via Currenxie?

According to Currenxie’s website, spots contracts enable real-time international transfers with interbank exchange rates. Recipients are credited the same day or the next, and businesses can also initiate transfers on weekends and holidays, though currency exchange occur only between 8 am to 8 pm on weekdays. Remitters should also consider the transfer dates as it may affect the processing time. 

Comparison of Currenxie and Airwallex

Currenxie and Airwallex are both all-in-one remittance and financial platforms. While they share similar business models, they differ significantly in company size and services offerings. The table below compares the remittance currencies, FX rates, fees, and processing times. Airwallex stands out by supporting a wider range of countries and currencies, offering faster processing times with lower fees.

FAQs

Does Currenxie set limits on remittances?

Currenxie’s official website does not provide information regarding remittance limits.

How many currencies does Currenxie support for remittances?

Currenxie supports remittances in 18 currencies and money collection in 14 currencies, covering major currencies such as the US Dollar, British Pound, and Euro. Compared to Airwallex, which supports remittances in 60+ currencies and money collection in up to 180 currencies, Currenxie may not meet the needs of some businesses.

Is Currenxie safe?

Yes. Currenxie mandates the use of two-factor authentication (2FA) for all transfers so all users must enter a verification code to authorize operations. This code is either sent to the remitter's mobile device or generated by an authenticator application.

Currenxie Limited operates as a global financial institution, licensed as a money service operator by the Hong Kong Customs and Excise Department (license number 14-05-01424) and holds a money lender's license. It is also a registered Foreign Money Services Business (MBS) in Canada, a licensed Financial Service Provider in South Africa, is AUSTRAC registered in Australia and authorized as an Electronic Money Institution (EMI) in the UK. 

Is Currenxie more affordable than bank remittances?

It is possible. Currenxie's online remittance services operate based on real-time FX rates, making them generally more cost-effective than traditional banks. They also offer forward contracts that allow users to lock in FX rates for up to a year. If the currency's value continues to rise within that year while the rate is locked in at a lower level, remitters can benefit from more favorable and economical exchanges. In terms of fees, both Currenxie and banks may charge potential fees based on factors such as currency types, remittance amounts, and recipient locations, although banks occasionally offer limited-time fee waivers.

Sources: Information on Currenxie was retrieved as of August 2024, from below sources. Information provided is for reference only. Please refer to the official website of Currenxie for the most up-to-date details

1. https://www.currenxie.com/en-hk/

2. https://www.currenxie.com/en-hk/resources/help-centre/

3. https://www.currenxie.com/en-hk/resources/pricing/

4. https://www.currenxie.com/en-hk/resources/help-centre/#7228985873222

5. https://www.currenxie.com/en-hk/features/payments

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every 6 months. If you would like to request an update, feel free to contact us at [email protected].