Sending funds via CurrencyFair
CurrencyFair is an online currency-conversion specialist which aims to save its users money compared to converting currency through the main banking system. Also, CurrencyFair has local bank accounts in various countries, making it easier to send funds to them (including Australia, New Zealand, Poland, Hungary, Czech Republic, Switzerland, Sweden, Denmark and Norway).
- You’ll need to sign up for a CurrencyFair account unless you have one already.
- Make a deposit into your CurrencyFair account in your local currency.
You’ll need to make these deposits from the same bank account that you are using with your WhiskyInvestDirect account.
- Within your CurrencyFair account, convert your money into your WhiskyInvestDirect account currency (either British Pounds or US Dollars, depending on what you selected when you opened the account).
- Add WhiskyInvestDirect's bank details (for your account currency) to your CurrencyFair account.
- Transfer your funds from CurrencyFair to WhiskyInvestDirect.
You must quote 'your WhiskyInvestDirect USERNAME' as your payment reference from CurrencyFair to WhiskyInvestDirect.
While we encourage users to link a bank account to their WhiskyInvestDirect account we understand that this can be expensive for International users who aim to mitigate costs at the time of converting one currency into another.
CurrencyFair users have two options to transfer funds and validate their WhiskyInvestDirect account.
Validation option 1
Validating a bank account with WhiskyInvestDirect and using CurrencyFair to convert and send funds.
This option enables clients to link their bank account to their WhiskyInvestDirect account and use CurrencyFair to exchange funds from their local currency to British Pounds. Clients must be aware that only one bank account can be linked to their WhiskyInvestDirect account at any given time. Therefore, it is not possible to use multiple bank accounts as source of funds for a CurrencyFair account.
If clients choose this option, each time they deposit we require two proof of deposits. The first proof of deposit must show the payment sent from their linked bank account to their CurrencyFair account. The second proof of deposit should detail the transfer made from CurrencyFair to their WhiskyInvestDirect account.
To follow this validation option we require:
- Bank statement from linked bank account
- Proof of deposit from linked bank account
- Proof of deposit from CurrencyFair
- Photo ID (passport, national identity card/driver's license with a clearly visible photograph)
Both proof of deposits must show ALL the following:
- Name and logo of the linked bank account
- Bank account holders' names
- Bank account number/iban & bic/swift or branch code
- Amount sent
- Name and logo of CurrencyFair
- CurrencyFair account holder's name
- CurrencyFair account number/iban
- Amount sent
Photo ID. We accept passport, or a national identity card/driver's license with a clearly visible photograph.
Please note: all documents must be uploaded by clients through the page Account->Documents while logged into their account. Failing to do so could lead to delays. We cannot accept documents sent by email.
Option 1 example: A client based in Germany holds a Deutsche bank account ending 0123. This account has been validated and linked to their WhiskyInvestDirect account. To save money exchanging Euros into British Pounds they wish to use CurrencyFair. Although they hold several bank accounts at Deutsche Bank because they have already validated and linked the bank account ending 0123 to their WhiskyInvestDirect account they must always use this account to transfer funds to CurrencyFair and then from the same CurrencyFair account to WhiskyInvestDirect.
Validation option 2
Linking CurrencyFair directly to a WhiskyInvestDirect account.
This option enables clients to link their WhiskyInvestDirect account directly to CurrencyFair.
The following documents must be uploaded by clients through the page Account->Documents while logged into their account.
- CurrencyFair account screenshot. The specific screenshot we need must show client’s account banking details, full name of the account holder, CurrencyFair name together with CurrencyFair membership number starting with CF****** and followed by numbers. To take this screenshot clients should log in to their account on the desktop website of CurrencyFair and go to My Account->CurrencyFair Bank Accounts->Select GBP/USD from the drop down list->Click on the tab located at the top right corner under your name to show a match between the CF****** number on the front page and the CF***** number displayed under your name. All information must be displayed together with client's membership number for the screenshot to be accepted. Please see an example of the screenshot below for further reference.
- CurrencyFair declaration for validation. Please use the text below in a document and upload it to your WhiskyInvestDirect account.
- Photo ID. We accept passport, national identity card/driver's license with a clearly visible photograph.
- Proof of deposit. For each deposit sent from CurrencyFair we need a proof of payment showing the details of the transfer.
Please note: we cannot accept documents sent by email.
CurrencyFair account screenshot
CurrencyFair declaration for validation
I hereby authorise you to link my WhiskyInvestDirect account (username: TYPE IN DETAILS) to my CurrencyFair account as the linked funding source and destination for return of my funds from WhiskyInvestDirect.
I understand that WhiskyInvestDirect recommends using a conventional bank account for payments in and out of my WhiskyInvestDirect account and I assume full responsibility for use of my CurrencyFair account.
Futhermore, I understand that if incomplete data is supplied with payments to WhiskyInvestDirect there may be delay both to assigning deposits to my WhiskyInvestDirect account and to subsequent return of funds.
In order to mitigate this risk, I will upload to my WhiskyInvestDirect online account a document proving the funds came from my CurrencyFair account following each deposit.
The withdrawal details are:
CurrencyFair membership number: TYPE IN DETAILS
Account number/IBAN of my CurrencyFair account: TYPE IN DETAILS
Sort code: TYPE IN DETAILS
SWIFT / BIC: TYPE IN DETAILS
Name of account holder: TYPE IN DETAILS
Please note: WhiskyInvestDirect does not recommend any particular service for currency conversion and you assume full responsibility for any use of such a service.
CurrencyFair does not currently offer its services to US residents.