Yes, you can transfer currency abroad with Hargreaves Lansdown, but not directly, HL uses a specialist third-party currency specialist to facilitate international payments. Here’s a look at its currency transfer services in more detail.
Currency transfers with Hargreaves Lansdown
If you want to use Hargreaves Lansdown’s currency transfer services, you need to open a currency account with the firm. Once you have a currency account set up, you can transfer money to more than 120 countries worldwide.
Hargreaves Lansdown’s currency transfer services are powered by Currencies Direct. It’s a leading international payments firm that has been in business since 1996 and is authorised by the Financial Conduct Authority (FCA).
At present, Currencies Direct supports transfers in over 40 currencies. So, the chances are, it will support the currency you require.
What are the benefits of using Hargreaves Lansdown’s currency transfer services?
There are quite a few benefits of using Hargreaves Lansdown for currency transfers. Here’s a look at some of the main advantages:
- You can make transfers online or over the phone
- You get dedicated account management with your own personal currency expert
- Exchange rates are generally very good (especially compared to rates offered by high street banks)
- There are no transfer fees
- You can make transfers 24/7
- You can fix exchange rates in advance
- You can set up automated rate alerts
- Currency news and insights are available for customers
- You can hold different currencies in digital wallets
What are the disadvantages of using Hargreaves Lansdown’s currency transfer services?
Some disadvantages of using Hargreaves Lansdown for currency transfers include:
- Currencies Direct doesn’t offer as many currencies as some other providers do (Wise is one company that offers more)
- Exchange rates are not always the best in the market
- Some currency platforms offer faster transfers
- There is no debit card available
How do you transfer money with Hargreaves Lansdown?
Transferring money with Hargreaves Lansdown is quite straightforward. There are three main steps involved in the process:
- Open a currency account with the company
- Secure an exchange rate either online or over the phone
- Send the funds for transfer
That’s it. The company will take care of the rest of the process.
How long do currency transfers take?
With Hargreaves Lansdown, transfer times can vary depending on the currencies and destinations involved, the time the transfer was initiated, and the processing time of the receiving bank.
The company advises that transfers typically take between 1-2 working days. However, transfers can take place on the same day if you have funds on account.
Note that you can track your transfer by logging in to your account or speaking to a member of the team.
Summary & FAQs
- Hargreaves Lansdown offers currency transfer services
- Currency transfers are provided by Currencies Direct, a leading global payments business
- Currencies Direct supports over 40 different currencies
- With Hargreaves Lansdown, you can transfer currencies online or over the phone
What is the minimum amount of currency you can buy?
With Hargreaves Lansdown, the minimum transfer amount is £100 (online and offline). There is no maximum transfer limit.
How safe is my money?
Currencies Direct is committed to keeping your funds secure. It has the highest possible Dun & Bradstreet credit rating and keeps your money in a segregated account so that it’s separate from company funds.
Is it better to go directly to Currencies Direct?
Hargreaves Lansdown says that it will never charge more for currency transfers than Currencies Direct itself. So, it’s unlikely that you will get a better rate, or save money, by going straight to Currencies Direct.
Does Hargreaves Lansdown offer corporate currency services?
Yes, it does. To open a business currency service account, you will need to fill in an application form and return it to the company.
Based in London, Edward is a distinguished investment writer with an extensive client portfolio comprising a diverse array of prominent financial services firms across the globe. With over 15 years of hands-on experience in private wealth management and institutional asset management, both in the UK and Australia, he possesses a profound understanding of the finance industry.
Before establishing himself as a writer, Edward earned a Commerce degree from the prestigious University of Melbourne. Complementing his academic background, he holds the esteemed Investment Management Certificate (IMC) and is a proud holder of the Chartered Financial Analyst (CFA) qualification.
Widely recognized as a sought-after investment expert, Edward’s insightful perspectives and analyses have been featured on sites such as BlackRock, Credit Suisse, WisdomTree, Motley Fool, eToro, and CMC Markets, among others.
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