Monday, 1st June 2020

This Month's Magazine
Jaguar Property Gold Awards 2000/01

Jaguar Property Gold Awards 2000/01

Having researched the Foreign Exchange market on the Costa Del Sol, we have managed to get an exclusive interview with Mayank B. Patel, Chairman and Managing Director of Currencies Direct Limited.

It came to our notice that Mr. Patel and his fellow Director Martin Cox have been involved with the Spanish market for the last 3 years, yet somehow, they have never publicised their company's growing physical presence on the Costa Del Sol and the Costa Blanca. Apparently both Mr. Patel and Mr. Cox believe in the philosophy that "if you know who you are, you don't need to show it."
Q - Who are you, exactly?

A - Currencies Direct Limited, a British company.
Q - How long have you been established?

A - We have been in existence since 1995 and we are one of the oldest established independent suppliers of commercial foreign exchange.
Q - Would it be true to say that you are the largest player in your field?

A - No, we are not. I would rather pass on that accolade to some of the larger institutions, principally banks, that have been around for the last 100 odd years or so.

Q - I have noticed on your Web Site that you are the main sponsors of the Jaguar Property Gold Awards. How did this come about?

A - Yes we are the main sponsors of the awards this year at the House of Commons. We are very active in the Property Market and we are linked to virtually every main developer and agent in Spain. Our track record over the last 3 years clearly illustrates that we have out-performed our competitors in providing a second to none service, therefore we are proud to be offered the opportunity of sponsoring such an event.

Q - What can you tell me about your Web Site?

A - Our web site is considered to be one of the most comprehensive sites on the internet in the area of commercial foreign exchange and it is updated everyday with a wealth of information. We believe that it is of paramount importance for us to continually invest in information technology. Our web site takes into account the fact that no two clients are alike. A private individual may not be all that concerned in analysing the markets in great depth, as a matter of fact, becoming too technical about the markets, could quite easily lead to a client making the wrong decision; by the same token, the Financial Director of a major multinational, who purchases foreign exchange on a regular basis, would prefer to have in depth information on currencies. We have always believed in looking at every aspect of our company from the clientsÂ’ point of view as well as ours. The more switched-on we are, the better off our clients will be.


Q -Do you have any competitors in Spain and if  you do how do you compare ?

A - Yes we do. We don't claim to be rocket scientists and neither do we claim to be above the rest, but what we do know for a fact is that our service is unbeatable. For one, we do not charge our clients anything at all for transacting through us.  We send their monies out to Spain by electronic transfer completely free of charge. Customers of Currencies Direct do not get hit with any recipient bank charges when sending monies over to Spain. In fact recipient charges have always been a major problem when sending monies over to Spain in the past. So, in other words, our customers obtain corporate rates on their Spanish pesetas, they do not get charged for transacting through us, they do not have to pay a single pence for transferring their money to Spain and they do not get charged a single pence by the receiving Bank in Spain. I think I can, quite confidently, say that the truth is that, yes there are competitors out there, but can they really afford to compete with us? We will let our clients answer  that !

Q - In this case, do you consider yourselves to be market leaders?

A - We wouldn't say that we are market leaders, we would prefer to be seen as a pro-active company that is constantly trying to improve the benefits and cost effectiveness of our service.
Q -You seem to be quite a humble man with some of your answers! Yet, proud and keen to offer a competitive service in the interests of your clients. Tell me a little bit more about the various services that you provide.

A - We are involved in providing our clients with both spot and forward foreign exchange. Clients can purchase their currency through us for immediate delivery or they can obtain a guaranteed future rate through us for as far ahead as 18 months. In the last 5 years, the Spanish Peseta   has seen a low of around 186 and a high of around 292 against the British Pound. It is in the clients interest to secure a guaranteed future rate, especially when the markets are as volatile as they are in this day and age. Our service also incorporates various different tools such as Limit Orders and Stop Loss orders that clients can use to their advantage to obtain improved rates. 
Our exclusive network of Partnerships also gives our customers access to the most competitive Mortgages and Bank account facilities with several of the top Banks in Spain. In fact the list of additional services is pretty endless, ranging from the purchase of furniture for the holiday villa to the simple purchase of a mobile phone. Currencies Direct has the full package. The advantage of using Currencies Direct is that we look at the whole picture to benefit all our clients.
Thank you Mr. Patel.

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