Currencies Direct Review 2023

Currencies Direct Overview 

It has been a goal of Currencies Direct since 1996 to revolutionise the way funds are transferred between countries. Many people can send money instantly to another country as they can select from four available languages: English, Swedish, Norwegian, and French. 

The company has offices around the world, from Spain to Mumbai, all equipped to facilitate cash transfers. Whether early in the morning or late at night, their team of over 500 people is ready to help you. As a result of the company’s global network, transfers can be made to over 120 countries in more than 60 different currencies. 

For private customers, this makes it easy to send money home, to friends, and to their families. For corporations, it makes it easier to pay overseas suppliers, contractors, and employees. As an individual, a company, or an internet seller, you can transfer money online with a simple online registration. Currencies Direct is our top rated money transfer service and our comprehensive review will provide you with an overview of their services and features.

Currencies Direct Individual Services 

As Currencies Direct is genuine currency broker they provide the full suite of brokerage services:

• Forward contracts  

You can fix an exchange rate and then pay for the transfer at a later date to receive that exchange rate. You can purchase forward contracts up to a year before the transfer is due. 

• Limit orders  

The limit order limits the amount that can be transferred (and funded) by the exchange rate when you reach a certain threshold. With this method, you can take advantage of changing rates without having to keep an eye on them all the time. 

• Stop-loss orders   

You can set a stop-loss order to specify the minimum exchange rate you will accept for currency exchange. Upon breaching this threshold, your currency exchange will be initiated. This is a useful tool for managing exchange rate risks. 

• Combining orders  

Combining the above orders allows you to take advantage of beneficial exchange rates and hedge against exchange rate movements. 

 Other services: 

• Regular, fee-free transfers  

Regular transfers can be made via direct debit through Currencies Direct. There is no fee for this service, and you may choose a weekly, monthly, or quarterly schedule. Also, you can lock in a guaranteed rate for future transfers. 

• Travel money  

To make international travel money more affordable, Currencies Direct has partnered with a service called WeSwap. 

• Daily news on market movements  

 There is a live exchange rate and news section on the website of Currencies Direct. 

• Currency converter  

The tool allows you to easily calculate the value of money in other currencies. 

• Currency charts   

Analyse the history of currency pairings. 

• Rate alerts 

Receive alerts when a certain threshold is reached in currency exchange rates. 

Currencies Direct Business Services 

• Multiple and batch payments  

Currency Direct provides you with the ability to make multiple payments to employees and suppliers around the world.

• Smart currency conversion  

Smart currency conversion simplifies international collections and payments for online sellers, optimising cash flow. 

• Multiple collection accounts  

Using Currencies Direct collection accounts, you can receive payments globally in a variety of currencies and countries. Afterwards, you can convert money when necessary or schedule it to happen automatically. 

• Manage outgoing payments  

Those who supply inventory and stock to online sellers from overseas suppliers can benefit from this service. 

• Risk management  

A currency specialist’s expertise and simple advice can help you manage risk and reduce fluctuations in the exchange rate. 

Currencies Available 

Payments can be made in more than 40 currencies, including: AUD, DKK, CAD, EUR, INR, HUF, JPY, MAD, MUR, NZD, PLN, NOK, RON, ZAR, SGD, SEK, THB, CHF, AED, HKD, USD, and RMB.  

Currencies Direct Fees & Exchange Rates

• Exchange Rates  

Customers with Currencies Direct are able to view live mid-market exchange rates around the clock. Customers are offered a slightly lower rate when initiating an international transfer. In other words, the company earns profits from the spread applied to the buy and sell rates. It is still cheaper than banks’ exchange rates, despite Currencies Direct’s markup.  

• Transfer fees  

With Currencies Direct, you will never be charged a fee for making a money transfer. The company offers fee-free services regardless of where you are sending money overseas.  

• Additional costs 

Currencies Direct has no control over any fees that third-party providers may charge during an international transfer.  

Sending Money With Currencies Direct

With Currencies Direct, sending and receiving money is simple and can be done within minutes by following the steps below. 

Sending Money 

Step 1: Choose your account type from Personal, Business, or Online Seller, and complete the application. 

Step 2: After you submit your details, including your bank account information, a Currencies Direct account manager will contact you to verify your account. A PIN will be sent to you via SMS or email. Use it to activate your account. 

Step 3: Choose the currency and amount for your first transfer, and enter the recipient’s information. 

Step 4: Pay for your transfer using a debit card or bank transfer after reviewing the details of your transfer in full. 

Step 5: Currencies Direct will send your recipient the funds as soon as it receives your payment 

Receiving Money 

Money transferred to a Currencies Direct customer will be credited to their account instantly. In addition to the acknowledgement, the recipient has no further duties. 

Currencies Direct Limits 

Your account type and destination country may affect the amount you can send with Currencies Direct. 

Online quotes are available for transfers worth up to 250,000 pounds. In order to comply with FCA regulations, you may need to confirm high-value payments over the phone and provide additional documents showing the source of funds. 

Money Receiving Time 

Currencies Direct transfers usually arrive between 24 and 48 hours after being sent; this is quicker than most high street banks. For your peace of mind, we recommend contacting customer support before initiating payment to learn the approximate delivery date. 

Exotic transfers take longer than those involving more popular major currencies if one or both currencies are classified as exotic.  

Payment Methods  

Debit cards and bank transfers are the two methods of payment for Currencies Direct transfers, but debit cards have a higher fee than bank transfers. You can make payments online, by phone, or with the mobile app. 

Mobile App 

You can download Currency Direct’s free mobile app via Google Play and the Apple App Store for Android and iOS. 

Currencies Direct’s mobile platform allows you to do a number of things, including: 

• Monitoring the status of your transfer 

• Keeping track of exchange rates 

• Alerts about rate changes 

• Managing recipients and adding new ones 

• Purchasing currency for future use 

• Transferring money 

Is Currencies Direct Safe? 

Sending funds overseas is safe and secure with Currencies Direct. With an overall history of over 375 thousand customers transferring over £7.5 billion worth of funds, the company has also been approved by the Financial Conduct Authority (FCA). 

Dun & Bradstreet (a renowned credit agency) also rates Currencies Direct as a low-risk organisation. 

To ensure its practices are safe and secure, Currencies Direct has been subject to the highest level of regulation. To ensure customer funds are completely safe, it’s registered with Her Majesty’s Revenue and Customs (HMRC).  

In accordance with FCA regulations, Currencies Direct’s business accounts and client funds are completely separate. In the event the company runs into financial difficulties, your money will be protected. 

Currencies Direct also subscribes to the Non-Investment Products Code, which regulates companies that deal in foreign exchange. 

Other countries where Currencies Direct is regulated are: 

• France –  Autorité de Contrôle Prudentiel et de Resolution (ACPR) 

• South Africa – Financial Services Board (FSB)  

• Canada – Financial Transactions and Report Centre of Canada (FINTRAC)  

• Spain – The Bank of Spain  

• The United States – Crimes Enforcement Network (FinCEN) 

Currencies Direct Reviews 

Across various social media channels, Currency Direct receives positive comments and excellent reviews on Trustpilot.  

Trustpilot currently has more than 8,000 reviews with a near-perfect rating of 4.9. Less than 3% of reviews are rated ‘Poor’ or ‘Bad’.  

A number of awards have been won by the company, including three consecutive wins for Money Transfer Provider of the Year from MoneyAge. 

Currencies Direct Pros 

• Fee-free transfers

Currencies Direct has built its reputation on this feature, and customers continue to use it to transfer money internationally. They offer highly competitive rates if you’re transferring large sums of money abroad.

• Solutions tailored to your needs

Whatever the service, tailor-made solutions are available to ensure all clients enjoy smooth transactions, whether they are peer-to-peer transfers or business payments. Multi-currency accounts and forward contracts are available to business customers, for example.  

• Coverage across the globe

Currencies Direct supports more than 60 currencies, and services are available across all continents. 

• Fast payment delivery 

It is regulated by the FCA in the UK, so you have complete peace of mind 

Currencies Direct Cons 

• Payout options are limited

There is no option to transfer cash or top up airtime through Currencies Direct. It offers only bank-to-bank transfers to overseas recipients; the service is only available for transfers to overseas banks. 

• Only a few African currencies

There may be a shortage of currencies available for customers sending money to Africa. 

Currencies Direct Alternatives 

• Wise

Payments are sent at a real exchange rate with transparent fees. You can open a free international account for both business and personal use to send and hold multiple currencies. 

• Western Union 

It offers online and in-app payment services, as well as a network of agents in domestic and international markets. Cash collections or bank accounts are available for payouts. Fees tend to be high. 

• PayPal  

While payments can be made quickly and easily, this is not always the cheapest option. A PayPal account must also be set up by your recipient before they can receive money. 

• Revolut  

You can use an online international account to access useful features like savings vaults and budgeting tools. It is also possible for children to open junior accounts – but some features will require an upgraded account. 

Currencies Direct Contact Details

Currencies Direct head office is located at 1 Canada Square, London E14 5AA, United Kingdom.

They can be contacted on +442078479446.

Currencies Direct FAQ

Who owns Currencies Direct?

Currencies Direct is joinlty owned by Blackstone and Corsair Capital and Palamon Capital Partners.

Is Currencies Direct regulated?

Yes, Currencies Direct is regulated by the FCA as a Electronic Money Institution (EMI) and has a level 1 credit rating with Dun & Bradstreet (the highest possible rating achievable).

Bottom Line 

Currencies Direct is a great choice for anyone who needs to transfer money internationally. It is an easy-to-use service with competitive rates and excellent customer service. 

Overall, it is a trustworthy company that will help you complete your transaction quickly and efficiently.