Currencies Direct Review - Money Transfer Costs and FXcompared’s rating

Currencies Direct Transfer Fees and Costs

Does Currencies Direct charge fees?

Currencies Direct does not charge fees for its transfers. As with many companies, the exchange rate it offers will depend on the amount you are looking to transfer, with higher amounts generally having lower FX margins. 

You can view transfer costs versus banks on the company’s website, or login to see the live rates it offers. 

What do customers say about Currencies Direct rates?

Customer reviews are overwhelmingly positive with regards to Currencies Direct’s transaction fees and exchange rates, with many noting the lower costs compared to banks in particular. 

Many commenters noted that Currencies Direct rates were more competitive than exchange rates they had been offered by high street banks, and that they were able to save significantly by using Currencies Direct. Several reviewers mentioned the ability to lock in favorable exchange rates as a benefit to using the company’s international money transfers service.

Usability

How easy to use is Currencies Direct?

Currencies Direct scores highly on ease of use, with high ratings from customers, a simple process and a service that many of our readers have signed up to.

Our analysis of customer reviews found that many appreciated the ease of use and ability to schedule money transfers or overseas payments from the comfort of their homes. Some reviews mentioned that it was fast and easy to set up a free account and begin placing online transfer orders.

Customers can open an account in minutes online, or over the phone with the support of their personal account manager.

Reviews were overall favorable regarding the ease of opening an account and setting up a transfer with Currencies Direct. The majority of reviewers said that the staff were polite and helpful and that they were easy to contact by phone. Reviews also mentioned Currencies Direct’s online platform and its ease of use for setting up payments and transfers.

How to transfer money using Currencies Direct

You can make a currency transfer with Currencies Direct in three simple steps:

1) Open an account

2) Pick the currency you want to buy, and tell Currencies Direct where you want to send it

3)  Send Currencies Direct your funds via card or bank transfer and it’ll do the rest (you will receive email notifications of the status of your transaction)

Currencies Direct transfer methods

Currencies Direct makes sending money to a number of worldwide destinations easier for individuals and offers its customers some of the best foreign exchange rates. Customers can choose from a spot contract, which allows them to send a money transfer immediately at the best rate available; a forward contract, which allows them to lock in a favorable exchange rate for future transfers; or they can place a limit order, which allows them to secure a guaranteed rate for a future transaction.

Currencies Direct also provides customers with the ability to set up automatic payments. Individuals can establish a payment plan and convert the payment at the exchange rate offered on the payment date, or they can lock in a rate ahead of time to secure the best exchange rate. Currencies Direct can set a favorable exchange rate for up to one year’s worth of payments.

Currencies Direct also gives users the option to manage transfers over the phone, online or through its award-winning app. Users can track the progress of their money transfer through their online account or the Currencies Direct app.

Mobile product

Can you use Currencies Direct on mobile?

Yes, Currencies Direct is available on mobile. The Currencies Direct website is highly intuitive on mobile. Its features are neatly arranged to allow easy navigation. The company does provide an Android and iOS mobile application with additional features to help users manage their accounts from their smartphones.

Currencies Direct mobile app review

The Currencies Direct app is available on Google Play for Android users and the App Store for iOS users. What we liked about the app, was that users can access all functionalities found in the web platform. It is free and does not come with in-app purchases.

Furthermore, the app has a rating of 4.5/5 on Google Play and 3.7/5 on App Store. Most reviewers report that it is easy to use, secure and highly responsive.

The Currencies Direct mobile app allows users to:

•  Make currency transfers
• Buy currency to use later
• Check live exchange rates
• Set up rate alerts to guarantee the best deal
• Track transfer status
• Add and manage recipients

Trustworthiness & Reliability

Can you trust Currencies Direct?

Currencies Direct holds the highest level of creditworthiness with Dun & Bradstreet and is authorized by the Financial Conduct Authority (FCA). 

It has more than 20 offices worldwide, teams of currency experts and a range of specialist services, claiming to have helped over 210,000 personal and business customers move money abroad. 

Is Currencies Direct reliable?

Reviews were consistently favorable for Currencies Direct’s ability to ensure that funds were delivered and received on schedule. Some customers mentioned the company’s fast delivery time, especially when compared to traditional banks. Other customers noted that the transfer of money happened faster than they expected, with the funds available for withdrawal the next business day at the receiving bank.

Business product offering

What can Currencies Direct offer businesses?

Currencies Direct provides a variety of services for businesses, including finding the most favorable exchange rates, customized plans, and risk management tools to help businesses manage their currency exchange risk exposure. Businesses can choose spot or forward contracts, or limit order options to help lock in the best currency transfer rates for future transactions. Market research, market monitoring services, and access to currency specialists are also provided to business customers to help them make the most informed decisions about their currency transactions.

Currencies Direct offers automated payment plans that can make it easier for businesses making regular and ongoing payments for things such as employee payroll, paying suppliers, or for managing multiple payments.

Currencies Direct has helped thousands of businesses and online sellers streamline their international payments and maximize their profits with:

• Competitive exchange rates
• Risk management solutions
• Secure, reliable payments
• Regular market analysis and currency forecasts

Whether a business needs to pay a single invoice or manage multiple payments, Currencies Direct can help it minimize costs and maximize opportunities.

For online sellers who need dependable access to competitive exchange rates, flexible accounts in a variety of global markets, the ability to convert payments into their local currency, or to pay overseas suppliers, Currencies Direct provides business services tailored to online sellers, at lower fees than those offered at a bank, and is able to send the money to the online seller at much faster rates than standard marketplace payment solutions. Currencies Direct focuses this service on marketplace e-tailers and companies involved in cross-border trade.

Product Coverage & Service

Where can you use Currencies Direct?

Currencies Direct Transfer provides transfers to over 200 countries in over 40 currencies. The company has offices in nine countries, including the US, the UK, Canada, Australia, China, Spain, Portugal, South Africa, and the Republic of Ireland. Its services are available in nine languages, namely English, French, German, Korean, Chinese, Italian, Swedish, Portuguese, Norwegian and Spanish.

Is there a minimum and maximum transaction amount?

The minimum online transfer amount with Currencies Direct is £100 and the maximum is £25,000. It is possible to make transfers above £25,000 but under special terms and conditions. Currencies Direct accepts payments through debit card, bank transfer and cheques.

How long does a transfer take with Currencies Direct?

Normally, transfers with Currencies Direct take between 24 and 48 hours. However, transfers to Europe can take less than 12 hours. A confirmation email is sent to the sender once the transfer has been facilitated. Users can contact Currencies Direct’s customer service for a definite answer on how long it will take to facilitate specific transactions.

What types of accounts are available?

Currencies Direct provides three types of accounts, namely Personal, Business, and Online Seller. Each account type comes with special features suited for its purpose.

Personal: designed for personal transfers, such as buying property abroad, emigrating, and sending money to family. With primary focus on great rates, no fees, and expert support.

Business: with a dedicated team of experts, Currencies Direct help businesses manage international cash flow. 

Online seller: Currencies Direct can tailor services for businesses or traders selling on online marketplaces like Amazon, who are involved in cross-border trade.

Customer Feedback & Satisfaction

Are customers happy with Currencies Direct?

Currencies Direct customer service gets high marks from nearly everyone. The majority of reviews mentioned the company’s customer service for its superb customer support. Most found the service friendly, helpful and readily available by phone or through its online customer service support centre. One reviewer mentioned that a personal interaction with a consultant led to a good exchange rate, and others wrote that working directly with a Currencies Direct customer service representative made them feel more secure and confident about their transaction. Others commented on the company’s policy of providing top-notch communications throughout the entire transfer process, making them feel that they knew where their money was every step of the way.

Customers mentioned being able to talk to Currencies Direct agents on the phone and receiving free market advice, and accessing the Currencies Direct daily newsletter, which contains market and currency information, as well as exchange rates. Several reviews mentioned Currencies Direct providing help and guidance when they were in the process of purchasing a home abroad, and that this was invaluable guidance throughout the home-buying process.

Customer Help & Assistance

Is Currencies Direct a reputable company?

A lot of online Currencies Direct reviews show that they have excellent customer services. The agents are reachable through live chat, email and phone. It takes a few seconds to get connected to an agent through live chat and phone. Emails, on the other hand, can take up to 24 hours to get a response and are therefore not suitable for urgent enquiries.

Users’ feedback on consumer review sites also shows that the agents are knowledgeable. Most users report getting help from one phone call or live chat. Currencies Direct does provide a dedicated account manager to help users get the most out of their accounts.

We find their FAQs page not to be comprehensive enough. Also, it does not come with a search bar to help users navigate through. Currencies Direct does provide the latest forex news to help its users stay up to date with industry developments. News updates happen several times per day. 

Pricing Transparency

Several reviews mentioned that Currencies Direct customer service agents were always clear and up front about transaction costs compared to some other money transfer companies and that they would continue using Currencies Direct for this reason alone.

The company categorically states that it does not charge fees or commissions for most transactions. Moreover, users are notified up front if there is a charge on any of its services. As mentioned earlier, Currencies Direct makes money by providing an exchange rate that is slightly higher than the mid-market rate. The company does make full disclosures on its spreads.

Users must register with Currencies Direct to receive a free real-time quote. The registration process involves submitting a phone number and email. It takes less than 15 minutes to get a call back from the company’s currency experts.

Currencies Direct Review: Our Verdict

Currencies Direct is a well-reviewed option for international money transfers, providing fee-free, low-cost transfers, particularly on higher amounts. This makes it especially well suited for those looking to purchase properties or move internationally.

The company’s range of platforms are all easy to use and the company’s staff have been praised for their customer service. It is also highly trustworthy, with the highest level of creditworthiness and authorisation from the Financial Conduct Authority (FCA).