Currencies Direct Review

Currencies Direct Products for Individuals

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.

There are a number of reasons for transferring money abroad today. Individuals may need to pay for education fees, send money to family or friends, purchase real estate for a permanent move, or for a second home or a vacation home. Currencies Direct can help them find the best currency transfer rates and the best method of sending money abroad, all while offering ongoing support and easily-accessible customer service.

Currencies Direct also provides customers the ability to set up automatic payments. Individuals can establish a payment plan and choose between converting the payment at the exchange rate offered on the payment date, or 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.

Whether you’re emigrating, buying property abroad, transferring wages or a pension, sending money to friends or family or paying international school fees, Currencies Direct will offer you:

·       Excellent exchange rates

·       Fast, free transfers, 24/7  

·       Expert insight from a personal account manager

·       3 ways to make a transfer

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

Currencies Direct Products for Business

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, 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 maximise 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 them minimise costs and maximise opportunities.

Currencies Direct Products for Online Sellers

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.

About Currencies Direct

Currencies Direct was founded as a privately-owned company in 1996 and is still privately maintained today. It opened its first office in Torrevieja, Spain, then opened offices in South Africa and Mumbai. In 2005 it was added to the London Sunday Times Fast Track 100 list, and the following year it was a finalist in the National Business Awards.

The first Currencies Direct US offices were opened in 2007 in Georgia, and that year it was a finalist in the Fast Growth Business Awards. By 2011 there were 12 offices spread across the globe, and in 2012, the company launched a partnership with national banks in Spain, making it easier to open accounts. It was also recognized as a Global Growth Company by the World Economic Forum in 2012.

Review of Customer Reviews

Fees & Exchange Rate

Customer reviews were overwhelmingly positive for the company’s transaction fees and the exchange rates they secured for client transfers. Currencies Direct’s ability to find competitive currency rates, as well as their practice of charging lower fees than a bank, were mentioned in many reviews as the reason for choosing Currencies Direct for international money transfers. Many commenters noted that Currencies Direct rates were more competitive than 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.

Currencies Available / Currency Transfer Options

Comments ranged from the ease of sending money abroad to the ability to purchase currency for holidays or overseas travel, with the general consensus being that Currencies Direct’s network of agents, access to financial institutions, and broad availability of all major global currencies make global fund transfers easier than working with a bank. One reviewer had been using Currencies Direct for 15 years to regularly transfer funds between three countries and in three different currencies, and preferred their services because of their global reach and easy access to multiple currencies.

Currencies Direct have the current currency transfer options available:

Spot contract: Make an immediate transfer at the current exchange rate.

Forward contract: Fix the current exchange rate for use up to a year later.

Limit order: Set a target exchange rate and your transfer will be triggered automatically if the market moves to that level.

Regular transfers: Automate your regular transfers by setting up a Direct Debit. You can even lock in an exchange rate to use for your transfers for up to a year.

Rate alerts: Select your target exchange rate and receive a text or email as soon as the market moves to that level.

Transaction Ease

Reviews were overall favorable regarding the ease of opening an account and setting up a transfer. The majority of reviewers mentioned the polite and helpful staff 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.

Transaction Timing

Reviews were consistently favorable for Currencies Direct’s ability to ensure 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.

Online Offering

The Currencies Direct website is popular with customers, with no negative reviews. Most found it easy to use and liked the ability to schedule money transfers or overseas payments from the comfort of their home. Some reviews mentioned that it was fast and easy to set up a free account and begin placing transfer orders.

Security

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

How it works

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 they’ll do the rest 

Currencies Direct also gives you the option to manage transfers over the phone, online or through its award-winning app.

Overall Customer Service / Helplines / Help centers

Currencies Direct customer service gets high marks from nearly everyone. The majority of reviews call out 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 center. 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 rep made them feel more secure and confident about their transaction. Several reviews mentioned that Currencies Direct customer service agents were always clear and upfront about transaction costs compared to some other money transfer companies, and that they would continue using Currencies Direct for this reason alone. 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.

Other products

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.

Overall summary

Currencies Direct has a solid reputation as one of the most trusted currency exchange services providers in the UK, and customer reviews on TrustPilot, ReviewCentre, and other sites attest to this.

Currencies Direct holds an ‘Excellent’ rating on Trustpilot and a top Customer Experience rating on Feefo. Over 97% of customers would recommend Currencies Direct on the basis of its fast, free transfers, customer support, ease of transfers and range of services.

Of the negative comments, the most common themes included needing additional information on a transaction or a requirement for additional documents, not being able to fund transactions with credit cards or Visa Electron, and in some instances rude customer service personnel.