Currencies Direct Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 4.4/5 Great
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct
Rating based on expert reviews by FXcompared
Last updated | November 9th, 2019

About Currencies Direct

Currencies Direct was founded as a privately owned company in 1996 and is still privately owned today with backing from two private equity companies. It opened its first office in Torrevieja, Spain, and 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 recognised as a Global Growth Company by the World Economic Forum in 2012.

Currencies Direct has received the highest level of creditworthiness, a Rating 1, from Dun & Bradstreet and is Financial Conduct Authority (FCA) authorised.

Currencies Direct Fees and exchange rate

FXcompared Score 3.6/5 Good
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Currencies Direct Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
Currencies Direct is sometimes, the cheapest option, especially using their online portal
2/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Currencies Direct is competitively priced for medium sized transactions
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Currencies Direct is competitively priced for larger transactions
5/5
Does FXcompared have direct access to the pricing
FXcompared receives pricing direct from Currencies Direct
1/2
Is it possible to lock in future exchange rates
You can lock in a rate ahead of time, for up to 1 year
1/1

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 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.

 

Ease of use

FXcompared Score 5.0/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Ease of use

Easy to understand website
The website is easy to navigate and use
2/2
Simple sign up process (number of steps)
Create an account, enter your transfer details and make a payment
2/2
Easy to setup a transfer once registered
Currencies Direct has a simple transfer process
2/2
Provider offers a service that our users often sign up to
Currencies' Direct service is popular amongst FXcompared users
2/2
Mobile notifications available on completed transfers
You will receive email updates on the status of your transaction
2/2

The points above are added to calculate the “Ease of Use” score of Currencies Direct, who scores 4 points on a maximum of 5 points.

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 homes. Some reviews mentioned that it was fast and easy to set up a free account and begin placing 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 favourable regarding the ease of opening an account and setting up a transfer. 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.

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 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 favourable 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 favourable 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 transfer through their online account or the app.

Currencies Direct mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

FXcompared Score 5.0/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Mobile product

Easy to use mobile website
Simple and clear for mobile use
2/2
Easy to use mobile app
The app is award winning
2/2
Can transact in the app
Can transact on the app as easily as on the website
2/2
Range of in-app product offering
The app allows all the website functionality
2/2
App store rating
An Apple Store rating of 4 and Google Play rating of 4.5
2/2

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.

The app is available on Google Play for Android users and the App Store for iOS users. 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 4.0/5 on App Store. Most reviewers report that it is easy to use, secure and highly responsive.

Currencies Direct app users can access all the functionalities found in the web platform at a click of button. Consequently, they can initiate and manage all transactions from a smartphone.

Credibility & Security

FXcompared Score 4.8/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Credibility & Security

Fully licensed and authorised
Authorised by the Financial Conduct Authority
4/4
Total amount transferred for their customers
Currencies Direct transacted £7.5bn last year.
3/3
Business revenue
Group business revenue was GBP78.5m for 2018
3/3
Year on year growth
Over 20% year on year
1/1
Number of employees
537 at the end of 2018
1/1
Head office location
Head office at Canary Wharf, London
1/1
Branded search performance
Good branded search performance
1/1
How long has the company been a partner of FXcompared
FXcompared has worked with Currencies Direct Group for over 10 years
2/2
How long has the company been established?
The company was founded in 1996
3/3
Quality of financial backers
Currencies Direct is owned by private equity
2/2
Private or public company
Currencies Direct is a Private Limited Company and publishes full company accounts in the UK.
0/1

Currencies Direct holds the highest level of creditworthiness with Dun & Bradstreet and is authorised 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. 

Reviews were consistently favourable 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

FXcompared Score 5.0/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Business product offering

Distinct offering for business
Currencies Direct provides a variety of business specific services
4/4
Broader product set for business
Services include customised plans and risk management tools
3/3
Specialised team to support businesses
Currencies Direct has an experienced team who handle businesses
2/2
Receivables product options
The online sellers product can handle receivables
1/1
Marketplace seller product offering
A full product offering is available for marketplace sellers
2/2

Currencies Direct provides a variety of services for businesses, including finding the most favourable exchange rates, customised 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 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 it minimise costs and maximise 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

FXcompared Score 3.5/5 Good
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Product Coverage & Service

Number of sending and receiving countries
Provides transfers to over 200 countries
3/4
Number of available languages
The website is offered in 11 languages
1/2
Pay in options
Via bank account, cheques and debit cards
2/4
Pay out options
To bank accounts
1/2
Additional services
Hedging, recurring payments and online seller products
2/2
Minimum send amount
Small value payments can be made via Currencies Direct
2/2
Maximum send amount
High value payments can be made via Currencies Direct who specialise in this area
2/2
Speed and options for speed of transfer
Transfers typically complete in 48 hours but often less, depending on the currency corridor
1/2

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.

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.

Normally, transfers with this provider 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.

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

Customer Feedback & Satisfaction

FXcompared Score 4.7/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to setup and there is a full team to assist
2/2
Ease of transfer
Customers find the service easy to use
2/2
Exchange rates
Customers are happy with the pricing
2/2
Fees
Does not chargee fees or commissions for most transactions
2/2
Solving issues
The team is knowledgable, clear and upfront
1/2
Online/mobile experience
The website and app have full functionality and are easy to use
2/2
Customer service
Most reviews rate Customer Service very highly
2/2
Overall experience
The company is generally well rated in reviews
2/2

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 Support

FXcompared Score 4.5/5 Excellent
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Customer Support

How good is the help section on the website?
The FAQ section could be more comprehensive
2/2
Is there live online support?
The company offers a live chat service
0/1
Is there email support - and to customers and non customers?
Email support has a 24 hour response rate
1/1
Is there phone support ?
Agents provide free market advice and help services by phone
2/2
Is the company easy to contact?
Email, phone and live chat services are available
1/1
Are FAQs and support available in more than one language?
FAQs are available in 11 languages
1/1
Is there an FX dealer to support customers
Currencies Direct has a team of dedicated dealers
2/2

A lot of online reviews show that Currencies Direct has 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. 

Transparency

FXcompared Score 3.8/5 Good
Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct

Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
It is included as part of the cost
1/2
Are the fees easy to understand?
Normally no fees or commissions, other than the margin on exchange rates
2/2
Does the company combine fees and exchange rate or clearly broken out?
Currencies Direct charge a small margin on the exchange rate and fees are clearly split out if they apply.
2/2
Is a real time quote available without registering?
You must register to receive a free real-time quote
1/2

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.

Alternatives to Currencies Direct

TorFX
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WorldFirst
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OFX (UK)
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Other International Money Transfer Quotes

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Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

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Amount Received
USD $12,528.57
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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Amount Received
USD $12,501.62
No saving vs. banks

Frequently Asked Questions

Key questions for Currencies Direct money transfers

Is Currencies Direct safe to use?

Yes,Currencies Direct is a legitimate, safe, fully-regulated currency transferservice. It is authorised and regulated by the Financial Conduct Authority(FCA) and has a Level 1 Dun & Bradstreet credit rating, which indicates thelowest possible level of risk.

How long will a transfer take with Currencies Direct?

Transfer speed depends on where the money is being sent to and from. Transfers to European countries from the UK are sent the day you order them, and transfer time is generally 24–48 hours. You can contact Currencies Direct and ask for an estimated transfer time on any transaction.

How do I use Currencies Direct?

Simply click on ‘register’ at the top of the home page, and sign up for an account in just a few minutes. Then you can sign in using the ‘login’ button. From your account, you can easily order money transfers online and deposit funds to be transferred.

What payment methods does Currencies Direct offer?

Currencies Direct accepts both debit cards and bank transfers as payment methods. Once you have your account set up, it is quick and easy to make an online payment. You can also make payments through the mobile app, over the phone or in a Currencies Direct branch.

Data-reviews

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a long-term relationship with Currencies Direct Group (over 10 years) which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers likes Currencies Direct help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.