Currencies Direct
First established in 1996, Currencies Direct emerged in its current world-beating form in 2014. Fully regulated by the FCA and FinCEN, Currencies Direct has no transaction fees at all in most cases, and its exchange rates are also extremely competitive. Most transactions can be completed within 1–2 days. A key selling point is its iOS compatible mobile app, which can be used to send or receive money, as well as checking the market and setting up rate alerts. Its easy-to-use website can be accessed in a wide range of languages. Currencies Direct is based in the UK and offers 24-hour customer service via phone or email. International money transfers can be sent and received in over 60 currencies, with payment by bank transfer or debit card.
HiFX
Another UK-based company, HiFX is now owned by Euronet Worldwide and, along with two other subsidiaries, forms part of the third largest international payments company in the world. Euronet is a NASDAQ registered company, so your money is always safe with HiFX – credit facilities are even available under certain circumstances. In addition, HiFX is FCA and FMA regulated, has low transfer fees and low exchange rates, and transactions take 1–2 days. Over 60 currencies are available and accepted, and exchange rates are based on live market values. There are no transfer fees on their UK website, but customers in the US, Australia and New Zealand will attract a small fee ($5–$15) for transfers below $10,000.
Currencies Direct Features
HiFX Features
Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Mass payment solutions allows you to complete thousands of payments in one go
Broad range of countries and currencies available
Contracts to hedge against risk for businesses are available
Dedicated telephone account support for transfers over $10,000
Can deal with regular overseas currency conversions
Only accepts transfers up to £300,000 online.
Only 19 currencies available through online platform
Price Comparison
Currencies Direct doesn't charge a transfer fee in 90% of cases, and if there is a fee they will let you know well in advance. HiFX doesn't charge any transfer fees in the UK, but does for smaller amounts in its other territories. At the time of writing, there is a $5 fee for transfers of less than $9,000 in the US, a $10 fee for transfers below $10,000 in Australia, and a $12 fee for transfers below $10,000 in New Zealand.
HiFX uses live market rates to determine its exchange rates, which will continue to fluctuate until your transfer is confirmed. You'll be told a guaranteed rate before confirming, however. If the markets are closed when you initiate a transfer, you'll be given the last available rate. You can also set up a market order to wait for the exchange rate to reach a certain level before your transfer is processed.
Currencies Direct uses current interbank rates and provides a currency converter on its website for viewing these. Free quotes are available via email, though as is often the case, larger sums generally attract better rates.
International Presence
Currencies Direct has offices in the UK, the US, France, Spain, Portugal, South Africa, China and India and deals in over 60 currencies. It also operates out of the Republic of Ireland, Malta and Scandinavia. Its website can be accessed in English, French, Spanish, Portuguese, Italian, Dutch, Swedish, Norwegian or Chinese, meaning it is certainly globally accessible.
HiFX may be one of the biggest money transfer operators in the world but its presence seems to be restricted to the major English-speaking countries. Its websites are for the UK, the US, Australia and New Zealand only. It also deals in over 60 currencies, however, and as a major operator maintains a global reputation.
Ease of Use
Both Currencies Direct and HiFX can be contacted online or by phone, and both have easy-to-use websites. Currencies Direct lacks localised phone support, but makes up for this with its dedicated mobile app, which is very useful for those wanting to send money abroad while on the move and in different time zones.
HiFX has a Trustpilot review of 9.5, compared to 9.1 for Currencies Direct, meaning that a small number of users preferred to deal with HiFX. The company provides both private and business services and is suitable for both. Currencies Direct is great for small businesses, online sellers and freelancers, but while still better than high street banks, its rates are not as impressive on single transfers of small amounts.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
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.
