Currencies Direct focuses its core business ventures on attracting the personal and online seller market. It is a traditional foreign currency exchange broker that will exchange currencies at a pre-agreed rate – mostly fee-free. Currencies Direct also offer products which allow you to hedge against exchange rate fluctuations, through a series of vanilla and exotic hedge contracts. It has some useful investor and online selling information available on the site and a link with both Amazon and eBay. It also provides topical information for the personal market.
MoneyGram has a high street presence, with representatives or outlets located in branches of Debenhams, Post Office, Tesco and Thomas Cook, to name but a few in the UK. It can also support transfers to bank accounts and mobile wallets. MoneyGram offers a handy online calculator that will help you work out the cost before you send any money, but it will notify you of the actual rate you receive before the transfer. Fees depend on where you are sending money from and the method of transfer, so best to check directly with them to find out full fee details. Currencies Direct do not charge any fees.
Both companies offer solutions for personal accounts and businesses. They also cater for the small remittance market, such as money transfers to friends and family abroad. Currencies Direct and MoneyGram both offer a minimum transfer value of £1/€1, however, while Currencies Direct has no upper limit, MoneyGram cannot accept transfers over £6,000. MoneyGram can support transfers in cash, which is useful if your recipient does not have a bank account.
If it is customer reviews that you are interested in, Currencies Direct top the bill with a 5-star rating based on close to 2,000 reviews, while MoneyGram score low with a 1-star rating from 192 customers.
MoneyGram Features
Currencies Direct Features
Cash-to-cash transfers
Over 350,000 operators and kiosks
iOS and Android apps available
£6,000 maximum transfer value
No hedging products available
No regular payments function
Exchange rates not as competitive as other brokers
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
Price Comparison
MoneyGram
Checking with the company is recommended prior to making a transfer. Rates vary and will depend on sending and receiving locations. The different types of currencies involved and transfer systems will also be factors in the computation.
Currencies Direct
There are no fees through foreign currency exchange trades. Other fees might apply when transferring funds through Clearing House Automated Payment System or CHAPS.
International Presence
MoneyGram has access to over 200 countries. The multitude of languages available on their website makes it easier to use for most nationalities. There are, however, instances when some currencies are no longer supported or new ones may emerge. It is recommended to confirm with them directly and find out which currencies are available.
Currencies Direct might not have the same global reach as MoneyGram. But, it still has a respectable global presence. The company has offices around the world such as China, India, Ireland, Malta, Portugal, Scandinavia and South Africa. Currencies Direct is able to support more than 60 currencies and can transfer to most countries in the world.
Again, it is advised to visit the websites of either firm to find out what their list of countries currently are and the currencies they support. Both update their lists regularly.
Ease of Use
MoneyGram provides many ways to transfer funds. This can be done through an online account or in person. Those preferring to do a live transfer may do so through any of its kiosks or agents. Clients can make transfers for as little as £1. MoneyGram also receives payments through bank transfers or credit cards.
On the other hand, Currencies Direct can receive payments through direct debits, cheques and credit cards. The firm also has a low minimum transfer amount of £1. It can deal with a wide variety of foreign exchange trades. Users can manage their accounts on the go through either the iOS or Android apps available for download on mobile devices.
Registering for an online account with both companies is easy.
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. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
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.
