Currencies Direct 2018-01-21T09:27:18+00:00

Currencies Direct

currencies-direct-review

Currencies direct is an old global money transfer company based in the UK, and owns the highest possible Dun & Bradstreet credit rating. They began operations just over 20 years ago in 1996, becoming the first business outside the banking sector in the UK to offer specialist currency services. To date, Currencies Direct has provided services to over 210,000 personal and business clients. It processes around £4.5 billion in currency transfers each year. This makes it one of the larger European money transfer companies in terms of the amount of cash processed. However, it only trades in 30 currencies, which is considerably fewer than some of its competitors. You can pay for their services via debit card or by bank transfer. They do not accept credit cards. Another downside is the lack of local options for recipients to pick up money in cash.

Currencies Direct offers pretty good customer support via telephone or e-mail. One advantage it offers is maintaining customers’ money in segregated accounts, something which not all money transfer companies do. A mobile app for your smartphone is a convenience. Trading is conducted online or over the phone.

Visit Currencies Direct
www.currenciesdirect.com
Founded: 1996
Headquarters: London, UK
Offices: UK, China, France, India, Portugal, South Africa, Spain, USA
Regulated by: FCA, FinCEN
Trading channels: website, telephone, mobile app

reviews on TRUSTPILOT

5-trustpilot

9.2/10 Excellent

Currencies Direct Key Features

Pay-in Options bank transfer, debit card
Recipient’s Options bank account
Min Transfer Amount £100
Max Transfer Amount £25,000 OR call to transfer more
Speed most transfers are completed in 1-2 days
Transfer Fees no fees on all transfers
Exchange Rate competitive exchange rate (almost 4% better than banks)
Currencies Available 30 currencies

Currencies Direct Review

Transfer Fees

Currencies Direct is one of few companies that offers free transfer fees regardless currencies and amount from £100 to £25,000.

Exchange Rate

Like other companies, Currencies Direct provides an exchange rate that is slightly higher than mid-market rate. The average markup on exchange rate tends to be 1.2% which is significantly cheaper than some bigger provides like Western Union and MoneyGram. But there’s a huge difference between transfer amount. In general, the more money you transfer, the better rate you get. For example, if you send GBP to India (INR), the markup on exchange rate for 1,000GPB is 2.1%, and for 10,000GBP is 1.8%.

Delivery Speed

Most transfers can be delivered within 24-48 hours after they received your funds. Arrival time may vary depending on currency, time of transfer and receiving bank processing. You’d better talk to Currencies Direct to understand how long your funds will take as they send tons of money and have experience.

User Experience

Besides personal and business accounts, Currencies Direct also offers multi-currency accounts for online sellers. There are few companies provide such extensive services in the market.

Their customer support is very friendly and helpful. You can easily reach them by phone or email which is clear shown on their website, it is not 24/7 though. The FAQ section is well organized, answering questions that most customers are concerned, from registration and payments to overseas and rates. But if you want to check their exchange rates, you have to become a valid customer first, and then log in. For some clients who want to know the fees and rate in advance, they might need to check currencyfair or TransferWise.

You have as more as 11 language options to access their website. Currencies Direct’s mobile app is convenient to use, and gets 3.9 ratings on Google Play Store and 4 ratings on the App Store.

Visit Currencies Direct

Currencies Direct Pros and Cons

  • no transfer fees on all transfers

  • mobile SMS verification to access for safety

  • small minimum transfer amount £100

  • more channels – website, mobile app, telephone

  • most transfers are delivered in 1-2 days

  • bank account only, no cash pickup

  • small max transfer amount £25,000 on website/app

  • no 24/7 customer services

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