Currencies Direct International Money Transfer Review 2023

Today, we’ll take a look at Currencies Direct. This popular international money transfer company was founded in 1996 and since then, it has grown to become a top-class money transfer solution, serving over 200 countries and territories across the globe.

In this article, we’ll cover everything from the fees and exchange rates to the speed and convenience of the service, to help you decide if Currencies Direct is the right choice for your international money transfer needs. We’ll also take a look at what real customers have to say about their experience with this international money transfer provider, so stay tuned.

Who are Currencies Direct?

Currencies Direct – a UK-based international money transfer company – offers a wide range of services that make it simple and easy for private users and businesses to send and receive money to foreign countries. One of the key benefits of using Currencies Direct is their competitive exchange rates and the lack of transfer fees. They provide live rates that are updated throughout the day, making sure that you’re aware of the best possible rates for your transfer.

Additionally, Currencies Direct doesn’t charge any hidden fees or markups on their exchange rates, which means you can trust that you are getting a fair deal. Their transfer speed and convenience is another major advantage, as you can send money online through their website or mobile app, or use their telephone or in-person services if you prefer. 

Overall, Currencies Direct is a reliable and cost-effective choice for international money transfers. Their competitive exchange rates and lack of hidden fees make them an attractive option, and the many online reviews speaking of their service testify to their dedication to getting your money where it needs to go. If you are in need of an international money transfer service, be sure to consider Currencies Direct as an option.

Currencies Direct Pros & Cons

	Pros	Cons
1.	Multiple payment options – Customers can send money via bank transfers, checks, and debit cards.	Not suitable for small money transfers – Currencies Direct lacks support for making remittances or other small money transfers. Their exchange rates for these types of money transfers are considerably higher.
2.	Amazing customer service – dedicated dealers and online reviewers praise Currencies Direct on how they handle their issues and requests.	Limited deposit options – Only bank transfers are available for recipients (there is no cash pick-up option available).
3.	High Trustpilot rating – 4.9 / 5 (January, 2023).	Limited exotic currency coverage – Currencies Direct doesn’t support transfers in many minor currencies from countries in Africa, Eastern Europe, Asia, and South America.
4.	No transfer fees – Currencies Direct doesn’t charge transfer fees on any amount (this is one of their principal characteristics for drawing customers in).	No option for instant custom quotes – Currencies Direct doesn’t provide a free online calculator for determining transfer costs. Users need to have an account and request a quote by email.
5.	Favourable exchange rates – Currencies Direct imposes minimal exchange markups that are only a fraction higher than mid-market rates.	Lack of cancellation policy – Once initiated, transfers cannot be terminated.
6.	Extensive knowledge base – Currencies Direct offer excellent guidance for private users and businesses who wish to invest.	Not available in some US states.
7.	Highly convenient –  Currencies Direct is optimal for making mortgages, foreign tuition, and pension transfers.	Web platform and mobile app can use improvement – They are less intuitive than some of the competition.
8.	Flexible solutions for everyone – Private users can easily arrange peer-to-peer transfers while businesses take advantage of multi-currency accounts and send money through forward contracts and limit orders.	Mobile app has transfer limits –  Everyone who wishes to make a transfer through the Currencies Direct mobile app can only do so up to £25,000.
9.	Global service coverage – Currencies Direct makes sending and receiving money possible to over 200 countries and territories on all continents.
10.	Solid currency coverage – Currencies Direct support more than 70 different currencies.
11.	Local coverage – Currencies Direct has over 25 offices and branches in different countries which customers can visit to get personal assistance.
12.	Lots of experience – Currencies Direct has provided money transfer services for over 25 years and has more than 430,000 active customers.
13.	Fast money transfers – Currencies Direct completes money transfers within a single day per usual.
14.	Exchange rate alerts option – Customers can opt to receive exchange rate alerts through SMS or email.

Currencies Direct Key Attributes

• Founded: 1996
• Headquarters: London, UK
• Other offices: Currencies Direct boasts over 25 branches around the world, mainly in Orlando (USA), Saint John (Canada), Mumbai (India), Albufeira (Portugal), 3 locations in South Africa, and 19 locations in Spain;
• Annual trading volume: Currencies Direct managed to trade a record of £9.5 billion in 2021 in all the currencies they support;
• Number of employees: Currently, Currencies Direct reached over 550 employees across their domestic and offshore offices;
• Trustpilot rating: 4.9 / 5 in January, 2023 – the highest among international money transfer services alongside TorFX;
• Number of clients: Over their existence of over 25 years, Currencies Direct managed to serve over 430,000 clients;
• Available countries: Today, Currencies Direct supports transferring funds in over 200 countries and territories on all continents;
• Number of currencies: Constantly expanding their support, Currencies Direct support over 70 different currencies at the moment;
• Minimum transfer limit: Currencies Direct don’t cap the minimum amount of money you can send through them (£1);
• Maximum transfer limit: Currencies Direct caps the maximum amount of money you can send through them at £25,000 (through their mobile app), but it’s possible to transfer up to £300,000 by contacting one of Currencies Direct’s dealers and placing a special request;
• Transfer fee: Currencies Direct imposes no transfer fees (0%);
• Exchange rate markup: Currencies Direct offers one of the most favourable markups on their exchange rates. They vary depending on the selected sending and receiving countries and the selected currencies and range between 0.40% to 1.40%;
• Sending money through: Senders can use their bank account, checks, or credit/debit cards to make cross-border money  transfers with Currencies Direct;
• Receiving money through: Currencies Direct allows recipients to receive funds only in their bank account. They don’t offer cash pick-up options;
• Payments flexibility: Currencies Direct allows customers to initiate transfers through their web platform, mobile app, or over the phone;
• Supported languages: Currencies Direct web platform and customer support are available in English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, German, Chinese, and Korean;
• Regulated by: Currencies Direct is authorized as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) in the United Kingdom, FinCEN in the USA, ACPR in France, FSB in South Africa, FINTRAC in Canada, and the Bank of Spain in Spain;
• Mobile app: Currencies Direct provides a decent mobile app available for download for Android via Google Play (rating of 3.4 / 5 stars) and iOS via the App Store (rating of 3.6 / 5 stars). With it, customers can easily perform a number of things, such as:
  • Check and compare exchange rates fluctuations;
  • Adding recipients;
  • Initiate domestic and international money transfers;
  • Track their transfers’ status;
  • Buying and managing different currencies through an online wallet;
  • Setting up exchange rate alerts.
• Awards: Currencies Direct received numerous awards for its excellence in the industry, among which:
  • Credit Rating of Level 1 (Dun & Bradstreet Corporation, 2010);
  • National Business Awards Finalist (National Business Awards, 2016);
  • Most Positive Client Reviews (Money Transfer Comparison, 2017);
  • Consumer Champion of the Year (Money Age Magazine, 2017);
  • Money Transfer Provider of the Year (Money Age Magazine, 2016, 2017,2018, 2019, 2020, and 2021);
  • Best Rated Money Transfer (Money Transfer Comparison, 2019, 2020, 2021).

Currencies Direct Features

Currencies Direct offers a plethora of financial services for individuals and businesses looking to make international money transfers. Customers can use a spot contract, forward contract, limit order, or stop-loss order to send a money transfer. This is what each of them entails:

• Spot contracts allow customers to send a money transfer immediately at the best available rate;
• Forward contracts are designed to help customers lock their preferred exchange rate and save it for a future date (for up to 12 months) when they are ready to make an international money transfer;
• Limit orders allow customers to determine a bracket of guaranteed rates, also for the purpose of making future transactions. These transfers are initiated once a favourable exchange rate is reached.
• Stop-loss orders let customers set up a minimum currency exchange rate threshold. This feature is useful for managing the exchange rate risks by making currency exchanges only when your defined threshold is breached;
• Combining orders allow customers to choose and combine any of the above-mentioned orders in order to leverage the most favourable exchange rates and protect their earnings.

Currencies Direct also offers three types of accounts: Personal, Business, and Online Seller. Each of them has a special purpose and is tailored for a different type of customer.

• The Personal account is designed for private clients who intend to make personal transfers, such as for immigration purposes, remittances (sending money to friends or family), or buying property in a foreign country;
• The Business account is geared towards helping businesses manage international cash flow, with a dedicated team of experts, and services such as discovering the most competitive exchange rates and managing the risk exposure of their currency exchange by using risk management tools;
• The Online Seller account caters towards traders or ecommerce businesses who sell on Amazon, eBay, or other similar online marketplaces that operate in cross-border trade. With the help of multi-currency accounts, online sellers receive better protection against inflated exchange rates which is usually the case while working with a bank.

In addition to these account types, Currencies Direct also offers automated payment plans for businesses making regular and ongoing payments, such as for employee payroll, making bulk payments, or paying suppliers. The company provides various tools for researching and monitoring the currencies markets and grants its customers access to currency experts to help businesses make the right decisions in order to make the most out of their currency transactions.

For online sellers, Currencies Direct provides a number of accounts with the added flexibility to operate in several global markets. This type of account enables customers to convert funds into their local currency and gives them the option to send payments to foreign suppliers at lower fees than what banks usually offer.

Additional Currencies Direct Features

While customers of Currencies Direct can use bank accounts, credit/debit cards, and checks to send money, they can choose from several transfer types depending on their needs. We mentioned the spot contracts, forward contracts, and limit orders, but there are also bank-to-bank transfers, same-day transfers, and next-day transfers. Currencies Direct’s risk management features are incredible for comprehensively analyzing the currency market and making accurate currency forecasts.

Let’s briefly review these additional features:

• Digital wallet for multiple currencies – Useful for storing and swapping funds in your preferred currencies without incurring interest and making money transfers at a later date;
• Developer API portal – An online tool that allows big enterprises and large corporations to integrate with Currency Direct’s services and use them to pay their international contractors. Options such as managing balances, making transfers, storing payroll slips, adding new recipients, managing FX rates, etc., are all included within the API portal;
• Benefits for international travellers – Partnering with WeSwap, a travel card provider, Currencies Direct offers customers who regularly travel to use their money abroad for low fees;
• Watch rate alerts – A beneficial feature for notifying customers when their preset currency exchange rate threshold has been met.

By offering these additional features, Currencies Direct has helped hundreds, if not thousands, of companies and ecommerce businesses to streamline their international money transfer processes and capitalize on their favorable rates and terms.

Currencies Direct International Money Transfer Costs

Currencies Direct differs from banks as they don’t charge any transfer fees on transfers that go through them and don’t add administrative or any other fees typically charged by banks. They still do add a small markup when exchanging currencies. Let’s take a look at each of them individually.

Exchange Rates

Currencies Direct offer currency charts at all times. Customers can overview these currencies and exchange rates live, although it should be noted that these are the mid-market rates. When calculating the costs of an international money transfer, the exchange rate will differ from the mid-market rate as Currencies Direct takes a percentage off it called a markup.

In any case, even with the added markup, Currencies Direct remains a far more affordable alternative to banks which add a considerably higher markup.

A big factor that determines the exchange rate markup is the amount of money that goes into a transfer. The larger the amount is, the smaller the markup percentage will be, and vice versa. As with Currencies Direct, this is the case with most international money transfer providers.

Transfer Fees

Regardless of where customers send money and which currency they choose to convert to, Currencies Direct won’t charge them any transfer fees, which is not the case with banks.

Additional Fees

Besides the exchange rate margin, customers will not incur any other hidden fees from Currencies Direct. However, they may notice they’ve been charged something extra, like a SWIFT fee. These fees are called third-party fees and are charged by the banks that handle parts of the transaction since Currencies Direct uses bank infrastructure to provide their services.

Summary

In short, here are all of the fees that may concern you if you wish to make an international money transfer by using Currencies Direct:

• Transfer fees: 0%;
• Exchange rates: mid-market rate plus a markup that ranges between 0.4% and 1.4% depending on the country and currency of the transfer;
• Third-party fees: depends on which banks handle the international money transfer process.

To have the best notion of what the exact fees associated with your particular transfer may be. We advise you to contact your Currencies Direct account manager. They will not only let you know of all the fees and rates, but will also advise you of any strategies you can employ to secure more favourable rates.

One downside to understanding the potential rates and fees is the lack of an option to get a custom transfer quote without first signing up for a Currencies Direct account.

With all of this being said, Currencies Direct is more suitable for making larger money transfers. For small money transfers and remittances, MoverDB reviews other alternatives that might work better than Currencies Direct.

How Safe is Currencies Direct?

Currencies Direct is considered a very safe international money transfer provider. The company has been in operation since 1996, accumulating thorough expertise in handling currency exchange processes and money transfers in the most secure manner. Today, they move about £10 billion internationally and serve over 430,000 private and business clients.

In 2008, the provider went under state levels of regulation to determine if their operations were in line with the highest financial safety practices. The same year they were authorized as an EMI (Electronic Money Institution) by the FCA (Financial Conduct Authority in the UK (reference number: 900699). Currencies Direct is also registered in the UK with the HMRC (Her Majesty’s Revenue and Customs). These two accreditations ensure customers’ funds aren’t kept on Currencies Direct’s private accounts but on segregated bank accounts, making the funds safe from any financial issues the company might face.

Just a year later, they received the highest credit rating possible (Level 1) from Dun & Bradstreet, an acclaimed credit agency, which testifies that the company has little to no debt.

Currencies Direct is regulated in other major countries as well, among which are the following:

• The USA by the FinCEN (Financial Crimes Enforcement Network);
• France by the ACPR (Autorité de Contrôle Prudentiel et de Résolution);
• South Africa by the FSB (Financial Services Board);
• Canada by the FINTRAC (Financial Transactions and Report Centre of Canada); and
• Spain by the Bank of Spain.

As a result, Currencies Direct was able to grow significantly as a trusted currency exchange broker, and in 2023, they made money trading available in over 200 countries and over 70 currencies. Their employee number reaches above 550 providing money transfer services at more than 25 branches around the world.

Currencies Direct also implements a TLS encryption system on their web platform as a digital barrier for data protection.

How Fast is Currencies Direct?

International money transfers can take from several minutes up to several days to complete. Currencies Direct transfer times are somewhere in between.

For overseas transactions, Currencies Direct can facilitate transfers within a single day, but that time can often take up to two days. So, if you’re from North America or Europe and use this provider to send money to a country located on another continent, you should inform the recipient to expect the money within 24 to 48 hours.

Customers within Europe can experience shorter transfer times since Currencies Direct is a UK-based business and they are more experienced within the European financial market. They usually facilitate transfers within 12 hours when the originating and the destination countries are located within Europe.

In short, you can expect your transfer to go through faster if you’re dealing with any of the major currencies: USD, CAD, EUR, GBP, JPY, AUD, CHF, CNH, HKD, NZD, etc. On the other hand, transfers involving exotic currencies will take a bit longer to process.

You can always contact Currencies Direct customer service if you wish to get a more precise timeline of your transfer progress. You can also track it in real time using your mobile app.

Customers will receive a confirmation email notifying them when their transfer has been initiated and another one when the transfer has been completed.

How to Use Currencies Direct

Currencies Direct is a convenient and reliable platform that allows you to make international money transfers in three simple steps. Whether you’re a personal user, a business owner, or an online seller, Currencies Direct provides flexible account options that suit your needs.

The process of sending money through Currencies Direct begins by signing up and choosing between a Personal, Business, or Online Seller account. You will be asked to submit your details by providing your name, address, contact details, bank details, and proof of identification such as a passport.

Once you’ve completed the application, you will receive an account verification email or call from a Currencies Direct account manager. They will also provide you with a PIN, which you can use to activate your account.

Once your account is set up, you can begin the process of making a transfer by choosing the currency and amount you want to send, and entering the recipient’s details. After reviewing the details, you can complete the payment for your transfer using a credit/debit card, check, or bank transfer. Once Currencies Direct receives your payment, they’ll convert the money into the desired currency and send the funds directly to your recipient.

Receiving money through Currencies Direct is just as easy. Transfers sent to a Currencies Direct customer will be instantly credited into the recipient’s bank account, with no action required on their part. However, recipients that wish to reject transfers can get in touch with their banks and require termination.

It’s important to note that, with Currencies Direct, you cannot cancel any transfer as soon as you confirm it as their contracts are legally binding. However, with a user-friendly registration process, a wide variety of account options, and fast and reliable transfers, Currencies Direct is a great choice for anyone in need of a secure and convenient currency transfer service.

When to Use Currencies Direct

Just like with most businesses, Currencies Direct isn’t tailored to all types of customers. It’s true that both private and corporate clients can take advantage of making money transfers by using this provider, however, business customers can find it more suited to their needs. That is because Currencies Direct is cheaper when making large rather than small money transfers.

Private clients

Currencies Direct is optimal for private clients who wish to make large international transfers in the form of school fees/college tuition, expensive purchases, and property payments. This is especially beneficial to UK customers as the company provides specialized services that help customers purchase a property outside the country while enjoying no transfer fees and competitive exchange rates.

Business clients

Currencies Direct is most suitable for corporate clients and small and medium businesses who need to make recurring and batch payments to employees or contractors abroad. They can also make use of their many FX hedging options: spot contracts, forward contracts, limit orders, or stop-loss orders and combine them in any way they wish to get the best exchange rates for their transfers.

Business accounts are also armed with a multi-currency wallet where clients can trade currencies that they can use for future money transfers. There are the Currencies Direct currency experts as well, always ready to advise clients on the best times for making international payments.

Currencies Direct Customer Service

Currencies Direct offers personalized assistance through their customer service with dedicated account managers who guide clients in their quest to find the best options that fit their specific needs. This provider’s customer support is praised online by real clients, testifying to their quick and efficient solutions.

In addition to remote support options, Currencies Direct has more than 25 physical branches located in 7 countries where customers can get face-to-face help.

Customers can reach out for support in multiple ways, including phone, email, online form, and through their mobile app. The company also features a FAQ section and their service is available in multiple languages, such as English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, German, Chinese, and Korean.

Here are some ways to contact Currencies Direct:

• Phone numbers:
  • UK – +44 (0) 20 7847 9400;
  • USA – +1 407 900 2174;
  • Canada – +1 416 800 2493;
  • Portugal – +351 289 395 739;
  • India – 0091–22-67369898;
• Email addresses:
  • UK – customer.s@currenciesdirect.com; 
  • USA – usa@currenciesdirect.com; 
  • Canada – canada@currenciesdirect.com; 
  • Portugal – portugal@currenciesdirect.com; 
  • India – mumbai@currenciesdirect.com; 

It’s also noteworthy that Currencies Direct provides a complaints section where customers can chime in about their issues and frustrations. However, there’s currently no live chat support available.

How Does Currencies Direct Compare With Its Competitors?

You shouldn’t seriously consider Currencies Direct as your final money transfer choice before you compare it to other international money transfer companies. For that reason, we include three comparison tables below (to XE, TorFX, and Instarem).

Currencies Direct vs. XE

Feature	Currencies Direct	XE
Founded in	1996	1993
Trading Volume	£9.5 billion in 2021	$115 billion in 2018
Trustpilot Rating	4.9 / 5	4.2 / 5
Suitable for	Large money transfers	Both small and large money transfers
Transfer Fee	No fee	£2.00 under £250 (UK); €2.00 under €250 (EU); No fee for other sums.
Average Exchange Rate Markup	0.4% to 1.4% on mid-market rates	0.2% to 1.4% on mid-market rates
Minimum Transfer Amount	£1	£1
Maximum Transfer Amount	£25,000 through the mobile app; £300,000 by placing a special request.	£350,000 (UK and EU); $535,000 (US); CAD $535,000 (Canada); NZD $750,000 (New Zealand).
Transfer Speed	12-24 hours within Europe; 24-48 hours for overseas transfers.	1-4 working days
Dedicated Dealer	Yes	Only for those transferring above $70,000
Countries Covered	Over 200 countries	Over 130 countries
Currencies Covered	Over 70 currencies	Nearly 100 currencies
Payment Methods	Bank account, credit/debit card, or check	Bank account or credit/debit card
Receiving Methods	Bank account	Bank account and cash
Cash Pick-Up Option	No	Yes
Instant Custom Quote	No. Quotes are available through email for registered users	Yes
Business Features	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal	Spot contracts, forwards contracts, market orders, digital multi-currency wallet, rate alerts, and API portal
Flagship Debit Card	No. A card for international travelers is available through a third-party service (WeSwap)	No
Mobile App	Yes	Yes
Cancellation Policy	No	Only for cash pick-up transfers when the cash hasn’t been collected by the recipient

Read our full XE review.

Currencies Direct vs. TorFX

Feature	Currencies Direct	TorFX
Founded in	1996	2004
Trading Volume	£9.5 billion in 2021	£7.5 billion annually
Trustpilot Rating	4.9 / 5	4.9 / 5
Suitable for	Large money transfers	Both small and large money transfers
Transfer Fee	No fee	No fee
Average Exchange Rate Markup	0.4% to 1.4% on mid-market rates	1% to 2% on mid-market rates
Minimum Transfer Amount	£1	£100 (or currency equivalent)
Maximum Transfer Amount	£25,000 through the mobile app; £300,000 by placing a special request	None
Transfer Speed	12-24 hours within Europe; 24-48 hours for overseas transfers	0-2 hours for SEPA transfers; 24-48 hours for ACH transfers
Dedicated Dealer	Yes	Yes
Countries Covered	Over 200 countries	Over 100 countries
Currencies Covered	Over 70 currencies	59 currencies
Payment Methods	Bank account, credit/debit card, or check	Bank account
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users	No
Business Features	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, rate alerts, and API portal
Flagship Debit Card	No. A card for international travelers is available through a third-party service (WeSwap)	No
Mobile App	Yes	Yes
Cancellation Policy	No	Possible upon contact unless the recipient received the money (additional fees may apply)

Read our full TorFX review.

Currencies Direct vs. Instarem

Feature	Currencies Direct	Instarem
Founded in	1996	2014
Trading Volume	£9.5 billion in 2021	$4 billion annually
Trustpilot Rating	4.9 / 5	4.4 / 5
Suitable for	Large money transfers	Both small and large money transfers
Transfer Fee	No fee	Depends on the selected countries, transfer amount, and payment methods
Average Exchange Rate Markup	0.4% to 1.4% on mid-market rates
Minimum Transfer Amount	£1	$50 for India; None for rest
Maximum Transfer Amount	£25,000 through the mobile app; £300,000 by placing a special request	Depends on the selected sending country and payment methods
Transfer Speed	12-24 hours within Europe; 24-48 hours for overseas transfers	Depending on the bank’s processing time
Dedicated Dealer	Yes	No
Countries Covered	Over 200 countries	Over 110 countries
Currencies Covered	Over 70 currencies	About 30 currencies
Payment Methods	Bank account, credit/debit card, or check	Bank account or credit/debit card
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	Only for the Philippines
Instant Custom Quote	No. Quotes are available through email for registered users	Yes
Business Features	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal	Batch payments, digital multi-currency wallet, rate alerts
Flagship Debit Card	No. A card for international travelers is available through a third-party service (WeSwap)	No
Mobile App	Yes	Yes
Cancellation Policy	No	Possible upon contact unless the recipient received the money (additional fees may apply)

Read our full Instarem review.

Currencies Direct Customer Reviews

Currencies Direct is a well-reviewed currency transfer company, with a 4.9/5 rating on Trustpilot. The majority of clients have had excellent experiences with the company. Negative reviews are not alarming and common complaints include additional documentation requirements and recipient bank fees.

Currencies Direct tries to avoid recipient bank fees as much as possible, while that can also be something that happens with other companies. Some customers may not be happy with their assigned representative, but they can ask for a new account manager to be appointed as the company hires hundreds of traders. 

According to reviews, credit cards should not be used for money transfer as the fees incurred by the credit company will be more significant than the exchange rate. Overall, the majority of complaints are beyond the company’s control, related to regulations and actions of other banks.

Positive Currencies Direct Customer Reviews

I needed to make a euro transfer to Ireland. Being a novice, I Googled and found Currencies Direct were the highest ranked so registered with them. I was soon contacted by James Nicholls, my Client Account Manager, who very expertly explained procedures and gave me confidence to go ahead with the transfer at a favorable conversion rate. Being the New Year break, the transfer took longer than usual, but both the recipient and myself were very satisfied with the service.”

– Malcolm McNicol

“I contacted Currencies Direct to send money to Australia for a large family holiday. I wanted a good exchange rate but also needed to know my funds were in safe hands. Peter Hallas (Client Account Manager) who was also available to call by phone/email with any queries, he was an excellent advisor, he gave me pointers to look at to make sure I was happy with the company, so I read the information, which gave me confidence to proceed with the transaction

– Janet

I signed up to Currencies Direct on a recommendation from Moneysupermarket (Martin Lewis). Just a simple online form to complete to get started. I received a phone call from Laura McLoughlin first thing the next day. She was great, so helpful and friendly and guided me through the process clearly. I did the transaction online myself, but it was so nice to know I could call Laura if I needed any help.

After having previously used another currency transfer company, I was so impressed by the ease and efficiency of using Currencies Direct. The whole transaction was completed within hours, despite my overseas bank initially putting a hold on the transfer for security reasons (always a good thing IMHO). CD emailed me immediately to confirm the transfer had gone through and again when it was deposited into my account in the UK. Laura is very prompt in responding to requests for a phone call and is a pleasure to deal with. Thanks for the brilliant job!!

– Denise Hamblin

Negative Currencies Direct Customer Reviews

Improvement could be the ‘quick’ quote claim. I waited 24 hrs. In whose terms is that quick? ‘Dealers’ merely encourage you to make transfers but don’t actually advise when is best to do so as the site promises. Everything they offer is available online so I can’t see the point of having a ‘dealer’ contact me at unplanned inconvenient moments with no option to plan a call.

They have no thought for customer privacy e.g. discussing a money exchange overheard by anyone around. Very disappointing. Making contact with customer service is tediously slow which isn’t helpful either when you’re hoping to transfer at the best rate which I thought was the main purpose.

– P. Smith

I transferred £5,600 (GBP) through Currencies Direct on 22/03/2022. I chose this company under the premise that I would receive a free Amazon Gift Card after transferring over the threshold amount, even confirming this over the phone.

Since then, I haven’t received my free Amazon Gift Card and tried multiple times to contact them to no avail. Very disappointing to be misled by this promotional offer and subsequently ignored by Currencies Direct.

Update – 23/09/2022: Following the posting of this review, Currencies Direct contacted me on 05/09/2022, and I received my free Amazon Gift Card on 15/09/2022.

– Cameron Moore

Told I could incur additional charges due to fault on their system?

Currencies Direct have until now have been really good. However, I’ve been experiencing problems with their online site which no one seems to be able to sort out. Now I’ve been left transferring far more money than I wanted and them telling me I’ll incur extra charges basically all starting from unresolved faults on their system. Very disappointing. Basically, just after your custom and money like everyone else.

– Dominic Herring

Currencies Direct Alternatives

We understand that Currencies Direct might not work the best for everyone who wants to send money abroad, especially for those looking to make small money transfers to their family or friends. With that in mind, in this section, we’ll briefly review three alternatives to Currencies Direct that you might check out and see if they are a better fit for your requirements.

Wise 

Formerly known as TransferWise, Wise is a popular alternative to Currencies Direct that is known for its low fees and excellent exchange rates.

One of the biggest advantages of Wise is that they use the mid-market exchange rate, which is the real exchange rate that banks use when they trade money with each other. This means that you can get a more favourable exchange rate than you would with Currencies Direct, which can result in significant savings when you’re making large transfers. 

Additionally, Wise allows you to open a multi-currency account, which can be useful for customers who frequently make international payments or hold money in multiple currencies.

OFX 

OFX, formerly known as OzForex, is another reputable currency transfer service that can be a great alternative to Currencies Direct. They offer competitive exchange rates, low fees, and 24/7 customer support, which can be particularly useful for customers who need assistance outside of business hours. 

OFX also has a user-friendly online platform and mobile app that makes it easy for customers to track their transfers and monitor the status of their transactions. Additionally, OFX offers forward contracts and limit orders, which can be useful for customers who want to lock in an exchange rate in advance or who want to take advantage of price movements in the currency market.

Revolut 

This is another well-known online banking platform that also offers international money transfer services. It’s a great alternative for customers who are looking for a convenient and fast way to make a transfer. Revolut’s platform is easy to use, and the company has a large network of merchants and users worldwide, which means that you can use their services to make payments to almost anyone, anywhere. 

Revolut also offers a mobile app, which can be useful for customers who need to make a transfer while on the go. Additionally, this company offers a variety of options for transferring money, including credit card transfers, bank account transfers, and Revolut balance transfers, and their prepaid debit cards are an incredibly popular feature for making online transactions.

Conclusion

Currencies Direct is an international money transfer company that offers a high-quality customer service experience, along with the benefits of no transfer fees and access to live rate updates and alerts. Throughout our review, we have found that this service is beneficial for both individuals and businesses.

Many users have successfully used it to purchase overseas property, plan currency purchases in advance, and easily track live rates on the go. Furthermore, businesses can take advantage of Currencies Direct’s additional services, such as local collection accounts, batch payments, risk management tools, and enhanced account control.

To take advantage of the professional support and service when handling your international money transfers, give Currencies Direct a try. We recommend using them for making recurring large money transfers to European and North American countries the most.

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Also see:

Western Union vs Currencies Direct
XE vs Currencies Direct
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Revolut vs Currencies Direct
MoneyGram vs Currencies Direct