Currencies Direct Review
Quick FactsPros and Cons
International Clients: ✓ Accepted
Minimum Transfer: £100 (UK) / €100 (EU) / $100 (USA)
Trading via: Online Platform, Email or Telephone.
Offices In: UK, France, Spain, Portugal, India, China, South Africa, and the USA.
Regulation: ✓ Financial Conduct Authority (UK), FinCen (USA)
Fees: No Fees worldwide policy.
Client Reviews: More than 1,350, mainly on TrustPilot
Comments On This Page: 20 Client Verified Client Reviews
Client Rating: 9.1 / 10 TrustPilot, 90% Positive Client Reviews MoneyTransferComparison
Our Rating: 95.2%
View Rating Breakdown
Get Free Quote
Over 150,000 Active Clients
£4.5Bn Transferred Annually
Consumer & Business Awards
Clients Rate it 9.1 / 10 (TrustPilot)
Glowing Client Reviews (Our Comment Section)
Overseas Property Expertise
18 Worldwide Offices
Unavailable In Some U.S States
Our Rating: 95.2%
“Top Notch Company and Staff”
View Rating Breakdown
Get Free Quote
Company Information and Credibility
Currencies Direct was founded in 1996 in the UK, and has grown at a staggering pace. From a small-operation, the firm has grown to an industry leader that now serves customers in all 5 continents, with offices in the UK, France, Spain, Portugal, India, China, South Africa, and the USA.
Currencies Direct employs more than 300 employees, has served more than 150,000 corporate and individual clients, and transfers more than £4.5 billion annually, making them one of the largest currency firms in the UK.
It was recently bought for more than £200m by Palamon Capital and Corsair Capital. Corsair’s president, Lord Davies of Abersoch, was previously the Minister of State for Trade, Investment and Small Business. In August 2016 the firm has appointed Mr Antony Jenkins, the former CEO of Barclays as its non executive chairman.
Currencies Direct has also a majority stake in Universal VAT Services, a tax reclaim company.
Financial Conduct Authority (UK), FinCen (USA).
Currencies Direct has won several awards, which attest its business excellence:
Currencies Direct is one of the largest and most respectable currency firms on the planet. Operating for almost 20 years now. Offices spanning across 18 locations worldwide. Highest Credit Rating from Dun & Bradstreet. Steadily Growing.
With its recent acquisition by two of the most respectable VC firms in the market, we anticipate it will continue growing, while maintaining its excellent service.
We have been to inspect Currencies Direct’s offices at Moorgate Street in London, at the heart of the financial district. Their offices are pleasant and their staff are friendly and professional. They welcome clients to visit and meet with them.
Currencies Direct offices – photos:
Dealer Area In The Office
View From The Office
*These images are exclusive to MoneyTransferComparison.com. If you wish to incorporate them in your website you may do so with attribution to this pages.
With 1,350 reviews submitted by clients on TrustPilot, we have more than enough evidence for Currencies Direct’s qualities. TrustPilot operates in 24 countries, and is considered by many to represent the national voice of consumers. On TrustPilot, the company receives an average score of 8.9 / 10.
In addition, there are 45 reviews to be found on ReviewCentre, another well known user review site in the UK. There, the average rating is not as glowing with 3.6 / 5, and 71% of the audience overall recommending the service.
If we combine the two, we get to an average rating of 8.82 / 10 across all platforms.
In addition to that, we have collected more than 20 client reviews on our comment section. Here is an example:
I am retired and I had to make an urgent transfer from my sterling account in the UK to a Notary’s account in France, in Euros, to pay the deposit on a flat purchase.
After many years spent in forex dealings, I was disgusted by the rates that my, and other, banks were offering, so I researched the market and , to my delight, found Currencies Direct. The simplicity of operation and the speed of processing my transaction was a pure delight and I would have no hesitation whatsoever in recommending them to anyone.Akos Nicolas Roth, Verified Client
90% or more of the clients are happy with the service they have received. These are the main compliments:
- Easy to sign up and get an account
- Helpful personal dealers
- Good exchange rates
- Added value when it comes to property
- Accurate timing
We could also find complaints among these reviews, indicating that:
- Some of the staff members were rude in their approach
- Additional information on the transfer, and relevant documents, are sometimes needed
- Credit Cards and Visa Electron, is not allow
- Recipient’s bank charged an extra fee
When we scan the negative reviews that were written about the company, we don’t see anything that alarms us.
When it comes to staff, it’s perfectly acceptable that out of almost 1,000 users, 10 or 20 won’t be happy with the dedicated dealer they were assigned to. The company hires hundreds of traders, it’s only natural that a minority of them won’t be as pleasant as the others.
When it comes to documentation, the HM Revenue & Customs make, and enforce, the UK government’s Anti Money Laundering rulings. Currencies Direct must closely abide their instructions, and sometimes require further documentation. This is in common with all Foreign Exchange firms.
In terms of recipient banks charging an extra fee, this is something rather rare that happens when transferring funds to (mainly) Asia. There is nothing Currencies Direct can do about it, and it will happen with any other company.
Credit Cards are a non-issue as well. There are few companies who accept credit cards, and even fewer clients who wish to transfer funds this way via commercial FX (the fees incurred by the credit company will be more significant than exchange rates anyhow).
To summarize, 90%+ client satisfaction, and the vast majority of complaints relate to requirements beyond the company’s control, due to national and international transfer laws.
Get Free Quote
Discover More Companies
Exchange Rate & Fees
Fees: No fees at all. Free transfer from anywhere, to anywhere on the globe.
Exchange Rates: Currencies Direct operates in the same fashion as other companies in this industry, i.e. exchange rate margins are quite flexible and depend on the volume of trading.
On their website, you can view real-time savings in comparison to banks. On average, on a 10,000 Pound transfer (to Euro, USD, or Australian Dollar) you will save 280 Pounds. On larger transfers, conducted via telephone, you will work your way to even lower margins, and increase your savings.
Limits: The minimum transfer amount is £100 which is quite low, while there is no upper limit on the transfer.
Currencies Direct handles all ranges of clients, from those who are sending small remittances back home, through property purchasers, to large corporates that move millions between currencies each month.
This is one of Currencies Direct strongest aspects. The no-fee policy worldwide, in addition to the calculator they have on their website, make it very easy to understand how much money can one save using them.
The sheer size of the company makes currency liquidity extremely high, and means that on larger transfers, they would be able to provide a quote that represents even higher savings.
Clients seem to be happy with the currency rates provided to them.
Exchange Rates & Fees Rating
Global Reach & Service
- Dedicated Dealer: Yes.
- Offices: UK, France, Spain, Portugal, India, China, South Africa, and the USA.
- Ways to approach: Email form on the site, Call back form on the site, and face to face meeting in local offices worldwide.
- Translations: French, Italian, Portuguese, Spanish, Norwegian, Danish, Swedish and Chinese .
- Accepts clients: Globally, and in 18 countries, they have dedicated local support!
- Currencies Handled: 39
- Client reviews: Global clientele base which seems very happy about the services.
Currencies Direct is the most localised company we have tested up to date, bar-none. There are dedicated support teams, and translated versions of the site, for a variety of clients from various countries.
This is precisely what we would expect from a top-notch company. Local agents everywhere that are ready to step in and assist clients, doesn’t matter where they are on the globe, or where they are sending money to.
For large transfers it’s quite common for the person or business making the transfer to meet face-to-face with the company making the transaction, and with Currencies Direct it is definitely possible.
In addition Currencies Direct can help prospective clients to save on recipient bank fees. With so many local bank settlements, they can make sure the transfer remains domestic on the client side, as demonstrated below:
Global Reach Score
- Market Orders.
- Rate Watch.
- Limit Orders.
- Forward Contracts.
- Guidance on property purchase – including unique guides per country.
Additional: Regular Transfers, and Pay with Debit Card. Working also with WeSwap, a travel money firm, and own a tax return company (which they can connect you to as a part of their service).
- E-tailer Collection Accounts (working with online marketplaces like Amazon, eBay, Play, Rakuten, PriceMinister, Fnac, and many more). Read more about them on our eCommerce Currency page.
- i-Payfx payment system for businesses – Pay multiple payees, salaries, suppliers, etc.
- Premier Business Accounts for larger businesses, with a dedicated support team and tailored payment plans made together with the money manager of the organization.
Currencies Direct is one of the most diverse companies when it comes to the services it is offering. From the usual things such as market watch, forward contracts, and limit orders, through unique guides supplied to clients who are purchasing overseas properties.
The fact they own a tax return company makes their service truly holistic.
For businesses, they offer one of the most sophisticated collection offers, connecting directly with online marketplaces, and offer a very advanced payment system which can serve a variety of purposes.
Currencies Direct website works properly on mobile, and in addition to that they have an adaptable mobile app (works on both Android and iPhone devices). The app is quite comprehensive and was recently rebuilt. You can log onto your account, make transactions, watch rates and basically do everything you can do on the desktop website. The only difference is that for the time being you cannot sign up on movile.
Very few other companies offer as many unique features as Currencies Direct. The hedging department has all the tools you would expect it to have, the online platform is really good and has some unique functions like “Watch Rate Alerts”, the app is fully functional and friendly, and the brokers are helpful.
Special Features Score
Credibility Score - 96%
Client Feedback - 91%
Fees, Exchange Rates - 96%
Global Reach, Availability, Service - 99%
Added Values - 94%
Currencies Direct is one of the largest and most established Foreign Exchange companies, and with a special affiliation to property buyers and businesses, its offering is as complete as can be. Both individual clients and businesses are happy with the services provided to them, and as a final vote of confidence, the company was recently purchased by a group led by UK's former Trade minister, for a sum in the range of £200m.
Get Free Quote
This review has be republished by Money Business Magazine, a leading business finance and banking news site, on their March 2016 edition (View scan here).
We at Money Transfer Comparison feel this is a strong testimony to the value it delivers to both corporate and private clients. Please note our site is the original publisher of the review.