Lumon Review ( – Previously Foreign Currency Direct)

Matt Di Vincere (Chief Editor)
Last Edited Nov 03, 2022

Should I use Lumon for money transfers?


  • Smaller in size than competitors
  • Not a very transparent website (fee structure and other aspects)
  • No money transfer app (whereas most large competitors have one)
  • Not supporting multi-currency accounts to hold fx
  • No unique selling point compared to other companies


  • Long track record
  • Friendly and revamped website
  • Collaborative staff

Services Offered by LumonPay

Transfer Money Abroad to a Bank Account  + 5

Official Website:

Lumon Pay Review: Executive Summary

Lumon Pay, formerly known as Foreign Currency Direct, is a fairly known mid-sized UK currency broker. Other than its long track record and good customer reviews, we find it to be pretty much run-of-the-mill type of service, compared to its better known and more estbalished competitors.
Overall rating70%
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Updated on Nov 03, 2022

Not Top 10 Ranked

🏆 6 Industry Awards

Where is Lumon Money Transfer Available?

View Recommended Lumon Alternatives:

Are you sold on the idea of using Lumon or want to inquire also with UK’s top currency brokers? Find LumonPay alternatives below!

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance

Read More:

This review of Lumon, Lumon Pay or Foreign Currency Direct (the brand’s prior identity) is intended to explain the pros and cons of Lumon for personal, business and institutional money transfer needs. We focus on the important aspects like Lumon’s fees and exchange rates, licensing and regulation, feedback from existing customers, and the level of service Lumon provides. To view other companies like Lumon, check our top money transfer companies list.

Lumon / Foreign Currency Direct FAQ

+Is Lumon the same as Lumonpay, Foreign Currency Direct and

Lumon, or Lumonpay, is a rebrand of Foreign Currency Direct, which previously used the website address

+What are Lumonpay’s strengths against its competitors?

Readers who enjoy working with small firms who provide a personal touch may enjoy working with Lumon (previously Foreign Currency Direct). Although, we don’t necessarily think there’s an added value in that as compared to working with larger UK currency brokers, as these firms are also very service oriented and provide a personal account manager to each customer.

+What are Lumon’s weaknesses against its competitors?

Depending on your view, Foreign Currency Direct / Lumonpay’s size could also be a hindrance too. If you’re looking for a global service with a finely tuned online platform then you may prefer Currencies Direct or Moneycorp. These firms accept clients in a wider number of jurisdictions and hold currency accounts in a greater number of countries. Allowing for local settlement and reducing the reliance on the costly SWIFT network.

Is Lumon Pay Safe? Legit?

Company size:  

For a long time, Foreign Currency Direct used to be a small operation running out of a single UK office, with an estimated headcount of 40 staff. Customer service and a personal touch, provided by a small team of foreign exchange experts, was the foundation of Foreign Currency Direct and a major reason for its success.

Founded at the turn of the millenium, in the year 2000, the firm holds 20+ years of experience operating in the foreign exchange and international payment industry.

In 2018, Foreign Currency Direct received investment from Pollen Street Capital. An independent, alternative investment management company that specialises in driving digitally-led and high growth businesses in the financial services sector. It was this investment which supercharged the growth of Foreign Currency Direct in the coming years. In 2019, Pollen Street Capital drove acquisitions of Pure FX and Infinity International. The next year, the investment group added one final piece to its growing base of FX companies with the acquisition of Earthport FX, a subsidiary of the visa-owned Earthport payments business.

Michael England, Partner at Pollen Street Capital commented at the time: “Pollen Street first invested in Foreign Currency Direct in 2018 and in a short period of time has seen the business more than treble in scale.”

Now with four companies blended into one, the firm is estimated to have a headcount of 150 and offices in four countries – UK, Ireland, Spain and Portugal. Given the number of new companies that were merged together, a rebrand made perfect sense, and we have to say the Lumon brand looks much more slick than the outdated look of Foreign Currency Direct. Shamus Hodgson, CEO of the new-look Lumon brand is keen to ensure Lumon remains unashamedly customer-led and in touch with its Foreign Currency Direct roots, whilst also rapidly developing its digital offering.

With Foreign Currency Direct trading around £1.9billion in volume last year and Earthport FX trading £10billion alone, the merger of these businesses certainly helps to establish Lumon’s presence as one of the larger providers in the market. By comparison, this is still some way short of the £37bn traded annually by Moneycorp.

Regulated By: 

FCA, HM Revenue & Customs (UK)

Central Bank of Ireland (Europe)


Lumon  has been built upon the solid foundation of Foreign Currency Direct and its principle to always put the customer first. They offer a foreign exchange service which is naturally bespoke to each client they work with, as each client has its own set of FX requirements and approach to risk mitigation.

The concern for now is how well four different FX firms will integrate under the Lumon brand. The most recent acquisition, Earthport FX, is particularly likely to have different processes and structures in place having been part of the colossal Visa group. The move helps to establish Lumon as one of the bigger FX groups to be run out of the UK but it’s still very early days under the new structure, with the Lumon brand only being announced as recently as August 2021.

Lumon Pay Customer Reviews


Older reviews, the most recent of which was left in 2017, were left on the review platform ReviewCentre. Given the age of these reviews and the fact they relate to Foreign Currency Direct only (before the large-scale acquisitions and rebrand to Lumonpay) we feel these are outdated and no longer relevant. In any case the firm scored a 4.2 / 5 score from 47 reviews.

In recent years, Foreign Currency Direct/Lumon has been working with the review platform Feefo. Since working with Feefo, the vast majority of the almost 6,000 reviews on the review platform have been highly positive, with an average score of 4.8/5. Lumon holds a Platinum Trusted Service Provider Award from Feefo for 2021 for its outstanding customer reviews over the last 12 months,

In addition to these, we’ve discovered a few sporadic reviews over forums and discussion boards, some were good and some were bad.

Those who enjoyed Lumon Pay LTD’s service wrote that:

  • The staff were helpful
  • The transfer process was easy to understand
  • The rates they were good compared to banks
  • Clients felt safe and secure throughout the process

The few complaints we have discovered:

  • Multiple users have called the validity of some reviews into question, suggesting that inauthentic, purchased reviews may be visible around the web. This practice is not uncommon in the industry.
  • Described bad exchange rates.
  • Were unsatisfied with the pushy service.


Even though there are some gruesome complaints, the vast majority of feedback is overwhelmingly positive. A number of the most recent reviews (including those left in Sep 2021 after the Aug 2021 rebrand) still refer to the firm as Foreign Currency Direct. This is positive in the sense that long-standing Foreign Currency Direct customers have not been impacted by the recent acquisitions. Though, we are still unable to get a feel for how the service is going for legacy customers of PureFX, Infinity International and Earthpoint FX. We’ll also have to closely monitor reviews to see how the new company is performing as Lumon Pay Ltd.

Lumon Pay Exchange Rates and Fees

Fees: Fees are not immediately evident on the Lumonpay website, though they can be found in Lumon’s terms & conditions. The Lumn fee schedule is as follows:

Type of FeeFee
Fees for payments to other Lumon walletsFree
Fee for executing a payment to another Lumon walletFree
Fees for payments to non- Lumon wallet accountsFree
Fee for executing a payment via the online platform to a non- Lumon wallet accountFree
Fee for executing a payment to a non- Lumon wallet account as a euro payment via SEPA where the payment is made through the regular payment planFree
Fee for executing a payment via telephone or email to a non- Lumon wallet account (a) a euro payment via SEPA or (b) a sterling payment made to an account in the UK via Faster PaymentFree (recent policy since the rebrand)
Fee for executing a payment via telephone or email to a non- Lumon wallet account via (a) SWIFT or (b) CHAPSFree (recent policy since the rebrand)

Exchange rates: As with the rest of the bunch, all quotes are individual, and more money transferred equals better exchange rates. It’s really difficult to say whether the rates they are offering are better or worse than the ones you’ll get somewhere else. They have reported to us that they have multiple liquidity providers, similar to some of the larger companies, so we believe they can match these. Many client reviews claim they do offer superb rates.

Limits: No advertised limits.


When it comes to larger transfers, we cannot say for sure, but based on client reviews their rates are competitive and definitely bank-beating. The fact there are no minimum or maximum payment limits is definitely a plus too.

Global Reach & Services


  • Dedicated Dealer: Yes.
  • Offices: UK. Ireland, Portugal and 3 offices in Spain (Murcia and x2 Alicante)
  • Ways to approach: Email, Telephone, Call-back form, Online platform.
  • Translations: No, but the staff does speak a few languages.
  • Accepts clients: UK & EEA
  • Currencies Handled: 35
  • Client reviews: close to 6,000 on Feefo, positive


Whilst it’s not evidently clear on the Lumonpay website, we can assume by the regulatory approvals that Luman has, it is able to offer its services throughout the UK & Europe (European Economic Area). This is by no means as international as many of the largest providers on the market, such as OFX, who offers money transfer services in the UK, Europe, US, Canada, Australia and NZ.

With offices in four countries throughout Europe, Lumon is a particularly good option for Brits relocating to Spain and Portugal or Europeans relocating to the UK. With Spanish and Portuguese speaking staff, Lumon can assist clients in these languages with telephone trading, Though with payment fees for telephone trading under £50,000, these clients will be unable to avoid fees on smaller transfers unless they are comfortable trading through the online platform which is presented in English.

Additional Functionalities

Business Hedging tools:

  • Spot Transfers
  • Forward Contracts
  • Flexible Forward Contracts
  • Limit Orders
  • Stop Loss Orders
  • Combo Orders
  • Structured Options Available (through a separately regulated FCA registered investment firm)


No, but the site is mobile friendly.

Mobile Wallet:

Whilst the Lumon website is yet to advertise mobile wallet functionality, the terms and conditions with Lumon allow for customers to hold funds with Lumon for an indefinite period of time. Customers can make payments from their balances held with Lumon and withdraw funds as necessary. Perhaps as this product evolves, Lumon will advertise it more heavily.


Lumon remains one of the few non-bank providers offering structured products. Alongside the likes of Moneycorp, Currencies Direct and Global Reach Group. Like Global Reach, Lumon advertises specifically for institutional clients. Specific to institutions, Lumon can help to manage portfolio FX risk; they can  provide strategies around international investment valuations and optimise tenors on FX contracts to maximise yields on investments.

In addition to structured products, Lumon offers the usual functionality one would expect from a true currency broker – repeat transfers, forward contracts and limit orders. Customers have a wide range of payment options that can be tailored to their needs. Whether they’re an individual receiving an international pension, a business paying staff abroad, or an institution raising capital from investors overseas.

Lumon Money Transfer Summary
68 of 100 1 review
  • Credibility Score - 70%
  • Client Feedback - 90%
  • Fees, Exchange Rates - 70%
  • Global Reach, Availability, Service - 50%
  • Added Values - 60%

Bottom Line

Lumon, formerly Foreign Currency Direct/ is a solid currency provider, offering a wide variety of hedging functionality that should be able to cover any FX requirements a customer may have.. Whilst recent acquisitions have tripled the size of the business, the firm is still not particularly global, with a heavy focus still on the UK & Europe for now.

Due to its long history as Foreign Currency Direct, the firm has over 20 years of experience in FX and thousands of positive customer reviews attesting to a good experience. . This suggests they are trustworthy and from our own experience they also showed a good level of transparency by collaborating with us, as well. Though it’s worth pointing out the majority of positive reviews are largely from when the firm operated solely as Foreign Currency Direct.

One thing to look out for is how well the firm performs given the rapid, non-organic growth driven by three acquisitions in the last two years. We’re not saying this is definitely a problem but mergers and acquisitions are usually accompanied by process changes, tech integrations and management shuffles. The products and capabilities are there for Lumon to make big moves in the industry but the rebrand and new structure is just a little too new for us to recommend right now.



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