Currencies Direct Review: Safe, Legit & #1 Rated on MTC

By 
Alon Rajic
Alon Rajic is the managing director of Finofin, the company behind Money Transfer Comparison. He was previously a senior manager for XLMedia PLC (LON:XLM). His financial commentary could be found on INC, Forbes, Entrepreneur, The Motley Fool, Nasdaq.com, Yahoo! Finance and more.
Read more about Alon Rajic
Last Edited Oct 26, 2022

Should I Use Currencies Direct?

Pros:

  • One of the Most Popular Currency Brokers Since 1996
  • Over 325,000 Active Clients with £7.5bn Transferred Annually
  • Many Consumer & Business Awards
  • Clients Rate it 4.9 / 5 (TrustPilot)
  • Glowing Customer Experience Described on MoneyTransferComparison
  • Professional and Courteous Staff (Privae and Business Desk)
  • No Fixed Transfer Fees (Any Amount)
  • Extensive Reach and Availability with 22 Offices Worldwide
  • Multi-lingual Support Staff & Website

Cons:

  • Not suitable for Remittances to Asia and South America
  • Online Platforms Less Intuitive than Wise.com
  • Online App is Functional but Not Work of Art

Services Offered by Currencies Direct

Transfer Money Abroad to a Bank Account  + 6

Currencies Direct Review: Executive Summary

Currencies Direct has been our #1 money transfer service for many years now, as it clearly demonstrates increasing customer satisfaction and continued growth year on year for 25 years now. Currencies Direct is very well liked due to its easy registration process, its easy to use online platform but more than anything it is famous and successful for its friendly and professional staff, which knows how to handle anything from private clients to large corporations across many parts of the world. In our view Currencies Direct is the perfect currency broker, particularly if you or your business needs to move large amounts of money internationally.

Click here to visit Currencies Direct.

Overall rating97.8%
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Updated on Oct 26, 2022
Aggregated User Votes
thumbs-up6332
thumbs-down265

Current Rates?

🏆 6 Industry Awards (2011-2021)

Where is Currencies Direct Available?

Is Currencies Direct Safe?

Regulated by: Financial Conduct Authority FinCen SARB FINTRAC Bank of Spain

Company Size
CurrenciesDirect Office
Currencies Direct, Dealing Department, 2017; Photo Credit: Money Transfer Comparison

Currencies Direct was founded in 1996 in the UK as Currencies Direct Ltd, making it the first non-bank currency provider in Europe. From a small-operation, the firm has grown into an industry leader that now serves customers on five continents, with offices in the UK, Spain, France, Portugal, India, China, South Africa, and the USA.

Only three years after launch, Currencies Direct opened its first Spanish branch in 1999. In 2004, the firm opened an office in Cape Town, South Africa. To this day, the UK, Spain and South Africa are core markets for Currencies Direct that continue to drive much of the firm’s trading activities and areas of specialisation. By holding an office in South Africa and adhering to local regulations by the South African Reserve Bank, Currencies Direct is one of the very few non-bank alternatives to send money from South Africa abroad.

In 2015, Currencies Direct was 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 appointed Mr Antony Jenkins, the former CEO of Barclays, as its non-executive chairman. This event signified that Currencies Direct was officially in the “Big League” of money transfer companies in the world.

In early 2021 it was published that Currencies Direct had grown in revenue from £40m in 2015 to £85m in 2020, and that its EBITDA tripled itself in this period, allowing the firm to do a £165m dividend recapitalisation and significantly decreasing its debt to equity leverage.

In March 2022 it was announced that Blackstone made a £140 million strategic investment in Currencies Direct, further demonstrating the big name investors that are keen to get behind the best rated currency broker. We b believe Currencies Direct will use that extra funding to boost organic growth and potential acquisitions – Currencies Direct is interested in M&A activity with payment providers of both B2B & B2C services.

As of 2022, Currencies Direct has more than 500 employees, and serves more than 325,000 corporate and individual clients, transferring more than £7.5 billion annually, making it one of the largest currency firms in the UK. Currencies Direct Spain, a subsidiary of Currencies Direct UK, boasts 16 offices and dozens of employees in the country, facilitating mostly money transfers between UK and Spain. Portugal is another country of focus and one that Currencies Direct also serves locally, through its office in Albufeira. The firm regularly appears in Portuguese media advising on property, pension and salary money transfers to and from the country.

Currencies Direct has been a multi-awardee of the MoneyAge Money Transfer Provider of the Year – picking up the award in 2016, 2018, 2020 and 2021. Unsurprisingly, the firm has been shortlisted for the award in 2022 as well.

Currencies Direct is such a household name in the UK that many of the smaller  currency brokerages that came to be over the past 20 years were started by ex-employees, including Foreign Currency Direct (now LumonPay).

Awards

Consumer champion of the year, 2017, Money Age Magazine.

Most positive client reviews in 2017, MoneyTransferComparison

Level 1 credit rating, D&B

National business awards finalists, 2006

Money Age Magazine, Money Transfer Provider of the Year, 2016, 2018, 2020, 2021

Best Rated Money Transfer 2019-2022 MoneyTransferComparison

Conclusion

Currencies Direct is one of the largest and most trustworthy currency firms in existence today. Currencies Direct is as safe as they come. As the first non-bank money transfer company to launch in Europe, Currencies Direct has been operating for more than 25 years, wit offices spanning 22 locations worldwide and the highest credit rating from Dun & Bradstreet. It continues its trend of steady growth in a highly competitive market, and in our opinion for good reason.

With its acquisition by two of the most respectable VC firms in the market and further investment by Blackstone, we anticipate Currencies Direct to continue its growth while maintaining its excellent service. We conclude it is perfectly safe to use Currencies Direct.

96% Credibility Score.

Currencies Direct FAQ & Review Overview

This Currencies Direct review will  help readers decide if Currencies Direct is the right choice for their upcoming international money transfer requirements. We’ll provide answers to what is a currency broker, who is Currencies Direct Ltd, is Currencies Direct safe, and how is it regulated. We’ll also determine just how good Currencies Direct exchange rates and fees are, and how the process works. If you wish to simply browse through Currencies Direct reviews and get the gist of the process quickly, you can read our Frequently Asked Questions below. To view our bottom-line review conclusions click here.

Currencies Direct Review FAQ

+ Who is Currencies Direct?

Currencies Direct was founded in 1996 in the UK as Currencies Direct Ltd, making it one of the longest standing non-bank currency exchange services on the market. From a small-operation, the firm has grown into an industry leader that now serves customers on five continents, with offices in the UK, Spain, France, Portugal, India, China, South Africa, and the USA.

+ Is Currencies Direct well regulated?

Yes. Currencies Direct is regulated by a number of the leading regulators around the world. This includes being authorised as an Electronic Money Institution by the Financial Conduct Authority and as an authorised payment provider by FinCEN (USA), SARB (South Africa) and FINTRAC (Canada).

+ How does the process work?

The process is simple and efficient. Sign up with Currencies Direct through our Get Quote button, get a quote for the transfer you're interested in making, approve the quote and fund the transfer through a bank transfer to a bank account in your name on behalf of Currencies Direct (which cannot be used for any other purpose than making this payment), and enjoy your grand saving against banks and competitors.

+ Can you fund your international transfer through a debit card?

Yes, but fees will be higher, and hence it's recommended to fund transfers through a domestic bank transfer (in your own currency).

+ How do I book a transfer?

After signing up and being assigned with your own currency trader, you could book the transfer via phone, email or online (through Currencies Direct Online or Currencies Direct app).

+ Does Currencies Direct offer hedging tools such as Forward Contracts?

Yes, it does for both private and business clients.

+ Are there transfer limits with Currencies Direct?

Minimum transfer amount is £100 (or 100 euro, dollar, Australian dollar, Canadian dollar, etc.) and there is no upper limit. Large corporations use the service to transfer millions each year.

+ Can I get a free money transfer quote from Currencies Direct?

Yes, click here.

Do Clients Like Currencies Direct? Currencies Direct Reviews from Across The Web

Research

With 7,000+ Currencies Direct reviews submitted by clients on TrustPilot, we have more than enough evidence of 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 4.9 / 5 – the highest rating in the industry. Currencies Direct does not have a separate TrustPilot profile per country so these reviews represent client experiences with Currencies Direct UK, Currencies Direct Spain, Currencies Direct South Africa, as well as other global offices and subsidiaries of Currencies Direct Ltd across the globe.

In addition to this, we have collected more than 90 client reviews in our comment section. One reviewer commented:

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. (Verified Review – Akos)

Advantages +8

96% or more of the clients are happy with the service they have received. These are the main compliments we found in the Currencies Direct reviews left online:

  • No hassle to sign up and get a functioning account
  • Easy to make a transfer and fully understand the fees
  • Helpful personal dealers who are always on hand
  • Good exchange rates
  • Added value when it comes to property
  • Fast and reliable payment delivery
  • Kept updated about transfers
  • Contacted them when the rate was favourable
Disadvantages -4

We also found some 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 not allowed (GBP and EUR debit cards are OK)
  • Recipient’s bank is charged – an extra fee

Conclusion

With a rating of 4.9/5, Currencies Direct is the best reviewed currency transfer company on TrustPilot (alongside TorFX which also receives a 4.9/5 score but based on a smaller sample of 4,700 reviews). We think that speaks for itself – the overwhelming majority of clients had an excellent experience with Currencies Direct.

When we scan the negative reviews written about the company, we don’t see anything that immediately alarms us.

When it comes to staff, it’s perfectly acceptable that out of almost 325,000 users, 10 or 20 won’t be happy with the dedicated dealer to which they were assigned. The company hires hundreds of traders, so it’s only natural that some customers won’t click with their assigned representative. Remember, you can always ask to have a new account manager appointed.

When it comes to documentation, the FCA enforces the UK government’s Anti Money Laundering rulings. Currencies Direct must closely abide by their instructions, which may sometimes require further documentation before they can process an international transfer. This is the most common complaint about Currencies Direct and is also the most common complaint across all Foreign Exchange firms. We recommend supplying as much documentation as is possible prior to initiating any transfers.

In terms of recipient banks charging an extra fee, this is something rather rare that happens when transferring funds (mainly) to Asia. There is nothing that Currencies Direct can do about it, and it will also happen with any other company, although they try to avoid recipient bank fees on international money transfers as much as possible.

Credit Cards should not be used for a money transfer. There are very few companies who accept credit cards, and even fewer clients who wish to transfer funds in this way via commercial FX (often the fees incurred by the credit company will be more significant than the exchange rate as credit cards consider this to be a cash transfer, i.e. the same as using a credit card to withdraw money at a cash machine).

To summarise, there is 97%+ client satisfaction and the vast majority of complaints relate to requirements beyond the company’s control, either as a result of national and international money transfer regulations or intermediary and receiving banks levying charges of their own.

91% Client Feedback Score.

Currencies Direct Exchange Rates & Fees

Research

Fees:  No fees at all. Free transfers from anywhere, to anywhere around the globe.

Exchange Rates: Currencies Direct operates in a similar fashion to other companies in this industry, i.e. Currencies Direct rates, or more accurately, FX margins, are quite flexible and depend on the volume of trading.

On the website, you can view real-time savings in comparison to banks (while in order to see Currencies Direct live rates you will need to sign up and login to your account). On average, a £10,000 transfer (to EUR, USD, or AUD) with Currencies Direct will save you $280 compared to major banks. On larger transfers, conducted via telephone, you will enjoy even lower margins, and thus increase your savings.

Limits: The minimum transfer amount is £100 which is quite low, while there is no upper limit on transfers.

Currencies Direct handles a diverse range of clients, from those who are sending small remittances back home, through to property buyers, and large corporations that move millions between currencies each month.

Conclusion:

The exchange rates and fees are some of Currencies Direct’s strongest aspects. The no-fee policy worldwide, in addition to the calculator on the website, makes it very easy to understand how much money one can save by using them.

The sheer size of the company makes currency liquidity extremely high, meaning that on larger transfers, it would be able to provide a quote that represents even higher savings.

Based on reviews, clients are happy with the currency rates provided to them too.

96% Fees, Exchange Rates.

Global Reach and Services

Research:
Dedicated Dealer: Yes.

Offices: UK Spain Portugal India China South Africa USA Canada

Ways to approach: Email form on the site, call-back form on the site, and face to face meetings in local offices worldwide.

Translations:  French, Italian, German, Portuguese, Spanish, Norwegian, Swedish , Korean and Chinese.

Accepts Clients:  Globally, with dedicated local support in 7 countries!

Currencies Handled: 60.

Client Reviews: Global clientele base that seems very happy with the provided services.

Conclusion:

Currencies Direct is the most localised company we have tested to date, bar-none. There are dedicated support teams and translated versions of the site for a wide variety of clients from various countries as well as bank accounts in dozens of countries enabling customers to fund transfers domestically.

This is precisely what we would expect from a money transfer company which receives the highest client review score in the industry.  . Informed and friendly local account managers, speaking the local dialect, who are available at local hours everywhere they offer money transfer services. Always ready to assist clients with FX hedging strategies, troubleshooting or any transfer issues they may have with a real person at the end of the phone.

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, this is definitely possible.

In addition, Currencies Direct can help prospective clients save on recipient bank fees. With so many local bank settlements, it can make sure that the transfer remains domestic on the client side, as demonstrated above.

96% Global Reach, Availability, Service Score

Additional Functions

Research:
      • Market Orders
      • Limit Orders
      • Rate Watch
      • Forward Contract
      • Guidance on property purchase – including unique guides for specific countrie
      • For a full understanding of these products see our FX hedging guide.

Additional:

Regular Transfers

Schedule repeat transfers for the same amount at time intervals determined by you. Works great for regular overseas mortgage payments, rent payments and overseas pensions. Choose between scheduling the transfers to accept the foreign exchange rate on the day of each payment or book each transfer under a forward contract – guaranteeing today’s rate on each future repeat transfer.

Pay with Debit Card

Clients from the UK & Europe can fund transfers in either GBP or EUR with their debit cards.

Batch Payments

Product updates mean Currencies Direct’s  batch payment functionality runs 100x quicker than before. Simply upload one file to make multiple international payments to over 120 countries at a time. Businesses can create files from their accounting/order management system and upload to Currencies Direct’s platform.

Developer API portal

Large corporate customers and partners can request a token and access the Currencies Direct API. Endpoints are available for all of the user functionality that Currencies Direct provides. This includes creating new recipients, generating FX rates, booking an FX quote, making payments, viewing receipts and even managing account balances from the Currencies Direct digital wallet. This is particularly useful for global payroll payments and accounts receivable.

Multi-Currency Wallet:

As a Currencies Direct customer you are able to swap your money held with Currencies Direct in GBP, EUR, USD into any currency. Or you can keep money in your Currencies Direct accounts for unlimited periods of time, but you should know that these funds do not incur interest. For example, if you transferred $10,000 to Currencies Direct (or received that amount via Currencies Direct), you could exchange $2,000 to Euro through their multi-currency functionality and transfer that amount while keeping $8,000 in your account. Then, you can exchange $5,000 to Sterling and make a separate transfer, without requiring to fund each and every transfer on the system.

Businesses:

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 Multi-Currency Account page. Premier Business Accounts are also available for larger businesses, with a dedicated support team and tailored payment plans developed with the money manager of the organisation.

Currencies Direct is one of the most diverse companies when it comes to the services it offers – from the usual things, such as rate alerts, forward contracts and limit orders, along with unique guides supplied to clients who are purchasing overseas properties. For businesses, Currencies Direct offers one of the most sophisticated collection offers, connecting directly with online marketplaces, and it offers a very advanced payment system that can serve a variety of purposes. The Currencies Direct group also incorporates Currencies Direct Financial Markets – a separately regulated business for companies wanting to conduct options.

Mobile Adaptability:

The Currencies Direct website works well on mobile, and the company also offers a multi-platform mobile application (works on both Android and iPhone devices).This recently rebuilt app is efficient, diverse and generally speaking one of the best you could find in the industry.

Conclusion:

Very few other companies offer as many unique features as Currencies Direct. The hedging department has all the tools you would expect, the online platform is really good and has some unique functions such as “Watch Rate Alerts”, the app is fully functional and friendly, and the brokers are helpful.

94% Added Values Score

Currencies Direct Scoreboard
98%
98 of 100 1 review
  • Credibility Score - 100%
    100%
  • Client Feedback Score - 98%
    98%
  • Fees, Exchange Rates Score - 96%
    96%
  • Global Reach, Availability, Service Score - 99%
    99%
  • Added Values Score - 96%
    96%

Currencies Direct Review: Score Breakdown🌟

Currencies Direct remains one of the industry leaders in the ever-growing money transfer industry. The firm transfers more than £7.5bn a year on behalf of its clients to over 120 countries and maintains investment from a group of investors led by the UK’s former Minister of Trade. The firm boasts 16 offices just in Europe, as well as a local presence in South Africa, USA, Canada and India.

There is no doubt that Currencies Direct is safe to use for any size of currency transfer Furthermore, our Currencies Direct review determines that the online functionality is smooth, the support is friendly and professional, and both corporate and private clients are highly satisfied with Currencies Direct’s bespoke service, as well as the exchange rates they could achieve. There are no fixed fees when using Currencies Direct for international payments or for receiving payments from abroad.

 

102 thoughts on “Currencies Direct Review: Safe, Legit & #1 Rated on MTC

  • November 9, 2012 at 2:05 pm
    Permalink

    More than a dozen client reviews have been added to this page on Feb 9, 2017. These are all verified reviews coming through from real clients! The reason they were all added in one day is due to fact we have requested Currencies Direct to send a mass-email targeting clients we have referred to them, which asks them to go back to the site and leave their honest feedback.

    The fact so many clients bothered going back to our comment section to show their appreciation to the firm says a lot about it. We are extremely happy to realise our review was spot-on and that Currencies Direct delivers to the expectations.

    This comment has been manually backdated to show up on top, so that readers would understand the nature and timing of comments.

    Reply
  • October 24, 2014 at 11:50 am
    Permalink

    Below are some reviews we have received from Currencies Direct’s marketing team of clients which were referred by us, and left their reviews via email or on TrustPilot.

    “What makes Currencies Direct great is that we have both options available, whether it be popping into the Moraira branch or making a transfer online, with both methods being quick and easy.”

    – Peter

    “…we opted for Currencies Direct who offered very competitive rates and no hidden fees – a real bonus! 12 years later we don’t regret our choice at all. Our first transfer was quick and hassle-free, and we now regularly use Currencies Direct for monthly transfers and whenever we need extra money. They save us money each month and we are absolutely pleased by the service we always receive.”

    – Barry

    “Since first using them when we purchased our house we’ve used Currencies Direct when moving money overseas to buy our car, pay school fees and even hospital bills. We also use them for ongoing monthly payments and have happily recommended their services to family, friends and work colleagues across the world.”

    – Iris

    Reply
  • July 18, 2015 at 7:10 pm
    Permalink

    Another review, transferred to us via email. It is 100% genuine (checked by us, we have the full details of that client):

    “I was a little hesitant at first, so I tried using the site with a partial payment. My main surprise was how practical and easy it is to use. I was sending US$’s into sterling during the period when the rate was at its lowest, and it worked perfectly for me, and saved quite a bit compared to my normal inter-bank conversion.”

    – Chris

    Reply
  • August 29, 2015 at 2:08 pm
    Permalink

    This is a non-verified comment. We tried to reach this client through communication here and via email and never received a response. Please take this comment with a grain of salt – The MoneyTransferComparison management

    Having reviewed several UK fund transfer groups, Currencies Direct was the most protective, non transparent, and extremely rude. There sales approach was aggressive. They wanted a registration more than a relationship.
    Immediately there was no trust, the firm is small, and it is perceived desperate to get clients.

    Reply
    • August 29, 2015 at 2:40 pm
      Permalink

      Thank you for the review and comment. Could you explain how were they rude with further detail? Could you support your details so I can verify this against Currencies Direct (I will publish your comment but remove your personal details). Also, which company did you eventually receive? What did you like more about it?

      We would be happy to learn more via our readers’ experiences. Thank you very much.

      Reply
  • November 21, 2015 at 6:05 am
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    Unfortunately this company doesn’t offer 100+ currencies. In the form that one has to fill out as proposed currencies that one owns there r only around 30-40 currencies. Can you recommend me money transfer service that works from China and wouldn’t use such exorbitant fees as Paypal? Thanks

    Reply
  • April 6, 2016 at 9:59 am
    Permalink

    I have signed up to Currencies Direct without any trouble at all.
    A representative contacted me briefly and supplied an excellent pricing, remarkably cheaper than the comparative quote I received from my bank.
    The representative was polite, and helpful.

    Jacquelyn was a mystery-shopper for MoneyTransferComparison.com.

    Reply
  • April 7, 2016 at 4:09 pm
    Permalink

    I emailed Currencies Direct with some specific questions regarding transfers from UK to China. Their reply was to request a phone number so they could call me. I would prefer written answers and have informed them of this. They now appear to be ignoring me!
    I find this reluctance/refusal to provide written information deeply troubling – what have they got to hide? Or do they want the personal contact so that they can indulge in a ‘hard-sell’?
    It is impossible to obtain any facts from their website without first registering, which I don’t necessarily want to do.
    Do you have any comment?
    Thanks.

    Reply
    • April 9, 2016 at 10:19 am
      Permalink

      Hello Ian, and thank you for your comment. My assumption (without directly speaking to them) is that they were not able to provide the service you wanted. They do not handle the Chinese Yuan for private clients. I guess they wanted to understand the purpose of transfer, because they might be able to help you in very specific situations.

      I completely hear what you’re saying about obtaining information without registering, this is how all commercial foreign exchange companies operate. It’s a very competitive field and they are very “secretive”. Of course, it also has commercial viability if you’re already a registered client as opposed a random inquirer via email. This is exactly why our website has been so popular – people come here to find more data about each company, understand how it operates, and also read about other people’s experiences like yours.

      Cheers.

      Reply
  • May 23, 2016 at 2:05 pm
    Permalink

    Currencies Direct were quite happy to deal with us when purchasing a house as we were dealing with large sums of money. Once the house sale was complete and we wanted to transfer £5000 for running costs of the home the attitude changed completely. We were informed that Currencies Direct did not deal with small amounts of money and we should look elsewhere. Such arrogance was totally uncalled for and personally I don’t regard £5k as a small sum of money. Obviously salaries are such that this did seem as small amount of cash.

    Reply
    • May 23, 2016 at 11:30 pm
      Permalink

      Hi Fiona, thank you for your feedback. We are sorry to hear your experience wasn’t fully satisfying (or had a bitter ending to it, more precisely). £5000 is definitely an amount of money they handle, but the thing is that transfers of that size or smaller won’t receive “personal attention”. You could use their online platform to transfer the funds, but the personalised dealer option is not possible. It makes perfect commercial sense – the salaries and other overheads they have to deal with each client will not even cover the spread margin they will be taking away from a £5000 transfer. Still, things could have been communicated better to you.

      Reply
  • June 8, 2016 at 6:58 am
    Permalink

    When comparing transfer rates online every company site except Currencies Direct gave me an immediate clear and up front price. Currencies Direct would not, wanting me to register my details first. Goodbye.

    Reply
    • June 12, 2016 at 11:57 pm
      Permalink

      Hi Robert, thank you for your comment. You can view Currencies Direct’s excellent rates shortly after you sign up. We feel it is the only honest way to go around things. The fact that some other companies show you their estimated rates before sign-up doesn’t mean much. Rates fluctuate heavily, and by the time you have completed your sign-up, the rate you will be offered will be different.

      Reply
  • June 28, 2016 at 7:52 am
    Permalink

    The comments here are an anti-thesis to the reporting above. Perhaps further verification and review is needed in the spirit of providing greater awareness amongst the consumers.

    My experience: I had wanted to enquire about the rates. Instead of replying with a quotation as they had advertised, they replied by asking me to click on certain options available on the website (essentially it meant surfing Currencies Direct website) and asking me to provide copies of my ID when I haven’t even expressed my interest to register!

    The registration process painfully long for a business that operates on trust and efficiency. Plenty of documentation was provided, till now I am not even sure whether my account has been set up. The sales personnel isn’t replying. If not for the FCA registration, I would have thought that this is a scam.

    Reply
    • June 29, 2016 at 9:09 am
      Permalink

      Hi! Thank you for the very helpful comment. Indeed there are some neutral or negative comments here, some of which seem justified, and some aren’t. We are continuing to monitor all client review platforms and in direct contact with Currencies Direct and have no doubt that most clients are able to sign up and satisfied with the service. As part of our referral agreements we see the genuine numbers and we can compare them side-by-side to other companies with similar agreements… and Currencies Direct seem to register more clients, and a large number of them do decide to trade. That doesn’t go out to say that your review is not significant and that we will not factor this in.

      Regarding your specific experience: although some companies offer, perhaps, a smoother registration process which requires less details before offering a quotation, and some companies are fully transparent (like Transferwise / Currencyfair) – what you described here is how the industry works. You provide a proof to your identity, and then able to access the system and view the rates. In fact, the rates that you will see on the system aren’t the best rates, and if you are transferring a significant amount, you will be offered with better rates on the telephone (which will also be applied to the online system). The plethora of documentation which is required in order to sign up, and the “bureaucracy” are unfortunately also a part of the industry due to Anti Money Laundering laws (we have written about that extensively on our website).

      The most worrying part of this all was the support team which never replied to your inquiry. It’s no excuse by any means, but their site has crashed on the Brexit day and I think they are still recovering. I will be happy to contact them on this matter if you allow me to pass your email address to them.

      Last comment we have is that we’re sorry you had a bad experience and we will definitely look into it; in any case Currencies Direct is a legit company as can be. We have visited them many times in their offices and inspected their conduct, and albeit their services were not up to par in this case, they are 100% legit.

      Reply
      • July 18, 2016 at 7:12 pm
        Permalink

        We wanted to update that we have looked into it and ran a thorough check for all referrals and it is a VERY rare event that the trader doesn’t reply instantaneously to a client. So it does happen, as all human errors, but it is unlikely to happen.

        Reply
  • November 28, 2016 at 9:35 am
    Permalink

    Here’s a fresh, verified, client review from November 2016. It has been forwarded to us via email together with identifying details to prove it is one of the site’s referrals.

    In short – absolutely wonderful service! And the politest people ever. You guys have come out shining as compared to at least one of your direct competitors that I have dealt with earlier.

    Regards,

    Bikram

    Reply
  • November 28, 2016 at 10:24 am
    Permalink

    just a bit of information the rate for the commission is between 1.3 to 1.5 percent which is no better than a standard banK. We rang them and pointed out this fact and said that we would not do the transfer with this rate. Their reply was are you threatening us, nomwe were simply pointing out the facts and now because of their reaction do not trust sending the money to transfer because who knows what they will do. I will be sharing this with all my friends as we were very unhappy with their reaction and unprofessionalism.

    Reply
    • November 28, 2016 at 11:44 am
      Permalink

      Thank you Janine for your feedback. 1.3-1.5 per cent margin sounds quite reasonable for a small trade, and usually represents a good saving against the bank (depends on which bank you use, and which currencies are involved in the trade). I am sorry to hear about the bad reaction you got on behalf of Currencies Direct. It’s the exact opposite of what our mystery shoppers said when they tried Currencies Direct out. Could you please supply us with the name of the person who dealt with your account?

      Reply
    • November 28, 2016 at 12:48 pm
      Permalink

      I got the factual details from Currencies Direct.

      – The margin that was applied to your deal considering there are no wire fees is cheaper than any bank. It was a very small 6,000 Euro deal, you can’t expect it to be much better.

      – You booked a trade online, and then called up the company to negotiate your rates. Once a deal has been booked (with any company, not just Currencies Direct), it cannot be undone.

      – The reason booked deals cannot be reversed, changed, or negotiated, is because the rates move too swiftly. For example, if you booked a trade for GBPEUR on yesterday’s rate of 1.18, and today’s rate is 1.168 (these are the actual mid-market rates), you could potentially book at a better rate than the rate they booked your currency for yesterday.

      – I would say that you failed to understand the process. Instead of booking a trade online, you could have called them and negotiate the price prior to booking the deal.

      BR,
      MoneyTransferComparison staff

      Reply
  • January 24, 2017 at 9:30 pm
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    Fantastic service. Used currencies direct to send a large amount of sterling to Israel to buy our holiday apartment I. The local currency. They helped us set a rate in advance. The rate was brilliant. The service was fantastic and the speed was very fast. Will use them again

    Reply
  • February 9, 2017 at 9:07 am
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    Great customer service for new joiners, I’ve been followed step by step in orders to try my first transaction.

    Reply
    • February 9, 2017 at 1:49 pm
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      Thank you Patrick. Indeed, many of our readers have never used such services beforehand and it is excellent to hear Currencies Direct apply a step-by-step approach. Much obliged.

      Reply
  • February 9, 2017 at 9:10 am
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    I used currencies direct for my year abroad program. I needed to transfer money regularly from my UK bank account into my Canadian account. The services were superb. Saved a whole lot of money and I couldn’t have asked for more. Definitely works!

    Reply
    • February 9, 2017 at 1:51 pm
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      Yaaya, thank you so much for your feedback. Currencies Direct are a superb choice for any currency route but North America to UK is one of their specialties. Almost no other company offers fee-free services on Canada outbound transfers.

      Reply
  • February 9, 2017 at 9:15 am
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    Very good service .Efficient and fast.Won t hesitate to use them again.

    Reply
  • February 9, 2017 at 9:24 am
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    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.

    Reply
  • February 9, 2017 at 9:26 am
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    Very good service and highly competitive rates. Despite some technical issues the support team have been very patient and pro-active on following up. Would definitely recommend when transferring significant sums overseas.

    Reply
    • February 9, 2017 at 1:53 pm
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      Thank you Edward for your feedback. It’s especially good to hear that the support team has helped you overcome technical difficulties. This is a major concern to clients – what happens if something goes technically wrong (so they mistakenly stick to their banks and their sub-par rates).

      Reply
  • February 9, 2017 at 9:45 am
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    The process was smooth (some time was required to verify ID details and the purpose of the transaction but that is as expected).

    The exchange rates being offered seemed to be much more competitive than other similar providers out there).

    All in all, i was very happy and would recommend.

    Reply
    • February 9, 2017 at 2:01 pm
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      Thank you Phil. Great to hear about the competitive rate. Indeed, the document verification process can be a bit “tiring” but that’s the nature of the industry due to Anti Money Laundering requirements. If you are interested in learning more about this aspect you can do so here. In any case – very content to hear you had a highly positive experience with them.

      Reply
  • February 9, 2017 at 9:57 am
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    I have used Currencies Direct on several occasions and have always found them to be very efficient and effective in their currency transfer dealings. Staff were polite in all instances. I would recommend them unreservedly for this type of business.

    Reply
    • February 9, 2017 at 2:00 pm
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      Thank you Kathryn. Politeness and service! great to hear that. Of course the rates and fee structure are important but we can about service and reliability and it is absolutely fantastic to hear positive comments on that as well.

      Reply
  • February 9, 2017 at 10:10 am
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    After using HiFx for a number of years, I wanted to check whether there was a better option. I live in Thailand and relatively few companies will allow me to register with them. Fortunately, Currencies Direct is one of them. They charge no commission on any amount, whereas HiFx charge £9 on amounts less than £3000. The amount was transferred to my Thai bank within 3 days, rather than the 4 days I was accustomed to, and most importantly the conversion rate was significantly better – £25 bonus on a smallish £2000 initial deal. With the Pound suffering against the Baht, this extra sum was most welcome. Another feature is that for the amounts I will be transferring for the time being, the rate did not seem to vary according to the size of the deal. Opening the account was easy, after a few understandable security questions. One general point – I wish companies would clearly state the countries they will accept their clients living in, on the websites.
    So, Currencies Direct definitely meets my needs and I look forward to a long relationship with them. Highly recommended.

    Reply
    • February 9, 2017 at 1:59 pm
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      Thank you Keith. This is really good to hear such comparative feedback, and against such a well-known firm such as HiFX. £25 difference on a £2,000 trade is absolutely nuts! We really appreciate the time you took to write this.

      The pound is indeed suffering against the Thai Baht and can potentially further deteriorate after Brexit is in motion. Did you consider a forward Contract to hedge any future risks? You can speak to a dealer in Currencies Direct and he will give a much more detailed explanation but in the meanwhile you can read our hedging guide.

      Reply
  • February 9, 2017 at 10:17 am
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    We have recently purchased a holiday apartment in Spain and needed a means of transferring smallish amounts of sterling to euros to cover bills etc. without mega charges.

    I researched several online companies and was impressed with Currencies Direct’s rates, website and reviews, it appeared very simple. It was extremely simple, after my initial enquiry I was contacted and registration set up and cash transferred all within a few hours.

    I have since received regular emails updating me on the current market situation and on the whole have been very pleased with their service. I wont hesitate to use them again.

    Reply
    • February 9, 2017 at 1:55 pm
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      Hello Catriona, thank you for your superb feedback. We are pleased to hear the process was simple and super-quick! We are also very pleased to hear you found their market updates useful. We are getting those email through as well and trust me (as I get dozens of those a day from various companies and publications) they are one of the best. Very straightforward, short, and easy to digest.

      Reply
  • February 9, 2017 at 11:23 am
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    I had previously used a bank and then a competitor money transfer company to send relatively small sums abroad (typically £3,000 to £5,000). The bank was the most expensive, mostly due to the cost of sending the transfer (around £30), but also due to an inferior exchange rate. The competitor had a better rate than the bank and no transfer fees. Given GBP’s recent weakness, when doing my most recent transfer, I looked around to see whether other providers offered even better rates and found, to my surprise, that Currencies Direct’s rate was significantly better on this occasion. The account opening procedure seemed secure and it is nice to know that there is a human being behind it! The money arrived in good time, with no ‘surprises’. Overall, I would recommend Currencies Direct and use them again, so long as they continue to offer good rates and no transfer fees.

    Reply
    • February 9, 2017 at 1:48 pm
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      Joe, thank you so much for your feedback. Very helpful indeed. Easy on-boarding, great rates, and money arriving exactly where it should and on time, really superb to hear that!

      Reply
  • February 9, 2017 at 11:37 am
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    I’ve used this service a couple of times to send money back and forth from the UK to the US. It’s worked out really well for me. The rates have been the most competitive I’ve found for amounts over £3K. The service agents were super helpful, very careful and methodical in their explanations without being snobs when I asked questions that may be basic to them. They were available at odd hours either here or in their FL location. They worked to make deals work, it was their persistency and patience I admired.

    The only thing I can say they can improve on is that there was one receptionist in the London office who didn’t know who one of the account managers was; I don’t understand how a receptionist, or a person who answers their clients phone calls, could not know people in her office–they should have an internal directory that they can easily access when clients call in if they’re going to be answering phone calls. It was an unfortunate incident, but also a one off considering I made many calls before I actually made the transfers. Overall, excellent service!

    Reply
    • February 9, 2017 at 1:47 pm
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      Thank you Ulises (great name by the way!). We were very pleased to see they stood up to the expectations. We appreciate the feedback about the receptionist and will forward that feedback to them.

      Reply
  • February 9, 2017 at 11:45 am
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    I use Currencies Direct because they offer good rates and are easy and quick to use. I used to use HIFX, but have now switched to Currencies Direct.

    Reply
  • February 9, 2017 at 2:50 pm
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    living in France having the opportunity to use the French office has made transfers very quick and easy,also whilst on holiday in Spain i had a problem with my account the local office in mojacar sorted out the problem immediately,I cannot fault the service they offer

    Reply
  • February 9, 2017 at 3:39 pm
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    Good Rates, good website, smooth transaction – Easy-Peasy.

    Reply
  • February 10, 2017 at 2:13 pm
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    Was looking for a currency exchange service that delivered a better rate than my bank and found it with Currencies Direct.

    A very straight-forward registration process and efficient currency transfer process.

    When transferring amounts above the online threshold, the Currencies Direct dealers I have spoken to have been very professional and helpful.

    Would recommend Currencies Direct for anyone who is looking for a simple and effective way of making currency transfers

    Reply
  • February 10, 2017 at 7:33 pm
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    Reliable, quick, efficient and simple to use and now accessible from anywhere on the app. Strongly recommended.

    Reply
  • February 19, 2017 at 9:03 pm
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    Very professional, reliable and above all excellent rates.

    Reply
  • June 1, 2017 at 9:31 pm
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    We needed to transfer money to purchase our house in Spain, and Currencies Direct offered the best rate. There was no pressure to transfer money into their account like other companies wanted before agreeing a rate. From discussing and agreeing the best rate, transferring money into their account, they then transferred euros into our account in Spain, all within the same day. Their communication was excellent every step of the way, very professional staff. I would certainly recommend this company for transferring currency, and will definitely use again in future.

    Reply
  • March 12, 2018 at 11:23 am
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    Currencies Direct represents a tremendous saving in comparison to BMI and Citi on Euro / Dollar / Canadian Dollar transactions

    Reply
  • May 8, 2018 at 8:36 pm
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    I help my grandson grandson, who lives abroad, with his student loan – transferring money every once in a while. Always relatively small amounts.
    Using Currencies Direct made my life easier. I know that my grandson receives the money I send – very neat and organised process. Both me and my grandson are very pleased.

    Reply
  • May 13, 2018 at 2:08 pm
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    thank you currencies direct! you were right about the sterling’s downward direction

    Reply
  • June 19, 2018 at 11:59 am
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    Read the article but can’t find info about the maximum amount that you can transfer? Is there a max amount?

    Reply
    • June 20, 2018 at 2:50 pm
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      Hi Aaron – no maximum amount with Currencies Direct. Transfer as much as you’d like to. They work with medium sized businesses transferring millions annually, so I am sure your volumes will be simple to handle :)

      Reply
  • August 16, 2018 at 8:34 am
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    Been working in UK for a few years but still have some revenue generating business back home in France and I use Currencies Direct to make transfers from France to UK every month.

    Best service that I could find for my needs.

    Just leaving this “review” here so maybe others in my position will take advantage of their service and save some money on transfers.

    Reply
  • August 23, 2018 at 12:09 pm
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    I tried to find a way to transfer money to my daughter, who lives in Spain.
    After trying a couple of options, I found Currencies Direct – fair rates and kind service.

    Reply
  • September 9, 2018 at 12:20 pm
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    Although I had some technical problem, Currencies Direct service was great and the rates were highly competitive. I recommended them to my uncle, who wanted to buy a house in Spain, we were both satisfied.

    Reply
  • September 9, 2018 at 12:36 pm
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    I wanted to wait for a better pound-euro rate to transfer money to my father. Currencies Direct’s representative was very honest and helpful with their currency rate prediction. Thanks!

    Reply
  • December 4, 2018 at 2:10 pm
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    Very quick to pick up the phone, easy to trade!

    Reply
  • December 5, 2018 at 2:44 pm
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    Friendly service and easy to contact if there is a problem. Sometimes the payments are a little late but this may well be the fault of either the holding bank (Barclays) or my own bank. But overall a good service.

    Reply
  • January 3, 2019 at 4:49 pm
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    Removed by admin : duplicate reply. Thanks Geoff.

    Reply
    • October 18, 2019 at 11:52 pm
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      This comment is copied above, this one says 9 months old and the same review under a different name is at 2 yrs old. Someone is full of sh1t.

      Reply
  • June 24, 2019 at 4:30 pm
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    It has been really good working with them.

    Reply
  • June 27, 2019 at 8:25 am
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    I’ve been running a small website where I buy/sell/trade antiques with people who live in Europe. The lousy exchange rates and bank fees from my personal American bank made it impossible for me to continue. I still keep my bank account for savings/credit cards/debit card, but I use currencies direct for any international transfers now. Hopefully banks learn they can’t take advantage of us anymore!!

    Reply
  • July 26, 2019 at 9:28 pm
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    I cannot sign up/register as your website does n to have the option of choosing the phone number for UAE (+971) , although you advertise the UAE currency ??
    Please inform as I like to compare your quote for the transfer of a large amount to my home country (Dk)

    Reply
  • August 22, 2019 at 2:58 pm
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    I moved my family from France to Canada, but due to my work I still live most of the time in France. I am using currencies direct to transfer money from euros to canadian dollars. First time I used, I thought they did a mistake and I complained. They had a manager contact me very fast and explained everything in a way I can understand and it was a mistake by me. So I continue to use them!

    Reply
  • October 20, 2020 at 11:00 am
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    What makes them better than WorldFirst with their best exchange rate ?

    Reply
    • October 20, 2020 at 11:02 am
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      WorldFirst are great too and ranked #2 on Money Transfer Comparison. The fact they don’t have USA bank accounts nor onboard Americans, in addition to slightly confusing website, and slower growth trend (as compared to Currencies Direct) made them our #2.

      Reply
  • November 21, 2020 at 5:20 pm
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    They CANNOT negotiate Thai Baht.

    Reply
  • May 27, 2021 at 12:05 pm
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    The Currencies Direct exchange rates are the best that I’ve ever received from any international money transfer company. And I have used 3 so far. Had no problems so far with them because the phone support staff is actually doing their job.

    Reply
  • July 9, 2021 at 9:04 am
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    This is the first time that I leave a review on the web but the quality of service given to me by this company and especially my contact Jeremy was above everything I would have dreamed of. He quickly replied to all of my questions and did in a kind way, without rushing me at all.

    Thank you Jeremy for your amazing service!

    Reply
  • September 24, 2021 at 10:41 am
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    I had an all around great experience. And that was mostly because of Daisy because she was super helpful and responsive. The customer support plays a big part in my review and it was a 10/10.

    Reply
  • January 24, 2022 at 2:22 pm
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    I’ve taken advantage of the services of Currencies Direct twice already, and both times I got a friendly service from Daisy McDonald. Quick, easy, careful, and on the dot, with every penny arriving in my French bank account.

    Reply
  • February 17, 2022 at 2:13 pm
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    Can I use currencies direct to exchange money between two owned accounts?

    Reply
  • April 6, 2022 at 8:48 am
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    What are the average exchange rates like? I am not interested in signing up with an account before I know that.

    Reply
    • April 6, 2022 at 9:06 am
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      The margins of Currencies Direct are different based on type of clients. Corporate vs private. Transfer size. Currencies involved. From where into where. Market volatility at said day. Market volatility in said week. . Type of contract (Spot vs Forward Contract). Those are just things from the top of my head. Easier to sign up and get a quote instantly bespoke to your requirements.

      – Admin

      Reply
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  • August 10, 2022 at 7:21 am
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    Currency Direct helped me save $145 when transferring $4,000 to Australia. The process took only a few minutes, and Chris Blewett, my account manager, was friendly and helpful. I am thoroughly happy with Currency Direct’s clear, user-friendly process, and I highly recommend this service.

    Reply
  • August 29, 2022 at 6:17 am
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    I contacted currencies direct earlier today and told them I have a Wise account and their rates were worse (£2,400 transfer GBPEUR UK to Germany).

    Reply
  • September 5, 2022 at 7:11 am
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    In the past, I have sent funds abroad via my Bank, but using Currencies Direct was more convenient and the resulting exchange rate was far more favorable. Their customer support staff was responsive and accommodating, and the process went extremely well. I was quite impressed with the quality of the service.

    Reply
  • September 16, 2022 at 6:39 am
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    Met them many years ago on a trade show and they have been reliant business partner since then, cheers from Motor Olives!

    Reply
  • October 10, 2022 at 8:34 am
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    I transferred money from Cyprus to the United Kingdom in sterling and couldn’t believe that I received the full payment the same day! Very appreciative of this entire experience and will most definitely use them again!

    Reply

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