Pros and Cons
- Over 325,000 Active Clients
- £7.5bn Transferred Annually
- Consumer & Business Awards
- Clients Rate it 4.8 / 5 (TrustPilot)
- Glowing Client Reviews on MoneyTransferComparison
- No fees EVER
- Expertise in Overseas Property
- Extensive Reach and Availability with 22 Offices Worldwide
- Multi-lingual Support Staff
- Unavailable In Some US States
- Exotic African Currencies Unavailable
This Currencies Direct review will explain all the aspects necessary in order to decide whether to use the company for international money transfers. We’ll provide answers to who is Currencies Direct Ltd, are they a reliable company and is my money safe? We’ll also determine just how good Currencies Direct exchange rates and fees are, and how the process works.
Is Currencies Direct Reliable? Is it Safe?
Currencies Direct was founded in 1996 in the UK as Currencies Direct ltd, and has grown at a staggering pace. From a small-operation, the firm has grown into an industry leader that now serves customers on all 5 continents, with offices in the UK, Spain, France, Portugal, India, China, South Africa, and the USA.
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 17 offices and dozens of employees in the country.
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 appointed Mr Antony Jenkins, the former CEO of Barclays, as its non executive chairman. This event has signified that Currencies Direct is officially in the “Big League” of money transfer companies in the world.
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.
Best Rated Money Transfer 2019-2020 MoneyTransferComparison
Currencies Direct is one of the largest and most respectable currency firms in existence today. Operating for more than 20 years now, it has 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 recent acquisition by two of the most respectable VC firms in the market, we anticipate Currencies Direct to continue its growth while maintaining its excellent service. We conclude it is perfectly safe to use Currencies Direct.
We have been to inspect Currencies Direct UK offices in Canary Wharf, London, at the heart of the city’s financial district. Its offices are professional and the staff members are friendly, knowledgeable and attentive. They eagerly welcome clients to visit and meet with them.
Currencies Direct offices – photos:
Do Clients Like Currencies Direct? Currencies Direct Reviews from Across The Web
With 4,500+ 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 4.8 /5 – one of the highest in the industry. Currencies Direct doesn’t have a separate entity per country on TrustPilot so these reviews represent experiences from clients with Currencies Direct UK, Currencies Direct Spain, Currencies Direct South Africa, as well as other global offices and subsidiaries Currencies Direct Ltd operates across the globe.
In addition to that, we have collected more than 20 client reviews in our comment section. Here is an example:
Akos Nicolas Roth, Verified Client
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.
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 1,000 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 a minority of them won’t be as pleasant as others.
When it comes to documentation, the FCA make, and enforce, the UK government’s Anti Money Laundering rulings. Currencies Direct must closely abide by their instructions, which may sometimes require further documentation. This is common across 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 that Currencies Direct can do about it, and it will also happen with any other company.
Credit Cards are a non-issue as well. 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 rates).
To summarise, there is 96%+ client satisfaction, and the vast majority of complaints relate to requirements beyond the company’s control, as a result of national and international transfer laws.
Currencies Direct Exchange Rates & Fees
Fees: No fees at all. Free transfers from anywhere, to anywhere on the globe.
Exchange Rates: Currencies Direct operates in 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 into your account). On average, on a £10,000 transfer (to EUR, USD, or AUD) you will save £280. 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.
Global Reach & Service
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: 39.
Client Reviews: Global clientele base that seems very happy with the provided services.
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.
This is precisely what we would expect from a top-notch company. Local agents everywhere that are ready to step in and assist clients, regardless of where they are in the world, or where they are sending money.
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 below:
- Market Orders
- Limit Orders
- Rate Watch
- Forward Contract
- Guidance on property purchase – including unique guides for specific countries
Regular Transfers, and Pay with Debit Card.
Batch Payments – make batch payment runs 100x quicker than before.
Developer API portal for large corporate customers and partners for seamless integration.
Currencies Direct is one of the most diverse companies when it comes to the services it offers – from the usual things, such as market watch, 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.
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.
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.