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Currencies Direct Money Transfer Review

Trading via: Online Platform Email Telephone
International Clients accepted
Established: 1996
Currencies offered: 121
“Currencies Direct is one of the friendliest companies on the market. An intuitive website, friendly online trading platform and an extremely pleasant staff. The company has been around for more than 20 years and has attracted nothing but positive media attention and awesome feedback.”
95.2% Editorial rating.
1.350+
Aggregated reviews
91%
Level of Satisfaction
5
Industry Awards
2006-2017
Get Free Quote
Minimum transfer:
£100
€100
$100
AU$100
Fees & Rates: No Fees worldwide policy.
MTC-WF
REGULATION: Financial Conduct Authority FinCen ACPR SARB FINTRAC

Review Table of Contents

Is Currencies Direct Reliable?
  • > About the Company
  • > Awards
  • > Conclusion
Offices
Do Clients Currencies Direct? Reviews From Across the Web
  • > Research, Pros and Cons
  • > Conclusion
Currencies Directs Exchange Rate & Fees
  • > Research: Fees, Guarantee, Exchange Rates, Limits
  • > Conclusion
Global Reach & Service
Additional Functionalities
The Overall
Comments

Is Currencies Direct Reliable?

Regulated by: Financial Conduct Authority FinCen ACPR SARB FINTRAC
Company Size

Currencies Direct was founded in 1996 in the UK, 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, 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 it 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 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.

Currencies Direct also has a majority stake in Universal VAT Services, a tax reclamation company.

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

Rating of 95.2% in total, MoneyTransferComparison

Conclusion

Currencies Direct is one of the largest and most respectable currency firms on the planet. Operating for almost 20 years now, it has offices spanning 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 that it will continue growing, while maintaining its excellent service.

96% Credibility Score.

Offices

We have been to inspect Currencies Direct’s offices at Moorgate Street in London, at the heart of the city’s financial district. Its offices are pleasant and the staff members are friendly and professional. They eagerly welcome clients to visit and meet with them.

Currencies Direct offices – photos:

CurrenciesDirectOffice

Dealer Area In The Office

CurrenciesDirectOfficeView

Incredible Office View

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

Research

With 1,350+ 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 8.9 / 10.

There are approximately In addition, there are 45 reviews that can be found on ReviewCentre, another well-known user review site in the UK. There, the average rating is not as glowing, earning 3.6 out of 5, with 71% of the overall audience recommending the service.

If we combine the two, we reach an average rating of 8.82 out of 10 across all platforms.

In addition to that, we have collected more than 20 client reviews in 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
Advantages +5

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
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 and Visa Electron, are not allowed
  • Recipient’s bank is charged – an extra fee
Conclusion

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 HM Revenue & Customs 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 (the fees incurred by the credit company will be more significant than the exchange rates anyhow).

To summarise, there is 90%+ 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.

91% Client Feedback Score.

 

Currencies Direct’s Exchange Rate & Fees

Research

Fees:  No fees at all. Free transfer from anywhere, to anywhere on the globe.

Exchange Rates: Currencies Direct operates in similar fashion to other companies in this industry, i.e., exchange rate margins are quite flexible and depend on the volume of trading.

On the 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 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 diverse range of clients, from those who are sending small remittances back home, through property purchasers, to large corporates 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.
  • Clients seem to be happy with the currency rates provided to them.
96% Fees, Exchange Rates.

Global Reach & Service

Research:
Dedicated Dealer: Yes.
Offices: UK France Spain Portugal India China South Africa USA

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, Portuguese, Spanish, Norwegian, Danish, Swedish and Chinese .

Accepts Clients:  Globally, and there is also dedicated local support in 18 countries!

Currencies Handled: 39.

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.

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:

96% Global Reach, Availability, Service Score

Additional Functionalities

Research:
  • Market Orders
  • Limit Orders
  • Rate Watch
  • Forward Contract
  • Guidance on property purchase – including unique guides for specific countries
Additional:

Regular Transfers, and Pay with Debit Card. Also works with WeSwap, a travel money firm, and owns a tax return company – which it can connect you with as a part of its service.

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 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 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 market watch, forward contracts, and limit orders, along with unique guides supplied to clients who are purchasing overseas properties.

The fact that it owns a tax return company makes its service truly holistic.

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.

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

The Overall

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Keith Miller

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… Read more »

Catriona Burgess

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.

r.colyer

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

Jeff N

Currencies Direct represents a tremendous saving in comparison to BMI and Citi on Euro / Dollar / Canadian Dollar transactions

Cara Fitzgerald

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!

Potential client

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.

Wojciech Kalazny

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

Jacquelyn

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.

Ian

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.

Fiona Atkinson

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.

Robert Pratt

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.

Another potential client

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.… Read more »

Janine Springall

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.

Mort Grenville

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

Patrick

Great customer service for new joiners, I’ve been followed step by step in orders to try my first transaction.

yaayaa

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!

maurice

Very good service .Efficient and fast.Won t hesitate to use them again.

Akos Nicolas ROTH

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.

Edward Radcliffe

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.

Phil Bousfield

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.

Kathryn Thomas

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.

Joe

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… Read more »

Ulises Moreno

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… Read more »

Palle Jespersen

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.

Tony Davies

Good Rates, good website, smooth transaction – Easy-Peasy.

Justin Parker

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

Dick

Reliable, quick, efficient and simple to use and now accessible from anywhere on the app. Strongly recommended.

Mirza Muhic

Very professional, reliable and above all excellent rates.

kim

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.

Bob Mason

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.

John Erwing Jr.

thank you currencies direct! you were right about the sterling’s downward direction

Aaron

Read the article but can’t find info about the maximum amount that you can transfer? Is there a max amount?

Berangaria Audet

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.

Benjamin Edwards

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.

Roberto García

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.

Bonnie

Very quick to pick up the phone, easy to trade!

Lydia Summers

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.

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