As an expat who has been living abroad for many years, I understand the importance of finding a reliable, safe and cost-effective international money transfer service. There are countless options available, each with their own set of pros and cons. One money transfer company that I have personally used and would recommend is Currencies Direct.
Currencies Direct is a UK-based remittance company that specializes in international money transfers, currency exchange, and international payments. With over 20 years of experience in the industry, they have developed a reputation for providing excellent service and highly-competitive exchange rates. As an expat who frequently sends money between different countries, I have found Currencies Direct to offer a reliable personalised service at excellent rates.
There are of course times when it would not make sense to use Currencies Direct for your money transfer and we will discuss this too.
In this review, I will provide an in-depth analysis of my experience using Currencies Direct. I will discuss the ease of use of their platform, the speed and reliability of their transfers, their exchange rates and fees, how they stack up against the competition and any additional services or features that they offer. Whether you’re an expat like me or simply looking for a trustworthy international money transfer service, my review of Currencies Direct will provide you with all the information you need to make an informed decision.
Currencies Direct Key Facts
| Fact/Figure | Details |
|---|---|
| 🏢 Company Trading Name | Currencies Direct Ltd. |
| 🗓️ Year Founded | 1996 |
| 🌍 Headquarters | London, UK 🇬🇧 |
| 🌐Other Locations | 🇪🇸 Spain, 🇵🇹Portugal, 🇫🇷France, 🇿🇦South Africa, 🇮🇳India, 🇨🇳 China |
| 🛡️Regulatory Bodies | FCA, FinCEN, ASIC, ACPR, Banco de España |
| 📊 Services Offered | 💱 Currency exchange, 💸 international money transfers |
| 💳 Transfer Options | 🏦 Bank transfer, 💳 debit card, 📲mobile app |
| ⏱️ Transfer Speed | 1-3 days for most transactions |
| 💰 Transfer Limits | No minimum transfer limit; maximum varies by country |
| 💹 Exchange Rates | Competitive rates based on interbank rate |
| 💵 Fees | Low fees; varies by transaction size and currency pair |
| 🔒 Security Features | FCA regulated, FinCEN registered, 3D Secure technology 🔐 |
| 📈 Risk Management Tools | Forward contracts, limit orders, stop loss orders, rate alerts |
| 📞 Customer Support | Phone☎️ , email 📧, online chat 💬, in-person👥 |
| 🌐 Languages Supported | English, Spanish, Portuguese, French, Italian, Greek, Hindi, Chinese, Japanese |
| 📱 Mobile App | Yes; available for iOS and Android |
| 🏆 Awards | Winner of the 2021 Moneyfacts Consumer Awards for Best International Money Transfer Provider🥇 |
Currencies Direct Services
Currencies Direct offers a range of services related to foreign exchange and international money transfers that can benefit you in several ways. Some of the key services they offer include:
- Currency exchange: enables you to exchange currency quickly and easily, with competitive exchange rates that can help them save money. They provide access to a range of major and exotic currencies, and you can make exchanges online or over the phone.
- International money transfers: allows you to transfer money quickly and securely to destinations all over the world. They offer flexible payment options and can help you to set up regular payments to family, friends, or business partners in different countries.
- Forward contracts: they offer forward contracts that enable you to lock in a favorable exchange rate for a future transaction, which can help them mitigate the risk of currency fluctuations and ensure they get the best possible deal.
- Risk management solutions: they provide a range of risk management solutions that can help businesses manage their exposure to foreign currency risk. These include hedging tools, market analysis, and expert advice on managing currency risk.
Currencies Direct Costs & Fee Structure
Currencies Direct offers transparent and competitive fee structures for their services. Their fees vary depending on the type of service provided and the specific currency pair involved in the transaction. However, in general, Currencies Direct charges lower fees than traditional banks and other money transfer providers.
For currency exchange transactions, Currencies Direct’s fees are typically included in the exchange rate they offer, so you don’t need to worry about additional fees. The exchange rate they offer is based on the interbank rate, which is the rate at which banks exchange currencies with each other. Currencies Direct takes a small margin on top of the interbank rate as their fee, which is why their exchange rates are often more competitive than traditional banks. If you’re transferring hundreds of thousands or even millions of dollars this can result in savings well into the tens of thousands compared with using your bank.
For international money transfers, Currencies Direct’s fees are generally fixed and vary depending on the destination country and the amount being transferred. They offer flexible payment options, including bank transfer and debit card, and your can choose to pay the fees upfront or have them deducted from the transferred amount.
It’s important to note that Currencies Direct’s fees are clearly stated upfront, and there are no hidden fees or charges. They provide a transparent fee structure and offer competitive rates, which can help you save money on their currency exchange transactions and international money transfers.
In addition to their fees, Currencies Direct offers risk management solutions, such as forward contracts and market analysis, to help you manage their exposure to currency risk. They also provide expert advice on currency trends and market conditions, which can help you make informed decisions about their transactions.
Overall, Currencies Direct’s transparent and competitive fee structure makes their services an attractive option if you looking to transfer more than £5,000.
What Currencies Does Currencies Direct Support?
Some of the major currencies that Currencies Direct supports include:
- US Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- New Zealand Dollar (NZD)
- Swiss Franc (CHF)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- Singapore Dollar (SGD)
In addition to these major currencies, Currencies Direct also supports a number of other currencies from various countries around the world. The specific currencies supported may vary depending on the country of origin and destination for the money transfer.
Currencies Direct Pros & Cons
No money transfer service is perfect for everyone and on every occasion. Here we discuss the advantages and disadvantages of their service offering.
| Pros | Cons |
|---|---|
| 1. Highly-competitive exchange rates: Currencies Direct offers competitive exchange rates for a wide range of currencies. Compared with using your bank the savings can be significant. | No cash pick-up option: Currencies Direct does not offer cash pick-up services. |
| 2. Transparent fees: Currencies Direct are transparent about their fees, with no hidden costs. They charge a flat fee for most transfers which is built into the exchange rate quoted, and there are no fees for receiving money. | No physical branches: Currencies Direct operates as an online platform and does not have physical branches. They do offer phone and email support though. |
| 3. Range of transfer options: Currencies Direct offers a range of transfer options, including spot contracts, forward contracts, and limit orders. This allows customers to choose the option that best fits their needs. | Only available in select countries: Currencies Direct is not available in all countries. |
| 4. Fast and reliable transfers: Transfers with Currencies Direct are typically fast and reliable, with most transfers completing within 1-2 business days. | No live chat support: Currencies Direct does not offer live chat support. |
| 5. Dedicated account managers: Currencies Direct assigns a dedicated account manager to each customer, providing personalized support and assistance. This can be especially helpful for larger transfers or complex transactions. | Limited payment options: Currencies Direct only accepts bank transfers, debit cards, and credit cards. |
| 6. Strong focus on customer service: Currencies Direct has a strong focus on customer service, with 24/7 phone and email support, as well as a user-friendly online platform. They have won numerous awards for their customer service. | No same-day or weekend transfers: Currencies Direct does not offer same-day or weekend transfers |
| 7. Highly Regulated and secure service: Currencies Direct is regulated by the Financial Conduct Authority (FCA) in the UK and has an excellent reputation for security and data privacy. They use advanced security measures to protect customer data and transactions. | Minimum transfer amount: Currencies Direct haver a minimum transfer requirement of £1,000. |
| 8. Mobile app for iOS and Android devices: Currencies Direct offers a mobile app for iOS and Android devices, making it easy to manage transfers on the go. The app allows customers to view exchange rates, track transfers, and receive notifications | No exotic currencies: Currencies Direct are unable to provide certain rarer, less liquid currencies. |
| 9. Specialized services for personal and business customers: Currencies Direct caters to both personal and business customers, with specialized services for each. This can include personalized pricing, multi-currency accounts, and other features. | No loyalty rewards: Currencies Direct do not offer any rewards scheme for repeat clients. |
| 10. Global presence: Currencies Direct operates in more than 120 currencies and can transfer money to over 150 countries, making it a great option for international transfers. | No guaranteed exchange rate for future transactions (except for forward contracts): Unless you are using a forward contract (which they offer) you are exposed to exchange rate fluctuations. |
Currencies Direct Alternatives
Here we compare Currencies Direct against a few of their popular direct companions to see how they stack up.
Currencies Direct vs. XE Money Transfer
| Feature | XE Money Transfer | Currencies Direct |
|---|---|---|
| Fees | No fees for international transfers over £3,000 (or equivalent) | No fees for international transfers over £1,000 (or equivalent) |
| Exchange Rates | Competitive exchange rates, updated in real-time | Competitive exchange rates, updated in real-time |
| Transfer Speed | Typically 1-4 business days, depending on destination and payment method | Typically 1-3 business days, depending on destination and payment method |
| Transfer Limits | No maximum limit, but minimum transfer amount varies by currency and destination | No maximum limit, but minimum transfer amount varies by currency and destination |
| Payment Options | Bank transfer, debit card, credit card | Bank transfer, debit card |
| Hedging Options | Forward contracts, limit orders | Forward contracts, limit orders, options |
| Customer Service | 24/7 phone and email support | Phone and email support during business hours |
| Accreditation/License | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Australian Securities and Investments Commission (ASIC), Financial Intelligence Unit (FIU) |
| Mobile App | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go |
| Referral Program | Offers a referral program where both the referrer and the referred party can receive rewards | Offers a referral program where both the referrer and the referred party can receive rewards |
| Multilingual Support | Supports multiple languages including English, Spanish, French, German, Italian, Portuguese, Chinese, Japanese, and more | Supports multiple languages including English, French, Spanish, German, Italian, Portuguese, and more |
| Educational Resources | Offers a variety of educational resources including market news, currency tools, and a currency encyclopedia | Offers a variety of educational resources including market news, currency tools, and a blog |
| Online Platform | Offers an easy-to-use online platform for managing transfers and accessing account information | Offers an easy-to-use online platform for managing transfers and accessing account information |
| Travel Money | Offers travel money services such as currency exchange and prepaid travel cards | Offers travel money services such as currency exchange and prepaid travel cards |
Currencies Direct vs. Wise
| Feature | Wise | Currencies Direct |
|---|---|---|
| Fees | Variable fees based on transfer amount, destination, and payment method; transparently displayed before payment | No fees for international transfers over £1,000 (or equivalent) |
| Exchange Rates | Real-time exchange rates, with no markup on the mid-market rate | Competitive exchange rates, updated in real-time |
| Transfer Speed | Typically 1-2 business days for most destinations and payment methods | Typically 1-3 business days, depending on destination and payment method |
| Transfer Limits | No maximum limit, but minimum transfer amount varies by currency and destination | No maximum limit, but minimum transfer amount varies by currency and destination |
| Payment Options | Bank transfer, debit card, credit card, Apple Pay, Google Pay | Bank transfer, debit card |
| Hedging Options | Forward contracts, limit orders, options | Forward contracts, limit orders, options |
| Customer Service | 24/7 phone, email, and chat support | Phone and email support during business hours |
| Accreditation/License | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Reserve Board, Financial Crimes Enforcement Network (FinCEN), Canada Border Services Agency (CBSA), Dubai Financial Services Authority (DFSA), Monetary Authority of Singapore (MAS), New York State Department of Financial Services (NYDFS) | Financial Conduct Authority (FCA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Australian Securities and Investments Commission (ASIC), Financial Intelligence Unit (FIU) |
| Mobile App | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go |
| Referral Program | Offers a referral program where both the referrer and the referred party can receive rewards | Offers a referral program where both the referrer and the referred party can receive rewards |
| Multilingual Support | Supports multiple languages including English, Spanish, French, German, Italian, Portuguese, Chinese, Japanese, and more | Supports multiple languages including English, French, Spanish, German, Italian, Portuguese, and more |
| Educational Resources | Offers a variety of educational resources including market news, currency tools, and a currency encyclopedia | Offers a variety of educational resources including market news, currency tools, and a blog |
| Online Platform | Offers an easy-to-use online platform for managing transfers and accessing account information | Offers an easy-to-use online platform for managing transfers and accessing account information |
| Travel Money | Offers travel money services such as currency exchange and prepaid travel cards | Offers travel money services such as currency exchange and prepaid travel cards |
You can read our full comparison of Currencies Direct vs Wise for more details.
Currencies Direct vs. TorFX
| Feature | TorFX | Currencies Direct |
|---|---|---|
| Fees | No fees for international transfers | No fees for international transfers over £1,000 (or equivalent) |
| Exchange Rates | Competitive exchange rates, updated in real-time | Competitive exchange rates, updated in real-time |
| Transfer Speed | Typically 1-2 business days, depending on destination and payment method | Typically 1-3 business days, depending on destination and payment method |
| Transfer Limits | No maximum limit, but minimum transfer amount varies by currency and destination | No maximum limit, but minimum transfer amount varies by currency and destination |
| Payment Options | Bank transfer, debit card | Bank transfer, debit card |
| Hedging Options | Forward contracts, limit orders, options | Forward contracts, limit orders, options |
| Customer Service | 24/7 phone, email, and chat support | Phone and email support during business hours |
| Accreditation/License | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Financial Services Agency (FSA) | Financial Conduct Authority (FCA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Australian Securities and Investments Commission (ASIC), Financial Intelligence Unit (FIU) |
| Mobile App | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go |
| Referral Program | Offers a referral program where both the referrer and the referred party can receive rewards | Offers a referral program where both the referrer and the referred party can receive rewards |
| Multilingual Support | Supports multiple languages including English, Spanish, French, German, Italian, Portuguese, and more | Supports multiple languages including English, French, Spanish, German, Italian, Portuguese, and more |
| Educational Resources | Offers a variety of educational resources including market news, currency tools, and a currency encyclopedia | Offers a variety of educational resources including market news, currency tools, and a blog |
| Online Platform | Offers an easy-to-use online platform for managing transfers and accessing account information | Offers an easy-to-use online platform for managing transfers and accessing account information |
| Travel Money | Offers travel money services such as currency exchange and prepaid travel cards | Offers travel money services such as currency exchange and prepaid travel cards |
You can read our full review of TorFX.
Currencies Direct vs. OFX
| Feature | OFX | Currencies Direct |
|---|---|---|
| Fees | No transfer fees on transactions over £1000 (or equivalent) | No transfer fees for transactions over £1000 (or equivalent) |
| Exchange Rates | Competitive exchange rates, updated in real-time | Competitive exchange rates, updated in real-time |
| Transfer Speed | 1-2 business days for major currencies, 2-4 business days for exotic currencies | 1-3 business days for most destinations |
| Transfer Limits | No maximum limit, but minimum transfer amount varies by currency and destination | No maximum limit, but minimum transfer amount varies by currency and destination |
| Payment Options | Bank transfer, debit card | Bank transfer, debit card |
| Hedging Options | Forward contracts, limit orders, options | Forward contracts, limit orders, options |
| Customer Service | 24/7 phone, email, and chat support | Phone and email support during business hours |
| Accreditation/License | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Financial Crimes Enforcement Network (FinCEN) | Financial Conduct Authority (FCA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Australian Securities and Investments Commission (ASIC), Financial Intelligence Unit (FIU) |
| Mobile App | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go | Available for iOS and Android devices, allows customers to manage their account and make transfers on-the-go |
| Referral Program | Offers a referral program where both the referrer and the referred party can receive rewards | Offers a referral program where both the referrer and the referred party can receive rewards |
| Multilingual Support | Supports multiple languages including English, Spanish, French, German, Italian, and more | Supports multiple languages including English, French, Spanish, German, Italian, Portuguese, and more |
| Educational Resources | Offers a variety of educational resources including market news, currency tools, and a blog | Offers a variety of educational resources including market news, currency tools, and a currency encyclopedia |
| Online Platform | Offers an easy-to-use online platform for managing transfers and accessing account information | Offers an easy-to-use online platform for managing transfers and accessing account information |
| Travel Money | Offers travel money services such as currency exchange and prepaid travel cards | Offers travel money services such as currency exchange and prepaid travel cards |
How to Transfer Money with Currencies Direct
The process for transferring money with Currencies Direct typically involves the following steps:
- Register with Currencies Direct: Customers can register for a free account on the Currencies Direct website or by contacting their customer service team. You will need to provide personal information and details of the transfer they wish to make.
- Get a quote: Once registered, customers can get a quote for the exchange rate and any fees associated with their transfer. This quote will be valid for a certain period of time, typically 24-48 hours.
- Confirm the transfer: If the customer is happy with the quote, they can confirm the transfer by providing the recipient’s details and sending the funds to Currencies Direct via bank transfer.
- Funds received and exchanged: Once Currencies Direct receives the funds, they will exchange the currency at the agreed-upon exchange rate.
- Transfer to recipient: Currencies Direct will then transfer the funds to the recipient’s bank account. The timeframe for this will depend on the currency and country involved, but typically takes one to two business days.
Throughout the process, you will have access to a personal account manager who can provide guidance and support as needed. You can also track their transfer online or via the Currencies Direct mobile app.
When Currencies Direct is Not the Best Option
While Currencies Direct can be a convenient and cost-effective way to transfer money across borders, there are some situations where it may not make sense to use the service. Here are some examples:
- Small transfers: Currencies Direct has a minimum transfer amount of £1000, so it may not be the best option for customers looking to transfer smaller amounts of money.
- Urgent transfers: While Currencies Direct aims to provide fast transfers, the transfer time can vary depending on the currency and country involved. If the transfer needs to be completed urgently, customers may need to consider alternative providers.
- Cash transfers: Currencies Direct does not allow customers to transfer cash, so it may not be the best option for customers who need to send or receive physical currency.
- Limited currency options: While Currencies Direct offers a wide range of currency options, it may not offer as many currency options as some other providers. If customers need to transfer less common currencies, they may need to consider alternative providers.
- Need for physical presence: Currencies Direct is an online-only provider, which may not appeal to customers who prefer to have a physical presence to visit or speak with.
- Better exchange rates elsewhere: While Currencies Direct aims to offer competitive exchange rates, there may be other providers that offer better rates for certain currencies or transfer amounts. You should compare rates and fees from multiple providers to ensure they are getting the best deal.
While Currencies Direct can be a good option for many customers, it may not be the best fit for every situation. You should carefully consider their individual needs and compare options before choosing a provider.
Currencies Direct Contact Details
Currencies Direct has offices in several countries, and here are the contact details for each location:
United Kingdom (Head Office):
- Website: https://www.currenciesdirect.com
- Phone (UK): 0808 274 0985
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct Ltd. One Canada Square, 37th Floor Canary Wharf London E14 5AA United Kingdom
Spain:
- Website: https://www.currenciesdirect.com/es/
- Phone (Spain): +34 900 901 189
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct Spain S.L. C/ María de Molina 39, 1º Izq. 28006 Madrid Spain
Portugal:
- Website: https://www.currenciesdirect.com/pt/
- Phone (Portugal): +351 308 800 980
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct Portugal, Unipessoal Lda. Rua do Salitre, 118, 4th Floor, Room 42 1250-203 Lisbon Portugal
France:
- Website: https://www.currenciesdirect.com/fr/
- Phone (France): +33 (0) 1 78 90 36 68
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct France SARL 10, Rue du Colisée 75008 Paris France
South Africa:
- Website: https://www.currenciesdirect.com/global/south-africa
- Phone (South Africa): +27 (0) 21 657 2153
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct South Africa (PTY) Ltd. 13th Floor, Southern Life Gardens Cnr. Main & Albrecht Streets Newlands 7700 Cape Town South Africa
India
- Website: https://www.currenciesdirect.com/global/india/
- Phone (India): +91 2261441900
- International: +44 (0) 20 7847 9400
- Email: [email protected]
- Address: Currencies Direct India Pvt. Ltd. 1901 A, Tower 2 One Indiabulls Center Jupiter Mills Compound 841, Senapati Bapat Marg Elphinstone Road Mumbai – 400013 India
Conclusion
As an expat who has used Currencies Direct regularly for many years, I can confidently say that they are a fantastic money transfer provider. Their competitive exchange rates, easy-to-use platform, and helpful customer service have made sending money abroad a hassle-free experience.
I appreciate that they are transparent about their fees and provide competitive rates, which has saved me money in the long run. Moreover, I can trust that my transactions are secure, as Currencies Direct is regulated by various financial authorities, including the UK Financial Conduct Authority and the Australian Securities and Investments Commission.
Overall, I highly recommend Currencies Direct to anyone who needs to transfer money internationally. Their reliable service and exceptional customer support have made my life as an expat much easier, and I will continue to use them for all my foreign exchange needs.
Frequently Asked Questions:
Is Currencies Direct safe?
Currencies Direct is authorized and regulated by the UK Financial Conduct Authority (FCA), which requires financial service providers to meet strict regulatory standards to protect consumers. As such, Currencies Direct must adhere to a range of regulations and requirements designed to ensure the safety and security of customer funds and personal information.
Currencies Direct also uses a range of security measures to protect customer data and funds, including two-factor authentication, encryption, and firewalls. In addition, Currencies Direct operates segregated client accounts, which means that customer funds are held separately from the company’s own funds, reducing the risk of loss in the event of insolvency.
Overall, Currencies Direct is not a scam and has an excellent reputation for safety and security, with a high level of transparency and compliance with regulatory requirements. However, as with any financial service provider, there is always some degree of risk involved, and customers should always take steps to protect their personal information and funds, such as using strong passwords and monitoring their accounts regularly.
To learn more read our full guide to Currencies Direct’ safety.
Who owns Currencies Direct?
Currencies Direct is owned by private equity firms Palamon Capital Partners and Corsair Capital and has received investment from Blackstone Tactical Opportunities.
How does Currencies Direct make money?
Currencies Direct generates revenue by charging a markup on the exchange rate when they facilitate a currency exchange transaction for their clients. This markup, or “spread,” is the difference between the exchange rate that Currencies Direct is able to obtain on the market and the exchange rate that they offer to their clients.
For example, if the current exchange rate for GBP/USD is 1.4000, Currencies Direct might offer their client a rate of 1.3900, meaning that they are charging a spread of 0.0100 (or 100 pips). This spread is how Currencies Direct makes money on the transaction.
Currencies Direct may also charge additional fees, such as transaction fees or wire transfer fees, depending on the type of transaction and the client’s location. However, these fees are typically lower than those charged by banks and other financial institutions.
It’s worth noting that the exact amount of the spread and any fees charged can vary depending on market conditions, transaction volume, and other factors. You can request a free quote from Currencies Direct for their specific transaction to see the exact exchange rate and fees that will apply.
Is Currencies Direct legit?
Yes, Currencies Direct is a legitimate licensed, and accredited money transfer operator. In the UK they are authorized by the Financial Conduct Authority (FCA) as an Electronic Money Institution. In the US they are registered as a Money Services Business at the federal level with the Financial Crimes Enforcement Network (FinCEN) providing complete peace of mind. Furthermore, they are a member of the Financial Ombudsman Service (FOS) which provides customers with recourse in the event of a service complaint that they are unable to resolve directly with Currencies Direct.
Is Currencies Direct a bank?
No, Currencies Direct is not a bank. It is a specialized foreign exchange and international money transfer provider that offers services such as currency exchange, international payments, and risk management solutions to individuals and businesses.
Currencies Direct is not authorized to take deposits or offer banking services like savings or checking accounts. Instead, it facilitates currency exchange transactions and international money transfers on behalf of its clients.
Currencies Direct is regulated by various financial authorities, including the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), to ensure that it operates in a safe and secure manner and meets regulatory requirements.
How long does it take to transfer money with Currencies Direct?
The time it takes to transfer money with Currencies Direct depends on various factors, such as the currencies involved, the payment method, and the destination country. However, in general, Currencies Direct aims to complete most transactions within one to four business days.
For example, if you are sending money from the UK to Europe using Currencies Direct’s online platform, the transfer may be completed within one business day. However, if you are sending money from the UK to a country outside of Europe, the transfer may take up to four business days to complete.
It’s worth noting that some transactions may require additional time to process, such as those that require manual review or those that involve large sums of money. Additionally, unexpected delays can occur due to factors outside of Currencies Direct’s control, such as delays in the banking system or errors in the customer’s information.
Clients can check the status of their transaction and get an estimated delivery time by logging into their Currencies Direct account or contacting customer service.
Are TorFX and Currencies Direct the same company?
Currencies Direct and TorFX are under common ownership but they are run as completely separate companies and openly compete with each other for business.
Does Currencies Direct have an app?
Yes, Currencies Direct provides an app for download on Google Play or Apple App Store. However, the app functionality could be a lot better and we recommend obtaining a free quote online.
Does Currencies Direct have many complaints?
While every company can receive complaints from time to time, it’s worth noting that Currencies Direct has a generally positive reputation and receives relatively few complaints compared to other money transfer providers.
On Trustpilot, a popular review website, Currencies Direct has a “Great” rating with an average score of 4.9 out of 5 based on over 8,000 reviews. Many customers praise the company for its competitive exchange rates, helpful customer service, and ease of use.
However, like any company, Currencies Direct has received some negative reviews and complaints from customers who were unhappy with the service they received. Common complaints include delays in processing transactions, unexpected fees, and difficulties with customer service. It’s important to note that some of these complaints may be due to factors outside of Currencies Direct’s control, such as delays in the banking system or errors in the customer’s information.
Overall, while there are some complaints about Currencies Direct, they are relatively few and the company generally has a positive reputation for providing a reliable and convenient service.
Is Currencies Direct free to use?
No, Currencies Direct is not a free service. They make money by charging a markup on the exchange rate when they facilitate a currency exchange transaction for their clients, which is how they generate revenue.
