Currencies Direct - Independent review

All you need to know before sending money with Currencies Direct

Expert, local customer service providing specialized advice on currency exchange. Good exchange rates if you’re transferring larger amounts. Specialized services for businesses and online sellers.



Currencies Direct review by Monito

Currencies Direct is a UK-based currency exchange and money transfer provider offering services to individual, businesses, and online sellers. They pride themselves on local expertise — with 21 offices around the world they are able to provide expert local help on currency markets, local regulations, and compliance. They have specialized expertise for transferring to Spain, France, the USA, the UK, Portugal, and South Africa.

Currencies Direct offers tailored solutions depending on your individual money transfer needs, frequency and value of transfers, and several other factors. They provide a wide range of currency exchange and money transfer services, many of which aren’t easily available from other providers.

They do not typically charge transfer fees and have competitive exchange rates. Currency exchange can be carried out over the phone, online, or via their dedicated mobile app. Most transfers between “major” currencies are carried out the same day or the next working day.

They have a comprehensive online platform that provides fast and secure transfers 24x7. You can use the platform to send up to £25,000, get live quotes, pay for transfers, buy currency now and transfer it later, pay for offline transfers, add and manage payees, and send money to more than one payee at a time. They provide competitive exchange rates on higher amounts.


PROS
  • Access to a dedicated account manager to make transferring money easier.
  • Specialized expertise in multiple locales and countries.
  • Comprehensive online platform offering a wide variety of services.
  • Multiple, specialized money transfer services.
CONS
  • No local options for recipients to pick up money in cash.
  • Exchange rates on lower amounts are not competitive.

 


Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



Reviews powered by

1,668 customer reviews on Currencies Direct on Trustpilot


17 hours ago
by Jayne Swain

5 stars

First time sending currencies

First time sending currencies abroad,but with the helpful staff made it very easy and with the messages telling us where the money is was very reassuring....Read more

First time sending currencies abroad,but with the helpful staff made it very easy and with the messages telling us where the money is was very reassuring. Thank you will definitely use again.

1 day ago
by John Lewis

5 stars

Thank you Jeannette

Thank you Jeannette, great job, very professional

1 day ago
by V Prykmeta

1 stars

Not all fees included - beware!!!

If you are trying to transfer money to an individual's bank account then beware - they may not receive the full amount. With high street banks you can...Read more

If you are trying to transfer money to an individual's bank account then beware - they may not receive the full amount. With high street banks you can specify that that you want to cover receiving bank fees. Also if you are sending with Moneygram you pay all the fees. These guys don't cover the receiving bank fees and i was told by customer service don't know what they are. I tried to send $200 to an individual who instead received $180. I am now stuck because i need to transfer another $20 and it definitely wont be Currencies Direct, because there is no telling how much i need to transfer! I think it is very misleading, because you do your comparison on all fees included and then you learn that not quite all fees are included!


More reviews

1 day ago
by Patricia

5 stars

An efficient and re-assuring process …

An efficient and re-assuring process throughout. Jeannette was patient and supportive and as a first time customer, I look forward to working with her...Read more

An efficient and re-assuring process throughout. Jeannette was patient and supportive and as a first time customer, I look forward to working with her again.

5 days ago
by Guillermo Peris

5 stars

Great service and good exchange rates.

Great service and good exchange rates.

5 days ago
by Mark

1 stars

DO not trust

DO not trust, they refused to honour £50 Amazon Voucher on an offer for Algarve resident readers, I registered and sent £62000 during the correct dates...Read more

DO not trust, they refused to honour £50 Amazon Voucher on an offer for Algarve resident readers, I registered and sent £62000 during the correct dates on the offer with them and they won't give me the £50 Voucher!

5 days ago
by Marius Burdulea

5 stars

Currencies Direct it's an intelligent choice

It is really a nice experience working with Currencies Direct until this point (I'm user since 1 month). Everything is going fast starting with transfer...Read more

It is really a nice experience working with Currencies Direct until this point (I'm user since 1 month). Everything is going fast starting with transfer from my account to forwarding the amounts to the receiver. All the people involved in my communication with me very, but very friendly and helpful. Many thanks to Sonam for helping me and making everything so easy! I'm happy to work with you! Thank you!

5 days ago
by Emil Geirgiev

5 stars

Thank you

Thank you! Great support and fast transfers.

6 days ago
by Victoriouselizaj

5 stars

The process felt very secure

The process felt very secure, and the customer service was excellent. I felt in safe hands throughout the process.

08/09/2017
by Lorraine Clayton

5 stars

Excellent company and sound advice

I've just used CurrenciesDirect due to the sale of our property in Portugal and needed to transfer the money over. My point of contact was Reaz Rahman,...Read more

I've just used CurrenciesDirect due to the sale of our property in Portugal and needed to transfer the money over. My point of contact was Reaz Rahman, and I must say this guy has been excellent, he's given me some great advice and eased me through the process every step of the way. I'd recommend this company in an instance, thanks Reaz once again.

08/05/2017
by Andrew

5 stars

Really great service

Really great service. We use it to get our funds from Amazon EUR and USD accounts. It works really well and funds come through and get converted at a good...Read more

Really great service. We use it to get our funds from Amazon EUR and USD accounts. It works really well and funds come through and get converted at a good rate automatically.

08/05/2017
by Mr Feely

5 stars

Great Service

Efficient, friendly staff, everything about the exchange and transfer process explained and clarified, saved me thousands compared to my bank's quote.

08/04/2017
by Ms Chloe Tan

5 stars

Quick and easy

Quick and easy, my account manager Yash is very easy to deal with and always replies promptly to my requests. thank you

08/04/2017
by Jamie Graham

5 stars

Great exchange rate and service

Great exchange rate and service CD offer me the best rate I've been able to find, their service is great and the money always seems to reach its...Read more

Great exchange rate and service CD offer me the best rate I've been able to find, their service is great and the money always seems to reach its destination fast. I recommend CD to everyone who asks me.

08/03/2017
by Graham

5 stars

great customer service and a good rate …

great customer service and a good rate of exchange. Very swift service. Will use again

08/03/2017
by Sophie Green

5 stars

Excellent service

Excellent service - quick and helpful responses from my account manager Yash

08/01/2017
by Waheed

5 stars

Excellent Polite and professional …

Excellent Polite and professional service.

08/01/2017
by Barrie White

5 stars

Easy to set up

Easy to set up. Helpful on the phone.

07/30/2017
by Colin

5 stars

Efficient and very helpful staff

Efficient and very helpful staff, particularly the lady who talked me through the transfer process. The funds arrived at their destination very quickly as...Read more

Efficient and very helpful staff, particularly the lady who talked me through the transfer process. The funds arrived at their destination very quickly as promised. Great!

07/28/2017
by pamela hall

5 stars

Excellent service

Excellent service. We dealt with Liam over the phone from the head office and he dealt with all the security information that we needed to provide to...Read more

Excellent service. We dealt with Liam over the phone from the head office and he dealt with all the security information that we needed to provide to register. Our face to face contact was with Pablo in the Valencia Province. He met us as we were selling our property in our local village. He talked us through he whole procedure and made it very simple for us. He is a real credit and asset to Currencies Direct. We cannot praise him enough he is a Star!! Without his information and knowledge we would have had major problems. The person who recommended us to Currencies Direct Mr. Richard Alun Roberts, who also sold his house and used Currencies Direct for his transfer unfortunately he has not received his £50 Amazon Cheque. His e-mail address should be on file and sold his house in Spain in April 16. We are at the moment considering buying a house in France. If this comes about then we will use Currencies Direct, we only hope that the representative is as good as Pablo was in Valencia.

07/28/2017
by Vasco

5 stars

Great rating compared to my bank and …

Great rating compared to my bank and excellent customer support. I'll use it again.

07/28/2017
by Mino Beria

5 stars

Amazing company

The customer service is outstanding. Very polite staff and very helpful. Really highly recommend their service to everyone. All thanks is due to my...Read more

The customer service is outstanding. Very polite staff and very helpful. Really highly recommend their service to everyone. All thanks is due to my Account Manager Yash Mehta

07/27/2017
by Linda

5 stars

Efficient way to deal.

Very pleasant staff, always willing to help and an efficient way to deal.

07/27/2017
by Floria Theocharis

5 stars

Currencies Direct

Currencies Direct, are absolutely fantastic! The person I deal with directly, Mr Anthony Colocasidou, is efficient, trustworthy, and nothing I ask is ever...Read more

Currencies Direct, are absolutely fantastic! The person I deal with directly, Mr Anthony Colocasidou, is efficient, trustworthy, and nothing I ask is ever an issue for him. I would strongly recommend this company to all my friends and family, without hesitation. Floria Theocharis

07/26/2017
by Matteo

5 stars

excellent customer care service from Hervè

a very good company but i would like to underline the excellent service provided by our account manager Hervè Afeto, always at our side to help us in our...Read more

a very good company but i would like to underline the excellent service provided by our account manager Hervè Afeto, always at our side to help us in our daily tasks with different currencies. I recommend the company but more and more I recommend mr Hervè for his special support.

07/26/2017
by Shaun Thornton

5 stars

An excellent organization always …

An excellent organization always providing a prompt and responsive service. Recommended above all other such services.

07/25/2017
by Sarah

5 stars

Good prompt service

Good prompt service Thanks

07/25/2017
by Mark Doyle

5 stars

Working abroad

Working abroad, my company recently changed our salary arrangements paying us in the local currency (Saudi Riyals). Myself and many of my colleagues were...Read more

Working abroad, my company recently changed our salary arrangements paying us in the local currency (Saudi Riyals). Myself and many of my colleagues were sceptical and concerned by these new arrangements but using Currencies Direct to transfer and exchange to GBP has been seamless. My dealings with the staff and the service have been first rate. Many Thanks

07/25/2017
by Muhammad Dawah

5 stars

The customer service is outstanding

The customer service is outstanding. Very polite staff and very helpful. Not let me down me once. I even had issues losing a payment and they kindly...Read more

The customer service is outstanding. Very polite staff and very helpful. Not let me down me once. I even had issues losing a payment and they kindly helped me traced the money and return it back to me safely. Really highly recommend their service to everyone. They will not let you down. All thanks is due to my Account Manager Arshi Pawar

07/25/2017
by Ken

5 stars

Does what it says on the tin!

Does what it says on the tin! Great service, easy to use and good value.


Currencies Direct does well in customer reviews. It scores a respectable 9.2 out of ten on Trustpilot, with 81% of people rating it at 5 stars and an additional 10% rating it at four stars. Only 4.6% of reviewers rated Currencies Direct at one or two stars.

Reviews typically include positive comments around customer support and ease of use. For example, “Excellent professional clear advice from my first enquiry to the final transfer.Secure informed updates of each stage of the transaction.” and “Had a great experience with Jade my account manager. This was my first time using a service like Currencies Direct and they were helpful, upfront and available to answer all of my many questions. Once I initiated my transfers the process was smooth and efficient and my funds arrived on time. Overall a good experience that gave me peace of mind throughout, would certainly recommend to a first-timer!”

The negative reviews were mainly due to misunderstanding the timing of transfers or transfers taking too long. There were also complaints about the need for documentation to setup accounts and the view this was an invasion of privacy. Currencies Direct replied to all negative comments either explaining the situation or offering to resolve any issues.

Overall though, customers are extremely pleased with FairFX’s exchange rates, speed, efficiency, convenience, and customer service.



Can I trust Currencies Direct ?

Yes. Currencies Direct has been in business since 1996 and since then has helped over 150,000 customers transfer over £4.5 billion worth of funds. They are authorised by the Financial Conduct Authority as an Electronic Money Institution. Their FCA Firm Reference number is 900669. They also have the highest possible rating with Dun & Bradstreet (a renowned credit agency) meaning they are considered a low-risk organization.

They have undergone the highest level of regulation to ensure their practises are to the best standards in terms of safety and security. They are registered with HM Revenue & Customs as a money service business and process customer funds through a segregated bank account to keep it 100% safe.

They trade in more than 60 currencies and employ 450 people around the world.

As per FCA regulations, clients’ funds are held completely separate from Currencies Direct own business accounts, in so-called segregated accounts. Should the company have any financial difficulties, your money will therefore be safe. In addition, they subscribe to the Non-Investment Products Code which regulates companies involved in foreign exchange transactions such as sports and forward contracts.

Currencies Direct employs over 250 people in seven countries across Europe, North America, Asia and Africa.


Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 900669

 






 



How Currencies Direct works


  1. Setup an account with Currencies Direct—they will need your name, address, contact details, bank details, and proof of identification like a passport.
  2. Decide the currencies that you want to exchange money between.
  3. Book a rate through the Currencies Direct website, by calling a customer service center, or through a mobile app.
  4. Provide details of the sender and receiver of the funds.
  5. Send money to Currencies Direct through bank transfer or by paying with a debit card. Debit card payments are available for GBP, EUR, or USD currency cards.
  6. Currencies Direct converts the money and deposits it in the recipient’s bank account.

 


 

Currencies Direct Fees and Exchange Rates

Currencies Direct fees

  • Currencies Direct does not typically charge transfer fees. If they do charge a fee, they will notify you ahead of time.
  • The bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. You should always check with the receiving bank to understand any fees that may be charged.

 

Currencies Direct Exchange Rates

Currencies Direct’s international payment exchange rates do vary based on a few factors:

  • The currency you are converting to.
  • The amount you are sending (larger amounts have better exchange rates).

Here’s a comparison of converting British pounds sterling to South African rands.

Converting £1,000 to South African rands

  • Mid-market exchange rate (baseline) — 16.9826 ZAR per GBP — 16,982.67 ZAR.
  • Exchange rate offered by Currencies Direct — 16.7482 ZAR per GBP — 16,748.20 ZAR.
  • Difference between baseline and Currencies Direct rate for £1,000 — 234.47 ZAR
  • Percentage in extra costs for using Currencies Direct compared to baseline — 1.4%.
  • There is no additional fee levied by Currencies Direct.

Converting £10,000 to US dollars

  • Mid-market exchange rate (baseline) — 16.9814 ZAR per GBP — 169,814 ZAR.
  • Exchange rate offered by Currencies Direct — 16.9154 ZAR per GBP — 169,154 ZAR.
  • Difference between baseline and Currencies Direct rate for £10,000 — 660 ZAR
  • Percentage in extra costs for using Currencies Direct compared to baseline — 0.39%.
  • There is no additional fee levied by Currencies Direct.


 

Currencies Direct mobile applications

Currencies Direct offers a complete mobile application available for Android and Apple phones. The app allows users to:

  • Transfer money quickly and easily.
  • Stay up-to-date with currency trends using rate alerts.
  • Check live exchange rates and costs.
  • View online, offline, and historic activity.

Additional services from Currencies Direct

Contracts, forward, limit, and stop-loss orders

  • Forward contracts — you can set an exchange rate now and then pay for the transfer and get that exchange rate at some point in the future. Forward contracts can be purchased up to a year ahead of then you need to make the transfer.
  • Limit orders — a limit order lets you only transfer money (and fund the transfer) when the exchange rate meets a threshold that you’ve previously defined. This lets you take advantage of changing rates without having to watch them like a hawk.
  • Stop-loss orders — a stop-loss order lets you define a threshold which is the minimum currency exchange rate you will accept. Your currency exchange will then be made if this threshold is breached. It’s a useful way to manage your exchange rate risk.
  • Combining orders — you can combine the above orders to hedge against exchange rate movements and take advantage of favorable exchange rates.

Business currency exchange services

  • Multiple and batch payments — Currencies Direct lets you create and upload information allowing you to make multiple payments to employees and suppliers around the world.
  • Smart currency conversion — designed for online sellers, smart currency conversion lets business owners manage their international collections and payments more easily, optimizing cashflow.
  • Multiple collection accounts — you can get access to Currencies Direct collection accounts in multiple currencies and countries allowing you to take payments around the world. You can then convert money when you need to, or do it on an automatic schedule.
  • Manage outgoing payments — a service designed to help online sellers who source inventory and stock from suppliers in other countries.
  • Risk management — expertise and simple advice from currency specialists to help manage risk and reduce the impact of exchange rate fluctuations.

Other currency exchange and money transfer services

  • Regular, fee-free transfers — Currencies Direct allows you to make regular transfers via direct debit. This is fee-free and you can choose weekly, monthly, or quarterly schedules. You can also lock-in future transfers at a guaranteed rate.
  • Travel money — Currencies Direct has partnered with a service called WeSwap to provide low-cost travel money for international travellers.
  • Daily news on market movements — Currencies Direct provides news and live exchange rates on their website.
  • Currency converter — you can easily find out how much money is worth in a different currency via their online tool.
  • Currency charts — see how currency pairings have performed historically.
  • Rate alerts — get alerts automatically when currency exchange rates hit a certain threshold.

Currencies Direct Offices

Currencies Direct has offices around the world including the UK, China, France, India, Portugal, South Africa, Spain, and the USA. You can find full details and contact information here.


United Kingdom

One Canada Square
Canary Wharf
London
E14 5AA
United Kingdom

France

Ophira 1, Place Joseph
Bermond
Valbonne Sophia Antipolis
06560
France

Portugal

Ave 5 de Outubro, No 246
Almancil
8135-103
Portugal

Spain

Avenida Mediterráneo 341
Mojácar (Almería)
04638
Spain

USA

4700 Millenia Boulevard
Suite 175
Orlando
FL 32839
USA

South Africa

Office 1405
14th Floor, Portside
4 Bree Street
Cape Town
8001
South Africa

China

Unit 10, Level 13, Tower 3, Kerry Plaza
No.1 Zhong Xin Si Road
Shenzhen 518048,
China

India

601, A Wing, Eureka Towers
Mindspace, Malad (W)
Mumbai
400 064
India



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Key facts about Currencies Direct

Service information

Time to open an account A few minutes
Pay-in options Bank Account
International bank transfer
Pay-out options Bank account
International bank transfer
Minimum amount Yes
Maximum amount No
Available languages
Français
English
Deutsch
Español
Português
Italiano
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents ID, Proof of Address

Company information

Type of service provider Foreign exchange companies
Active since 1996
Headquarter London
Jurisdiction United Kingdom
Regulated by FCA

Contact information

Contact support london@currenciesdirect.com
Service hour -
Twitter @https://twitter.com/currenciesd
Facebook https://www.facebook.com/currenciesdirect


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