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.

8.00/10 Very good
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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

1,954 customer reviews on Currencies Direct on Trustpilot


02/03/2018
by Daniel Ballard

5 stars

Sarah at Currencies Direct (Spain)

I have just spoken to Sarah, Currencies Direct Adviser (Spain), and the service I received was first class. She was friendly, informative and gave me what...Read more

I have just spoken to Sarah, Currencies Direct Adviser (Spain), and the service I received was first class. She was friendly, informative and gave me what I consider "expert advice" on how I should handle my money transfers between the UK and Spain. I have deal with different currency transfer agencies, but Currencies Direct delivers every time. Special thanks to Sarah!

02/02/2018
by Antigone

5 stars

Excellent service at all times

Prompt, professional and personalized service with integrity. Well done, Currencies Direct!

01/13/2018
by Ivan Klatev

4 stars

Very reliable and quick service for international payments

We make international payments on a regular basis and the money always arrives quickly, the service is reliable and the staff has a professional approach....Read more

We make international payments on a regular basis and the money always arrives quickly, the service is reliable and the staff has a professional approach. We will continue working with Currencies Direct!


More reviews

02/02/2018
by SIMALA HOME

5 stars

Using Currencies Direct allows us to …

Using Currencies Direct allows us to receive a more competitive exchange rate when compared to our eCommerce platform provider. The Currencies Direct...Read more

Using Currencies Direct allows us to receive a more competitive exchange rate when compared to our eCommerce platform provider. The Currencies Direct portal is easy to use and the automated features allow for less resource time required to process transactions. Our Account Manager, Yash, is always at hand and deals with our queries professionally and speedily.

02/02/2018
by MR P CARTWRIGHT

5 stars

Excellent service, professional and personal

From the customer perspective any Company review is fundamentally based on the people that represent them and in my case this is my Account Manager,...Read more

From the customer perspective any Company review is fundamentally based on the people that represent them and in my case this is my Account Manager, Germaine. Inital contact was with Lena who was very professional and competently answered my initial questions, so a good initial impression of the Company. Within an hour of this initial call I had been contacted by my assigned Account Manager. Germaine very quickly put my mind at ease, turning what I thought was going to be a difficult process as it involves multiple transactions into very clear set stages. Germaine explained everything very clearly and also explained how to make things even easier from the currency perspective for my future foreign property sales. Very happy so far, sterling in my uk account in less than 24 hours of initial contact at a good conversion rate. More to do but I have no reservations as I know my Account Manager has matters in hand.

02/01/2018
by Scott Hindle

5 stars

Great service from start to finish …

Great service from start to finish would definitely use again.

02/01/2018
by Cheryl

5 stars

Super helpful supporting me through my first transfer

Jeannette was super helpful supporting me through my first transfer. She made what I thought would be quite complex so straight forward and didn't mind...Read more

Jeannette was super helpful supporting me through my first transfer. She made what I thought would be quite complex so straight forward and didn't mind answering my silly questions over the phone and on email - brilliant!

02/01/2018
by Vilma Gas

1 stars

Misunderstanding and confusion customer …

Misunderstanding and confusion customer service.

01/31/2018
by Yuvaraj Eswaran

1 stars

Stay away if you can!!

Started off well with the assistance of account manager but it has turned out to be a dreadful experience. If you are trying to use the service for...Read more

Started off well with the assistance of account manager but it has turned out to be a dreadful experience. If you are trying to use the service for regular business transactions don't use the service unless you are prepared to wait for days beyond the promised timeline as the delivery times are unreliable and many a times no one has a clue of what happened to the transaction. You can save few pennies by using the service but certainly there are other reliable services who can also offer more competitive rates.

01/30/2018
by vincent jackson

5 stars

smooth transaction

smooth transaction, friendly and informative staff = thanks for the help

01/30/2018
by Elliot

5 stars

EXcellent service

EXcellent service

01/27/2018
by Naama

5 stars

Happy with my agent Sonam

So far I'm satisfied with your service. The main reason for that is Sonam. She is trustable, kind and always willing to help with everything. When I open...Read more

So far I'm satisfied with your service. The main reason for that is Sonam. She is trustable, kind and always willing to help with everything. When I open an account with CD, I didn't expect to receive this service and assistance as I get from Sonam. Thank you.

01/27/2018
by ashling tanner

5 stars

I spoke with three consultants whilst …

I spoke with three consultants whilst opening my account and making my first transaction ... Boneca being the person I had to speak to on more than one...Read more

I spoke with three consultants whilst opening my account and making my first transaction ... Boneca being the person I had to speak to on more than one occasion who was extremely helpful and polite and patient . I have nothing but praise for the service I have recieved . Incredibly efficient and thorough and due to a small mistake I had made on inputting info were determined to resolve my mistake as quickly as possible . would highly recommend this company .

01/27/2018
by Lauren M

5 stars

Good experience. Boneca is FANTASTIC

Overall the experience has been great and would use them again, However I wish to really shine a light on one particular member of staff: Boneca Rego. I...Read more

Overall the experience has been great and would use them again, However I wish to really shine a light on one particular member of staff: Boneca Rego. I really feel like she was an angel sent to help me, I didn't know what I was doing however she has been nothing but patient, polite, friendly and helpful. I cannot express enough how grateful I am to have dealt with her. She worked so hard to help me get everything organized and SHE DID! Again I think she is wonderful, and and ASSET to your team. She is an example of how employees should deal with clients. (Even the ones that cry like me!) Her assistance really was so fantastic. She really made it all so much easier for me. I would use this service again and would recommend your company. A big thank you to Boneca (and the team) BONECA FOR MANAGER :)

01/27/2018
by PREETI WADHWANI

2 stars

Woefully inept internal processes

The problem as their customer is not delay in communication or action - the issue arises with their left hand not knowing what the right has done or...Read more

The problem as their customer is not delay in communication or action - the issue arises with their left hand not knowing what the right has done or doing. I have both a business and a personal account with Currencies Direct. And apparently for every account, you get an 'Account Manager'. And a Customer Service representative tends to contact you when you want a transaction done. Without fail, at every transaction, the customer services rep has been unaware of the actions undertaken of the Account Manager and the same in reverse. Every phone call is me repeating the same information I sent in a previous email just to another person. Many times one wants to reach out to the Accounts Manager to give them a piece of your mind. Having cancelled my personal account, I am on my way to cancelling my business one as well now.

01/27/2018
by Kevin Waygood-West

5 stars

What an excellent service!

What an excellent service!! Arshi is constantly 'on the ball' with timely emails, telephone calls, and great advice; and of course top rates. Making...Read more

What an excellent service!! Arshi is constantly 'on the ball' with timely emails, telephone calls, and great advice; and of course top rates. Making foreign currency transactions has never been so easy :)

01/26/2018
by Andy Haughton

5 stars

Once again a very professional service …

Once again a very professional service from everyone at currencies direct

01/26/2018
by David Bausor

5 stars

My experience with Currencies Direct

Initial contact was very rapid, and instructions on registering etc. were clear. The person I spoke to was pleasant, polite, and efficient. Couldn't ask...Read more

Initial contact was very rapid, and instructions on registering etc. were clear. The person I spoke to was pleasant, polite, and efficient. Couldn't ask for more! My first and second transfers have taken place immediately with zero delay on the UK side. Very clear and efficient. Ledavid

01/26/2018
by Andrew

1 stars

Customer Service is terrible

Customer Service is terrible. Very slow at responding, poor answers, and do not take business seriously

01/25/2018
by Chris Taylor

5 stars

We were recommended to Currencies …

We were recommended to Currencies Direct and so glad we went. We were introduced to Carol at the Camposol, Murcia branch who was not only the consummate...Read more

We were recommended to Currencies Direct and so glad we went. We were introduced to Carol at the Camposol, Murcia branch who was not only the consummate professional but treated us as friends. We would have no hesitation in recommending Currencies Direct in the future.

01/25/2018
by Judith Syson

5 stars

Easy to use service, backed up by professional helpful staff

This is a great service, clear and easy to use on line and backed up by good email connections confirming each step of the processes. I found out...Read more

This is a great service, clear and easy to use on line and backed up by good email connections confirming each step of the processes. I found out recently you can set up as a joint account and this is a particularly useful feature. The service is backed up by very helpful, professional and friendly staff who are available by phone and email to smooth through getting validation for payments going to new recipients. I have no hesitation in recommending this service.

01/25/2018
by 302402

1 stars

Don't. Unless you're stupid. I was

Don't deal with them unless you're stupid. I was. I was told that because they don't have a bank account in my country, I should transfer the money...Read more

Don't deal with them unless you're stupid. I was. I was told that because they don't have a bank account in my country, I should transfer the money internationally to them and they will reimburse the bank fees (150$). It was just like that on my first transfer and I was happy. On the second transfer I was STUPID to think that nothing changed and I transferred even a bigger amount of money (~50K GBP). So, after I paid the 150$ commission to the bank, this time they told me that they don't know what I am talking about and they never reimburse for the fees and I had to know that. Third transfer will be with another company and I hope they will be more honest to stand behind their words.

01/24/2018
by yaacov zaidel

5 stars

Excellent service

Excellent service Professional answers,quick replies,and nice attitude. Your Ms.Arshi Pawar,E-commerce Account Manager is doing a great job. Thank you...Read more

Excellent service Professional answers,quick replies,and nice attitude. Your Ms.Arshi Pawar,E-commerce Account Manager is doing a great job. Thank you very much. Yaacov Zaidel

01/23/2018
by Mr Phillips

5 stars

Great company to have when buying …

Great company to have when buying abroad or just paying bills abroad a fare rate of exchange and opened my account face to face in Spain what goes a long...Read more

Great company to have when buying abroad or just paying bills abroad a fare rate of exchange and opened my account face to face in Spain what goes a long way when parting with thousands of pounds or euro's very pleased with all and everyone from currencies direct Many thanks Mr&Mrs P

01/23/2018
by barry waldron

5 stars

Excellent service and very helpful …

Excellent service and very helpful staff. I would certainly recommend them and I would definitely use CurrenciesDirect again.

01/19/2018
by Mrs. A. T. Mowatt

5 stars

For my first experience of transferring …

For my first experience of transferring cash from a Spanish bank in Euros to my British account, I decided to contact the experts. Despite the fact that...Read more

For my first experience of transferring cash from a Spanish bank in Euros to my British account, I decided to contact the experts. Despite the fact that my Spanish bank held onto the money, instead of transferring it to Currencies Direct!, this was an incredibly easy and worry- free experience. The staff at the local office were constantly in touch to reassure me, saying my Spanish bank had a reputation for delay and that it would come in. As it did by my chasing them up. I had initially thought of doing the whole transfer with them but I am delighted I did not as I dare not think how the full transfer and exchange to pounds. would have gone. If like me, you feel relatively unsure about the procedure,- or even if you do not! - I would recommend Currencies Direct most efficient, professional, very polite, helpful and caring staff to anyone. I will always use them

01/19/2018
by Paul Young

5 stars

Shiraz was very polite and helpful

Shiraz was very polite and helpful, excellent service

01/19/2018
by JIM PATRICK

5 stars

First class personal service

First class personal service,simple process,no fees and an excellent rate.No hesitation recommending Jane and her team.

01/18/2018
by Jo Short

5 stars

Customer Service were excellent...

Customer Service were excellent in helping and guiding me through the process of selecting and sending currencies. With their on-line guidance, the whole...Read more

Customer Service were excellent in helping and guiding me through the process of selecting and sending currencies. With their on-line guidance, the whole process of sending large amounts of my money became stress-free and easy to manage

01/17/2018
by Anil kumar

5 stars

Excellent service

Excellent service, thank you Ekta


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