Currencies Direct Review: Multi-Currency Transfers, Other Services and Transfer Fees

Explore our review of Currencies Direct's money transfer services and supported currencies, dive into the transfer fees and more.

Updated: April 1, 2024
Matt Crabtree

Written By

Matt Crabtree

 

Are you in the market to make international transfers? Money transfers can sometimes be pricey, and then there's finding a platform you can trust to execute your transactions. Many money transfer services are available in the UK, but we want to draw your attention to Currencies Direct.

Currencies Direct is an electronic money institution that offers money transfers for local and international needs.

This review will explore Currencies Direct's money transfer services, features, the currencies the platform supports, the transfer fees, and more.

What Is Currencies Direct?

Currencies Direct Limited was founded in 1996, making it Europe's first money transfer provider. The current CEO is Keith Hatton. Currencies Direct's parent organisations are Redpin Holdings Limited and Corsair Capital LLC.

The first money transfer was conducted in 1996, and Currencies Direct opened its first European branch in Torrevieja, Spain. More branches opened worldwide; in 2004, an office was opened in Cape Town, South Africa and in 2005, operations expanded, and an office opened in Mumbai.

In 2007, an office opened in the USA, and in 2009, Currencies Direct launched its online money transfer services. In 2009, the company became an authorised financial services provider and gained authorisation from the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations Act 2011.

Currencies Direct expanded its operations further in countries like Malta and Ireland. It has received many rewards throughout its lifetime, such as the MoneyAge ‘Money Transfer Provider of the Year' award multiple times, including in 2023.

In 2024, it provided safe and secure services for over 250,000 customers worldwide. There are currently over 25 branches located in London, Spain, France, Portugal, the USA, South Africa and India.

Currencies Direct Services and Features

Currencies Direct offers services for both personal and business clients.

Over 430,00 people and businesses have benefited from its services. The platform supports 10 languages: English, French, Spanish, Portuguese, Norwegian, Korean, Italian, German and Chinese.

To give you an idea of what you can do on the platform, we've compiled a list of all the features you can use.

Currencies Direct's Features:

  • Transfer money overseas: You can transfer money in over 40 currencies. With online money transfers, you can transfer up to £25,000 24/7 via desktop, smartphone, or the Currencies Direct app.
  • Multi-currency card: The Currencies Direct multi-currency card allows seamless spending with no monthly card fees. It supports various wallets and lets you withdraw money from ATMs with Currencies Direct rates. Connect your multi-currency card to mobile wallets like Apple Pay and Samsung Pay.
  • Local transfer services: Currencies Direct offers a local connection and specialist services to help users transfer money like a local, with unique bank account numbers and services that navigate local laws and regulations.
  • Spot convert money: If you need to make immediate money transfers, you can use a spot contract. All you need to do is agree on the exchange rate and send money to Currencies Directs, and they'll send your currency immediately.
  • Forward contracts: A forward contract allows you to fix the current exchange rate for up to a year; you must first make a small deposit. Forwards are an excellent way to protect yourself against market volatility, especially if you have future payments for goods and services.
  • Limit orders: If you want a particular exchange rate for your transactions and don't need to move your money soon, you can use a limit order. You share your desired exchange rate with Currencies Direct, and they'll make the transfer once the live exchange rate matches yours.
  • Risk management solutions: For businesses, the platform offers risk management to keep your cash flow predictable and protected from volatile markets.
  • Business features: If you're a business looking to make transfers, Currencies Direct offers services for incoming and outgoing payments and help for online sellers.

Currencies Direct: Pros and Cons

When using the Currencies Direct platform, we encountered some features we loved and others we thought could improve.

Using the platform, we've created a list of all the pros and cons.

Pros

✔️ Dedicated account managers: All customers are assigned a personal account manager. The dedicated account manager provides invaluable insights and helps you maximise your money transfers. The Currencies Direct team comprises experts who take the time to understand each customer's needs and requirements.

✔️ Comprehensive platform: Currencies Direct offers various services, such as local and international money transfers, multi-currency card accounts, and options for both personal and business uses.

✔️ Multiple money transfer services: Currencies Direct allows spot and forward contracts and limit orders for money transfers. So you can transfer money in a way that suits your needs.

✔️ Multiple currencies: You can make international money transfers using over 40 currencies. The platform facilitates foreign exchange transactions with popular currencies such as Pound Sterling, Euro, US Dollar, Canadian Dollar, Australian Dollar, Japanese Yen and more.

✔️ Mobile app: If you prefer to control your finances from your smartphone, you can make money transfers, oversee market trends, and access your transaction history all from the Currencies Direct app.

Cons

❌️ Exchange rate for low transaction amounts: Currency exchange rates aren't competitive for transactions of a lower amount. The platform and fees are better suited for more significant transactions. 

❌️ No cash pick-ups: There are no options for recipients to pick up client funds in physical cash.

❌️ Transfer limits: You can only make online transfers of up to £50,000 or currency equivalent. The minimum amount for a transfer is £100.

Currencies Direct Review

Currencies Direct has stood the test of time.

It has been around since 1996 and is still growing and winning awards for its services; that alone shows it is a dependable service. The platform has the highest possible credit rating (level one) from Dun & Bradsheet and a five-star rating from many of its clients (including us). Last year, Currencies Direct looked after £10 billion and handled over 420,000 payments across 69 currencies with care.

When using Currencies Direct, we appreciated the platform's range of services. Whatever you need for money transfers, the platform provides tailored options to help you execute your transactions in the most suitable way possible.

Other money transfer platforms offer personal or business services, so it's great that you don't have that with Currencies Direct. It's accessible to companies as well as individuals. The platform offers live exchange rates, but if you're unsure how much a transaction will cost, you can get a free quote on their website.

The options for approaching your money transfer are great. We especially liked the limit orders you can add to your money transfers. Currencies Direct will automatically execute the transfer once your demands have been met, ensuring you get an exchange rate that suits you without waiting for alerts. However, if you're in a hurry for a quick transfer, we wouldn't recommend this option, as you could wait for days for your desired exchange rate.

We found that the platform is best for more significant transactions. The minimum transfer amount is £100, and rates are less competitive at lower transaction values. You'll get more for your money if you make large transfers. However, there is a limit of £25,000 for individuals making transfers.

If you're a business looking for a moment transfer platform, you can benefit from features such as batch payments, forward contracts, and managing earnings in multiple currencies. However, you may have issues with the standard 1-2 day processing time if you require quick transfers. The business account comes with features like risk management and tailored selling tools for owners who sell products in marketplaces. 

Ultimately, Currencies Direct offer a cost-effective, fee-free service, secure international transfers, competitive rates and dedicated support. However, if you want to send smaller amounts abroad, this platform may not be as suitable as others.

Reviewing Currencies Direct Mobile App

Currencies Direct launched its money transfer mobile app in 2017, and it currently has a 4.8-star rating on the Apple store and a 4-star rating on the Google Play store.

If you've got an Apple or Android smartphone, you can download the Currencies Direct app for all your money transfer needs. The free app is just as easy to use as the online platform.

The app allows users to:

  • Stay alert: Stay updated with currency trends. It has rate alerts, so you never miss reasonable exchange rates. The feature is handy if you're busy but want to take advantage of a reasonable exchange rate. You can turn off this feature whenever you need to.
  • Transfer money: You can make all your transfers from the app quickly and easily, and using the app means transferring cash on the go. The app is secure, and you receive the same safeguarding and protection as the online website.
  • Check costs: The app allows you to check live exchange rates and fees to see how much a transaction will cost before executing it. This feature is ideal if you're planning your money transfers and need accurate pricing.
  • Track your activity: The app allows you to view your historical transaction activity, both online and offline. If you need proof of a transaction or want to see all your transactions in one place, you simply go to your app to see every transaction you've ever made using your account.
  • Currency Card Control: You can control your Currencies Direct card from the app and connect it to your mobile wallet to spend like a local when you're travelling in over 200 countries.

We found the app really easy to download and use. You can do everything you need to from your smartphone. The app navigation is clear and simple, and you can easily switch between pages and start transactions. We particularly liked the tracking activity feature; it's handy to see every transaction you've made in one place.

Is Currencies Direct Safe and Secure?

Currencies Direct is regulated and authorised in several countries worldwide, meaning it has to maintain its clients' safeguarding standards.

Authorisation means the business has to ensure the security of its client funds. Dun & Bradstreet (a credit agency) gave Currencies Direct the highest possible credit rating, meaning it is considered a low-risk organisation.

Currencies Direct is a money service business registered with HMRC and regulated by the FCA. The platform processes funds through a segregated bank account to ensure secure holding.

In addition to authorisation and regulation, Currencies Direct's website uses SSL encryption, and there are two levels of security during login. The platform will automatically notify you whenever you send or receive a payment. All passwords on the platform are stored in an encrypted state, so you can trust that your funds and data are safe.

How to Use Currencies Direct

Having an accessible, user-friendly interface is vital for money transfer platforms.

Currencies Direct has a clean dashboard that is easy to navigate, even if you're not tech-savvy. You need to log in, and you can start transferring money immediately.

The Currencies Direct platform is easy to use; you can transfer money quickly in three steps:

  1. Register: You can register for a free account in minutes. The account is not an obligation; you can register online or over the phone. Upon account activation, you may need to go through ID verification, which can take up to 30 minutes.
  2. Agree on transaction amount: You decide the currencies you want to transfer, enter the details, and you'll see the exchange rate. You can make money transfers online or via the app. You'll see all the rates and fees before the transaction is executed.
  3. Make payment: You'll need to send money to your Currencies Direct account by debit card or bank transfer, and the platform will handle the rest. Currencies Direct will handle the transfer once you've confirmed the transaction and paid the correct amount into your account.

Exploring Currencies Direct's Transfer Fees and Costs

Knowing how much a money transfer will cost before the transaction happens lets you see the total cost, so there are no hidden fees.

Some fees may vary between currencies and transaction sizes, but we've compiled a list of all the fees and costs involved when using Currencies Direct.

Currencies Direct fees include:

  • Exchange rate: Currencies Direct offers competitive exchange rates that are updated in real-time and can be viewed anytime. You can transfer money at your convenience or set up a limit order for a specific exchange rate.
  • No transfer fees: You won't be charged a transfer fee for any transactions you make.
  • Receiving fee: There's a 0.1% receiving fee on all funds collected into your account. However, it is included in the agreed exchange rate.

If you're unsure how much a transaction will cost, you can get a free quote directly from Currencies Direct on their website within minutes.

How Long Do Money Transfers Take With Currencies Direct?

Transaction times will vary depending on currencies, time zones and transaction times.

We've compiled a list of all the potential transaction times you may experience with Currencies Direct:

  • Withdrawing funds: When you withdraw funds from your account to your bank account, they typically arrive within a few hours of making the transaction.
  • Payments into collection account: Online marketplaces use different methods to send money to collection accounts, so the time for payments to become visible on the platform's system will vary. Amazon sellers usually receive credits into their accounts within 3-4 days, whereas other online sellers may receive the money in a few hours.
  • Transfer speeds: Typically, you can expect transfers to be complete within 48 hours. However, more exotic currencies can take up to five days. If you need immediate money transfers, you must speak to an advisor.

Currencies Direct: The Verdict

Currencies Direct offers competitive exchange rates and allows you to transfer money in a way that suits you. Whether through a limit order or a forward contract, you can tailor your transfer experience. We particularly like that each client has a personal account manager should you ever need advice or a helping hand when using Currencies Direct's services. It's clear Currencies Direct cares for its clients.

Related Guides:|

Currencies Direct Review: FAQs

Is Currencies Direct Safe to Use?

How Much Do Currencies Direct Charge?

Who Owns Currencies Direct?

Is Currencies Direct a Bank?

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