Established in 1996 by Mayank Patel and Peter Elis, Currencies Direct quickly became one of the biggest currency exchange providers in the world, with offices in the UK, Canada, Portugal, Spain, Africa, and the US.
But is Currencies Direct right for you? Is the company good enough in terms of convenience, customer service, and value for money?
These are all valid questions to have, especially given the options out there today when it comes to currency movement, exchange, and transfer. And this is why we have provided a detailed review below on all things Currencies Direct.
By the time you’re done reading, you should have a full understanding of the company, its currency transfer process, and how fitting it is for your needs.
About Currencies Direct
Currencies Direct helps individuals and businesses send money overseas easily. Using their website or mobile app, users can create an account and forward payments to countries all over the world in a few, quick and straightforward steps.
In all their years of existence, the company has also been known to provide this service with great efficiency and reliability. This has seen them win a lot of awards including the “Transfer Provider of the Year” award from MoneyAge in the year 2016 and two years later in 2018.
Unlike some of their competitors, Currencies Direct also offers a very streamlined and easy process that makes international currency exchange and transfers appear so effortless. We take a further look at the Currencies Direct process below.
How does Currencies Direct work?
To get started with Currencies Direct, you have to create an account and get verified. You will also have to submit some backup documents to finalize the verification process.
Before making transfers on the platform, you should ideally go through the current exchange rates. The link to check this will be provided on the platform once you select your pertinent options through the drop down menus.
Among some of these options are: the amount you’d be transferring, the currency you want to exchange from, the currency you want to exchange into, and whether you’re making a business transfer or a personal one.
The Currencies Direct process is generally regarded as being relatively straightforward and highly reliable. But these aren’t the only things the company gets right. We take a look at some of the other positives in the section below.
Advantages and Disadvantages of Currencies Direct
To understand exactly what factors set Currencies Direct apart from its competitors, we take a look at a few highlights of the company below. We also take a further look at some aspects that we either did not find very appealing, or that have generally been points of complaints by people who have made use of Currencies Direct’s financial services at one point or another.
Advantages of Currencies Direct
Fast Customer Service – Currencies Direct is known for having a very fast customer service department. They’re not only available to take complaints and guide users on how to use the platforms, but they also do their jobs expertly with a high degree of efficiency.
Zero Hidden Fees – Financial services have always been known to be notorious with hidden fees. From commercial banks to peer to peer transfer platforms, it is hard to be sure that the charges you pay for services on these platforms are what you really pay.
With Currencies Direct, however, you can ensure that whatever rate they charge for any transaction is what they really charged.
Expert Advice Provided – Along with providing an easy, straightforward process for international transfers and currency exchange, Currencies Direct also offers local expert advice in 23 countries. Advice ranges from how best to use their platform, to how to get the best out of your international transactions, among others.
Email & SMS Efficiency – Currencies Direct sends rate alerts to you directly through email and SMS. This transparency helps you to be completely aware of just how much you are being charged per transaction. This feature is optional, and can be available to you only if you activate the feature on your dashboard.
Multi-Currency Accounts – No matter what your local currency is, or which particular currency you happen to transact in most frequently, Currencies Direct offers the opportunity to hold and use more than one currency, as you may see fit. Options include US dollars, Pounds, Euros, Canadian Dollars, among others.
Others – Other benefits of making payments through Currency Direct include provision of risk management services for businesses, forward contracts and limit orders options to guard against volatility, and a high degree of reliability and trustworthiness.
Disadvantages of Currencies Direct
No Cancellation Policy – Like most of its competitors, Currencies Direct offers no cancellation option once exchanges have been initiated, even if they are not completed yet. This is generally not a point of contention for us, but a few users have been known to complain about this feature, or lack of.
Speed – Transacting with Currencies Direct is not necessarily a slow process. In fact, transfers may sometimes be done at incredible speed. The problem with the platform, however, is that transaction speeds are not consistent across all locations. They also vary by settlement option.
Not Available in all Parts of the United States – Customers who hope to use Currencies Direct should also note that the company is currently not operational in all US states.
Others – Customers have also been known to complain about the ambiguities of terms on the Currencies Direct platform, their through verification process, their expensive exchange rate of smaller money transfers, and the fact that there is no cash pickup option in local branches.
Detailed Currencies Direct Review
Now that we understand what Currencies Direct is all about, along with its process, advantages and disadvantages, the next logical move is to understand its reputation, reception trend among existing customers, and most importantly, how particularly fitting it is for your needs.
Reputation / Track record / Trust and safety
When it comes to reputation, Currencies Direct is up there in the highest level with the most established and highly reputable companies in the industry.
Having been in operation since 1996, the company has safely adhered to strict guidelines and regulations in multiple countries. The company is also very well reviewed on review aggregator sites.
Many users not only claimed to receive excellent service from the company, but also claimed to have no fear whatsoever when dealing with Currencies Direct.
Value for money
Currencies Direct offers a very good value for money on transfers done on their platforms. This is because in most cases, about 90% of the time, the platform does not even charge a fee on transfers.
Now this is not to say that Currencies Direct does not make any money on exchanges at all. They do. But instead of fixed direct fees, they get their own share of the transfer by giving a slight markup on the current rate.
We have also found that these rates are actually quite reasonable and competitive.
Ease of use
Sending money on Currencies Direct involves signing up, making use of the app or website to enter your recipient details, and clicking send.
Those who are familiar with making transfers on cross border payment platforms would know that it really does not get a lot easier than this.
And while Currencies Direct offers a maximum of £25,000 on their mobile app, you can easily transfer more than this by giving the company a call.
Customer support
Getting in touch with Currencies Direct is simple, and even encouraged by the company itself. A particular user narrated their experience using the company’s support services and reserved special praise for the friendliness and easy explanations provided by a support staff member.
Feel free to make use of any of Currencies Direct’s support service details below to get through to the company.
Currencies Direct Customer Support Details
Phone Number (UK) – +44 (0) 20 7847 9400
Email – customers@currenciesdirect.com
Currencies Direct’s customer service is available all through the year.
Processing time
When it comes to processing time, it is no exaggeration to say that Currencies Direct offers one of the fastest options out there today. On average, processing time usually depends on a host of factors that make coming up with a singular number usually challenging.
With Currencies Direct, though, their process is so simple and straightforward that most customers usually get their transfers finalized in no more than a day.
On the extreme end, transfers may take about 2 to 3 days, but usually this is in the most extreme cases and it is usually rare to find an international transfer on Currencies Direct taking more than 3 days.
Factors that may extend processing time include sender and recipient currencies, top up type, and country destination among others.
Currencies Direct Fees/Charges & Features
Currencies Direct does not charge fixed transfer fees. This does not mean, however, that the company does not charge any fees at all. Currencies Direct get their cut of transfer fee by adding a margin to the wholesale rate offered at the mid-market.
We have found that this usually amounts to a total range of no less than 0.5% and no more than 2% of your total transfer volume.
On average, many banks and financial institutions tend to charge no less than 3% with some even charging as much as 7%.
This is why, all in all, transacting with Currencies Direct is considered more affordable than most options out there.
It is also worth noting that both the sender and receiver’s banks may also include their own charges, and you should always have this in mind when calculating your overall cost.
Currencies Direct Customer Reviews
On the review aggregator site, Trustpilot, Currencies Direct has an 85% excellent rating among more than 3,500 reviews. A further 8% of this indicates great service while the rest are good with very few being negative reviews.
The majority of positive reviews emphasized the affordable rates they received while transacting on the platform, with others praising the professionalism of the company’s customer support.
A significant number of reviews also praised Currencies Direct for its simplicity.
On the other end of things, we did find some negative reviews, most of which were down to delayed transactions and fluctuations in rates.
All in all, the number of positive reviews remains quite overwhelming compared to the negatives. And with the number of awards received by the company over the years, we would say this is highly justified.
Is Currencies Direct Right for You?
Knowing whether or not a cross border transfer platform is right for you requires considering a few conditions. You have to ask yourself how much you’re transacting, how fast you want to get the transaction done, how particular you are about getting reasonable rates, and so on.
We take a look at these factors in detail below.
When to use Currencies Direct
Currencies Direct is best for getting the best rates no matter the transfer volume, as such they are perfect for those looking for affordable transfer fees regardless of how much they happen to be sending.
The company also offers the opportunity to hold and use more than one currency, through their multi-currency accounts feature. This makes them suitable for those who travel a lot and would like to freely interchange between currencies easily and at an affordable rate.
When not to use Currencies Direct
Currencies Direct may not be the best option for you if you want to initiate transactions in currencies not supported by the platform. However, given that it does support more than 60 currencies in countries including New Zealand, Thailand, Japan, and Qatar, it is safe to say that for most people, the platform should be capable of getting the job done.
Final Verdict
Currencies Direct offers a host of advantages that set it apart from competitors. Ease of use, value for money, and efficient customer support are some of the numerous highlights of the company.
We’ve also found that Currencies Direct is without a doubt one of the best options out there for getting the very best rates.
The company does not charge a fixed surface rate, and even the marginal fees they do charge on interbank rates are very competitive and should offer a high value for money for most customers regardless of transfer volume.
Currencies Direct FAQs / Common Questions
Below are some frequently asked questions about Currencies Direct and its services.
Does Currencies Direct Have a Mobile App?
Yes, the platform offers a mobile application downloadable on both Android and iOS. On the app you can enjoy a host of features such as tracking transfers, checking exchange rates, making actual transfers, setting alert rates, and managing your transfer history.
Is it Possible to Cancel my Transfers?
Sadly, it is impossible to cancel a transfer on Currencies Direct once you have confirmed and clicked send.