Currencies Direct Review

BySarah BadaniApr. 15, 2019

In a Nutshell

Currencies Direct was the first European money transfer service to open its doors over 2 decades ago. Since then, the company has built a solid reputation for honest, fair, and reasonable business practices. With branches in 21 locations all over the world, 60 currencies to trade in, and helpful features, Currencies Direct makes transferring money fast, easy, and simple for everyone.

pros

  • Offers transfer services not available from competitors
  • Absolutely no fees 90% of the time
  • Excellent reputation across all feedback venues

cons

  • Some developing country currencies unavailable
  • No cash pickup options

Currencies Direct Currencies Direct Visit Site

What You Need to Know

Transfer fee
$0 (for 90% of transfers made)
Transfer time
Few hours up to the next business day
Transfer types
Bank transfers, online, mobile, telephone, in-person
Daily transfer limit
$25,000 for personal transfers
24/7 support
No

Currencies Direct Fees & Rates

Currencies Direct charges absolutely no service fees for 90% of the transfers made. Only in rare occasions will it charge a service fee, and when it does, you will be notified up front and before the transaction is completed so you can make an informed decision about whether to proceed. That means whatever you pay is directly going towards your transfer. That is unheard of in this industry.

Currencies Direct takes things one step further by allowing you to lock in an exchange rate on the spot. Exchange rates are constantly fluctuating, so one minute a currency rate could be better than the next. Currencies Direct allows you to set up alerts to let you know when your currency reaches a certain point and then it even allows you to lock in the rate so that you can make exchanges at that higher rate even if the rate falls before you manage to make the transfer. That is the fairest policy you will find anywhere and an amazing way to get the best deal on money conversion. In fact, many Currencies Direct customers use the service to transfer their own funds to themselves to take advantage of the higher exchange rates.

How Does It Work?

Working with Currencies Direct is totally straightforward, though if this is your first time, you might not even be aware of all of the services available to you. To begin with, you can get a free quote directly on the site. To do so, you'll have to enter your phone number, name, and email address.

Once you are ready to send money, you’ll need to decide which method you want to use. Transfers are available online, via the mobile app, over the phone, or even in-person at one of the Currencies Direct branches around the world. The online or mobile method is as follows:

  • Login to the site after setting up an account
  • Choose the currencies you want to work in (send and receive)
  • You’ll be given an exchange rate which you can approve via the mobile app or by speaking to a rep at the service center
  • Enter the sender and recipient information
  • Transfer the money to Currencies Direct via a bank transfer or debit card payment (USD, EUR, or GBP cards) 
  • Your money can be received in as little as a few hours

You’ll receive a confirmation email from Currencies Direct telling you that the money was sent to the recipient.

How Long Does It Take?

As with all money transfer services, the length of time it’ll take to receive money via Currencies Direct depends on the currencies and payment method of choice. Most transfers are cleared within a few hours, but the longest it will take is up to the next business day. This is very fast for a money transfer.

Currencies Direct Top Highlights 

Currencies Direct is an easy company to like, but here are some of the points that make it really stand out:

Dedicated account manager

A dedicated account manager ensures that all of your transactions run smoothly and are taken care of quickly. Regardless of which services you require, having an inside hand helping out makes the process easier every time.

Wide range of specialized services

Currencies Direct isn't just a money transfer company. In fact, it offers lots of other money services as well. For one thing, Currencies Direct will buy currencies for you when it reaches a specified rate, so you get the highest exchange rate possible. Another feature we really liked was the multiple transfer option. Currencies Direct lets customers send multiple transfers simultaneously, which is a convenient way for employers to pay overseas employees or to send more than one transfer with little effort.

Fees structure and rates

You just can’t go wrong with absolutely no fees. There is no other money transfer service in the world that offers this kind of pricing. Plus, the fact that you can lock in exchange rates, buy the currency now, and only transfer at a later date puts Currencies Direct above the competition.

Excellent reputation

Especially when it comes to money, you want to know you can trust the company you are working with. Currencies Direct has glowing reviews online, answers to regulating authorities, and provides transparent information on its website, making it a trustworthy and reliable money transfer service to work with.

Customer Support

Currencies Direct doesn't offer around the clock service, but when customer support is available (during regular business hours), it is one of the best. A professional company through and through, Currencies Direct provides professional, educated, and courteous customer support staff to handle all your needs. You can reach the staff via toll-free phone number, email, or the online contact form. There are also numbers for Currencies Direct branches around the world, so if you have an issue while your local branch is closed, you can always try a customer support rep from another location.

Additionally, customer service responded to each negative comment left online. That is impressive for a large corporation.

Currencies Direct Currencies Direct Visit Site

Privacy and Security

Currencies Direct is authorized by the reputable FCA and holds the highest rating given by Dun & Bradstreet, the well-known credit agency. All transfers are processed through a segregated bank account for added security and as per regulatory rules. This means your money is safe and secure regardless of what happens to the Currencies Direct company itself. Currencies Direct also subjects itself to independent regulations such as subscribing to the Non-Investment Products Code for further regulation and security.

Bottom Line

Currencies Direct offers the fairest and most competitive money transfer services we’ve ever seen. After all, how can you compete with $0 transfer fees? But, Currencies Direct doesn’t stop there. It offers amazing benefits such as locked in exchange rates, currency rate alerts, and a variety of specialized services that you won’t find in most money transfer services. Currencies Direct has a strong mobile app available for Android and iOS devices, giving its customers the ability to transfer money 24/7 and from anywhere in the world. Add to that live exchange rate quotes, multiple simultaneous transfers, clear history reports, and a personal account manager, and Currencies Direct has earned the gold medal award for outstanding service in the field.

Currencies Direct