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Currencies Direct has many features that make it appealing:
Currencies Direct has limitations, including:
Creating a personal account with Currencies Direct is free, and you won’t pay any account maintenance or transfer fees down the line. Occasionally you may face a third-party fee when using Currencies Direct, but this fee can sometimes be avoided by picking a different third party for your transfer.
Currencies Direct provides live exchange rates 24/7. When you exchange funds through it, the rate will be slightly different from the mid-market rate.
Because it doesn’t charge any fees, Currencies Direct has to make its money another way. In this case, it goes a route that’s typical of online international transfer services — it takes a margin on the exchange. This means you won’t exactly get the mid-market rate, but it’s still competitive when compared against other transfer services.
Let’s say you’re looking to transfer money to a friend living in Finland but you’re not in a particular hurry. Using Currencies Direct, you can set up a rate alert to let you know when the interbank — or mid-market — rate hits what you’re looking for. Here’s what the process would look like:
Where banks may come out ahead are transfer times. Because you’re sending the money to Currencies Direct and it’s then sending the money to your recipient, it may take longer than directly wiring it from one bank to another. It may take two or more business days to make the transfer with Currencies Direct, whereas a bank wire may go through in as little as one business day.
Although Currencies Direct typically doesn’t charge any fees for transfers sent through its platform, your transfer may still end up costing you more than you expected. Keep in mind that:
These fees can often be avoided by calling your bank ahead of time to discuss free transfer options.
Currencies Direct enjoys excellent reviews on Trustpilot, with 90% of reviews giving it 5 stars. Only 2% of reviews on Trustpilot are 1 star, and Currencies Direct has responded to 66% of negative reviews it has received. Many customers leave glowing reviews about how informative the staff is, for example, “Always a fantastic service. The lady who assisted me today talked me through everything I needed to do to make a transfer. Thank you so much.”
However, some common complaints on the negative side touched on the frustration of opening an account and the frequency of which Currencies Direct contacts its customers. Many of the negative reviews on Trustpilot have responses directly from the company offering to fix the problem at hand however possible.
Currencies Direct reviews accurate as of December 9, 2022.
Trustpilot | 4.9 out of 5 — based on 7,855 customer reviews |
iCompareFX | 84 out of 100 — based on staff reviews |
MoneyTransfers | 9.2 out of 10 — based on staff reviews |
Finder | 4 out of 5 — based on staff reviews |
Payments can be made to Currencies Direct in two ways:
These payments can be made over the phone, online or if you live close to a physical branch, in person. Unfortunately Currencies Direct doesn’t accept credit card payments at this time.
You can send money a variety of ways using Currencies Direct. Follow these steps to get your funds where they need to be:
You can track your transfer online using the website on your desktop or mobile app on your smartphone. Log in to your account to track your transfer.
You’ll also be sent an email as soon as your funds are sent from Currencies Direct.
Find out other alternatives to Currencies Direct
Currencies Direct has been in business since 1996 and is licensed and regulated in many countries around the world:
In addition to these licenses, Currencies Direct maintains a Level 1 Dun & Bradstreet credit rating, the highest possible through the agency, and transferred more than £7.5 billion pounds in 2019.
Yes, Currencies Direct has an app available on both the App Store and through Google Play. Through the app, you can do the following:
Reviews accurate as of December 9, 2022 | |
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Google Play Store | 3.4 out of 5 — based on 453 customer reviews |
Apple App Store | 3.6 out of 5 — based on 83 customer reviews |
Currencies Direct has years of experience in the international money transfer game, and with its promise to beat the banks, it’s a strong contender for getting your funds to friends and family worldwide. Before you sign up, make sure Currencies Direct services your state.
You can also use our guide to compare international money transfer services if you find Currencies Direct doesn’t meet all your needs.