Currencies Direct’s goal is to eliminate commissions and other hidden fees commonly found at banks. To accomplish this goal, it offers tools and services such as rate alerts, limit orders and spot and forward contracts.
90% of its transactions are free, and those that aren’t have terms that are clearly spelled out ahead of time.
How much will I pay to send money with Currencies Direct?
Opening a personal account with Currencies Direct is free of charge. You also won’t pay any account maintenance or transfer fees. In some cases, a third party may charge a fee for a transfer, but this money doesn’t go to Currencies Direct.
Case study: Sending funds to a friend in Finland
Let’s say you’re looking to get some 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.
Since the exchange rate you get will be slightly different from the mid-market rate, you decide to set your alert for a higher amount than you want to get. Rather than setting the alert for 0.9, you shoot for a USD to EUR exchange rate of 0.93.
Once you’re notified the rate has been hit, you initiate the transfer. Sending $1,000 doesn’t come with any fees, and if you’re able to lock in a 0.9 exchange rate your recipient gets a solid 900 EUR.
With a bank, you might face a fee of $30 or more to make an international transfer. Also, the exchange rate you receive may not be as favorable.
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.
How are Currencies Direct’s exchange rates?
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 — by taking 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.
What types of personal transfers does Currencies Direct support?
You’ll find a couple of ways to get your cash to Currencies Direct, but it can only be delivered via bank transfer.
Make your transfer online via desktop or mobile, over the phone or in person if you happen to live near its Orlando, Florida branch. To get the funds to Currencies Direct, you can use:
Bank to bank transfer
Currencies Direct currently doesn’t accept credit card payments.
Benefits and drawbacks
Competitive exchange rates. Interbank rates that are updated every few seconds. When you lock in your exchange rate, you’ll know exactly how close it is to the wholesale rate.
Several currency exchange options. You don’t need a business account to take advantage of forward contracts or limit orders.
Rate alerts. Get alerts when the market reaches your ideal transfer rate.
Not offered in all states. Currencies Direct won’t be able to help you if you live in Arkansas, Alaska, Arizona, Colorado, Illinois, Iowa, Maine, Ohio, Oklahoma, Rhode Island, Texas, Vermont, Washington, West Virginia, Guam, Northern Mariana Islands or the US Virgin Islands.
60 supported currencies. Does not support all global currencies.
No cash pickup. Bank transfers only.
How does Currencies Direct compare to other services?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I send money through Currencies Direct?
You can send money a variety of ways using Currencies Direct. Follow these steps to get your funds where they need to be:
Register for an account online. You’ll need to supply identifying documents when you apply, including a copy of a state or federal ID — such as your passport — and bank statements.
Initiate the transfer. This can be done online, over the phone or in person. You’ll agree upon the exchange rate before committing to the transfer.
Fund the transfer. Use a bank transfer or debit card to pay Currencies Direct.
Your funds are delivered. Typically your funds will be transferred to Currencies Direct the same day you send them. Delivery times can vary based on where you’re sending the funds and how long they take to clear with Currencies Direct.
How do I track my Currencies Direct transfer?
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.
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 you’re in a state that Currencies Direct services.
Yes. Forward contracts can be held for up to a year, but require a deposit.
Currencies Direct transfers money the same way a business or bank would.
Federal protections are also in place to hold banks, credit unions and money transfer companies to certain standards when it comes to international transfers. For example, it must disclose all fees upfront.
No. You can’t use Currencies Direct’s services if you live in Arkansas, Alaska, Arizona, Colorado, Illinois, Iowa, Maine, Ohio, Oklahoma, Rhode Island, Texas, Vermont, Washington, West Virginia, Guam, Northern Mariana Islands or the US Virgin Islands.
Most transfers arrive within 48 hours, depending on where you’re sending the funds and how long it takes your money to clear with Currencies Direct.
Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.