Is Currencies Direct safe for overseas money transfers? | finder.com
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How safe is Currencies Direct for money transfers?

Sure, it has low minimum amounts and strong exchange rates. But Currencies Direct also keeps your information safe when sending money overseas.

Able to trade in more than 100 currencies, Currencies Direct is a quick way to transfer cash to family and friends outside of the US. Registering takes about two minutes, and sending money is as easy as filling out a form. Read about the measures in place to keep your money secure.

Currencies Direct International Money Transfers

Currencies Direct International Money Transfers

Want an easy way to monitor exchange rates and get maximum output for monetary conversion? Currencies Direct might be just what you’re looking for.

  • No fees for 90% of its transactions.
  • Worldwide service.
  • Competitive exchange rates.
  • Low minimum transfer amount.
  • Supports big transactions at a seemingly unlimited max.

    How does Currencies Direct protect my money?

    Protecting your money and personal information while sending money out of the country is a priority at Currencies Direct. It has an impressive history of successful transactions and is one of the biggest money transfer services in the world.

    • High credit rating. Currencies Direct received a level 1 credit rating from Dun & Bradstreet.
    • Institutional-grade security. Its site includes 256-bit SSL encryption with a 2048-bit signature.
    • Experience. Founded in 1996, it has 12 international offices and completes more than $4 billion in transactions each year.
    • Authorized. It is regulated by FinCen in the United States and the Financial Conduct Authority in the UK.

    What are my rights when it comes to money transfers?

    The Consumer Financial Protection Bureau established rules in 2013 that protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also have the right to know:

    • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more.

    How do I report suspicious activity to Currencies Direct?

    Currencies Direct will never email you to confirm passwords, transaction details or personal information. If you are the recipient of an email from someone claiming to be Currencies Direct, do not respond. If you’re wary about an email or phone call, email usa@currenciesdirect.com.

    How to avoid a money transfer scam

    Most likely you’ve heard about someone who’s fallen prey to a money transfer scam. Stay vigilant with these easy tips.

    • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

    TipDescription
    Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Bottom line

    Currencies Direct is a safe and inexpensive way to transfer money to family and friends in foreign countries. Compare exchange rates and transfer times to see if Currencies Direct is right for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

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