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Currencies Direct international money transfers
Send money in more than 60 currencies and avoid transaction fees.
- Good for sending money in 60+ currencies through the app or online.
- Not so great if you need the money transferred instantly or want to pay by credit card.
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Details
| Product Name | Currencies Direct Business Transfers |
|---|---|
| Pay By | Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Phone, Email, In person |
| Available Currencies | AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JPY, MAD, MUR, MXN, NOK, NZD, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR |
Our Verdict
A real win with Currencies Direct is that it does away with transfer fees for 90% of its transactions. And fees that are charged for the other 10% are shown upfront along with the exchange rates so there’ll be no hidden fees to worry about. To help you secure the best rates, you’ll have the use of forward contracts, limit orders and other advanced forex tools. There’s also an app to help manage your transfers.
Currencies Direct only supports 60 currencies so it might not be able to work with all your exchange needs. And forget about this provider if your recipient doesn’t have a bank account as there are no cash pickups.
Currencies Direct exchange rates and fees
Currencies Direct doesn’t charge any fees or commissions on most transactions, but if a fee does apply to your transfer for some reason then this amount is declared upfront.
However, even if there aren’t any transaction fees, it’s important to be aware that the total cost of your transaction will be determined by the exchange rate you receive. Currencies Direct adds a margin on top of the mid-market exchange rate and updates its rates every few seconds. But once you book a transfer over the phone or online, the rate you have agreed upon will be locked in, regardless of market fluctuations that may occur before your transaction is completed.
Available currencies
Currencies Direct lets you send money overseas in more than 60 currencies, including:
- CAD Canadian dollar
- EUR Euro
- GBP British pound
- JPY Japanese yen
- AUD Australian dollar
- SGD Singapore dollar
- THB Thai baht
- USD US dollar
You can see a full list of the currencies offered by Currencies Direct above.
What types of transfers can you make with Currencies Direct?
Currencies Direct offers personal and business transfers.
Personal transfers
You can send the following types of transfers online or using the Currencies Direct mobile app:
- Spot contracts. Spot contracts allow you to make an immediate, one-off transfer.
- Forward contracts. If you’re willing to pay a small deposit, you can lock in an exchange rate now for a transaction that will take place in up to one year’s time.
- Recurring payments. If you need to make a regular ongoing payment, such as paying rent on an overseas property, Currencies Direct lets you automate your recurring transactions.
- Limit orders. You can use a limit order to specify the exchange rate you want and Currencies Direct will automatically execute the transaction when that rate becomes available.
Business transfers
International payment solutions for businesses include:
- Incoming payments. Manage your payments in a multi-currency account that accepts GBP, EUR, USD and JPY.
- Outgoing payments. Business customers can make international payments in more than 120 currencies.
- Risk management solutions. Currencies Direct offers a range of risk management tools to help businesses protect themselves against market volatility and lock in a better exchange rate.
- Online sellers. Currencies Direct multi-currency accounts allow sellers to receive payments from and send money to international suppliers.
How long does a transfer with Currencies Direct take?
Transfer times vary depending on where you are sending money and how long it takes for your funds to arrive into Currencies Direct’s account.
While transfers to Europe can often be completed on the same day, most transactions take between 24 and 48 hours.
What payment methods does Currencies Direct accept?
Currencies Direct accepts two payment methods:
- Bank transfer
- Debit card (GBP and EUR cards only)
Is Currencies Direct safe to use?
- Security and regulation: Regulated in more than five countries
- Established: 1996
- Number of customers: 275,000
- Reviews: TrustScore of 9.5/10* based on 3,000+ reviews on Trustpilot
- Locations: More than 20 branches worldwide
Currencies Direct is based in the UK and regulated by the Financial Conduct Authority. Established in 1996, it claims to have helped more than 275,000 people and businesses send international money transfers.
Currencies Direct also has a level 1 credit rating with Dun & Bradstreet, and it keeps all of its customers’ funds in a segregated client account.
How does Currencies Direct make money?
Currencies Direct makes money on the spread. This is the difference between the wholesale rate at which it buys currency – which is commonly known as the mid-market or interbank rate – and the price at which it sells currency to customers.
How to register an account
You can sign up for a free account with Currencies Direct by completing the following steps:
How do I make an international money transfer with Currencies Direct?
To send money overseas, complete the following steps:
- Visit the Currencies Direct website and log into your account.
- Start a new transfer and enter the details of your transaction, including the transfer amount, the currency and who you’re sending the money to.
- Lock in an exchange rate for your transaction.
- Send a bank transfer or use a GBP/EUR debit card to pay for your transaction.
- Currencies Direct will send the transfer as soon as it receives your payment.
What is Currencies Direct?
Founded in London in 1996, Currencies Direct has since helped more than 275,000 personal and business customers send money overseas. Today, it has 20 offices across the UK, Spain, France, Portugal, the US, South Africa, India and China. Currencies Direct is authorised by the UK’s Financial Conduct Authority as an Electronic Money Institution.
In a nutshell
Pros
- Established company. Currencies Direct was established in 1996 and has branches in 20 countries.
- Wide range of supported currencies.
- No transaction fees. Most transfers sent with Currencies Direct do not attract any transaction fees.
- Transfer app available. Android and iOS users can send transfers from their mobile devices using the Currencies Direct app.
Cons
- No New Zealand locations. Currencies Direct is based in the UK and has branches on four continents, but it doesn’t have any locations in New Zealand.
- Can’t pay by credit card. Currencies Direct doesn’t accept credit card payments.
- Not suitable if you want to send a fast transfer. If time is critical and you want to get funds to your recipient within minutes, you’ll need to consider other transfer services.
How does Currencies Direct compare to other providers?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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