Currencies Direct

Currencies Direct review

Send money in more than 60 currencies and avoid transaction fees.

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Finder rating
★★★★★
Expert analysis
Access to forward contracts and other forex tools
No cash-pickup facility
Currencies Direct has years of experience in the international money transfers game, having been established in 1996. It promises to beat the banks and has serviced more than 325,000 personal and business customers to date. Not only is it an online money transfer provider, but it also has a branch presence with 22 branches worldwide. Most of its transfers are fee-free but there is no option for any type of cash transaction.

Currencies Direct calculator

Enter the amount you want to send and the currency you want to send to, then click Calculate to see up-to-date Currencies Direct rates.

1 - 1 of 1
Name Product Fastest transfer Fee Key benefits Amount received
OFFER
Currencies Direct
24 hours
£0
Get a £50 Amazon voucher for each friend you refer who transfers £5,000 or more. T&Cs apply.
N/A
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Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.

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Currencies Direct pros and cons

Pros

  • No hidden fees. 90% of Currencies Direct’s transactions are free, and those that aren’t have terms that are clearly spelled out ahead of time.
  • FX tools. All users have access to forward contracts, limit orders and similar advanced features.
  • Rate alerts.You can set an alert to notify you when the market reaches your ideal transfer rate.
  • Exchange rates. Transparent exchange rates will clearly show you how close the rate you’ve locked in is to the wholesale rate.

Cons

  • Not suitable for fast transfers. If time is critical and you want to get funds to your recipient within minutes, you’ll need to consider other transfer services.
  • No cash. Cash transactions are not supported, so there is no option for cash pick-up.
  • Verification required. Supporting documents like an ID may be required when you sign up for an account.

How much are Currencies Direct’s transfer fees?

Creating a personal account with Currencies Direct is free and you won’t pay any account maintenance or transfer fees down the line. Currencies Direct will notify you if it’s going to charge you a fee.

Occasionally, you may face a third-party fee, but you can sometimes avoid this by picking a different third party for your transfer.

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.

As a result of not charging fees for the majority of its transfers, Currencies Direct has to make its money another way. In this case, it adds a mark-up to its exchange rate – which is fairly typical of an online money transfer service. This means you won’t get exactly the mid-market rate, but it’s still competitive when compared to other transfer services.

Best exchange rate guarantee for online seller customers

Currencies Direct will match any competitor’s rate to make sure you get the most competitive rate in the market. You just need to:

  • Register with Currencies Direct.
  • Show Currencies Direct a screenshot or written quote of the better rate, including the date and time you received it.

…a couple of conditions do apply though:

  • This offer is not available to personal or a corporate account holder.
  • You have to have an account with the provider you get the other quote from.
  • Currencies Direct can’t beat the rate if it’s better than the mid-market rate.
  • This guarantee doesn’t apply to transactions you’ve already agreed upon with Currencies Direct.

How do I send money through Currencies Direct?

To make an international money transfer with Currencies Direct you will first need to register via its online form. You’ll need to supply identifying documents when you apply, such as your passport or driving licence and bank statements.

How to make an international money transfer with Currencies Direct

Once you have created your account, you make a transfer by completing the following steps:

What types of transfers can you make with Currencies Direct?

Currencies Direct offers personal and business transfers.

Personal transfers

  • 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 1 year’s time.
  • Limit order. 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

  • 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.

What are Currencies Direct’s payment options?

Payments can be made to Currencies Direct in 2 ways:

  • Bank-to-bank transfer
  • Debit card

These payments can be made over the phone, online or if you live close to a physical branch, in person. Unfortunately, Currencies Direct does not accept credit card or cash payments at this time.

How long does an international transfer with Currencies Direct take?

Currencies Direct transfers typically take 1-2 days.

Delivery times are dependent on where you are sending the funds and how quickly you make the payment for your transfer. For European destinations, Currencies Direct will send the money on the day you book the deal, but it can take between 24–48 hours to arrive.

Is Currencies Direct safe to use?

  • Security and regulation: Regulated in more than 5 countries
  • Established: 1996
  • Number of customers: 325,000
  • Reviews: TrustScore of 4.9/5* based on 7,000+ reviews on Trustpilot (as at 27 June 2022)
  • 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 325,000 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.

Does Currencies Direct have a mobile app?

Currencies Direct app homescreen

Yes, Currencies Direct has an app available on both the App Store and through Google Play. Through the app, you can do the following:

  • Set rate alerts. Create and monitor rate alerts to stay on top of your transfers wherever you are.
  • Send money. Create transfers and send them directly through your mobile phone.
  • Manage transfers. See a history of your transfers and track transfers currently in progress.
  • Access customer support. Find phone numbers and customer service emails if you have any issues.
PlatformRating
Google Play Store3.5 out of 5 – based on 426 customer reviews
Apple App Store3.6 out of 5 – based on 82 customer reviews

Reviews accurate as of 27 June 2022

How does Currencies Direct compare to other services?

Table: sorted by promoted deals first
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.
1 - 20 of 20
Name Product Filter values Ratings Pay by Receiving options Fastest transfer Fee (pay by bank transfer) Key benefits
OFFER
TorFX
Finder rating
★★★★★
Debit card, Bank transfer
Bank account
24 hours
£0
Rate improver guarantee: TorFX will match and beat any rate you're offered by a competitor. T&Cs apply. Get a £50 Amazon voucher for each friend you refer who transfers £5,000 or more. T&Cs apply.
Key Currency
Not rated yet
Bank transfer
Bank account
24 hours
£0
OFFER
Wise (TransferWise)
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Bank account
4 hours
From £3.75
Refer 3 friends to receive up to £50 referral bonus
OFX
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Bank account, Mobile wallet
24 hours
£0
CurrencyTransfer
Not rated yet
Bank transfer
Bank account
24 hours
£0
OFFER
Currencies Direct
Finder rating
★★★★★
Bank transfer
Bank account, Mobile wallet
24 hours
£0
Get a £50 Amazon voucher for each friend you refer who transfers £5,000 or more. T&Cs apply.
OFFER
Xe
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Cash pickup location, Bank account
Within minutes
£2
Refer a friend and you'll each get a £25 Amazon voucher when they transfer over £1,000. T&Cs apply.
DISCOUNT
PassTo
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Cash pickup location, Bank account, Mobile wallet
Within minutes
From £0.99
No fees on your first transfer. Refer 3 friends to PassTo and earn £50 once they each make a transfer of at least £200. They'll earn £5 too. T&Cs apply.
OFFER
Atlantic Money (iPhone only)
Not rated yet
Bank transfer
Bank account
Within minutes
£3
Pay no fees on your first Atlantic Money transaction with this link.
Remitly
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Cash pickup location, Bank account, Mobile wallet, Home delivery
Within minutes
From £1.49
OFFER
CurrencyFair
Finder rating
★★★★★
Bank transfer
Bank account
24 hours
£2.50
New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
OFFER
Revolut
Not rated yet
Bank transfer
Bank account
Within minutes
From £0
Sign up and get 3 months of Revolut Premium for free. T&Cs apply.
OFFER
WorldRemit
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Cash pickup location, Bank account, Mobile wallet, Prepaid phone credit
Within minutes
From £1.99
Use promo code 4FREEFINDER to send your first 4 transfers with no fee. T&Cs apply.
OFFER
Airwallex multi-currency business account
Not rated yet
Bank transfer
Bank account
Within minutes
£0
Connect your Airwallex account to Xero at no additional cost. Plus, generate Airwallex payment links to share with your customers anywhere in the world so they can pay in the currency and payment method of their choice. T&Cs apply.
OFFER
TorFX Business
Finder rating
★★★★★
Bank transfer
Bank account
24 hours
£0
Rate improver guarantee: TorFX will match and beat any rate you're offered by a competitor. T&Cs apply.
Currencies Direct Business
Finder rating
★★★★★
Debit card, Bank transfer
Bank account, Mobile wallet
24 hours
£0
OFX Business
Not rated yet
Credit card, Debit card, Bank transfer
Bank account, Mobile wallet
24 hours
£0
CurrencyFair Business
Not rated yet
Bank transfer
Bank account
24 hours
£2.50
Zero fees on your first 10 transfers. T&Cs apply.
WorldFirst Business
Not rated yet
Debit card, Bank transfer
Bank account, Mobile wallet
24 hours
£0
Lloyds Bank International Transfers
Not rated yet
Bank transfer
Bank account
24 hours
Varies
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