Currencies Direct review

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Money transfers designed to fit your changing needs.

  • 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.

£0

Fees (Pay by Bank Transfer)

£2,000

Minimum Transfer Amount

No limit

Maximum Transfer Amount

Details

Product NameCurrencies Direct
Minimum Transfer Amount£2,000
Maximum Transfer AmountNo limit
Pay ByBank transfer
Receiving OptionsBank account, Mobile wallet
Customer ServicePhone, Email, In person
Available CurrenciesAED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR
Bank Account Required?Yes
Personal Account Manager?Yes

Why should I consider using Currencies Direct?

Currencies Direct has many features that make it appealing:

  • 90% of its transactions are free, and those that aren’t have terms that are clearly spelled out ahead of time.
  • All users have access to forward contracts, limit orders and similar advanced features.
  • Rate alerts can be set to notify you when the market reaches your ideal transfer rate.
  • Transparent exchange rates will clearly show you how close the rate you’ve locked in is to the wholesale rate, best rate you could get.

What to watch out for

Currencies Direct has limitations, including:

  • Only supports 60 global currencies, so your currency of choice may not be supported if it isn’t commonly traded.
  • Currencies Direct doesn’t offer any type of cash transactions, so you have to pay and receive by bank account.

Is Currencies Direct expensive?

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 you can sometimes avoid this fee by picking a different third party for your transfer.

Currencies Direct 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 – 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.

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. Here’s what the process would look like:

  1. Set your target rate through Currencies Direct.
  2. You’re alerted by email or text if/when your target rate is hit.
  3. Log in to your account and start your transfer.
  4. Complete your transfer using the stronger rate you set, instead of the weaker rate the banks were offering when you first decided to send money.

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.

Fees explained

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:

  • Currencies Direct will notify you if it’s going to charge you a fee.
  • Your bank may charge you a fee for outgoing and incoming transfers, and receiving bank may charge your recipient to accept your transfer.

These fees can often be avoided by calling your bank ahead of time to discuss free transfer options.

Currencies Direct reviews and complaints

Currencies Direct enjoys excellent reviews on TrustPilot, with 87% of reviews giving it 5 stars. Overall it scores 4.8 out of 5, based on 4,880 customer reviews.

Just 3% of reviews on Trustpilot are 1 star, and Currencies Direct has responded to 53% of the negative reviews it has received. Many customers leave glowing reviews, especially about the staff, but some common complaints touch 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.

What types of personal transfers does Currencies Direct support?

Payments can be made to Currencies Direct in two 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 doesn’t accept credit card payments at this time.

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:

  1. Register for an account online. You’ll need to supply identifying documents when you apply, such as your passport or driving licence and bank statements.
  2. Initiate the transfer. Start the process online, over the phone or in person. You’ll agree upon the exchange rate before committing to the transfer.
  3. Fund the transfer. Use a bank transfer or debit card to pay Currencies Direct.
  4. 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 – just 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.

How does Currencies Direct compare to other services?

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

Is Currencies Direct safe to use?

Currencies Direct has been in business since 1996 and is licenced and regulated in the UK and many other countries around the world:

  • Canada
  • South Africa
  • Spain
  • United Kingdom
  • USA

    In addition to these licences, 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.

    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.
    Reviews accurate as of 3 March 2021
    Google Play Store4.2 out of 5 – based on 302 customer reviews
    Apple App Store3.7 out of 5 – based on 72 customer reviews

    Bottom line

    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.

    Frequently asked questions

    Can I make a forward contract?

    Yes. Forward contracts can be held for up to a year, but require a deposit.

    How long will it take for my money to reach its destination?

    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.

    Sending money with Currencies Direct for businesses

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