Unlike other money transfer providers, Currencies Direct has tailored its product offerings to suit private and corporate clients. With a wide footprint through 22 regional offices in Spain, Portugal, India, the USA, China and South Africa, the company can comfortably serve a variety of markets. According to the Companies House, Currencies Direct was registered on April 3, 1995, as Currencies Direct Limited with its headquarters in London, United Kingdom.
The fact that Currencies Direct doesn’t charge any fees on transfers and has employed experts in overseas property purchases makes it an outstanding firm in the money transfer space. However, for clients sending money to Africa, the unavailability of exotic African currencies on the platform and the $100 minimum can be inconveniencing.
Currencies Direct’s business model is unique. The company earns its revenue through exchange rate spreads but not through fees. This is a sharp contrast to banks that often charge for almost every service they offer.
Currencies Direct has served more than 325,000 private and corporate clients in different remittance corridors. Statistics show that the following are the most popular countries Currencies Direct clients have been sending money to and fro: Australia, UK, USA, Canada and Spain.
With Currencies Direct, you can make transfers to more than 120 countries in 60 currencies. This global reach makes it easier to pay international suppliers, overseas contractors and employees. Other than the customised solutions for personal and business clients, there is no differentiation of services per region. Every client enjoys the same services across the board.
The company’s website is mobile optimised and available in 10 languages which are English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, Deutsche, Chinese and Korean. This is a plus for non-English speaking clients.
Currencies Direct customers have praised the provider for offering great exchange rates, dynamic transfer options and rate alerts. In the same vein, some users have cited the fact that Currencies Direct doesn’t offer cash pickups and support for many exotic African currencies as notable disadvantages.
You can only make bank transfers with Currencies Direct. However, there are transfer options you can choose depending on your unique circumstances and preferences.
Most importantly, you can do all these transfers online or on your mobile through the Currencies Direct app.
When sending money through Currencies Direct, the duration of the transfer will depend on how fast you pay for your transfer and the destination you are sending the funds.
Typically, transfers take between 24 to 48 hours to get to the recipient. When making a transfer, talk to the customer support team and they will tell you how long it will take to get the funds to the recipient’s account.
Transfers where one or both currencies are classified as exotic, take longer to complete compared to standard currencies.
Currencies Direct competes well with most money transfer providers. For instance, it enjoys faster transfer speeds than TransferWise and most banks.
There are two ways you can pay for your Currencies Direct transfer: debit card or bank. However, this comes at a higher fee. Compared to bank transfers. You can make the payment online, over the phone or through the mobile application.
Currencies Direct has tailored product offerings for businesses and individuals. The following are the best use cases.
Business– Whether you are receiving or sending international payments, Currencies Direct can help you make the process simple and fast.
Personal Transfers– Currencies Direct gives you an excellent platform for sending funds to your family and friends. The higher the amount of money, the better the rates.
Currencies Direct is authorised by the Financial Conduct Authority (FCA) in the UK to operate as an Electronic Money Institution. It is also classified at level 1 credit rating by Dun & Bradstreet Corporation. This means the company is a low-risk organisation.
The other countries where Currencies Direct is regulated include:
The regulation is important for the safety of client funds and private information. Barclays Bank Plc are Currencies Direct bankers and PriceWaterhouse Coopers LLC are the auditors. Together, they ensure clients funds are held in separate accounts from the business finances and that the company follows standard procedures in carrying out its day to day businesses.
Since its establishment, Currencies Direct has served more than 325,000 clients in both the private and business categories. On average, the company carries out 550,000+ transactions valued at more than £7.5bn annually. The 22 global offices Currencies Direct operates employ a total of 500+ skilled professionals.
Clients interacting with the website are assured of data protection through TLS encryption. Also, the website has useful content and an FAQ section that tackles most of the common questions customers ask.
Currencies Direct has excellent reviews on Trustpilot and attracts positive comments on social media.
Currently, the company has a total of 3,676 reviews on Trustpilot, 85% of which are rated as ‘Excellent’ and 8% as ‘Great. Most of the 5-star review customers cited the following advantages.
The 5% of reviewers who rated the company as ‘Poor’ or ‘Bad’, cited occasional delays in funds transfers and lower rates when transferring smaller amounts.
To add to its credibility, the company has bagged several awards including the Consumer champion of the year, 2017, Money Transfer Provider of the Year for 2016 and 2018, finalists for the National business awards, 2006 among others.
Sending and receiving money through Currencies Direct is a simple stepwise process.
How to Send Money Using Currencies Direct?
How to Receive Money Using Currencies Direct?
Transfers on Currencies Direct are credited into the recipient’s bank account. Apart from the acknowledgement, there is nothing else the recipient is meant to do.
Currencies Direct has a downloadable mobile application available on Android and iOS platforms. The App makes it easier for you to do a number of things including:
On Google Play, the Currencies Direct app has 154 reviews with an average score of 4.6. Over 10,000 customers have installed the app and it works in every region.
Currencies Direct transfers are legally binding contracts. Once you agree and confirm whether by phone, online or through the branch, you cannot cancel.
I used currencies direct recently, all went well until my last payment of three got lost.
My own bank spent a considerable amount of time trying to trace the payment, as Currencies Direct bank insisted it wasn’t lost in there system, ultimately that’s where it was found.
This would put me off using them again, even if it meant getting a lower rate.
Wrote to there CEO didn’t even have the courtesy of a reply.