Currencies Direct offers one of the less popular money transfer services, but it is highly regarded among those that use it. The British forex broker is known for carrying strong currency exchange rates and having local expertise for the countries they operate in.
Currencies Direct is a relatively small company, with 22 offices worldwide. The company’s size is a strength for them, as they offer specialised expertise when it comes to transferring money to several countries.
The company offers personalised service to over 250,000 active users and has a relatively low money transfer size requirement for what they offer. Their specialty is finding the rates that customers want to get.
What are their exchange rates?
Currencies Direct operates similarly to many other companies in the industry. The company doesn’t charge any fees, and their exchange rates are flexible. This means that the more money you send through their platform, the smaller the portion you need to pay them.
Their no-fee policy is effective worldwide, and the calculator you can access on their site will show you how much you’re paying for what you get. The company’s minimum transfer size is 100 British Pounds.
What CurrenciesDirect costs to use?
Unlike many of the other companies that transfer money internationally, Currencies Direct takes a personal approach. You will correspond with them either online, on their app, or over the phone to figure out a plan for your money transfers.
Registering is easy, and after you register, you’ll communicate with an employee to determine your exchange rate. Currencies Direct boasts of having friendly customer service and “bank-beating” currency exchange rates. While most users confirm that the company has friendly and helpful staff, it’s harder to concretely confirm that their rates are always better. The company’s explosive growth and reputation suggest they do make good on their promises of finding highly competitive rates. They consistently find the best exchange rates based on your own unique requirements.
For example, imagine you want to send £10,000 from the UK to Portugal. Imagine that the current exchange rate is 1 GBP for 1.12 EUR. If you need to pay less to transfer money abroad, you can ask Currencies Direct to alert you when the midmarket rate is 1 GBP for 1.15 EUR. At this point, you will send the money without any fees. Of course, they do need to make money somehow, so they take a margin on the exchange. You won’t notice it because the recipient will receive just as much as you agreed to send.
Unfortunately, this all means that we cannot provide you with an exact exchange rate that you’ll get with Currencies Direct. Still, you can rest assured that you are paying very little.
How do I transfer money with them?
The first step to sending money through Currencies Direct is by registering your account with them. After this, you correspond by email, their app, or a phone call to set up your transfers. Then, you send your money to them by either debit card or bank transfer and they take care of the rest.
This may sound simple and hassle-free because it mostly is. The registration process is simple enough, and their customer service is usually great. However, sometimes users complain about rude staff, who often overcomplicate things.
What other products do they offer?
Apart from money transfer and currency exchange services, Currencies Direct offers other related financial services.
Currencies Direct offers spot contracts, which are one-off transfers similar to what you’d get from other companies. They also offer forward contracts, a nice little service that allows you to buy and hold a currency when the exchange rates are ideal. Then, you can just send the money to the recipient at a time of your choosing, at the ideal rate you bought in at.
Currencies Direct offers customised rate watch services. This allows you to use them to track specific currency exchange metrics. This is a useful feature for any frugal individual or company or anyone who’s involved in forex.
Lastly, Currencies Direct is a forex broker, so you can use their platform to buy and sell various currencies. Their forex rates are quite good as well.