Currencies Direct Customer Reviews
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not at all positive experience of the currencies direct (CD)
not at all positive experience of the…
not at all positive experience of the company’s services.
Starting with the positives that made me create an account with them:
wallets in different currencies. Although many countries in Europe have the €, there are still many who do not have it.
That’s why they got at least 1 star, otherwise it would be 0 star.
1. Answered a bit ignorantly to their questions about the origin of the money and got my account
suspended.
(That is OK for me)
And now for the negative:
the remaining money would be transferred back to my account within 5-10 banking days.
after 8 days I started to feel worried. After 10-11 banking days, I asked why the money was not on my account. The answer – they will come soon.
Go on a long vacation. After returning home, still no money.
Now it’s been 2 months and CD has NOT heard back in that time (no calls, no emails from CD, that anything is wrong).
Annoyed, I wrote an email -> the reply: they would check the matter.
3 days later I send another email because of no response from CD. After a few more days I got a reply that they have sent the money, but the bank (?my?) has rejected it. Very strange.
When I question it, I got suddenly a reply that a check was sent via post/postman. A check in the mail in 2024?
after another x-number of emails where they say that they cannot transfer the money to my account, but send a money order, or that I have to request from my bank that my bank allows this transaction. (bullshit from their side.). Told them that if i transfer money i do not need ask the receiver to go to their bank to get approval, nor do i need send a money order. I got very upset.
I give them 2 options:
1 they themselves will make sure that the transfer can be done, 2 reopen my account so that I myself can transfer my money back to my account.
4 emails later where I had to leave iban/bank details 2 times as they apparently don’t read my emails properly, my account is reopened and after 3 months I could transfer my money to my account.
The question about compensation is ignored -> i.e. emails are to this date not answered.
(they are very selective which questions they answer)
Conclusion:
CD might be OK IF everything runs smoothly, BUT IF any problems appear -> you have a problem.
No constructive suggestion to solve the issues/problem from the CD. I had to came with a solution myself.
time of the issue: aug-24 -> nov-24 !!!
excellent service and efficient
Very easy to action transfers with currencies direct, helpful and friendly staff on hand for advise.
these people are great especially for the over sixties. JD
These people will help you all the way, believe me at 78 years old I speak with first hand experience JD
Superb service
Professional and yet very personal.
I will always use this company for ease of use.
Very satisfied customer
I use Currencies Direct services on a regular basis but mainly for small transfers.
What attracted me to them in the first place was their efficiency, their competitive rates and their diligence in the transfer transaction.
To this day my opinion has not changed!
Excellent services.
Excellent Service
Always helpful website easy to use and not provides card services
Always looking to improve their services
Bad Service no Experience
There is Danny which he doesn’t know anything.
He is zero
Calculating and dishonest
Currencies Direct are very nice and helpful when they are taking your money, but when it comes time to transfer it , they will put every possible obstacle in your way in order not to send you your money. They are shamless.
They don’t always follow your instructions
Avoid Currencies Direct if your businesses intend to make multiple international payments over several days because they will use the funds that you specifically sent for a specific international recipient’s payment to make the payment to another recipient.
For example: you booked a FX payment to recipient A on a Monday, you send the funding to Currencies Direct and the GBP funding arrives in your Currencies Direct wallet on the Wednesday. You then book another FX payment of a different value to a different recipient D on the Tuesday and send the funds for that payment to arrive on the Friday.
If the GBP value of recipient D’s payment is less than that of recipient A, Currencies Direct tends to use the GBP funds for recipient A’s payment to send the payment to recipient D. This means that recipient A’s payment ends being sent 2 days late. This happens even when you communicate to Currencies Direct that the funds received on Wednesday is for recipient A’s payment. They simply ignore you expressed instructions.
How can you trust an organisation that don’t following your instructions with regards to recipient’s payments?
Very reliable
Very reliable
Good but poor rates
Good but poor rates
quite helpful
quite helpful
Very good
Very good
Excellent
Excellent
Competitive rates
Competitive rates
I Steven Talewa of Tari…
I Steven Talewa of Tari Hela Province of Papua New Guinea is now full support on this one for the year
fine
fine
Easy to use
Easy to use
Efficient and good exchange rates
Efficient and good exchange rates
Good
Good
Currencies Direct Expert Review
I’ve been dealing with currency brokers for nearly two decades now. Initially when I was a prime broker doing currency conversions for institutions, but also as a currency broker myself doing conversions for people buying holiday homes. In this Currencies Direct review I give our ratings based on their nearest peers, and tell you what we think of them after testing them thoroughly. Plus highlight the key costs, facts and figures of their accounts.
Currencies Direct Review
Name: Currencies Direct
Description: Currencies Direct is a specialist award-winning currency broker that can help you send large amounts of money abroad. They were founded in 1996 and are now part of a group that processes around £10bn in international money transfers per year.
Are Currencies Direct a good currency broker?
Yes, Currencies Direct offer a good service for large international money transfers. They are a well-established and competitive currency broker for buying a property abroad or for international business payments at bank-beating exchange rates.
Pros
- Great for large currency transfers
- Get a dedicated account executive to help with transfers
- You can send money over the phone or do transfers online
Cons
- Better for large transfers
-
Pricing
(4.5)
-
Market Access
(4.5)
-
Online Platform
(3)
-
Customer Service
(4.5)
-
Research & Analysis
(4)
Overall
4.1What we think of Currencies Direct
A friend recently sent me a WhatsApp asking me what I thought of Currencies Direct. He even included a link to our old review, so clearly, it’s time for an updated version.
Instead of long-winded musings on the currency transfer industry or AI generated SEO (or SEM, search engine manipulation as I like to call it), I thought I’d do this review as a series of FAQs about Currencies Direct to provide short and relevant answers to potential questions people who are considering using them may ask. Why you ask? Well, I’ve been in the currency markets for about 20 years, as both a wholesale currency prime broker and a private client currency broker and these are the questions that people generally asked…
This is pretty much how our conversion went when we discussed Currencies Direct over coffee later that afternoon.
What does Currencies Direct do?
It helps you transfer large amounts of money from one currency and country to another.
What about small amounts of money, is it only for large transfers?
You can send small amounts of money, but to be honest, Currencies Direct is more for larger foreign exchange transactions. A typical customer may be someone buying a holiday home with a couple of large currency transfers for the purchase and then a few recurring smaller transfers afterwards for bills etc.
But can I still send smaller amounts?
Yes, but if you are only sending smaller amounts, you are better off with a money transfer app.
Why is it better for large amounts then?
When you send large amounts of money abroad, you need to think about two things. What the exchange rate will be, and when to send it. Currencies Direct will give you better exchange rates than a bank, and you get more control over when you do the conversion.
How?
You get better exchange rates because the “spread” or “mark up” Currencies Direct charge is better than the banks. Sometimes by about 4%.
Huh?
If you send £100,000 with your bank, the exchange rate markup can be up to 4% so it will cost you about £4,000 in fees. With Currencies Direct, it should be around £250.
My bank told me there were no fees for sending money abroad.
Well yes, there are no fees charged to you as commission, but they are included in the spread.
Do Currencies Direct charge a fee?
They don’t charge additional fees. They make their money on the exchange rate spread.
What’s the spread?
The spread is the difference between where a currency broker buys the currency and where you buy the currency.
So they mark my price up rather than charge fees?
Yes, take a look at our guide on how to compare exchange rates and come back?
Ok, fine, I’m up to date. But how do I know they are going to give me the best exchange rate?
Just ask them – say verbatim “how far as a percentage will my price be from the mid-market?”. They should give you an answer as a percentage. The more money you want to transfer the lower the percentage will be.
Whatever they come back with, ask for less – remember everything is negotiable.
If they can’t give you a straight answer, just look for another currency broker that can.
No, I mean, how do I know this is the best time to convert money at the current exchange rate?
You don’t, nobody knows where exchange rates will be in the future.
What about currency forecasts and predictions?
They have educated guesses at best. When it comes to foreign exchange it’s very easy to protect yourself from losing money, but very difficult to make money from trying to predict exchange rates.
Ok, fine, but I’m buying a villa in Spain at the moment and I need to pay for it in 6 months and I think now is a good time to buy Euros. Can they help me lock in the currency exchange rate?
Yes, that’s very good question and bravo for thinking of hedging your upcoming currency exposure?
What?
Sorry, yes you can buy Euros now with a currency forward contract. You can lock in the current Euro exchange rate for up to 12 months with Currencies Direct.
Great – but, there is a bit of a snag, I am selling a UK property that won’t complete for a couple of month so can’t afford all the Euros just yet.
That’s fine, when you use a currency forward you only need to put down a small deposit on the full amount you buy. Usually around 10%.
But is my money safe with Currencies Direct?
Yes, Currencies Direct are authorised by the FCA, so they have to keep client funds separate from their money. These accounts are segregated and the money is protected if they or their bankers go bust. But unlike banks and investment accounts there is no FSCS protection.
Is it a big company then?
Yes, Currencies Direct was founded in 1996, they have over 500 employees, and processed about 550,000 payments last year, totalling £10bn. Blackstone also invested £150m in Currencies Direct.
What’s Blackstone?
They are a massive private equity firm that invests in all sorts of things, they have about $10 trillion of investments.
Ok, fine. But how does Currencies Direct work?
You open an account here by requesting a quote through their website or registering online. Then they will assign someone to look after your account who will help you with the transfer.
Do I have to transfer money over the phone or can I do it online?
You can do up to £25k online, but, one of the main benefits of using a currency broker like Currencies Direct is that you get someone to actually talk to. Most people find this helpful when transferring large amounts of money abroad.
Thanks,
Pleasure.
You may also enjoy our interview with the CEO of Currencies Direct, Marc Morley-Freer.
What next?
Currencies Direct Awards
Currencies Direct won “Best Currency Broker” in our 2023 awards.
Currencies Direct Facts & Figures
| 💱 Total Currencies | 40+ on offer |
| 💵 Min Transfer | £100 |
| 💰 Max Transfer | No maximum transfer |
| 🛒 Customers | 430,000 |
| 🏛️ Founded | 1996 |
| 💬 Languages | English, French, German + others |
| 💱 Transfers | £10 billion a year |
| 🏢 HQ | London, UK |
| ⚖️ Regulated | Yes – Authorised by FCA |
| 📅 Currency Forwards | 12 months |
| 💹 Currency Options | ✔️ (Corporate customers only) |
| 🤝 Personal Service | Yes- highly rated |
| ⭐ TrustPilot Rating | 4.9 / 5 |
| 🌐 Website | Visit Currencies Direct |
Currencies Direct wins best currency broker at the 2024 Good Money Guide Awards
Currencies Direct won Best Currency Broker at the Good Money Guide Awards this year due to their excellent reviews on our site and survey feedback. They provide bank-beating exchange rates and personalized advice, which is especially valuable for large international transfers. Additionally, they offer currency forwards, allowing clients to lock in current exchange rates. Richard
Can the Currencies Direct currency card save you money on holiday?
Currencies Direct, also offer clients a multi-currency debit card with no monthly fees which can be used seamlessly to make payments and pay for purchases when travelling abroad, whether for leisure or business purposes. The card is now useable in 19 different currencies, including 9 new popular currencies to an existing roster of 10 widely
Currencies Direct gets a £140 Million Blackstone boost
Currencies Direct the online currency broker and money transfer app based in London’s Canary Wharf has received a substantial vote of confidence from one of the world’s largest Private Equity investors. Blackstone invests £140m in Currencies Direct Currencies Direct will receive a capital injection of £140.00 million from funds that are managed by Blackstone, the
Currencies Direct Marc Morley-Freer on being how they help people transfer large amounts of money around the world for less
Still on the fence about transfering money with Currencies Direct? We wanted to find out a little bit more about what they offer larger currency transfer clients so spoke to Marc Morley-Freer, who is the Global Head of Personal Clients at Currencies Direct. We spoke about what they offer clients and what it’s like working
Currencies Direct FAQ:
If you need to transfer a large amount of money abroad Currencies Direct works like this:
- Request a quote for the transfer
- Open an account via the online application form
- Do the conversion online or over the phone
- Transfer your money to Currencies Direct
- Currencies Direct will send your converted foreign currency abroad
The key benefit of using Currencies Direct though is their personal service. That’s how most clients make Currencies Direct work for them. But doing it the old-fashioned way of talking to experts and getting insightful advice. Then combining this with technology and discounted exchange rates.
In theory you can transfer as much as you like. The only limitation is on how much liquidity is in the market for the FX conversion you want to do. For most currency pairs this is in the tens of millions so for individuals you should always be able to send as much as you like.
Currencies Direct do not charge fees on top of the exchange rate. They make their money by marking up the exchange rate from the mid-market (which is their fee).
Further reading: How to compare exchange rates.
No. Currencies Direct is a currency broker. When you send money to Currencies Direct they will aim to send it on to a beneficiary as soon as possible.
Yes, Currencies Direct are legit. They are is authorised by the FCA as an Electronic Money Institution. You can see their entry on the FCA register here (this explains the scope of their regulation). They are in fact one of the best international money transfer companies becusae they do not charge a fee when you exchange currency and send it abroad (their make their money in the exchange rate spread, so you do have to pay for their services this way).
Currencies Direct are also headquartered in London, with offices all around the world, with around 430,000 customers, who can transfer money abroad same-day. Currencies Direct is part of the same group invested in by Blackstone that owns TorFX (even though they are a competitor like OFX & Key Currency).
Currencies Direct is one of three foreign exchange brands owned by Redpin, the holding company aimed to reducing currency costs for international property purchases.
Currencies Direct makes money by marking up exchange rates. When you buy or sell currency through Currencies Direct, they will buy or sell it at cheaper rates from the bank. For example, if the interbank GBPEUR rate is: 1.1678/1.1680 (2 pips). Currencies Direct may quote you 1.1619/1.1738. This would be equivalent to Currencies Direct charging you 0.5% in commission.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
