Is Currencies Direct safe? [AU]

Currencies Direct has been in operation for 25 years, and serves 325,000 customers moving the equivalent of 7.5 billion GBP a year. If you’re considering using Currencies Direct for an international payment or to arrange currency risk management services you may be wondering if they’re a safe provider.

This guide has you covered – we’ll look at whether Currencies Direct is safe, how they’re regulated and the steps in place to keep customer money and personal data secure.

Quick summary

  • Established for 25 years, with 25 offices around the world
  • Highest available credit rating with Dunn & Bradstreet credit referencing company
  • Regulated by ASIC in Australia alongside other global bodies
  • Customer funds are safeguarded in separate accounts for security
  • Personal broker service offering customer support by phone

Is Currencies Direct safe?

Yes – Currencies Direct is a safe provider for international payments and currency risk management solutions. It’s been established for over 25 years and is subject to regulations in Australia and in other global regions to keep customer funds safe.

  • Year founded: 1996
  • Regulation: ASIC regulated in Australia – also covered by regulators in the US, the UK Canada, the EU and South Africa
  • Number of customers: 325,000
  • Amount transferred: 7.5 billion GBP/year

How is Currencies Direct regulated?

Currencies Direct is a registered business held by TorFX PTE LTD in Australia. Currencies Direct is regulated by ASIC (the Australian Securities and Investment Commission) as well as other global regulatory bodies overseas.

ASIC is one of the key bodies authorising and regulating financial services firms in Australia. One important role ASIC plays is issuing Australian Financial Services (AFS) licenses. Customers should always choose a fully licensed provider when looking for financial services, as AFS license holders have certain responsibilities to keep client funds safe. These include training their staff and managers to a high level, maintaining adequate financial resources to protect customer funds, and operating robust and reliable processes. AFS license holders must also have dispute resolution procedures in place to help resolve any problems which arise.

Is Currencies Direct as safe as traditional banks?

Currencies Direct is not a bank. Banks often offer a broader range of products than specialists like Currencies Direct, such as credit cards or loans. That can mean they have to follow more regulations, too.

However, when it comes to sending money overseas, Currencies Direct is as safe as a regular bank, and will follow similar processes and regulations to keep customer funds secure. You may also get a better choice of currency management products and lower overall fees compared to using your bank.

How does Currencies Direct keep your money safe?

As well as following all ASIC rules and regulations, Currencies Direct has numerous safety and security measures to keep customer funds safe.

  • Account verification processes in place
  • Strong passwords are required to access accounts online
  • PIN numbers are used and requested when arranging a payment
  • Transaction notifications are in use and payments can be tracked
  • Biometric authentication used where available

Currencies Direct also recommends customers take sensible steps like keeping their passwords secure, avoiding public wifi and using anti-virus software where possible.

Is Currencies Direct safe to transfer money?

It’s safe to send money with Currencies Direct. If Currencies Direct will need to hold your funds – while you’re waiting for your account or payment to be verified for example – it’s held in a separate account to Currencies Direct’s funds. That means it can’t be used for Currencies Direct’s own operational requirements, and can be returned to you in the unlikely event that the business gets into financial difficulties.

Is Currencies Direct safe to keep money with?

If Currencies Direct has to hold your funds before passing them on to your recipient you don’t need to worry.

Your funds are safeguarded by Currencies Direct in a top tier institution. In the event that Currencies Direct got into financial difficulties, safeguarding rules require Currencies Direct to protect your entire deposit, without a maximum cap.

Is Currencies Direct safe for large amounts?

Yes. Currencies Direct is a specialist currency management and payment service. Many customers are individuals and businesses making large payments, or investing in complex currency risk management products. All accounts and services are regulated, with enhanced customer security features in place, and you’ll be able to get help over the phone from a member of the Currencies Direct team whenever you need it.

Is Currencies Direct business account safe?

Currencies Direct offers safe and secure international transfer and currency risk management services to businesses as well as individuals. Currencies Direct business accounts and services are regulated in the same way that personal services are. They also come with similar bank beating exchange rates and low fees.

Is Currencies Direct legit?

Wondering: is Currencies Direct really legit? When a service provider offers international transfers for less than a traditional bank it’s natural to worry. However, Currencies Direct is completely legit.

Since being established in 1996, Currencies Direct has set up offices around the world and serves 325,000 customers globally. They’re often cheaper and faster than your regular bank because they’re a specialist broker which invests time and money in finding the best ways to move payments around the world.

Customer reviews on Trustpilot

Currencies Direct gets an impressive 4.9/5 stars on Trustpilot. That’s an Excellent rating from over 6,000 reviews. A huge 89% of people leave 5 star reviews, with only 2% giving the lowest available review of 1 star.

In the relatively small number of negative reviews left, there are a few which raise security issues. However, in these the problem tends to be that a payment has been held up due to checks and verification steps. These are taken to keep customers, accounts, and funds safe and are usually required by law. While it’s frustrating to need to prove the source of funds, or verify your identity to make a payment, your regular bank would likely ask you to do the same.

Can you get scammed on Currencies Direct?

Criminals are always finding new ways to prey on vulnerable people, and so it’s not impossible that fraudsters may try to operate through Currencies Direct. However, generally keeping your money and your account safe only takes a few simple common sense steps.

  • Choose a strong password and don’t share it
  • Keep your mobile or laptop secure and updated, use antivirus software if you can
  • Don’t use public wifi and sign out of public computers if you need to use them
  • Check the authenticity of any email or call you get that purports to be from Currencies direct – it could be a phishing attack
  • Don’t share your account details with anyone
  • If something seems too good to be true don’t get involved

Can I avoid falling victim to a fraud?

Take sensible precautions to keep your Currencies Direct account safe. If you think you may have been a victim of fraud, call Currencies Direct on +44 (0) 20 7847 9400 or email customer.s@currenciesdirect.com.

Is your personal data safe on Currencies Direct?

Currencies Direct is obliged by law to keep customer data secure. While it’s necessary to collect some customer data to arrange payments and comply with legislation, customers may be able to choose how some data is accessed, held and used, including opting out of some marketing. You can read the full Privacy Policy online on the Currencies Direct home page – more on the types of data collected coming right up.

What personal data does Currencies Direct collect?

Currencies Direct collects data you give them, data they can collect automatically and in some cases, data from third parties. Information is used to facilitate payments, comply with law, market to you and improve services. Here’s the sort of data that may be collected:

  • Information about you – your name, address, age  and a photo for verification for example
  • Information about your recipient to facilitate the payment – their bank account number for example
  • Information from third parties like ID verification services
  • Information about how you use the Currencies Direct site – like which pages you visit and your IP address

Data is held for a set time which is usually dictated by law. This may vary based on the type of information, but most personal data collected by Currencies Direct is deleted after 5 years.

How to get started on Currencies Direct?

You can register your Currencies Direct account online or by phone, and you’ll usually need to complete a verification step to get started. A member of the Currencies Direct team can call you to talk through the documents you need to provide and how to upload them. The process will vary based on payment and account type but usually involves providing proof of address and identity.

For high value payments you may get a better rate if you phone a broker to talk through your options. Whether you set up your payment online, in app or by phone, the process is similar:

  • Log into your account
  • Confirm the amount your want to transfer to get a quote
  • Check over the fee and exchange rate
  • Confirm the recipient’s details and bank account information
  • Fund the payment – once your money arrives with Currencies Direct it’ll be passed right on to your recipient

Conclusion

Currencies Direct is a popular and well rated provider thanks to offering a broad range of international transfers and currency products while at the same time being very safe.

Currencies Direct is regulated by ASIC in Australia and several other global regulatory bodies. Customer funds are safeguarded so they can’t be used to cover Currencies Direct’s own operating expenses, accounts are fully verified and security measures are in place to keep customer accounts safe. Currencies Direct also has a phone broker service on offer which means you can always talk to someone if you’re unsure about your payment or have questions about a transaction.

FAQ

1. Is Currencies Direct safe?

Currencies Direct is a safe provider. It’s fully regulated and also has enhanced security and safety features to keep customer accounts, funds and data secure.

2. How is Currencies Direct regulated?

Currencies Direct is regulated by ASIC in Australia. As a global business it’s also covered by regulators in some states of the US, the UK, South Africa, the EU and Canada.

By Ileana Ionescu Updated February 11th, 2022