Currencies Direct 2018 Review

Within the Currencies Direct review, you will find out everything you need to know from the pros and cons, how it works, risks and safety, and a few examples of what currencies that are used. If you are considering travelling, buying property or goods overseas, this review is intended to give you the best information for your needs.

With 21 offices around the world, 120 different currency options and 200k customers served, Currencies Direct (CD) is an exchange broker with an outstanding reputation in how they handle your currency transferring needs. Currencies Direct is based out of the United Kingdom and offers currency exchange services to individuals, online sellers, and even businesses

Pros
  • No charges or hidden fees for 90% of transactions.
  • Low Risk: They’ve obtained the highest possible Dun & Bradstreet rating; which means their level of risk is considered the most moderate.
  • Excellent and fast Customer Service.
  • Local expert advice; help is offered on local regulations,
  • Free Live Market Quote within 15 minutes.
Cons
  • No Cancellation Policy: All exchanges are contractual and final.
  • Time of exchange varies by location and settlement process.
  • Possible Bank fees occur with a transaction that happens outside of CD’S Control.
  • Exchange rates on lower amounts are not as competitive as higher amounts.

How It Works

You first are encouraged to create and register an account which will give you 24/7 access to use Currencies Direct’s online system. This registration is simple, and shouldn’t eat up your time. From there, you’ll have access expert guidance on local markets by their team of specialists.

 

You will also receive a live quote from local markets that will give you the best choice of rates for the exchange you need. Don’t want to register? That’s okay too. They also offer their services to those who do not wish to register.

 

This can be a complicated process for someone who is not skilled in how foreign exchange works, changes with inflation, and all the guidelines and regulations that are involved.

 

Currencies Direct strives makes that process simple by providing personal advice, patience for any questions, and expert knowledge on the subjects you have concerns with. They pride themselves on their customer service, and most reviews back up that claim.

How Safe Is It?

Currencies Direct has a rating of 1 in the Dun & Bradstreet credit rating, which is the highest possible rating you can receive. Meaning, they are considered to have the lowest level of risk when it comes to handling your money. They were authorized in 2009 by the FCA (Financial Conduct Authority) as an Electronic Money Institution.

How Much Does It Cost?

Most transactions are handled without any fees or charges from CD. If there are fees that will occur, Currencies Direct is upfront and direct about what the total will be. 90% of their transactions occur without fees. Competitive rates are offered for higher transactions.

 

The funds exchanged through them are directed through segregated accounts which ensures they are not using your money for their business. In the last year, they claim to have handled over 4.5 billion euros.

 

What Exchange Rate Will I Get?

The exchange rate offered by the Currencies Direct team varies based on current exchange rates. Check current rates on their website to see exactly what you would get for your selected currency.

 

Currencies Direct has a free quote service as well.

How Do I Send or Receive Money from Overseas?

Once an exchange rate contract is agreed upon, you have the option to send the amount you need to be exchanged via debit card or bank transfer.

 

The average time to completion varies depending on the location and currency. Within Europe, it can be as fast as 24 hours, but could also take up to 6 days for smaller countries. A confirmation email will be sent to you when the payment has been sent. Any questions or concerns during the entire process can be answered by your correspondent.

How Do I Pay?

Send the amount you want to exchange from your debit card or via bank transfer to your Currencies Direct account. You can do this on their website, Mobile App, or via Phone Call.

 

Can I Pay by Credit Card?

You cannot pay by credit card.

What Currencies Can I Transfer?

When you open an account to use Currencies Direct, you have access to exchange over 100 currencies, and 60 major currencies fee-free. These include AED, AUD, USD, CAD, GBP, and MUR.

What Services Do They Offer for Businesses?

Currencies Direct offers personal and business services, all of which are tailored international payment solutions.

 

Spot Contract

Need to make an immediate transfer? This is the service for you. Just agree to an exchange rate, authorize the funds to be transferred, and CD will exchange the currency as quickly as they can to your account.

 

Forward Contract 

Keep a current rate fixed with this service, up to a year. If you need to budget for goods and services ahead of time, protecting against market volatility, this is what you can use. There is a small deposit required for this service. Perfect for Planners.

 

Regular Transfer

For Pensions, mortgage payments, or other living funds abroad, you can use this service. You’ll need to set up a Direct Debit account to make the transfer automatically each month. You also have the option to fix your rate up to a year with this product.

 

Limit Order

Running on a strict budget? Have a specific rate that you need, and don’t require an immediate transfer? A limit order could be an excellent option for you. Just name your market rate, and when that rate becomes available, Currencies Direct will immediately transfer your funds.

Compare money transfer services like Currencies Direct

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About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

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Cons

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About OFX

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Pros

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  • 1 - 2 days delivery times for most countries
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Cons

  • Credit cards, cheques and cash are not accepted
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