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

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,810.95Exchange Rate0.7274Transfer Fees$63.36Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,810.95Rate Updated 11:47PM 15/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7274 will cost you $13,810.95 which includes a fee of $63.36

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 11:47PM 15/11/2018
TorFXRead ReviewTotal (AUD)$13,816.68$5.73 more expensive Exchange Rate0.7238 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,816.68$5.73 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7238 will cost you $13,816.68 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,827.80$16.85 more expensive Exchange Rate0.7232 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,827.80$16.85 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7232 will cost you $13,827.80 with no fees.

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.
WorldFirstRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,864.77$53.82 more expensive Exchange Rate0.7215 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,864.77$53.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7215 will cost you $13,864.77 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$13,933.40$122.45 more expensive Exchange Rate0.7177 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,933.40$122.45 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,933.40 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,226.77$415.82 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$415.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,498.46$687.51 more expensive Exchange Rate0.6903 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,498.46$687.51 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6903 will cost you $14,498.46 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates