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The company offers international money transfers, as well as tools and services such as rate alerts, limit orders, and spot and forward contracts. Currencies Direct has been on the market since 1996, and their main operation focuses on Europe. However, they also have their local branches in South Africa, India, or the USA. Only last year, they had processed more than 570,000 payments last year, exchanging almost 6.5 billion GBP in various currencies.
All you have to do to send your money abroad is create an online account on Currencies Direct website, find a suitable exchange rate, send them the money via your local bank, and they will take care of the whole international transfer and processing.
You can order the payment through their online platform, mobile app, or even over the phone by calling their representatives. Alternatively, you can also always visit one of their local branches in your area to talk about the details and pay with physical cash.
The majority of transfers are free of any additional charge or transfer fees, as Currencies Direct takes a margin on the exchange rate of your transaction.
Remember that your bank or financial institution may add fees for processing payments via credit or debit cards. Therefore, it’s best to check the details before making any transaction or use a regular bank wire to fill the order.
The company notes that they are not able to offer their users midmarket rates. Therefore, you can expect an additional margin to be added.
If the rate offered by the platform doesn’t suit you, you can always set up order for a rate you are interested in, and once the currency market changes in that direction or the company manages to buy it cheaper, they will fill out your order. You can read that:
“We offer tools and services, such as Rate Alerts and market updates, to help you follow the rate movements and decide the best moment to transfer.”
The exchange rates are dynamic and change constantly. However, when you set up your order details, the rate is saved and "locked". That way you won’t be surprised with any additional costs or price changes. Thanks to that, your recipient won’t receive less money because of some market fluctuation. They explain it here:
“The exchange rate of your transfer is the rate you’ll agree with your currency expert over the phone or online when you book your transfer. Once the transfer has been confirmed, you rate will remain the same, independently of what is happening on the markets.”
You can transfer up to 25,000GBP using their platform, mobile app, or via a phone call. You may be able to order larger payments in the local facility.
As the company doesn’t charge any transfer fees, the costs are significantly cheaper compared to most of the mainstream banks and financial institutions. The transfer is also delivered much faster because it’s not processed via regular bank SWIFT network, which takes a few days to process and generates additional costs.
To get access to their exchange rates, international transfers, and other tools, you need to open a free account on their website. They explain that:
“By registering with us, you will not only access our online system 24/7 to send and receive currencies at all time, but you will also obtain expert guidance on the markets from our team of specialists. They will give you a live market quote and assist you in the choice of the transfer services that best suit your needs.”
You can also visit their local branch to set up an order there or exchange your money.
Visit the Currencies Direct webpage and navigate to the “register” button. Then, you will see different types of accounts to choose from, as the platform offers their services also for businesses or online stores. Choose “personal account” and fill out your information. Remember to set up a secure password.
As with any other legal, financial services, you may be asked to provide your bank information or upload images of your ID or other documents for the identity verification. You need to scan it, or you can simply take photos with your smartphone and upload it to their site. Sometimes, you have to take a photo of you holding the documents so that they know it’s really you.
The company is registered with FCA and is fully regulated. Therefore, it needs to comply with all of the international laws and regulations and keep your money safe. It’s also worth noting that they have the highest possible Dun & Bradstreet credit rating. They have a separate bank account for each user so that your money is not mixed with company funds. Also, more than 210,000 people have used their currency transfers already. Therefore, one can assume that the service is somewhat reliable and is not a scam of any sort.
There haven’t been any notable problems or scandals connected with the company, and it seems the customers are somewhat positive about Currencies Direct.
There aren’t many negative comments or significant complaints about the platform. However, many reviews point out that there are some drawbacks. In general users rate the service as an acceptable one. People note that the exchange rates aren’t the best and the competition offers better prices in that matter:
“Very efficient and the funds were transferred exactly as we were told they would be. Only slight criticism is that the website and other currency exchange providers were showing a slightly better rate than we were offered on the telephone.” ~ Diana on Trustpilot
Others noticed that the rates aren’t transparently displayed. It may discourage potential users looking for platform with the best rates, as they can’t check the costs that easily:
“When comparing transfer rates online every company site except Currencies Direct gave me an immediate clear and up front price. Currencies Direct would not, wanting me to register my details first.” ~ Robert on MoneyTransferComparison
“Service is acceptable overall though rather too many confirmations of transactions. Not as quick as some companies in transferring funds.” ~ Ray on Trustpilot
As the company has branches in countries all over the world, you will most likely find a center that supports your language for more accessible communication. You can reach them via a phone call or through an online email form available on their webpage. There is also a well-developed FAQ section, which may answer some of your initial questions.
The majority of reviews found online praise the customer support and claim that they were always helpful and solved the transfer problems quickly. However, it may be hard to reach them, as the phone line is often busy.
It’s unusual for a service not to display their prices and rates to everyone. You will get to know their exchange rates only after registration, which is a significant drawback, as you can’t be sure if the platform really suits you. When it comes to the sole transfer and its reliability, there are numerous reviews and comments, which show that the service operates quite well. The customer service cooperates good and solves most of the users' problems quite quickly. Currencies Direct operates in many countries. However, it doesn’t support all of the world currencies like other platforms. As an advantage acts the fact that there are no additional fees for ordering the money transfer.
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