Currencies Direct review
We currently don't have this product on Finder
- Number of Currencies
- 48
- Minimum Transfer Amount
- £1
- Pay By
- Bank transfer, Debit card
- Fees (Pay by Bank Transfer)
- $0
Our verdict
Send money in more than 60 currencies and avoid transaction fees.
Currencies Direct is a strong choice for individuals and businesses in Australia making large, fee-sensitive international money transfers, such as for buying property overseas. With fee-free transfers on most transactions and access to expert phone support and currency hedging tools, it focuses on service over speed. However, if you need an instant transfer, a wider range of currencies or the ability to pay by credit card, you should consider alternatives like Wise or Remitly.
Pros
-
Good for sending money in 60+ currencies through the app or online.
Cons
-
Not so great if you need the money transferred instantly or want to pay by credit card.
Details
Product details
| Product Name | Currencies Direct International Money Transfers |
| Pay By | Bank transfer, Debit card |
| Receiving Options | Bank account |
| Customer Service | Phone, Email, In person |
| Maximum Transfer Amount | £25,000 |
| Number of Currencies | 48 |
Pros
- No transfer fees charged by Currencies Direct
- Specialist support for large transfers
- Advanced tools like forward contracts and limit orders
- Highly-rated customer service with a 4.9/5 Trustpilot score
Cons
- Not regulated by ASIC in Australia (operates under its UK FCA licence for Australian customers)
- Exchange rates include a markup on the mid-market rate
- Slower than digital-first competitors
- Supports a fewer currencies (40+) than some rivals
- Does not accept credit card payments
- No cash pickup option for recipients
How much does Currencies Direct cost?
Currencies Direct does not charge a fixed fee on most of its transfers. For the smaller number of transfers that do involve a fee, your account manager will confirm the cost with you and get your agreement before the transfer goes ahead.
Instead of fees, Currencies Direct makes its money by adding a small margin or markup to the mid-market exchange rate, the rate banks and transfer services use when trading among themselves. While this means the rate you get isn't the absolute best possible, it is competitive, particularly for larger amounts where the savings on fees can be significant.
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
How does Currencies Direct compare to other services?
While Currencies Direct is a strong contender for large transfers, it's not the only option. Here’s how it stacks up against two popular alternatives in Australia.
- TorFX. Like Currencies Direct, TorFX focuses on larger transfers with personal service from account managers and no fixed transfer fees. The two are independent, separately owned and regulated companies, so the choice between them may come down to the specific exchange rate offered on the day and each provider's service experience.
- Wise. Wise operates on a different model. It charges a transparent, variable fee but converts your money using the real mid-market exchange rate with no markup. For smaller transfers, this can often be cheaper. However, for very large transfers, the fee-free model of Currencies Direct might be more cost-effective. Wise also tends to offer faster transfers.
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Is Currencies Direct safe to use?
Yes, Currencies Direct is a safe and well-established service. It has been operating since 1996 and now serves over 500,000 customers globally.
Currencies Direct is regulated by authorities in the UK (the Financial Conduct Authority, as an Electronic Money Institution), USA, Canada, Spain and South Africa. Customer funds are held in segregated client accounts, meaning they are kept separate from the company's own operating funds.
The company holds a high customer satisfaction rating, with a Trustpilot score of 4.9 out of 5 from over 19,760 reviews.
What features does Currencies Direct offer?
Currencies Direct provides a range of transfer options for both personal and business customers.
Personal transfers
- Spot contracts. These are simple, one-off transfers where you send money at the current exchange rate.
- Forward contracts. This feature lets you lock in an exchange rate for up to a year in advance. This can be useful for protecting yourself against currency fluctuations when planning for a large future payment, like the final settlement on an overseas property. A forward contract typically requires a small deposit.
- Limit orders. You can set a target exchange rate you want to achieve. If the market reaches your desired rate, Currencies Direct will automatically execute the transfer for you.
- Rate alerts. You can set up notifications to be alerted when a currency pair reaches a specific rate.
Business transfers
Currencies Direct offers the same currency hedging tools to business clients, along with solutions for online sellers who need to receive payments from international marketplaces.
How to send money with Currencies Direct
You will need to register for a free account before you can make a transfer. This involves providing personal details and may require identity verification documents like a passport or driver's licence.
- Initiate your transfer. You can book a transfer online, through the mobile app or by speaking to your account manager over the phone. You will agree on an exchange rate before you commit.
- Fund your transfer. You can pay for your transfer using a debit card or by making a bank-to-bank transfer. This is also known as a telegraphic transfer. Credit card payments are not accepted.
- Your funds are delivered. Currencies Direct sends the money to your recipient's bank account once your payment has cleared.
Does Currencies Direct have a mobile app?
Yes, Currencies Direct offers a mobile app for both Apple and Android devices. It is one of many international money transfer apps available to Australians. The app allows you to check live rates, book transfers, track your payment progress and set up rate alerts.
Customer ratings for the app are generally positive:
- Apple App Store: 4.8 out of 5 (from 385 ratings)
- Google Play Store: 4.5 out of 5 (from around 2,200 ratings)
Frequently asked questions
Sources
Your reviews
Kate Finder
Money expert
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