Minimum credit score: 640
Pros
- Exchange rate alerts for better timing
- Zero transfer fees
- Support for international business payments
Cons
- Minimum transfer amount of $100
- No cash pickup option
Overview
Currencies Direct, headquartered in London, specializes in money transfer services for both individuals and businesses. The platform facilitates transfers in 40 different currencies across 120 countries worldwide. While Currencies Direct generally imposes no fees on most transfers, the exchange rate offered is typically 0.25-1.5% lower than the prevailing market rate. To secure a more favorable rate, the platform provides useful tools such as exchange rate alerts.
How it works?
Transferring money globally with Currencies Direct is straightforward. Simply visit the platform’s website and input the countries between which you wish to send money, along with the desired transfer amount. You can obtain a free quote for the exchange rate by providing your name, phone number, and email address.
If you decide to proceed with the quote provided by Currencies Direct, you can initiate your transfer conveniently through their mobile app available on iOS and Android, or by phone. All transfers must be directed to the recipient’s bank account. Payment for your transfer can be made directly from your bank account or using a debit card.
Currencies Direct offers limit orders, enabling you to execute a transfer only when the exchange rate reaches a specified level. This option is beneficial if you can afford to wait for a better rate before transferring money. Currencies Direct can either automatically initiate your transfer when the desired rate is met or notify you with an alert.
For businesses engaged in international transactions across various currencies, Currencies Direct provides multi-currency accounts. These accounts allow you to hold funds in dollars, pounds, and euros simultaneously, with the ability to convert between them instantly at Currencies Direct’s current exchange rates. This flexibility facilitates efficient management of funds and transactions in different currencies.
Another beneficial feature for businesses using Currencies Direct is the capability to arrange multiple simultaneous payments in various currencies. This is particularly useful for paying overseas employees concurrently. Individuals can also utilize this feature to send money to friends and family across various global locations.
Currencies Direct Fees & Rates
Currencies Direct does not charge transfer fees. Instead, the platform generates revenue by providing you with an exchange rate that is slightly lower than the current market rate. They are transparent about this practice, displaying both the mid-market rate and the rate you will receive for your transfer.
The fee that Currencies Direct charges through the exchange rate difference varies based on the countries involved and the transfer amount. For transfers from the US to the UK, the rate difference typically ranges between 0.25% and 0.5%. However, for transfers to certain regions like Africa, this difference can be as high as 1.5%. It’s important to note that Currencies Direct has a minimum transfer requirement of at least $100.
Processing Time
Currencies Direct facilitates transfers between over 120 countries globally. The platform supports more than 40 different currencies, including those commonly used in Europe and Southeast Asia. Transfers with Currencies Direct are usually processed within the same business day, although in some cases, it may take up to two days. You can track the progress of your transfer anytime through the platform’s website or mobile app.
Security
Currencies Direct is regulated by the UK’s Financial Conduct Authority (FCA), equivalent to the Financial Industry Regulatory Authority (FINRA) in the US. The company maintains strict segregation of customer funds from its own, ensuring security and integrity in fund transfers. Additionally, Currencies Direct adheres to voluntary standards such as the Non-investment Products Code and has received high ratings from the UK credit agency Dun & Bradstreet.
Customer Support
Currencies Direct provides support in the US from 9 am to 5 pm Eastern Time, Monday through Friday, via phone and email. While these support hours are limited, Currencies Direct operates over 20 branches worldwide. If assistance is needed outside regular business hours, customers can contact an international branch for support.
Bottom line
Currencies Direct is a premium money transfer service known for its zero transfer fees and competitive exchange rates. The platform allows for rapid transfers, often completed within the same day, to over 120 countries worldwide. However, transfers require a minimum of $100 and must be directed to a recipient’s bank account, as cash pickup options are not available.