Currencies Direct money transfer in the UK: how does it work, fees, and rates

Gert Svaiko

09.12.22 (updated more than 1 year ago)

4 minute read

Want to send money abroad from the UK? One of the many options available is Currencies Direct.

Founded in 1996, Currencies Direct is an international money transfer specialist with 22 branches worldwide.¹ It offers transfers to more than 120 countries in over 40 currencies.² But is it the right option for you?

Read on for everything you need to know about how to transfer money with Currencies Direct. Our handy guide includes info on fees, exchange rates, security and how to set up your first online transfer.

And if you’re comparing international transfer providers, make sure to check out the Wise International money transfer. You can send money worldwide, and you’ll only ever pay low, transparent fees. It’s quick and easy to set up online payments, and you’re guaranteed a fair mid-market exchange rate.

Learn more about the Wise International money transfer

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is Currencies Direct money transfer?

Currencies Direct offers money transfers from the UK to 120+ countries², in multiple currencies. You can send payments online, over the phone or via the Currencies Direct app.

You’ll need to create an account, check live exchange rates, then send Currencies Direct your payment via bank transfer or card. They then transfer the funds to your recipient, and you can track the payment online as it’s being processed.

Who owns Currencies Direct?

The parent companies of Currencies Direct are Corsair Capital and Palamon Capital Partners, who acquired the business back in 2015.³

Both are private equity firms, with Corsair Capital based in New York and Palamon Capital Partners headquartered in London.

What currencies Currencies Direct supports?

Currencies Direct supports over 40 currencies, including major currencies like USD, EUR, CAD, AUD, AED, CHF, ZAR, JPY and NZD.⁴

How to transfer money with Currencies Direct from the UK?

The first thing you’ll need to do is sign up for an account. You’ll need to fill in an online form and provide copies of some verification documents, such as your passport and bank statements.⁵ This is so that Currencies Direct can verify that you are who you say you are, and comply with HMRC and Financial Conduct Authority (FCA) guidelines.

Once you’ve registered, you can use the online service or app to check live exchange rates.

The next step is to make your international transfer - either online, via the app or over the phone. You’ll send your money to Currencies Direct by bank transfer or card, and they’ll deliver it to your recipient.

Your funds should be transferred the very same day. You’ll receive a confirmation notification when your payment is sent, and you can then track it online or through the app.

The above is the process for personal money transfers. But Currencies Direct also offers transfer services for businesses.⁸

Spot contract

Currencies Direct offers three different types of currency products. The first is a spot contract, which helps you make an immediate one-off transfer.⁶ You’ll simply need to agree the exchange rate, send the funds and Currencies Direct will do the rest.

Forward contract

The second product is a forward contract, which lets you fix a particular exchange rate for up to a year.⁶ You’ll just need to pay a small deposit to lock in the rate. This is designed for people who make regular payments to a particular country or currency. It can help you protect yourself from volatility in the currency market.

Limit order

The third option is a limit order.⁶ With this product, you’ll tell Currencies Direct your target exchange rate, and they’ll make your transfer as soon as the rate reaches your target. This means you won’t miss out once your ideal rate is hit.

Is it safe to transfer money with Currencies Direct?

Currencies Direct is authorised and regulated by the Financial Conduct Authority (FCA), which means that it’s required to meet certain standards.

The company also has a number of measures in place to protect your personal information and the security of your transfers.⁹

What are the fees for using Currencies Direct?

Now for the crucial question - how much does it cost to use Currencies Direct? The first thing to know is that the company generally doesn’t charge any transfer fees, but you do also need to consider the exchange rate.

Currencies Direct transfer fees

Currencies Direct says that it carries out 90% of its transfers for free.⁵ This means that you generally shouldn’t pay any transfer fees. But if any charges do apply to a particular transaction, you’ll be made aware of these upfront - so you can decide whether or not to go ahead.

Currencies Direct exchange rate

As well as the upfront transfer fee, you should also look closely at the exchange rate you’re being offered before choosing a transfer provider.

Many companies including Currencies Direct add a markup or margin to the mid-market rate⁵, which is the rate you’ll find on Google or currency sites like exiap.co.uk. This can make your transfer more expensive overall.

But the good news is that there are alternative services out there that give you a fair deal when it comes to exchange rates. Send money with Wise and you’ll always get the mid-market rate. This means no margins or markups, and only ever low, transparent fees.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Currencies Direct contact information and phone number

Need to contact Currencies Direct about setting up an account or sending your first transfer? Here’s the contact information you need:⁷

Call the Currencies Direct phone number - 020 7847 9400
Email customer.s@currenciesdirect.com
Fill in an online contact form and someone from customer services will get back to you.

And that’s pretty much it - all the essentials you need to know about how overseas money transfers work with Currencies Direct.

We’ve covered everything from available currencies to setting up an account, along with that all-important info on Currencies Direct fees and exchange rates. You should be all set to compare providers and choose the right one for your needs.

Sources used:

Sources last checked on date: 08-Nov-2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.