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

Want to send money abroad from the UK? One of the many options available is Currencies Direct¹.

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.

We’ve also got a brief introduction to Wise - a money services provider offering low-cost international transfers with the mid-market exchange rate. Send money with Wise with the mid-market exchange rate with no markup, and just a low, transparent fee* for currency conversion.

Learn more about the Wise account

What is Currencies Direct Money Transfer?

You can use a Currencies Direct money transfer to send payments from the UK to 120+ countries, in multiple currencies. You can send payments online, over the phone or via the Currencies Direct app².

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.

Currencies Direct offers three different types of transfer:

• Spot contract, which helps you make an immediate one-off transfer
• Forward contract, which lets you fix a particular exchange rate for up to a year
• Limit order, to set a target exchange rate, and transfer as soon as the rate reaches your target

As well as transfers, Currencies Direct offers multi-currency debit cards and a wallet to hold foreign currencies before you send payments overseas³. There are also services available for business customers, although these may vary from the products made available for personal customers.

Who owns Currencies Direct?

The parent company of Currencies Direct is called Redpin, which is backed by Corsair Capital and Palamon Capital Partners. Both are private equity firms, with Corsair Capital based in New York and Palamon Capital Partners headquartered in London.

What currencies does Currencies Direct support?

Currencies Direct allows transfers in 40+ currencies, to 120+ countries. Many major currencies are covered, including EUR, USD, AUD, CAD and NZD, as well as a broad selection of less common currencies to offer really great global reach⁴.

How to Transfer Money with Currencies Direct from the UK

To use Currencies Direct to transfer money, 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.

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

Here’s an outline of the process to send a payment with Currencies Direct, step by step:

1. Register an account either by calling Currencies Direct, or by asking for a call back from a team member
2. Log into your account online or in the Currencies Direct app, and enter the amount and currency you want to send
3. Get a quote for the rate offered for conversion, as well as any applicable fees
4. Send the money to Currencies Direct from your bank or debit card
5. Your transfer will be processed

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 to keep customers and their funds safe.

The company also has a number of measures in place to protect your personal information and the security of your transfers⁵. It’s worth noting that Currencies Direct can’t necessarily recoup your funds if you send money to the wrong person, including if you believe you’ve been the victim of fraud and have been tricked into sending a payment to a criminal. This means it’s very important to be fraud aware and to check you have all the recipient’s information correct before you initiate your payment.

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 fees⁶, but you do also need to consider the exchange rate, as there may be a fee applied there which you should be aware of. We’ll explore how this works, next.

Currencies Direct Transfer Fees

Currencies Direct does not charge a transfer fee for personal transfers. They do warn customers that fees from other banks may apply in some cases. These can include fees from intermediary banks involved in the payment processing, and from the recipient’s own bank. Even though these fees aren’t paid to Currencies Direct, it’s worth being aware of them as they may be deducted while the transfer is processing, which can reduce the amount of money your recipient gets in the end.

Currencies Direct Exchange Rate

Currencies Direct uses a small exchange rate markup or margin. This is a fee which is added to the mid-market exchange rate which is the rate you’ll see in a currency converter tool.

Currencies Direct buys currencies on wholesale markets using the mid-market rate, and then adds a small margin which covers their costs and revenues. While exchange rate markups can be variable depending on the currency and value of the payment, specialist services like Currencies Direct may offer a lower markup compared to a bank, which can mean getting a competitive rate for your transfer.

How to contact Currencies Direct?

Need to contact Currencies Direct about setting up an account or sending your first transfer? Here’s the contact information you need⁷:

• Call the Currencies Direct phone number - 020 7847 9400
• Email customer.s@currenciesdirect.com
• Open a live chat in the Currencies Direct app

Send money internationally with Wise

Currencies Direct isn’t the only non-bank provider offering international payments. You may also be interested to compare your options with Currencies Direct against Wise which offers international transfers to 160+ countries, with the mid-market exchange rate and low fees from 0.33%⁸.

As well as offering international payments, you can also open a Wise account to hold and exchange 40+ currencies and get paid by others in foreign currencies with local and SWIFT account details. Accounts come with the option of a powerful international debit card for overseas spending and withdrawals.

Use your Wise account when you travel, when you shop online with international retailers, and to send and receive payments, making it easier than ever to manage your money across borders.

Sign up with Wise today

Sources used:

Sources last checked on date: 10-DEC-2024