Currencies Direct Review – Pros and Cons
Currencies Direct has made history for being the first money transfer service in Europe. Since then, the company has gone on to win further acclaim across the globe. Of course, these commendations don’t necessarily prove that Currencies Direct is the best service for you. In case you want to make your own mind up about […]
Currencies Direct has made history for being the first money transfer service in Europe. Since then, the company has gone on to win further acclaim across the globe. Of course, these commendations don’t necessarily prove that Currencies Direct is the best service for you. In case you want to make your own mind up about them, this review will provide you with all the information you will need.
At a Glance
Currencies Direct was launched in Europe, in 1996. While the company’s influence is still largely felt in Europe, it has branched out and is now available in many parts of the US, India, and South Africa. It is estimated that the company deals with over 325,000 people each year. They are also responsible for handling over £7.5 billion.
The Pros
Currencies Direct didn’t achieve its status by chance. The features below are just some of the reasons why this is a high-ranking money transfer service.
Numerous Transfer Options
When it comes to international money transfers, each individual has their own preferences. So, if you would like some choice as to how you can transfer your money, this is the agency for you. With Currencies Direct, you can carry out the transaction via the phone, app, website, or in a physical location.
Due to this feature, Currencies Direct is suitable for all kinds of customers. You can choose to take a rather hands-off approach to the transaction or be in charge of it every step of the way. In this way, the firm is ahead of many of its competitors.
No Fees
Currencies Direct is all about making sure that you aren’t saddled with any random or sudden fees. The company takes its cuts from quoting prices that are slightly higher than the mid-market rate. However, in many cases, this company is able to offer you a better rate.
This is especially true when you compare Currencies Direct to the rates offered by the bank. There is no denying that the money transfer service will allow you to save cash time and time again.
Transparency
To provide you with further peace of mind, Currencies Direct is very transparent with each of its transactions. In particular, you can always see what the mid-market rate for a particular currency pair is, before agreeing to the rate. What’s more, once you have agreed to a price, the company will lock it in for you. Thus, you will not be negatively impacted by further fluctuations.
Additional Features
There is another way Currencies Direct helps to protect you from volatility – forward contracts. By placing a small deposit, you will be able to fix the current rate for up to a year. So, even if there are quite a few fluctuations, your currency rate should be safe.
The company also gives you the opportunity to execute limited orders. This can be used by people who don’t need to transfer funds immediately. As such, your money can be sent when the price has reached an optimal level. In this way, you can end up saving quite a bit of money for yourself.
Good Global Presence
At the moment, Currencies Direct has offices in the UK, USA, Canada, Spain, India, Portugal, and South Africa. In addition to this, you are able to transfer money in over 60 currencies. So, there is a good chance that you will be able to get your money wherever it needs to go.
Reliability
What really makes Currencies Direct stand out is just how credible it is. To begin with, it has been authorized by the FCA as an Electronic Money Institution. As such, the company is held to some incredibly high standards. Also, all customers’ funds are placed in segregated bank accounts. As such, you don’t have to worry about anything happening to your money. What’s more, the company has received a level 1 credit rating with Dun & Bradstreet. Thus, you can be certain that the agency is a stable one.
Excellent Customer Service
Another thing all clients will praise about this company is the customer service. It doesn’t matter how you try to reach them, you will be attended to by knowledgeable and friendly agents. What’s more, these individuals are well-trained and can often handle most issues within a short period of time.
The Cons
While there is no denying that Currencies Direct offers top-notch service, you do need to be aware of the following flaws:
Speed
Technically, the transactions should be handled within a few days. However, in many cases, international transfers have taken much longer than that. Now, in some cases, this does have to do with regulatory compliance. The company is expected to investigate both senders as well as recipients and this can take time.
Rates Aren’t Always the Best
While Currencies Direct beats out the bank for excellent rates, the same can’t be said of its competitors. This service doesn’t always offer the cheapest rates so it is important to always compare and contrast before committing to a transaction with them.
In Conclusion
There is quite a bit to like about this service. It operates at an incredibly efficient level, ensuring that all transactions are carried out as smoothly as possible. What’s more, it boasts an impressive network, ensuring that you will be able to transfer money to most major areas.
Perhaps, most importantly, this is a service that you can trust wholeheartedly. It is thoroughly regulated by numerous agencies, ensuring that all the operations are above board. Thus, you can feel comfortable sending large amounts.
Of course, the service isn’t perfect and speed and occasional subpar rates may bring it down. As such, this may not be the most suitable option for people who want to send small amounts of money. Under these circumstances, you may end up losing out.
However, when you consider the fact that the benefits far outweigh the disadvantages, Currencies Direct becomes an obvious choice for international money transfer. This is especially true if you’re sending large amounts or if you want to hedge your bets and are trying to save yourself some money in the long run.
