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Currencies Direct Review

Last Updated: December 28, 2020

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Score: 9.8
Score 9.8

Currencies Direct has built up a reputation for itself as one of Europe’s most established currency providers since its launch in 1996. It has consistently shown positive growth in the marketplace through dedicated customer support, excellent exchange rates, and tailored transfer solutions.

About Currencies Direct

Currencies Direct has built up a reputation for itself as one of Europe’s most established currency providers since its launch in 1996. It has consistently shown positive growth in the marketplace through dedicated customer support, excellent exchange rates, and tailored transfer solutions. This firm has developed cutting-edge online services that enable customers to access reliable, flexible, and fast currency transfers worldwide. Its footprint has increased tremendously, and Currencies Direct now has a physical presence in the USA, United Kingdom, Portugal, Spain, India, Ireland, Canada, and South Africa. The business can service clients globally through these strategically situated offices.

Get Started with Currencies Direct

Streamlining Payments

  • Time-saving tools – The Currencies Direct platform is geared to service your everyday business needs for global money transfers. It offers various time-saving tools such as rate alerts, bulk payment set-up and fixed recurring payment features. You can easily set it up following one of the provided online tutorials or downloadable PDF files. Should you experience any difficulties while setting up the exact features you need, your dedicated accounts manager is available to assist you 24/7.
  • Payment Setup & Automation – Your day-to-day management of global payments can be pre-booked, pre-validated and fully automated. It gives you the freedom to tailor every transaction according to its specific requirements, such as optimising your currency exchange rates. You can use the rate alert app, bulk payment, and forward contract tools to accomplish this easily.
  • User-friendly Mobile App – With a fully functional mobile app for Android and iOS devices, you can follow markets, set up alerts, and send money instantly. It’s freely available if you have fixed goods or services liabilities that need recurring forex payments.
  • Dedicated Accounts Manager – With a dedicated accounts manager you will be able to give payment instructions by phone in the event that you are not able to complete a transfer online. This added layer of personalized service ensures that you can still complete urgent transactions without delay.
  • Marketplace Integration – Currencies Direct integrates with some of the top online marketplaces including Amazon, eBay, Fnac, Groupon, Cdiscount and Priceminister. It allows for convenient e-commerce trading across all platforms via one centralized payment system. If your company depends on incoming payments from e-commerce marketplace providers, it saves you time and money. You won’t have to chase payments again as the process is fully automated through its integrations.

Payment Process

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Currencies Direct payment process_Mobile

Mass Payments

With automated bulk payment features, you can set up recurring payments in advance and rest assured that your suppliers or contractors will get paid on time. The Currencies Direct batch feature allows you to preload mass payments in more than 40 currencies to 120 countries in a single, straightforward step.

  • Access to Real-time Rates – You have access to live market rates through Currency Direct’s platform and mobile app. You can easily compare rates using the application programming interface on the site that has access to real-time currency markets globally.
  • Integrating with the API – Currencies Direct offers in-depth documentation to assist you with the API integration to your platform. The API enables you to easily use their standard REST technologies in order to make forex conversions. The documentation offers all the graphic support and code examples to assist you with the process.
  • Automated Validation – Once you have uploaded your files from your accounting system, the Currencies Direct platform runs automated validation processes. It gives you a report in case there are any validation errors or updated payees.
  • Intuitive Routing Suggestions – It is one of the most exciting and unique features on the platform. The Currencies Direct app will review your uploaded batch payment and suggest the most affordable payment route. The process is fully automated and will initiate the most cost effective routing for each payee and destination that forms a part of the batch.
  • Multi-Level Authorisation – You can preset approval and multi-level authorizations on all transactions. Each user can conveniently access and approve payments using the mobile application while on the go.

Saving Money With Currencies Direct

Currencies Direct doesn’t charge fees for transfers on its platform. There are no hidden fees once your funds enter their processing cycle. As per the industry norm, this provider generates its income by taking a margin off the top of a specific currency’s set daily mid-market rate. It’s essential to note that this set rate is significantly lower than the amount charged by formal banking institutions.

Traditional banking systems capitalize on additional fees plus a fraction of the mid-market exchange rate. With traditional banks, it’s challenging to determine the rates for transferring funds internationally. It can cost up to 5% – in some cases, more – to use more traditional payment systems.

At the time of compiling this review, the exchange rate offered on a £10,000 exchange to EURO from Currencies Direct was set at 1.1040. The rate offered by a traditional bank was 1.0778. Using Currencies Direct for this transaction would add €262 more into the recipient account.

Risk Management Tools

  • Multi-Currency Batch Payments – All regular and batch payments can be set up and automated in advance to increase efficiency and meet time-sensitive payment deadlines. You can consolidate multi-currency batch payments in one file for hassle-free transfers. All batch payments are set up and released in three quick steps.
  • Spot Contracts – Spot contracts allow you to send funds instantly at the daily mid-market rate, but you also have the option to set up the ‘limit orders’ feature. This feature is perfect if you want to fund offshore accounts that are not time-sensitive. You can select your preferred rate on any currency pair, and the payment will take effect automatically as soon as the specific market hits your chosen level.
  • Forward Contracts – If your business has regular, fixed payments, you can use the ‘forward contract’ feature to set a specific current rate for up to 12 months. You will enjoy one year’s fixed-rate benefits, which can save your company money, and allows you a set period during which you don’t have to be concerned about fluctuating global markets.
  • Rate Alerts – Currencies Direct can send you rate alerts for specific markets that you can set on any target exchange on a currency pair. You can receive the alert by email or text message to allow you quick response time in making a specific transfer at your preferred rate.
  • Market Orders – This is referred to as a ‘Limit Order’ on the Currencies Direct site. It is an excellent tool if you regularly move funds internationally to various accounts. You can set your preferred exchange rate per payment, and the system will activate your transaction as soon as the market hits it.The advantage of using Currencies Direct lies in the amount of control it gives you to plan and execute your cross-border payments at preferred exchange rates. It’s a user-friendly platform loaded with advanced tools to save you time and money.

Onboarding Process

1
Signup
Signup and choose the type of account you want to register.
2
Personal Details
Enter your personal details: name, surname, email address and phone number.
3
Company information
Enter your company details: name and registration number, supported by official registration documentation. You can easily upload images and files directly on the website or app.
4
Verification
Currencies Direct will process and verify your information and send you a confirmation email once your account is activated. The customer support team in your region will call you to set you up with a dedicated accounts manager

Expert Support

The company has robust customer support systems that’ll put you in direct contact with a currency expert. With offices in 7 countries, the support team is available in various time zones. Each customer support agent is a highly trained professional, with expert-level proficiency in all platform features.

  • UK – Mon – Fri: 8am to 8pm & Sat: 9am to 2pm
  • USA & Canada – Mon – Fri: 9am to 5pm EST
  • India – Mon – Fri: 10am to 12:30am IST & Sat: 2:30pm to 9:30 pm IST
  • Portugal – Mon – Fri: 9am to 1pm & 2pm to 5:30pm
  • Spain – Mon – Fri: 9am to 1pm & 2pm to 5:30pm
  • You can contact them via: – Downloaded application, live chat, telephone & email

The Bottom Line

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Currencies Direct delivers a secure, efficient and affordable forex payment solution for businesses. It’s fully licensed and regulated in all its operational areas and complies with stringent safety and security protocols.

With fully integrated API possibilities and automated processes, it’s a one-time setup for specific features, such as rate alerts and forward contracts. With bulk payments, you can upload one file directly from your current accounting software and the Currencies Directs app will validate and verify all data automatically. You will save time and money on human resources as the Currencies Direct app automates many time-consuming tasks. With the rate alert feature you will always be assured of the best possible conversion rates, adding value to each payment and saving you money.

  • Access and high-level control over when and at which rates you pay
  • Fee-free transfers
  • Secure platform
  • User-friendly website and mobile applications