In an effort to compare another company within the currencies exchange industry, I decided to register with Currencies Direct. Currencies Direct is a company that is based in the UK and has a reputation of being one of the most credible currency transfer providers in the industry. I decided to test this personally and see whether the reputation was in fact correct. Below are my findings from my experience with Currencies Direct.
Currencies Direct had a very efficient website that was efficient and quite easy to utilize. What was different in the registration process between World First and Currencies Direct was that they, like MoneyCorp had more steps required to prove one’s identity in order to satisfy the Anti-Money Laundering Act. This is true for some U.S-based clients. Because of this, one has to input their information into Currencies Direct’s site and is brought to a page like shown below.
Within moments of registering, an individual receives a confirmation email from a representative asking for additional documentation, depending on nationality. Most clients will be approved online automatically, and for me it didn’t take more than a few minutes to send the documents they required to get approved.
The Transfer Itself
One aspect of Currency Direct that was impressive was that there was not a significant delay to my prospective transfer like I saw in other companies. This is the company to reach out to if you are looking for a very fast transfer because once you pass their identification screening you can have your funds in the recipient’s account as early as the same day or the next business day if you so desire. This is a very competitive option that makes Currency Direct stands out among its competitors because many of the companies tend to be slower in the overall process.
The day that I was looking to transfer, the official rate was 693 GBP for 1,000 USD. When I contacted Currency Direct, they quoted me an on the spot transfer rate of 710 GBP to USD. No wire costs at all. It would have cost me more to transfer money with my bank just based on the wire fees, regardless of the rate they would have provided me.
Had I not wanted to make my transfer that day, Currencies Direct also had one of those rate monitors that was a great tool to use to my advantage had I wanted to wait additional days for the rate to increase. What is important to remember about these rates is that they do fluctuate and if you do have the time, sometimes it is a great option to wait and see how the rate fluctuates to your advantage. Through using Currencies Direct’s rate monitoring system, you can save a great deal of money.
Currencies Direct was surely one of my favorite companies that I reviewed overall and I absolutely saw them as a potential company to do business with. Their process was streamlined and overall very efficient to do business with. Once one was able to pass the security verification, they are a great company for the customer to use who needs to make the fast, cheap and efficient currency transfer.