Key Data

CD logoCompany Name: Currencies Direct
Established: 1996
Ownership: Palamon Capital Partners and Corsair Capital
Status: Private Company, Recently Acquired
Services : Online Money Transfer, Regular Transfers, Telephone Money Transfer, Corporate FX  (To Learn More View Money Transfer Service Guide)


Reliability Level: High

One of the largest money transfer firms in the world. Recently acquired for over GBP 200m. Handles 5bn in international transfers every year. Local offices almost anywhere on the globe, including the UK, Spain (18 offices!), Australia, USA, UAE and many more locations. Ranking of 98% reliability on MoneyTransferComparison’s Currencies Direct Review


Fees: £0 On All Transfers    | Anticipated Spreads: 0.5-1.5%

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 One Canada Square Canary Wharf London E14 5AA

Currencies Direct – Comparison To Other Services

 

 Foreign-Exchange Company Payment OptionsFee Spread Structure Dedicated DealerUser ReviewsBottom Line
cdTransfer from Bank to Bank, or Debit Card to Bank for Smaller TransfersNo fees, EverDependent on Volume and DestinationGlowing.Great for sending any amount from $100
transferwiseTransfer from Bank to Bank, or Debit Card to Bank for Smaller TransfersUp to $5 Per TransferFixed: 0.5% To Most Destinations But 1% to USA, 1.5% To IndiaGlowing.Great for transfers below $10,000
westernunion logoOnline: Debit Card or Bank Transfer – Receive to Bank Account(Several Location – Withdraw as cash)Up to $10 Fee Online, Higher Fees in BranchesDependent on Volume and Destination and DeliveryVery Poor.Not recommended.

 

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Overview

Currencies Direct is one of the biggest Forex service providers, with 20+ offices in the UK, USA, Spain, Portugal, India, and South Africa. Currencies Direct provides specialised services to businesses and individuals, with highly localised support and trade options. They claim a strong sense of Corporate Social responsibility, in terms of charity, staff, and treatment of and service to customers.

Background

Currencies Direct was founded in 1996 in London, making it one of the oldest Forex firms in the UK. The founders wanted to provide an alternative to the expensive and inflexible services banks offer for foreign exchange. One of their aims was to provide personal and localised service to customers around the world, and in 1999 they began their international expansion, opening their first office in Spain.

One of the major pulls for Currencies Direct is their offer of zero fees on all exchanges. This, however, is true for the UK and Europe. In certain other locations, flat rates are charged on all “small” transactions (lower than the equivalent of US$10 000).

For individuals, Currencies Direct offers international payments, regular overseas transfers, prepaid currency card, forward contracts, and travel money. For businesses, they offer FX risk management, forward contracts, international payments and receipts, and multiple payments online, as well as ‘business to business’ solutions.

Currencies Direct also offers E-tailer collection accounts for online retailers. Sellers on sites such as Amazon and cdiscount lose up to 4% of their sales in fees. Currencies Direct’s accounts minimise this loss.

Management

Keith Hatton is the current CEO of Currencies Direct. He took up the role in 2011, with over two decades of experience in banking, management, and foreign exchange. He spent 19 years with NatWest, during which he held senior positions in local and offshore banking roles. He subsequently took up senior positions at Bottomline Technologies and Derivion. More recently, he was CEO of TTT Moneycorp.

David Miles is the Group Finance Director of Currencies Direct. He has over 20 years of experience in banking and capital markets. His responsibilities include providing management and advice across the full range of the Group’s activities including finance, insurance, tax and banking matters as well as leading operations, HR and compliance

Leo Markides serves as Chief Information Officer. He joined in 2011, and is responsible for the company’s Information Technology architecture and providing senior level strategic and operational direction with the use of information to deliver value for Currencies Direct and its customers. He holds a Mathematics degree and an MBA, and has worked with Moneygram, the UK Post Office, and American Express.

Financial reports

Size and reach

Currencies Direct is one of the biggest Forex firms in the UK, moving around £5 billion annually. They have over 250 employees worldwide.

As mentioned, Currencies Direct provides highly localised services to individuals and businesses around the world. Their website detects your location, and offers information relevant to your country, including fees, regulations, and closest offices. They are available for telephonic enquiries, as well as face-to-face meetings in locations in which they have offices.

Recent performance

In 2015, Currencies Direct’s revenue reached £116 000. Their assets equal £1.39 million, with liabilities at £1.22 million.

Public Stock Performance

Currencies Direct is not a publicly listed company.

Licensing info

Currencies Direct is licensed by the FCA and HMRC in the UK, as well as the relevant regulatory boards around the world. Their website provides regulatory information according to your location.

Mergers and Acquisitions

In 2015, Palamon Capital Partners and Corsair Capital jointly acquired Currencies Direct in a deal exceeding £200 million. The deal is structured for Currencies Direct’s management to increase its ownership position, and includes continuing equity participation by the firm’s principal founder, Mayank B Patel OBE, who will become Honorary President. The high status of these firms indicates a bright future for the company.

Reputation

Currencies Direct has a 9/10 rating on reviews site Trustpilot, indicating its customers’ satisfaction with safety and reliability. There are few complaints, and no major issues. Their acquisition by Palamon and Corsair only increases their reputation.

 

 

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