Currencies Direct – Comparison To Other Services
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.
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.
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.
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.
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.
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.
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.
Currencies Direct has the best online platform out of all money transfer companies, with a lot of unique features like multi-payments and rate-watch orders. It’s an incredible choice whether you are transferring low personal payments or paying for a property abroad.
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