Currencies Direct - has anyone used their money transfer services?

I signed up this week with Currencies Direct - but - this will be the first time I have used one of these "non-bank" companies to transfer money and I am still quite nervous about it, including whether I can trust many of the reviews I find online (I was looking at TransferMate first, but with limited success to finding reviews, then looked into Currencies Direct and went to their offices in a town nearby which made me feel better). I am a US citizen with a house in Spain. I have a spanish bank account of course and am tired of the bank transfer rates. I have to send money from the USA on occasions for bills, and living expenses when we are here (average btw $5,000-$9,000 each time) - (I have noticed on past discussions some recommends for TransferWise for under $10k amounts). So please, If anyone has used CD( or others) would love your feedback!

mkrueger

I have used CD for many years and have always found them very satisfactory. My dealings have been between GBP and Euro, so cannot speak for possible problems between USD and Euro,  but their office in Moraira is very welcoming.

I have used Transferwise for a few years and have transferred thousands of pounds to Spain with no issues and always a better rate than Currencies Direct. 

Thank you - I feel better about using a one of these transfer companies now. I had read from reviews that TransferWise MIGHT be better than CDirect for monies under $10k... they both have very different approaches in how the companies work the rates - all very interesting, and confusing. But another big issue for U.S. customers seems to be our own bank charge. I was hoping to find a way to get around this (they charge $40 for any amount of wire transfer sent out which is crazy) - apparently a way to get around this would be to find a company that will allow you to use either your credit or debit card... but I have not yet found one that would allow this from a U.S. Credit or Debit card (only UK cards). Does anyone know? Thanks again for answering my post.

Suggest you have a better look at Transferwise - They have whats known as a borderless account which should sort your problems

I have used Xe.com for 10 years with no problems and vry good service. Money sent from UK banks in in the Spanish bank same day, with good rates and no fees.

Mark

This information is mainly for Brit expats.

If you opt to transfer your money using a UK bank or building society then you have the protection of the Financial Services Compensation Scheme as your money will be with a regulated deposit-taker.

However, if you choose to go with a foreign exchange broker or a transfer service the protections may be less.

All UK-based services must be either “registered” or “authorised” by the Financial Conduct Authority - and knowing the difference is vital.

Authorised firms are required to keep your money separate from the company’s own accounts, meaning if it goes bust your money should be identifiable and recoverable.

For a firm to be registered, however, all it must do is prove that it is based in the UK and that its directors have no past financial-based convictions. There is no guarantee your money is kept separate from company funds - substantially lessening your protection.

It is also worth noting that neither registered nor authorised firms are covered by the Financial Services Compensation Scheme, meaning if the company goes bust and is unable to pay back your money, you will not be able to claim under the scheme.

You can check whether a firm is authorised on the FCA website. If the firm is not listed it could mean they are based in another EU country and registered there.

Currencies Direct are authorised by the FCA.

Thank you for the information about the distinctions between "authorized" and "registered"!