Both currency exchange providers can facilitate transfers of any size but if you are looking to lock in a rate or a stop loss to hedge against future exchange rate fluctuations, then Currencies Direct will be able to support your requirements. Azimo charges fees based on the size and type of transaction, further details are covered in the fee section below.
Both companies typically deliver currency exchange trades to a beneficiaries account within 1-3 days.
Currencies Direct can support a regular payments schedule, where Azimo cannot support this and when it comes to customer reviews, they both top the bill, each with over 10,000 reviews, with a five star rating.
Azimo Features
£1.99 per transaction
Five-star Trustpilot rating from over 10,500 reviews
Website is available in eight languages
Transfer from as little as £10
You can trade online 24/7 but only online, Azimo do not offer a telephone trading system
Transfer to Azimo from various payment methods, and carry out transfers from six originating currencies including GBP, EUR, Danish Krone, Norwegian Krone, Swedish Krona, Swiss Franc
Good investor information and guides available on their site
Quick and easy to open an account online you will need to verify your identity with documents before you can trade
Payments can be completed in 1-3 days
Currencies Direct Features
You can trade online or by telephone
Ideal for remittance payments such as transfers to friends and family, with a minimum transfer amount of £1/€1/$1
There is no upper limit to exchange rate transactions.
Mastercard which can be used for multi-currency foreign currency payments abroad
Transfers are typically completed within 1-3 business days
Most transfers are fee free - see fee section for more
Good collateral on their website for personal and business accounts plus a very useful section for online sellers
Products to suit each customer type, from vanilla products to complex hedging contracts offered through Currencies Direct risk management
Has a broad global reach with a number of offices worldwide - find out more in global section
Website has a good range of language versions including: Chinese, French, Italian, Norwegian, Portuguese, Spanish and Swedish
Set up an account using Facebook
Additional payment methods for POF bank transfers and credit or debit cards include SOFORT Überweisung (Austria & Germany) and iDEAL (Netherlands)
Website available in 10 languages including English, Dutch, French, Italian, Polish, Portuguese, Russian, Spanish and Turkish
No telephone dealing available
No dedicated account management service
Only accepts payments from six originating currencies including GBP, EUR, DKK, NOK, SEK, CHF
Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Global presence
Azimo can handle transactions to over 195 countries but only from six originating currencies. Check which ones first with Azimo directly.
Currencies Direct detail that you can transfer to most countries in the World and supports 60 currencies.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
You can pay by bank transfer for any payment size, or by card (debit/credit) for payments of £3,000 in value.
Azimo:
A transfer can take a day and anywhere up to three days it depends on your recipient’s bank and how quickly they can process the process the payment.
Currencies Direct:
Typically between 24 – 48 hours to be received in the beneficiaries account.
No, while they have smart phone apps for IOS and Android, you can also carry out transactions via the internet.
For Curremcies Direct, it doesn’t matter where you set up your transfer, once it is confirmed, the agreement to transfer is legally binding. That means that any changes you wish to make will be chargeable. Contact Currencies Direct as soon as you aware of the situation.
Azimo:
They are consumer only
Currencies Direct:
It depends where your company is and where your shareholders and directors are based. You may need to provide passports, utility bills, certificates of incorporation etc. Find out more by contacting Currencies Direct directly.
Ease of use
Azimo
Quick to open an account using either your email address or even your Facebook account
All accounts are to be managed online and their IOS and Android apps make it easy to manage your accounts while on the go
It is easy to make a transfer using credit, debit or bank transfers and they also support payments through other regional pay applications such as Sofort Überweisung (Austria & Germany) and iDEAL (Netherlands).
Currencies Direct
Payments into Currencies Direct accounts may be made by bank cards, direct debits and cheques
They have a very small minimum transfer value of £1, so they can handle all types of FX trades
Manage your account through an IOS app
Security
Both companies are regulated by the Financial Conduct Authority. There is no protection from the Financial Services Compensation Scheme. However, by using these two established brands the risks are fairly small.
Currencies Direct has achieved the Level 1 Dun & Bradstreet ratings, minimum risk. However, it is best to remember that these ratings are subject to change, so best to check with Dun and Bradstreet for the latest.
Your money is kept in segregated client accounts which are separate to both Azimo and Currencies Direct accounts.
Online security
Azimo uses high levels of encryption as well as verified by Visa for mobile and Mastercard secure code to verify orders are genuine.
Currencies Direct go further to explain that their site includes 128-bit encryption, to ensure that no one can get hold of, or interfere with any personal data that you may be transferring.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.