Cambridge Currencies and Currencies Direct are both UK currency brokers for international transfers. Currencies Direct is one of the UK’s largest and longest-established FX specialists, founded in 1996, with an online platform, app, retail branches and a multi-currency card. Cambridge Currencies is a newer specialist that arranges every transfer by phone with a dedicated specialist, through its FCA-authorised partners, Currencycloud and ScioPay.
Both are built for meaningful sums — property purchases, emigration, pensions, inheritance and business payments — rather than small app-based transfers. The difference is one of scale and style: Currencies Direct is a large, full-service provider with a wide product range, while Cambridge Currencies is a focused, phone-based specialist. This guide compares them fairly on regulation, fees, service and risk tools.
Who this comparison is for. UK and international individuals and businesses choosing a currency broker for larger or recurring transfers, who want an honest side-by-side rather than a sales pitch.
Cambridge Currencies vs Currencies Direct: at a glance
| Currencies Direct | Cambridge Currencies | |
|---|---|---|
| Type | One of the UK’s largest FX specialists | Specialist currency broker |
| Founded | 1996 | 2023 |
| Regulation | FCA-authorised electronic money institution (FRN 900669) | Operates via FCA-authorised partners Currencycloud (FRN 900199) & ScioPay (FRN 927951) |
| Fund protection | Safeguarding (not FSCS) | Safeguarding via FCA-authorised partners (not FSCS) |
| How you transact | Online, app, phone and retail branches; dedicated account manager | By phone, with a dedicated specialist (no self-service booking) |
| Transfer fees | None; margin built into the rate | None; margin built into the rate |
| Risk tools | Forward contracts, limit orders, rate alerts | Forward contracts, limit and stop-loss orders |
| Extras | Multi-currency card | Focused purely on transfers |
| Minimum transfer | Low minimum; strongest on larger transfers (£5,000+) | Geared to larger, considered transfers; arranged with a specialist |
| Track record | Excellent Trustpilot rating from 18,000+ reviews | Newer firm; smaller, growing review base |
| Best for | An established, full-service provider with a card and branches | A phone-based specialist relationship for larger transfers |
Where Cambridge Currencies and Currencies Direct are similar
Both are specialist currency brokers rather than apps or banks, and both are aimed at people moving meaningful sums. Neither charges an upfront transfer fee — each earns a margin built into the exchange rate. Both safeguard client funds under FCA rules rather than relying on the Financial Services Compensation Scheme, and both offer the risk-management tools larger transfers often need, including forward contracts to fix a rate ahead of a future payment and limit and stop-loss orders. Both serve businesses as well as private clients.
Where they differ
Scale and product range
This is the biggest difference. Founded in 1996, Currencies Direct is one of the UK’s largest independent FX specialists, serving hundreds of thousands of customers and trading billions of pounds a year. It offers a broad product range — an online platform, an app, retail branches in several countries and a multi-currency card — backed by a dedicated account manager. Cambridge Currencies does far less by design: no card, no branches, no self-service platform. It is a focused, phone-based specialist, where every transfer is handled by one named person from quote to settlement.
Regulation and fund protection
Currencies Direct is directly authorised by the Financial Conduct Authority as an electronic money institution, under firm reference number 900669, and safeguards client funds in segregated accounts. Cambridge Currencies is structured differently: it is not itself FCA-authorised, but executes payments and safeguards funds through its FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). In both cases your money is held separately from the firm’s own funds and protected by safeguarding rather than the FSCS. You can verify any firm or partner on the FCA Financial Services Register, and our guide explains how FCA regulation works in the FX sector.
Service model
Currencies Direct lets you choose how you deal: self-serve online or in the app, visit a branch, or work with an account manager by phone. That flexibility suits people who want a digital option as well as human support. Cambridge Currencies offers one route — a dedicated specialist by phone — with no self-service screen. For larger or more complex transfers, some people prefer that single point of contact; for quick, routine payments, others prefer a platform. Neither is better in the abstract.
Track record and reviews
Currencies Direct has a clear advantage of scale and history. With nearly three decades in business and an Excellent Trustpilot rating from more than 18,000 reviews, it has one of the largest independently verified track records in the sector. Cambridge Currencies, founded in 2023, is a much newer firm with a smaller, growing review base. If a long, heavily reviewed history is your priority, that favours Currencies Direct; if you want a close working relationship with a focused specialist, Cambridge Currencies is built for that.
Rates and fees
Both work the same way on cost: no upfront fee, with a margin built into the exchange rate, and both price keener margins on larger transfers. Because rates move constantly and depend on the size and currency of your transfer, the only reliable comparison is a live quote from each on the day. We would always encourage you to do exactly that rather than rely on a headline claim.
“Currencies Direct is one of the most established names in the market, with a scale and product range we don’t try to match — branches, a card, hundreds of thousands of clients. We deliberately do less: one specialist, by phone, focused on getting larger transfers right. It’s a different model for a different kind of client.”
Anthony Bull, CEO of Cambridge Currencies
Which should you choose?
Consider Currencies Direct if you want a large, long-established provider with a full product range — an online platform, app, retail branches and a multi-currency card — and the reassurance of one of the sector’s biggest review bases.
Consider Cambridge Currencies if you prefer dealing with one dedicated specialist by phone for larger or considered transfers, want forward contracts and limit or stop-loss orders arranged personally, and are comfortable with a newer specialist whose funds are safeguarded through FCA-authorised partners. As with any provider, it is sensible to open accounts with more than one broker and compare a live quote per transfer. For context, see our guidance on large international transfers and whether currency brokers are safe.
Frequently asked questions
Is Cambridge Currencies better than Currencies Direct?
Neither is simply better — they suit different needs. Currencies Direct is large and full-service, with a platform, app, branches and a card; Cambridge Currencies is a focused phone-based specialist aimed at larger or considered transfers. The best choice depends on how you prefer to deal.
Is Currencies Direct FCA regulated?
Yes. Currencies Direct is authorised by the Financial Conduct Authority as an electronic money institution under firm reference number 900669, and safeguards client funds in segregated accounts.
Is Cambridge Currencies FCA regulated?
Cambridge Currencies is a UK currency broker that operates with FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). It does not hold client money in its own name; funds are safeguarded by those partners.
Do Cambridge Currencies and Currencies Direct charge fees?
Neither charges an upfront transfer fee. Both earn a margin built into the exchange rate. The only reliable way to compare cost is to request a live quote from each for your specific transfer.
Are Currencies Direct and TorFX the same company?
They are part of the same group, which is why they share a similar model of dedicated account managers and forward contracts. If you are weighing them up too, see our Cambridge Currencies vs TorFX comparison.
Do both offer forward contracts?
Yes. Currencies Direct offers forward contracts, limit orders and rate alerts, plus a multi-currency card. Cambridge Currencies offers forward contracts and limit and stop-loss orders, arranged with your specialist.
Which is better for large transfers?
Both are built for large transfers. Currencies Direct combines scale with a full product range; Cambridge Currencies handles large transfers by phone with a dedicated specialist throughout. Compare a live quote from each before deciding.
Is my money safe with either provider?
Both safeguard client funds under FCA rules, keeping your money separate from the firm’s own funds. Neither is covered by the FSCS, as that protects bank deposits. You can confirm authorisation on the FCA Financial Services Register before sending funds.
Compare a live quote with a Cambridge Currencies specialist
The best way to compare any two brokers is on the day, for your actual transfer. Speak to a Cambridge Currencies specialist about your transfer and how a forward contract could fix your rate — every transfer is arranged by phone with a dedicated specialist. Request a quote to get started, then compare it against Currencies Direct and decide for yourself.
Related guides: Cambridge Currencies vs TorFX · Best way to transfer large amounts internationally · How client funds are safeguarded
