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CurrencyTransfer review
Find the best foreign exchange rates available from this online marketplace.
To help you select the best available exchange rates on the market, UK-based CurrencyTransfer operates an online marketplace that aggregates live foreign exchange rates from government-accredited money transfer specialists.
Since it also displays the mid-market rate — the rate at which providers trade among each other — you’ll know which provider offers the better rate.
Details
| Available Currencies | AED, AUD, BGN, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MUR, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR |
|---|---|
| Customer Service | Phone, Email |
| Pay By | Bank transfer |
| Receiving Options | Bank account |
CurrencyTransfer allows you to choose the best rate for your money transfer transactions from among its member brokers and it safeguards your money by limiting membership on the platform to brokers with established reputations. It makes sure to display the mid-market rate so you’ll be able to see which provider is offering the better rate.
Why should I consider CurrencyTransfer?
- No fees. CurrencyTransfer doesn’t charge any money transfer fees, no matter the transfer amount.
- Fast transfers. Most transfers are delivered in as little as one day.
- Multiple beneficiaries. You can send money to more than one beneficiary using a single rate.
- FX tools. You can take advantage of spot contracts, market orders and forward contracts as hedging mechanisms.
What to be aware of
- Limited currencies. It only supports 28 currencies.
- Delivery methods. Pickup options depend on the winning broker.
- Verification required. Supporting documents like an ID may be required when you sign up for an account.
- Better for larger transfers. Not good value for money on transfers less than £5,000 (or equivalent).
How much are CurrencyTransfer’s fees?
CurrencyTransfer does not charge any fees for money transfer transactions. Instead, you are charged a small markup on the exchange rate.
How are CurrencyTransfer’s exchange rates?
CurrencyTransfer doesn’t have its own set of exchange rates. Rather, it provides a platform from which you can compare multiple exchange rates for the same transfer.
The only costs to you will come from the difference between the exchange rate of the company with which you ultimately decide to complete your transaction and the official (mid-market) exchange rate. That difference is what you pay for making the conversion.
CurrencyTransfer will clearly state the mid-market rate alongside the provided quotes, to ensure there are no hidden costs.
What are the ways I can send money abroad with CurrencyTransfer?
You will need to create an account to transfer money with CurrencyTransfer. However, the website does have a demo platform where you can see a sample of quotes without signing up.
How to send money transfer with CurrencyTransfer
What types of transfers can you make with CurrencyTransfer?
CurrencyTransfer offers bank to bank money transfers in over 28 currencies.
It also offers the following services:
- Spot contracts. Make a one-time transfer at the current exchange rate offered.
- Forward contracts. If you need to make a payment at a future date, you can protect yourself from unfavourable changes in the exchange rate by entering into a forward contract up to 12 months in advance.
- Market orders. These are divided into limit orders (where you set a target exchange rate) and stop loss orders (where automatic traders are made before the value goes below a certain rate).
How long does an international transfer with CurrencyTransfer take?
Transfer times depend on what currency you are sending and when the settlements are received by CurrencyTransfer. For most currencies, transfer times are around 1 business day. However, this can increase to over 2 business days if settlement funds are not received in time for some currencies. For example, the cut off for ILS is 3.30pm (GMT), so if funds are sent after that the transfer will take over 2 business days.
Transfers typically take
1 day
Is CurrencyTransfer safe to use?
Only top Financial Conduct Authority-accredited institutions are allowed to offer services on the CurrencyTransfer marketplace. Data encryption is standard on the platform, and brokers are required to hold funds in segregated accounts that are distinct from those used in their operations.
How does CurrencyTransfer compare to other money transfer services?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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