CurrencyTransfer business transfers review
This global payments platform allows businesses to transfer money at the most competitive rates.
With UK-based CurrencyTransfer’s online global payments marketplace, your business can select from real-time foreign exchange rates to find the best one out there. And since brokers pay CurrencyTransfer to offer their services on the platform, you won’t have to pay any fees.
Fastest Transfer Speed
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CurrencyTransfer is an online global payments marketplace where your business can select from real-time foreign exchange rates to find the best one out there. And since brokers pay CurrencyTransfer to offer their services on the platform, you won’t have to pay any fees. A CurrencyTransfer business account is essentially the same as a personal account, except that transfers are funded from a business account. You also have the opportunity to use FX tools such as forward contracts and market orders.
Why should I consider CurrencyTransfer?
- No fees. CurrencyTransfer doesn’t charge any fees, no matter the transfer amount.
- Exchange rates. You get to choose the best quote from various providers before proceeding with the transaction.
- Fast transfers. Most transfers are delivered in as little as one day.
- FX tools. CurrencyTransfer offers spot contracts, market orders and forward contracts as hedging mechanisms for your foreign exchange holdings.
- Multiple beneficiaries. You can send money to more than one beneficiary using a single rate.
What to be aware of
- Limited currencies. It only supports 28 currencies.
- Delivery methods. Pickup options depend on the winning broker.
- Verification required. You will have to provide supporting documents about your business during account registration.
- Bank transfers only. CurrencyTransfer supports bank-to-bank transfers only.
How much are CurrencyTransfer’s business transfer fees?
Whether you are a business or personal account holder with CurrencyTransfer, you don’t have to pay any fees for money transfer transactions. Instead, money transfer specialists pay the platform for their use of the service.
How are Currency Transfer’s business exchange rates?
With CurrencyTransfer, you can get live foreign exchange quotes directly from vendors and compare them with the prevailing mid-market rate. You can then select the best quote before proceeding with the transfer.
You can also manage risk with spot contracts, market orders and forward contracts.
What are the ways my business can send money abroad with Currency Transfer?
CurrencyTransfer supports bank-to-bank money transfers in over 25 currencies worldwide. General transfer tools that your business can take advantage of include:
- 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 does below a certain rate).
- Currency option. CurrencyTransfer’s business customers can use its Currency Option which allows them to buy or sell currency at a set time/on a specific date at a predetermined price, but with no obligation to complete the purchase.
How to make an international business money transfer with CurrencyTransfer
To get started making international payments with CurrencyTransfer, you’ll first need to register for a free business transfers account.
How long does a 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.
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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 platforms and brokers are required to hold funds in segregated accounts that are distinct from those used in their operations.