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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.
Founded in 2014, CurrrencyTransfer supports 23 currencies and transfers to 26 countries across Europe, North America, the Middle East, Asia and Oceania.
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24 hours
Fastest Transfer Speed
£5,000
Minimum Transfer Amount
What can CurrencyTransfer offer my business specifically?
A CurrencyTransfer business account is essentially the same as a personal account, except that transfers are funded from a business bank account. With either account, you don’t have to pay any fees for money transfer transactions and you can manage risk with spot contracts, market orders and forward contracts on your foreign exchange holdings.
Since the CurrencyTransfer platform uses enterprise-grade security, your money transfer transactions are secure. You can also track your payments and be alerted when a currency reaches a certain rate.
How are CurrencyTransfer’s 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.
How much will my business pay to send money with CurrencyTransfer?
Your business pays nothing to send money using the CurrencyTransfer platform. Instead, money transfer specialists pay the platform for their use of the service.
What types of transfers can my business make?
CurrencyTransfer supports bank-to-bank money transfers to 26 countries worldwide. General transfer tools include:
- Spot contracts that allow you to take advantage of the most favorable rate at the time of the transaction.
- Forward contracts that allow you to lock in a favorable exchange rate now for up to 12 months.
- Market orders, which are divided into two types:
- Limit orders, where you choose a target exchange rate and a transfer is initiated when a vendor offers that rate.
- Stop-loss orders, where you choose a rate below the current market rate and a transfer is initiated when the market rate goes down to that level. This enables you to minimize potential losses if the rate goes down further.
Pros and cons of using CurrencyTransfer for business
Pros
- No money transfer fees, regardless of the amount of money to be transferred
- Higher exchange rates than local banks. You also get to choose the best quote from various providers before proceeding with the transaction
- Fast delivery times that may take as little as one day
- No minimum or maximum transfer limits
- Offers spot contracts, market orders and forward contracts as hedging mechanisms for your foreign exchange holdings
- Allows transfers to more than one beneficiary using a single rate
Cons
- Limited coverage, as there are only 23 currencies supported. Operations are limited to 26 countries around the world
- Pickup options depend on the winning broker. Keep this in mind when choosing a rate
- Might not have much of an advantage for transfer amounts less than 5,000 GBP
- No Android and iOS smartphone or tablet apps
- Require supporting documents during account registration
- Supports bank-to-bank transfers only
How do I make an international payment with CurrencyTransfer?
To make international payments with CurrencyTransfer, you’ll first need to register for a free business transfers account. From there:
- You’ll be asked for supporting documents during the registration process.
- After your account is approved, log in to your account online, select the currency you want to transfer, the amount and request a quote.
- Choose the best quote from among the vendors on the platform, provide your beneficiary’s bank account details and send the funds to the vendor’s bank account.
The vendor transfers the money once they receive your funds. To get started, visit CurrencyTransfer’s website.
What happens next?
- Track your transfer. Watch the progress of your transfer through your personal dashboard online.
- Get support. Live chat support is available from your own “currency concierge” or relationship manager if you have questions about your transfer.
Bottom line
CurrencyTransfer provides no-fee money transfers at great rates, since you get quotes directly from the money transfer specialists that trade on the platform. It also offers tools to manage your risks with foreign exchange fluctuations.
To look for other money specialists that specifically cater to businesses, read our guide to international business transfers.
