UK-based Exchange4free has handled more than $5 billion in international transfers and allows you to send money in more than 60 currencies. But US residents are restricted to only receiving money, as they cannot send money through this service.
Must read: Exchange4free is not available for US senders
You won’t be able to send money with Exchange4free from the US, with the exception of the US Virgin Islands. That doesn’t rule out any possibility of it expanding here though.
In the meantime, compare providers that are available in the US.
Quick verdict
Good for
- Fast transfers
- No fees
Not so great for
- Transfers under $100
- Sending money from the US
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Exchange4free exchange rates
Exchange4free makes money by charging a margin on top of the mid-market rate. According to its site, margins start at 0.25%.
To get a quote, call an Exchange4free FX dealer or use the quick Request a Quote feature on the provider’s website.
How much does it cost to transfer money with Exchange4free?
As its name implies, Exchange4free does not charge any fees when you send an international money transfer. This means there are no fees regardless of how much you transfer, and there are no hidden charges.
Instead of charging fees, Exchange4free makes a profit on the margin it adds on top of the interbank exchange rate at which it buys currency.
Minimum transfer amount and available countries
The minimum amount you can transfer with Exchange4free is US$100 or an equivalent amount in other currencies.
Exchange4free lets you send money to more than 100 countries around the world, the full list of which is available on the provider’s website. It also offers support for over 60 global currencies, including:
- AUD
- USD
- EUR
- GBP
- ARS
- XOF
- XAF
- CAD
- CZK
- DKK
- HUF
- INR
- MYR
- MXN
- NOK
- NPR
- PHP
- PLN
- RUB
- ZAR
- LKR
- SEK
- THB
- AED
- NGN
What types of transfers can I carry out with Exchange4free?
Exchange4free specializes in offering one-off spot transfers. If you’re a business customer, you can also use forward exchange contracts to lock in an exchange rate for a future transfer.
The registration and transfer process
You’ll need to register for an account before you can send an international money transfer. This is free to do and should only take a few minutes, but you’ll need to submit proof of ID (including a copy of your passport and a proof of address document) to comply with global anti-money laundering and terrorism financing regulations.
Once you have an account, complete the following steps to send a transfer:
- Book a rate. You can do this by logging into your Exchange4free account and entering the details of your transfer or by calling a forex dealer and requesting a quote.
- Make a payment. Deposit the funds you want to transfer via electronic funds transfer, debit card or credit card.
- Complete the transfer. The funds you send will be deposited into your recipient’s bank account, made available for collection from a cash pickup point or deposited into their mobile wallet.
If you ever need help with your account, Exchange4free’s online help center contains a range of frequently asked questions and their answers. Customer support is also available via phone, email and live chat.
Benefits and drawbacks
Pros
- No transfer fees. You do not need to pay any fees, commissions or hidden charges.
- More than 60 currencies supported. You can send money to more than 100 countries.
- Multiple payout options. Your recipient can get the funds by bank transfer, cash pickup, mobile money or an airtime top-up.
Cons
- No limit orders. Exchange4free does not allow you to place limit orders when sending an international transfer.
- Not available in the US. US residents can’t currently open an account with Exchange4free, but they can receive money to their bank account from another country.
What other products and services does Exchange4free offer?
Payment services
Exchange4free can help you set up an online payment gateway on your website to receive payments from customers around the world.
Business forex
Exchange4free offers competitive exchange rates and no international SWIFT fees for international business transfers.
Technology solutions
Exchange4free’s suite of forex technology solutions includes money transfer platforms, global payout services and payment gateways.
Mobile money transfers
Exchange4free offers forex processing solutions for mobile network operators around the world.
Bottom line
Exchange4free offers competitive rates in more than 60 currencies. But US residents can’t send funds, meaning Americans will need to compare other money transfer providers to find one that’s the right fit.
Frequently asked questions
Image source: Supplied, Photographer: Exchange4free
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