Review: Central FX international money transfers

Transfer money with Central FX and you’ll get top-notch support and competitive exchange rates.

  • Good for one-to-one support and 24/7 account management.
  • Not so good if you only want to transfer a smaller amount of money.

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Details

Product NameCentral FX
Pay byBank transfer
Receiving optionsBank account
Customer servicePhone, Live chat, Email, In person
Available currenciesAUD, BBD, BGN, BHD, BRL, BWP, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GHS, GMD, HKD, HRK, HUF, IDR, ILS, JOD, JPY, KES, KWD, KYD, LSL, MAD, MUR, MXN, NOK, NZD, OMR, QAR, RON, RSD, RUB, SAR, SEK, SGD, SZL, THB, TND, TRY, UGX, USD, ZAR, ZMW
Bank account required?Yes
Personal account manager?Yes

Central FX offers an international money transfer service covering more than 50 currencies around the world. The provider is best known for its top-notch customer service, which is especially useful for large personal and business money transfers. With Central FX, you can enjoy transfers including instant transfers, spot contracts, market orders and forward contracts. Do keep in mind, however, that only bank-to-bank transfers are supported.

Why should I consider OFX?

  • Accessible 24/7. Make and track multiple international payments 24/7 through Central FX’s online trading platform.
  • Strong customer support. One-to-one support from the private client team and live chat options make this a good option for large personal and business transfers.
  • Large FX range. Central FX clients have immediate access to more than 50 live FX rates.
  • Security. Central FX ensures extra fund security using ring-fencing.

What to be aware of

  • Better suited to large transfers. This may not be the best option for you if you tend to make small transfers.
  • Limited transfer options. You can’t transfer via a branch.
  • Bank-to-bank only. Central FX transfers can only be made to a bank account.

Central FX fees and exchange rates

Central FX is often a cheaper option for large transfers than banks in the UK as it does not charge a fee. Instead, Central FX adds a margin to the mid-market exchange rate. This means its exchange rate won’t be as good as the ones you can see on Google or websites like Xe. Typically, the more money you send, the lower the margin will be.

In general, you can compare the rate quoted by Central FX with the mid-market rate on Google to estimate the margin charged on your transaction. You can then compare this with the margin used by other money transfer providers to decide which option is the best for you.

Available currencies

Central FX sends money to more than 80 countries worldwide, although the transfer types vary depending on the country. You can check out the full list of currencies here, but some of the more popular ones that Central FX lets you send to are:

  • EUR Euro
  • USD US dollar
  • AUD Australian dollar
  • ZAR South African rand
  • SGD Singapore dollar
  • INR Indian rupee
  • NZD New Zealand dollar
  • CHF Swiss franc

What are the ways I can send money with Central FX?

Central FX offers various types of transfers to help you get the most out of your transaction:

  • Spot contracts. Make a one-time transfer at the time of payment. The transaction can be settled either on the day of the trade or over the coming days depending on your requirements.
  • Regular transfers. Set up automated payments online or over the phone.
  • Market order. Set a target exchange rate, and if it’s reached overnight in either New York or Hong Kong trading, the money transfer is carried out.
  • Forward contracts. Lock in today’s exchange rate and schedule a transfer now for up to 12 months (or in some cases even longer).

How long does a transfer with Central FX take?

Central FX transfers can be fulfilled as quickly as in the same day or the typical 3 business days. This ultimately boils down to your chosen transfer type and the amount of money being sent. Since transfer speeds typically change on a case-by-case basis, you can confirm the transfer speed with Central FX’s dedicated support staff.

Transfers typically takeClock icon for transfer speed

1-3 days

How to make your first transfer with Central FX

How do I make an international money transfer?

Once you’re set up it’s simple to transfer money. The easiest way to do this is online using Central FX’s secure trading platform. You can also do it from bank account to bank account, or if you prefer, you can arrange it over the phone with a member of the private client team.

How to make a transfer

CentralFX payment date page

What are Central FX’s payment options?

From the UK, you can transfer money online using the secure online portal, over the phone with an adviser and from bank account to bank account. Central FX has no maximum transfer amount, which makes it an attractive option if you are looking to make a large transfer or business transfer.

Is Central FX safe to use?

  • Security: All clients’ funds are held separately from the company’s own.
  • Regulation: Central FX is regulated and authorised by the Financial Conduct Authority.
  • Established: December 2009.
  • Reviews: Rated “Excellent” from around 108 reviews*.
*According to Central FX and Trustpilot on 28 May 2022.

How does Central FX compare to other services?

Central FX offers comparable fees and exchange rates to other large or business transfer services. However, it stands out from competitors in its strong customer support services — which users tend to find extremely important for big money transfers. If you want to see how Central FX compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 20 of 20
Name Product Filter values Fastest transfer speed Fees (pay by bank transfer) Learn more
TorFX
Within minutes
£0

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TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Key Currency
24 hours
£0

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Make same-day transfers in all major currencies across Europe.
Wise (TransferWise)
Within minutes
From 0.41%

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Equals Money Account
Equals Money Account
3 hours
£0

View details
Equals Money sends money overseas in 140+ currencies.
OFX
24 hours
£0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
PassTo
Within minutes
From £1.40

View details
No fees on your first transfer. Refer 3 friends to PassTo and earn £50 once they each make a transfer of at least £200. They'll earn £5 too. T&Cs apply.
PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Atlantic Money
Within minutes
£3

View details
Remitly
Within minutes
From £0
SPECIAL OFFER ✓ Get £10 off with code FINDER

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
Within minutes
€3

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Revolut
Within an hour
From £0
SPECIAL OFFER ✓ Sign up and get a free £10 top-up plus 1 month of Revolut Premium

View details
Sign up with Finder to get 3 months of Revolut Premium for free. T&Cs apply.
Revolut is a digital bank that sends money fast to 30+ currencies, often with no fee added to the exchange rate.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 4FREEFINDER to send your first 4 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX
24 hours
£0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
TorFX Business
Within minutes
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
OFX Business
24 hours
£0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyFair Business
Within minutes
€3

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldFirst Business
24 hours
£0

View details
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Lloyds Bank International Transfers
24 hours
Varies

View details
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