Transfers typically take
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 Name | Central FX |
|---|---|
| Pay by | Bank transfer |
| Receiving options | Bank account |
| Customer service | Phone, Live chat, Email, In person |
| Available currencies | AUD, 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.
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.
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*.
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.
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