Review: Central FX international money transfers

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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.

£0

Fees (Pay by Bank Transfer)

£2,500

Minimum Transfer Amount

No limit

Maximum Transfer Amount

Details

Product NameCentral FX
Minimum Transfer Amount£2,500
Maximum Transfer AmountNo limit
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 exchange rates and fees

Rather than charging any fees, 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.

Central FX’s margin generally ranges between 0.3% and 1.5% per transfer. The more money you send, the lower the margin will be.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Central FX
24 hours
£0

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
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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 types of transfers can you make 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).

What payment methods does Central FX accept?

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 a minimum transfer amount of £2,500 and no maximum transfer amount.

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 36 reviews*.
*According to Central FX and Trustpilot on 1 January 2020.

How does Central FX make money?

Central FX makes its money through the exchange rate margin, meaning that it adds on a small margin to the interbank rate to cover its own costs. You may have noticed that the exchange rate you see on Google or XE is different to the one being quoted to you, and this margin is the reason why.

Exchange rate margins vary from company to company. Central FX’s margin generally ranges between 0.3% and 1.5% per transfer, depending on market volatility and the specific currencies you’re buying or selling.

How to register an account

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 the 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 is Central FX?

Central FX was set up more than 10 years ago in the heart of London’s financial district. It prides itself on managing currency risk, securing the best rates to buy and sell, and its bespoke client services.

Its account managers say that they prefer to meet people face-to-face rather than over the screen, but you can also easily arrange transfers online and instantly track them using its secure online trading platform.

In a nutshell

Pros

  • Make and track payments 24/7 through online trading platform
  • Immediate access to more than 50 live FX rates
  • Make multiple international payments in one go
  • Extra security of funds through ring-fencing
  • Live chat
  • One-to-one support from the private client team
  • No fees

Cons

  • Not great if you only want to transfer a small amount
  • Can’t transfer via a branch
  • Can only transfer to a bank account

How does Central FX compare to other services?

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

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

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
Within an hour
£0

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

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 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.
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