CurrencyTransfer review – A live marketplace platform

For high value transfers, CurrencyTransfer can shop around for you.

CurrencyTransfer was founded in London in 2014 as a reaction to all of the hidden fees often involved in international payments. On this online platform, you input the details of your desired transfer, and it will fetch quotes for you from several different suppliers. You then choose the best quote, and complete the task in a matter of minutes.

The platform creates a live marketplace in which foreign exchange companies compete for your business. Read our review below to find out if CurrencyTransfer is right for you.

Product NameCurrencytransfer International Money Transfer
Min. Transfer AmountGBP 5,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAUD, CAD, CNY, EUR, GBP, HKD, ILS, INR, JPY, NZD, PHP, PLN, USD

 
 
 

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  • Most transfers take less than a day
  • Send money to 195 countries in 60 different currencies
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CurrencyTransfer costs and exchange rates

CurrencyTransfer is completely free to use, and there are no transaction fees.

It doesn’t have its own set of exchange rates, rather, it provides the platform from which you can compare multiple exchange rates for the same transfer.

The only costs to you will come from the difference between the exchange rate of the company with which you ultimately decide to complete your transaction, and the official (mid-market) exchange rate. That difference is what you pay for making the conversion.

CurrencyTransfer will clearly state the mid-market rate alongside the provided quotes, to ensure there are no hidden costs.

Pros

  • Superior for high-value transfers. For transfers of over £25,000, CurrencyTransfer can find you extremely competitive rates.
  • No transaction fees. CurrencyTransfer doesn’t allow transaction fees within its marketplace. The costs come only from differing exchange rates.
  • Reliable. CurrencyTransfer will only supply exchange rates from suppliers authorised by the Financial Conduct Authority (FCA).

Cons

  • Only large transactions. CurrencyTransfer only has an edge for transfers of over £5,000.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 2 days GBP 0.00 1.134 EUR
5,669
Transfer money at the mid-market rate with no nasty surprises and excellent customer support. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.133 EUR
5,664
Make an informed decision with a personal touch, whether it's a business or personal transfer, with rate alerts, charts and live rates to help you make your choice. Go to site Show details
GBP 50 2 days GBP 2.99 1.13 EUR
5,648
Send money online anytime, anywhere, with a simple to use platform and transparent fees and exchange rates shown upfront. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.133 EUR
5,663
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details

Compare up to 4 providers

Compare all international money transfer providers

What currencies can be exchanged on CurrencyTransfer?

CurrencyTransfer currently supports the following currencies:

LocationCurrency NameCode
AustraliaAustralian DollarAUD
United KingdomPound SterlingGBP
CanadaCanadian DollarCAD
Czech RepublicCzech KorunaCZK
DenmarkDanish KroneDKK
United Arab EmiratesUAE DirhamAED
European UnionEuroEUR
Hong KongHong Kong DollarHKD
HungaryHungarian ForintHUF
IsraelIsraeli ShekelILS
JapanJapanese YenJPY
New ZealandNew Zealand DollarNZD
MexicoMexican PesoMXN
NorwayNorwegian KroneNOK
PolandPolish ZłotyPLN
RomaniaRomanian LeuRON
SingaporeSingaporean DollarSGD
South AfricaSouth African RandZAR
SwedenSwedish KronaSEK
SwitzerlandSwiss FrancCHF
ThailandThai BahtTHB
TurkeyTurkish LiraTRY
United States of AmericaUS DollarUSD

What transfer types can you carry out with CurrencyTransfer?

  • Spot contracts. Make a one-time transfer at the current exchange rate offered.
  • Forward contracts. If you need to make a payment at a future date, you can protect yourself from unfavourable changes in the exchange rate by entering into a forward contract. You and Halo Financial will agree to make the transfer at a specified date, at a predetermined price.
  • Regular payments. Making regular transfers abroad can get confusing, as the currency exchange rates fluctuate constantly. Halo Financial can arrange a series of fixed-price transfers to alleviate this worry.
  • Automated orders. This gives you a way of taking advantage of changes in the exchange rates, while still having regular payments taken care of for you. Provide Halo Financial with limits, and they will put the transfer through when the exchange rates meet your criteria.
  • Limit orders. At the time of writing (8 March 2017) CurrencyTransfer do not offer limit orders, but plan to do so in the future.

The registration and transfer process

    • Sign up. You need to sign up for an account to start trading with CurrencyTransfer.
    • Request a quote. Enter the currencies you want to buy and sell, and how much.
    • Choose a quote. The best deal will be automatically selected for you, but you can view the others as well.
    • Book your transfer. Confirm the transaction, then transfer your funds as a normal bank transfer.
    • Delivery. The agreed amount is then sent to your recipient. You’ll be able to track the order in “Trade History” on the website.

Although you do need to create an account to transfer money with Currency Transfer, you can try out a demo of their platform and see a sample of quotes without signing up.

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