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 Name | Currencytransfer International Money Transfer |
|---|---|
| Min. Transfer Amount | GBP 5,000 |
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | Phone, Email |
| Available Currencies | AUD, CAD, CNY, EUR, GBP, HKD, ILS, INR, JPY, NZD, PHP, PLN, USD |
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.
What currencies can be exchanged on CurrencyTransfer?
CurrencyTransfer currently supports the following currencies:
| Location | Currency Name | Code |
|---|---|---|
| Australia | Australian Dollar | AUD |
| United Kingdom | Pound Sterling | GBP |
| Canada | Canadian Dollar | CAD |
| Czech Republic | Czech Koruna | CZK |
| Denmark | Danish Krone | DKK |
| United Arab Emirates | UAE Dirham | AED |
| European Union | Euro | EUR |
| Hong Kong | Hong Kong Dollar | HKD |
| Hungary | Hungarian Forint | HUF |
| Israel | Israeli Shekel | ILS |
| Japan | Japanese Yen | JPY |
| New Zealand | New Zealand Dollar | NZD |
| Mexico | Mexican Peso | MXN |
| Norway | Norwegian Krone | NOK |
| Poland | Polish Złoty | PLN |
| Romania | Romanian Leu | RON |
| Singapore | Singaporean Dollar | SGD |
| South Africa | South African Rand | ZAR |
| Sweden | Swedish Krona | SEK |
| Switzerland | Swiss Franc | CHF |
| Thailand | Thai Baht | THB |
| Turkey | Turkish Lira | TRY |
| United States of America | US Dollar | USD |
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.
