CurrencyTransfer review

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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.

£0

Fees (Pay by Bank Transfer)

£5,000

Minimum Transfer Amount

No limit

Maximum Transfer Amount

Details

Product NameCurrencyTransfer
Minimum Transfer Amount£5,000
Maximum Transfer AmountNo limit
Pay ByBank transfer
Receiving OptionsBank account
Customer ServicePhone, Email
Available CurrenciesAED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR
Bank Account Required?Yes
Personal Account Manager?Yes

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.

How does CurrencyTransfer compare to other providers?

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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Compare up to 4 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 CurrencyTransfer, you can try out a demo of their platform and see a sample of quotes without signing up.

Our review of CurrencyTransfer’s online seller product

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