CurrencyTransfer review

Find the best foreign exchange rates available from this online marketplace.

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.

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Details

Product NameCurrencyTransfer
Pay byBank transfer
Receiving optionsBank account
Customer servicePhone, Email
Available currenciesAED, AUD, BGN, CAD, CHF, CNY, CZK, DKK, EUR, HKD, HUF, ILS, JPY, MUR, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR
Bank account required?Yes
Personal account manager?Yes

Our Verdict

Forget about paying transfer fees with CurrencyTransfer as there aren’t any, no matter what the transfer amount. You’ll also have spot contracts, market orders and forward contracts to help you get the best rates.

But no fees means there’ll be a markup to the exchange rates. And while there’s no minimum or maximum limit to transfer, Currency Transfer accepts that it can’t add much value to transfers under £5,000 or equivalent so you’ll want to check the rates carefully for smaller transfers.

Only a limited number of currencies are supported, transfers can only be made during the week and there’s no mobile app to use.

Why should I consider CurrencyTransfer?

  • No fees. CurrencyTransfer doesn’t charge any money transfer fees, no matter the transfer amount.
  • Fast transfers. Most transfers are delivered in as little as one day.
  • Multiple beneficiaries. You can send money to more than one beneficiary using a single rate.
  • FX tools. You can take advantage of spot contracts, market orders and forward contracts as hedging mechanisms.

What to be aware of

  • Limited currencies. It only supports 28 currencies.
  • Delivery methods. Pickup options depend on the winning broker.
  • Verification required. Supporting documents like an ID may be required when you sign up for an account.
  • Better for larger transfers. Not good value for money on transfers less than £5,000 (or equivalent).

How much are CurrencyTransfer’s fees?

CurrencyTransfer does not charge any fees for money transfer transactions. Instead, you are charged a small markup on the exchange rate.

How are CurrencyTransfer’s exchange rates?

CurrencyTransfer doesn’t have its own set of exchange rates. Rather, it provides a 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.

What are the ways I can send money abroad with CurrencyTransfer?

You will need to create an account to transfer money with CurrencyTransfer. However, the website does have a demo platform where you can see a sample of quotes without signing up.

How to send money transfer with CurrencyTransfer

What types of transfers can you make with CurrencyTransfer?

CurrencyTransfer offers bank to bank money transfers in over 28 currencies.

It also offers the following services:

  • 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 up to 12 months in advance.
  • Market orders. These are divided into limit orders (where you set a target exchange rate) and stop loss orders (where automatic traders are made before the value goes below a certain rate).

How long does an international transfer with CurrencyTransfer take?

Transfer times depend on what currency you are sending and when the settlements are received by CurrencyTransfer. For most currencies, transfer times are around 1 business day. However, this can increase to over 2 business days if settlement funds are not received in time for some currencies. For example, the cut off for ILS is 3.30pm (GMT), so if funds are sent after that the transfer will take over 2 business days.

Transfers typically takeClock icon for transfer speed

1 day

Is CurrencyTransfer safe to use?

Only top Financial Conduct Authority-accredited institutions are allowed to offer services on the CurrencyTransfer marketplace. Data encryption is standard on the platform, and brokers are required to hold funds in segregated accounts that are distinct from those used in their operations.

How does CurrencyTransfer compare to other money transfer services?

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.
1 - 20 of 21
Name Product Filter values Fastest transfer speed Fees (pay by bank transfer) Learn more
TorFX
24 hours
£0

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

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Make same-day transfers in all major currencies across Europe.
Wise (TransferWise)
4 hours
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Equals Business Expense Card
Equals Business Expense Card
24 hours
1.5%

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Equals Money sends money overseas in 140+ currencies.
OFX
24 hours
£0

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OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
£0

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CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
£0

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CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Xe
Within minutes
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

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Xe has fast transfers with low fees and a range of foreign currency tools.
PassTo
Within minutes
From £0.99

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No fees on your first transfer. Refer 3 friends to PassTo and earn £50 once they each make a transfer of at least £200. They'll earn £5 too. T&Cs apply.
PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Atlantic Money
Within minutes
£3

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Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Get £10 off with code FINDER

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Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
24 hours
£2.50

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Revolut
Within minutes
From £0
SPECIAL OFFER ✓ Sign up and get a free £10 top-up plus 1 month of Revolut Premium

View details
Sign up with Finder to get 3 months of Revolut Premium for free. T&Cs apply.
Revolut is a digital bank that sends money fast to 30+ currencies, often with no fee added to the exchange rate.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 4FREEFINDER to send your first 4 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.
OFX
24 hours
£0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
TorFX Business
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

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

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyFair Business
24 hours
£2.50

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldFirst Business
24 hours
£0

View details
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
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