Review: CurrencyTransfer account for online sellers

Last updated:  

Get better exchange rates for your ecommerce business and avoid transfer fees.

  • Good for making overseas payments without transfer fees
  • Not so good if you need to transfer under £5,000

£0

Fees (Pay by Bank Transfer)

£5,000

Minimum Transfer Amount

No limit

Maximum Transfer Amount

Details

Product NameCurrencyTransfer for online sellers
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

How does CurrencyTransfer work for a marketplace seller?

CurrencyTransfer is an online foreign exchange marketplace designed to offer affordable and transparent international payments. Using the CurrencyTransfer live marketplace, you can compare money transfer quotes from multiple providers and lock in a competitive exchange rate for your next international payment.

CurrencyTransfer allows you to make international payments in more than 20 different currencies, including:

  • GBP British pound
  • EUR Euro
  • CAD Canadian dollar
  • AUD Australian dollar
  • CNY Chinese yuan
  • JPY Japanese yen
  • NZD New Zealand dollar
  • USD US dollar

CurrencyTransfer offers online bank transfers and there are multiple payment options available:

  • Spot contracts. These allow you to lock in the current exchange rate and send your transfer as soon as possible.
  • Forward contracts. These allow you to lock in the current exchange rate for a payment that will take place up to 12 months in the future.
  • Market orders. There are three options to choose from:
    • Limit orders let you specify your desired exchange rate, and your payment is then sent when your target rate becomes available.
    • Stop loss orders let you set a minimum target rate for your transaction to limit your losses if the exchange rate moves against you.
    • “One cancels the other” (OCO) is an option that lets you set up a limit order and a stop loss order side by side.

To make a payment with CurrencyTransfer, you’ll need to complete a few simple steps:

  1. Sign up for an account.
  2. Request a quote for your payment.
  3. Select the best quote with help from your CurrencyTransfer relationship manager.
  4. Transfer the money for your payment to the broker you’ve selected.
  5. The broker completes your international payment.

Read our review of CurrencyTransfer for international money transfers

What are CurrencyTransfer’s fees?

The CurrencyTransfer platform is free to use and the provider does not charge any transaction fees. Of course, it’s worth reiterating that CurrencyTransfer doesn’t actually offer transfers – it runs a marketplace where you can compare quotes from a range of transfer services and find the service that offers the best value for money.

However, just because there are no fees doesn’t mean you can make international payments free of charge. The cost of your transaction will be the difference between the exchange rate you receive from the money transfer service you choose, and the current mid-market rate.

So, how does CurrencyTransfer make money? It charges platform fees to the panel of foreign exchange payment providers that are listed on its platform.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
CurrencyTransfer for online sellers
CurrencyTransfer for online sellers
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
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How do I set up a CurrencyTransfer account for my ecommerce store?

You can register for a CurrencyTransfer account by completing the following steps.

Go to site

In a nutshell

Pros

  • Designed for large transfers. CurrencyTransfer specialises in helping businesses and online sellers who want to send GBP £5,000 or more find a better exchange rate.
  • Compare quotes from multiple providers. The online marketplace allows you to compare quotes from multiple money transfer services. All transfer services included on the platform are authorised and regulated by the UK’s Financial Conduct Authority.
  • No fees. You don’t have to pay any fees to compare quotes on the CurrencyTransfer platform.
  • Payments in 20+ currencies. CurrencyTransfer allows you to make international payments using over 20 different currencies.

Cons

  • For making payments only. If you want to make affordable international payments, as well as receive payments and hold funds in multiple currencies, you’ll be better off considering a multi-currency account.
  • Not suitable for small transfers. CurrencyTransfer is best suited to handling large transfer amounts. If you want to make an international payment equivalent to less than GBP £5,000, you’ll need to look elsewhere.

How does CurrencyTransfer 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
CurrencyTransfer for online sellers
CurrencyTransfer for online sellers
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Wise (TransferWise) for online sellers
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.
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Compare up to 4 providers

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