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Venstar review
Get competitive rates with no fee for $5,000+ transfers worldwide.
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24 hours
Fastest Transfer Speed
$5,000
Minimum Transfer Amount
What is Venstar Exchange?
Founded in 1990, Venstar Exchange is a US-based foreign exchange payments and service provider. It offers services to individuals and businesses, accepting customers from most countries around the world.
Venstar handles transfers of $5,000 or more. But you can make the most of exchange rate fluctuations with hedging tools that include scheduled payments and forward contracts.
How are Venstar Exchange’s rates?
Because it deals in high-volume trades, Venstar Exchange claims that it’s privy to rates at close to the mid-market rate. It publishes rates online, but these rates aren’t necessarily the rates you’ll ultimately get for your transfer.
To see the rate for your specific transfer, you’ll first need to enter your transaction details. Venstar will email a rate for your transfer that’s good for 10 minutes.
How much will I pay to send money with Venstar Exchange?
Venstar Exchange follows a simple fee structure. You pay no fees for transfers of $5,000. Venstar may accept scheduled transfers of less $5,000, but you’ll pay a $15 wire transfer fee per beneficiary for the convenience.
Also, because the company works with wire transfers only, you’re likely on the hook for any fees your bank charges for such transfers — typically $10 to $30. Your recipient’s bank may also charge a fee to receive the transfer.
Minimum transfer amounts and available countries
Minimum transfer amounts vary by transfer type. But for one-off transfers, you’ll need to send at least $5,000 — a high minimum for most everyday transfers.
If you set up recurring transfers with Venstar, you might be able to transfer less than $5,000 each time. But, like seeing your exact exchange rate, you’ll first need to enter your transaction details to learn how much under $5,000 you can send.
Venstar accepts claims to handle all major currency pairs in both directions, as well as select minor and exotic currencies. To find out whether Venstar supports your currency, call an exchange account specialist.
What types of transfers does Venstar Exchange support?
Venstar Exchange offers a range of tools to help you send money overseas:
- Spot orders. These are your typical money transfers at today’s exchange rate, typically received in two business days.
- Forward contracts. With a 10% deposit, you can buy or sell currency at a fixed rate on a date in the future. Closed forward contracts require you to provide a specific date for your transfer, whereas open forward contracts let you select a range of days.
How do I send money through Venstar Exchange?
Start by completing Venstar’s online registration form. Shortly after, you’ll receive an email containing a link to the full two-page registration form.
Fax, scan or email your completed form along with Venstar’s required forms of ID to confirm your identity and address. Once Venstar confirms your ID and bank account, it sends an email confirming you’re all set.
To send a transfer, enter your recipient’s name and bank details, including their account number and the bank’s SWIFT/IBAN code or routing number.
Venstar claims to approve new accounts within eight hours.
How do I track my Venstar Exchange transfer?
Track the progress of your transfer through your online account or by calling Venstar’s customer service.
What to look out for
Unlike Wise, XE and other online money transfer specialists, Venstar requires a high $5,000 minimum for its services on most transfers. Lower minimums apply to regular, scheduled payments abroad, but you won’t know that minimum until you call or enter your details.
Same goes for exchange rates: They sound competitive, but you won’t know the exact rate that applies to your transfer until you’ve submitted the details of your transaction.
Benefits
- Fee-free transfers. Transfer more than $5,000, and pay no transfer fees.
- Competitive rates. Because it processes a lot of transfers daily, you’re likely to get rates that are close to the mid-market rate.
- Talk with an advisor. Registered customers get access to personal market advisors that can help you maximize your money transfers.
- Widespread support. Venstar deals in all major currency pairs and many minor and exotic pairs too. And it lets you register as a customer from most countries.
Drawbacks
- No live chat. If you have questions, you’ll need to call a US support office during business hours.
- High minimum. You can’t send less than $5,000 through a one-off transfer.
Compare Venstar Exchange to other money transfer services
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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How safe is Venstar Exchange?
Venstar Exchange is a legitimate company that complies with anti–money laundering policies issued by the US Financial Crimes Enforcement Network (FinCEN). Its online network is safeguarded by multiple layers of hardware and software firewalls provided by industry-leading vendors. High levels of encryption safeguard all sensitive data between your computer and Venstar’s network.
Venstar exchange reviews and complaints
Venstar Exchange has been accredited by the Better Business Bureau since 2006, earning an A+ rating.
Curiously, you’ll find no reviews on BBB or Trustpilot. The few customer reviews online praise Venstar’s exchange rates, turnaround and customer service.
Bottom line
Venstar Exchange is best for those looking to send high-amount transfers of $5,000 or more. It offers fast registration — often within a day — low fees and competitive rates.
If you’re interested in sending smaller everyday transfers, compare your many online options for international money transfers.