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CurrencyTransfer Global Payments Marketplace
Find the best foreign exchange rates available from this online marketplace.
CurrencyTransfer is a live marketplace in which foreign exchange companies compete for your business. It aims to create a transparent experience with none of the hidden fees that can occur in international payments.
To use this online platform, you can input the details of your desired transfer and be shown quotes from several different suppliers. You then choose the best quote, and complete the task in a matter of minutes.
Read our review below to find out if CurrencyTransfer is right for you.
What is CurrencyTransfer?
Founded in 2014, CurrencyTransfer supports more than 25 currencies and offers transfers to countries across Europe, North America, the Middle East, Asia and Oceania. Since it charges brokers directly, you won’t have to pay any fees for using the marketplace.
CurrencyTransfer also offers a best price guarantee that allows customers to get a refund of the price difference when they’re able to book at a provider offering better rates.
How are CurrencyTransfer’s exchange rates?
CurrencyTransfer aggregates exchange rates from its member brokers. It also allows you to compare exchange rates in real-time with the mid-market rate. This means you can choose the provider offering the rate closest to the mid-market rate, which is often the best option.
If you find a higher exchange rate after booking a transfer with CurrencyTransfer, send an email to email@example.com to get an on-the-spot refund of the difference.
How much will I pay to send money with CurrencyTransfer?
CurrencyTransfer does not charge any fees for money transfer transactions. The company’s exchange rates are also higher than the rates offered by banks. So not only are transfers free, your beneficiary also gets more money when you use their services.
How much can I send with CurrencyTransfer?
Although CurrencyTransfer does not specifically mention a minimum or maximum transfer amount, it recommends transfers of more than 5,000 GBP, more than R90,000, to get the best deals.
What types of transfers does CurrencyTransfer support?
CurrencyTransfer offers bank-to-bank money transfers to several countries worldwide.
CurrencyTransfer also offers the following services:
- Spot contracts for immediate money transfers.
- Forward contracts, which allows pegging a fixed exchange rate for a small deposit.
- Market orders, which is divided into:
- Limit orders, where you get the exchange rate you want for your money transfers.
- Stop loss orders, which protect your foreign exchange holdings by automatically making a trade before the value goes below a certain rate.
CurrencyTransfer fees and rates
Calculate conversion rates and fees for sending money using CurrencyTransfer. Personal and business rates are the same. The main difference is higher maximum amounts for business transfers.
How do I send money through CurrencyTransfer?
Follow these steps to send money through CurrencyTransfer:
- Register for a free personal account online.
- Select the currency you want to transfer and your beneficiary’s location.
- Request a quote from money transfer specialists.
- Choose the best quote from the various services on the platform, then send your money to the winning broker.
When the broker gets your money, it will initiate the transfer to your recipient. To get started, visit CurrencyTransfer’s website.
How do I track my transfer?
You can track your transfer transactions from the Trade History option on your personal dashboard.
What should I look out for?
Before choosing a rate from the providers offering quotes, compare them with the mid-market rate. Your lowest rate could be the one closest to the mid-market rate.
How does CurrencyTransfer compare to other providers?
Benefits and drawbacks
- No money transfer fees, regardless of the amount of the transfer amount
- Higher exchange rates than local banks
- Fast delivery times that may take as little as one day
- CurrencyTransfer reimburses you the difference if you get a better rate somewhere else
- Allows sending money to more than one beneficiary using a single rate
- Offers spot contracts, market orders and forward contracts as hedging mechanisms for your foreign exchange holdings
- It only supports 25+ currencies in some 26 countries around the world
- Pickup options depend on the winning broker. Keep this in mind when choosing a rate
- May not have much of an advantage for transfer amounts less than 5,000 GBP or about R90,000
- You can only send money from Monday to Friday
- No Android and iOS smartphone or tablet apps
- Supporting documents like an ID may be required when you sign up for an account.
- Only supports bank-to-bank transfers
How safe is CurrencyTransfer?
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.
- Before the winning broker can process the transfer to your recipient, you’ll need to send it money from your bank account.
- Check the status of the transfer via the personal dashboard of your CurrencyTransfer account.
CurrencyTransfer allows you to choose the best rate for your money transfer transactions from among its member brokers and it safeguards your money by limiting membership on the platform to brokers with established reputations
Find out more about your money transfer options by checking out our guide to international money transfer services
Frequently asked questions
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