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Scoring
We've tested each element of the Cambridge Currencies offering. Here's what they offer.
Fees, rates, speed and limits
Cambridge Currencies works similarly to most brokers. Exchanges will be based on how much you're sending, and where. There is no fee, as the cost is built into the exchange rate.
Measure | Insight |
|---|---|
Exchange rate | Quoted per transfer |
Average fee | No fees |
Transfer time | 0-5 days |
Limits | No maximum limit for sending, but a minimum of £3,000 |
Product offering
Ease of use
Regulation and safety
Customer feedback
They're right if... | Search for a different provider if... |
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Fees, rates, speed and limits
Cambridge Currencies vs the alternatives
Measure | Cambridge Currencies | TorFX | Banks |
|---|---|---|---|
Exchange rate | Agreed per transfer, generally from 0.4 and 2.5% | Agreed per transfer, generally between 0.2 and 1% | Ranges from 2% to 5% |
Fees | No fees | No fees | Typically £10 to £20 |
Transfer speed | 0 to 2 days | 0 to 2 days | 2 to 5 days |
Transfer limits | No limits | No limits | Often capped at £25,000 per day, but can be higher over the phone |
To know if Cambridge Currencies is the best option for you, we'd recommend carrying out a live search.
Product offering
Cambridge Currencies covers all the core areas you'd expect from a currency broker. They offer a nice range of currencies and across a lot of countries.
Currency transfers
Supported currencies
There are a total of 38 currencies supported by Cambridge Currencies. These cover a total of 77 countries.
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Full list of supported currencies:
Europe
North America
Middle East and Asia
Oceania
Transfer types
Money transfers through Cambridge Currencies are funded through a bank account.
Companies with apps, like Zing, will allow you to sync to an account - although limits are much smaller. Currency brokers on the other hand will account manage the entire process. This includes the moving of funds.
As a result, things like debit card payments aren't available.
For payout options, like most currency brokers again, these will go to bank accounts. Cambridge Currencies specialize in large payments. As a result, cash pick u will not be available.
Business transfers
Cambridge Currencies supports business transfers. As a currency broker, the offering is the same as large personal transfers.
Large transfers are helpful for mergers and acquisitions, and paying staff or suppliers.
Cambridge Currencies offer money transfers for businesses. If you need an international business account, our guide covers the best choices.
Risk management
Across all options, Cambridge Currencies offers risk management tools.
These tools come in the form of:
Hedging options. Cambridge Currencies offers hedging options to help customers beat foreign exchange fluctuations. Strategies are tailored to individual needs. This can aid in protecting you from any sudden movements in exchange rates.
Forward contracts: Forward contracts allow customers to lock in an exchange rate for up to 12 months. For comparison TorFX offers forward contracts for up to 2 years.
Stop loss orders: Cambridge Currencies offers stop loss orders to safeguard customers against bad currency shifts. A currency exchange is triggered when the rate reaches a the agreed 'bad' or unfavorable level. While it is not ideal to exchange a currency as it drops, it does limit further potential losses on the transfer.
Limit orders: Limit orders allow customers to target a better exchange rate than the current rate.
Explore currency risk tools in detail
If you are considering using a company like Cambridge Currencies to manage currency risk, or if you're interested in how each of the tools can help your business, check out our currency risk guides.
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Ease of use
Platforms
Cambridge Currencies does not have app support and is web based. Sign up was a little confusing. I had to register for an account, go through the process of adding details and then on submission returned to the homepage with no confirmation.
I did however get an email to confirm the account was setup and somebody would be in touch.
Signing up for a broker will generally result in a call back. The complexities of large transfers, plus the need to agree the rate, are an important part of the process. This is where the account management starts as part of the sending process.
If you're interested in using an app, we'd recommend our page on the best money transfer apps.
Payment options
Transfers through Cambridge Currencies are funded through a bank transfer to the broker. Once they receive the funds, they will then carry out the transfer for you. For brokers, a bank account is generally the only option.
Digital providers do offer alternatives if you need them. For example, with Wise, it is possible to fund an account using a debit card (for a slightly increased fee).
Generally, this is because of the amount of money being sent.
Sending to another bank account will be the only option. Receiving through methods like cash pickup will not be available. Often, the best way for a person to receive money can be into a multi-currency account.
If you're transferring money but do not want to use, or send to, a bank account then you should carry out a rate search. This will confirm which options are available to you.
Rates on cash pickup, for example, may be higher than sending through a bank transfer.
How to send money with Cambridge Currencies
Choose account type
Start by adding your account type: business or personal.
Then you'll need to provide an email address and setup a password for yourself.
A couple of other personal details, like phone number and date of birth are added in the next step.
Potential transfer details
Add the potential details of your transfer.
You'll need to pick where you're sending money from, and the currency you want to purchase.
Then, the estimated value of the transfer and reason for the transfer.
There's a pretty wide selection of options, but don't worry if you can't see what you need, this can always be amended.
Add your address
You'll need to provide an address as well.
For large transfers verification will be needed before sending. It is best to get this added correctly now, to avoid delays later.
Submit and get confirmation
Once submitted, you'll get a confirmation email.
A member of the team at Cambridge Currencies will give you a call. This will iron out the specific details of your transfer.
Account management and customer support
Account management services included
Here's some more details on what you can get with Cambridge Currencies.
Type | Contact | Details |
|---|---|---|
Account manager | After sign up | Contact with FX brokers will be given at the point of sign up and an introductory call will take place. |
Telephone | +44 (0)1223 608232 | It's possible to call Cambridge Currencies direct to register and manage the transfer process. Hours are 9AM to 7PM UK time. |
Email is available, this is manage 9AM to 6PM UK time. |
Alternatives
Cambridge Currencies offers a specific type of transfer and service, but may not be right for you. Here's how some of the alternatives stack up.
Exchange Rate Markup 0.5% - 1.2% | Exchange Rate Markup 0.4% - 0.7% | Exchange Rate Markup 0.1% - 0.7% | Exchange Rate Markup 0.1% - 0.6% | Exchange Rate Markup 0.4% - 0.8% |
Fees No fees | Fees None | Fees None | Fees None | Fees None |
Transfer Speed 0-5 days | Transfer Speed Minutes - 24 hours | Transfer Speed Minutes - 24 hours | Transfer Speed Minutes - 3 days | Transfer Speed Minutes - 24 hours |
Personal account manager Yes | Personal account manager Yes | Personal account manager Yes | Personal account manager Yes | Personal account manager Yes |
| Visit | Visit | Visit | Visit | Visit |
