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EasyFX is an online foreign exchange service, along with being a trading name of Voltex FX (VFX) Plc, a regulated payment and money transfer provider based in the UK. The service supports a mix of clients broadly split into wealthy individuals, corporations, and private clients. In this review, we will look at the exchange rates and fees the provider charges, the kind of payments you can make, and all other features worth considering before using the service.
With EasyFX’s robust technological infrastructure, customers can trade online, view real-time price movements, place orders, send international payments, view up-to-date currency movement charts, and read market commentary reports.
The provider also has a multi-currency Mastercard branded prepaid card, which can hold up to 14 different currencies saving travellers the hassle of having to pre-purchase travel money. EasyFX’s card allows customers to make free ATM withdrawals, free transfers to most banks, and free purchases abroad. On the EasyFX basic platform, customers can order up to 3 additional cards for their colleagues and employees.
Customers with advanced foreign exchange needs can be upgraded to the EasyFX Pro platform. Using this platform, users can set targeted rates, enter forward contracts, and trade a much wider range of currencies. On top of this, businesses using the EasyFX Pro platform can pay suppliers and employees in different countries at zero fees and order unlimited EasyFX prepaid cards.
EasyFX Exchange Rates and Fees
Whatever the pair of currencies you are trading, EasyFX assures you of highly competitive rates and zero transfer fees. With zero international fees, highly competitive exchange rates, and the ability to store and manage multiple currencies in one account, EasyFX offers a range of quality services and makes it easy to send money abroad.
Here is a quick breakdown of the fees and rates to expect when using EasyFX to make international payments.
Exchange Rates
EasyFX doesn’t display the rates they offer on their website and nothing is mentioned in the reviews and forums. The only way of knowing the rates is by signing up for an account or calling them. From information gathered by MoneyTransfers.com, expect to pay a margin of 1 -1.5% above the mid-market rate. The precise margin you’ll get will depend on the currencies you’re exchanging between.
Fees
International transfers do not attract any fees with EasyFX. However, if you transact using the platform’s prepaid card you will be charged nominal fees for transactions in pounds sterling as follows:
ATM withdrawals in pounds will be charged at £1.50
POS transactions in pounds will attract a fee of £0.40
The fees only apply to transactions made in the United Kingdom.
Additional Costs
When using the prepaid card, you will be charged £6 for a replacement or an additional card and £25 if you want to investigate a disputed transaction. Paying for your transfer using your bank account can also expose you to a few other charges which are not controlled by EasyFX.
EasyFX Pros and Cons
EasyFX strives to be the smartest solution for your foreign currency needs. However, before using the service, it is important to weigh the service’s pros against its cons. Here is what to expect when making a transfer using EasyFX:
- Zero fee transfers – Transfers abroad on the EasyFX platform are free. When using the card to shop and withdraw at an ATM, you don’t pay a cent. The only time you pay nominal fees is when transacting within the United Kingdom.
- Competitive rates – Exchange rates are priced at 1-1.5% above the mid-market rate. In the currency market, this is considered highly competitive and way better than high street banks, which commonly charge margins as high as 5%.
- Businesses solutions – Businesses can access advanced foreign currency hedging solutions such as forward contracts through the EasyFX Pro platform.
- Mobile app – You can trade on the go using the EasyFX App available on both android and iOS platforms.
- Prepaid card – In addition to the normal money transfer and foreign exchange services, EasyFX has a prepaid card that can hold up to 14 different currencies. Suitable for international travellers, customers can use the card to withdraw cash at ATMs, spend money like locals and transfer money across borders.
- Limited customer support – While the trading platform is available 24/7, customer support is available only during working hours: Monday to Friday 9:00am - 5:30pm.
- Limited payout options – Beneficiaries can only get funds through their bank accounts. If you are looking for other options such as cash payout, you’ll have to shop for alternatives.
- Currencies – According to its website, EasyFX supports 22 currencies, 14 of which are available through the card. Compared to other players in the industry, this is a small currency pool.
What Kind of Payments Can I Make With EasyFX?
Easy FX’s service allows you to make business and personal payments through the online platform, over the phone and using the app. Here is a breakdown of the payments you can make using EasyFX.
Payment Methods Available
Customers can make debit card payments or use bank transfers to top up their trading accounts through EasyFX. Credit cards, maestro cards, and prepaid cards are not accepted.
Withdrawal Options Available
Payments to beneficiaries are made directly to their bank accounts. However, you can order for additional cards for your family members, employees and colleagues which they can use to transact just as you do.
There is no option for cash pickup, home delivery, or mobile wallet deposit with EasyFX.
How to Send and Receive Money With EasyFX
EasyFX has demystified all the jargon and processes involved in sending and receiving funds across borders. Customers can now transact with ease and spend money abroad using the EasyFX prepaid card free of any fees. Here are the ways you can send and receive money with EasyFX.
How to Send Money With EasyFX
Sign Up for an Account
Make Your Transfer
Confirm Your Payment
If you are making a payment using your debit card, remember that only Visa and Mastercard are accepted.
How to Receive Money With EasyFX
Since transfers are made directly to your beneficiary’s bank account, all your recipient needs to do is wait for the money to appear in their account.
Does EasyFX Have a Mobile App?
Yes, EasyFX has a mobile app available as a free download on Play Store and App Store. Through the app, you can:
Top up your EasyFX account
Check your balance at any time
Track your transactions and control your spending
Move money from one currency to another up to to a total of 14 currencies
Transfer funds for free
Deactivate a stolen or lost card, order for a replacement or additional cards for your family and colleagues
How Fast Are EasyFX’s Transfer Speeds?
Funds can take 1-3 days to be delivered to your beneficiary’s bank account after being transferred through EasyFX. If you are making your transfer from the UK, you should send your payment before 3pm if you need it to reflect in your EasyFX account the same day.
Customers making transfers from outside the UK may have to wait up to 48 hours for the funds to register on their respective EasyFX accounts. Transactions in USD/CAD, Euro, and GBP can be delivered on the same day.
Are There Maximum and Minimum Transfer Amounts?
Yes, EasyFX has transfer limits. The minimum top-up is £100 per transaction and the maximum is £2,500 per month if paying using a debit card. For a higher top-up limit of up to £250,000 use a bank transfer.
Using the EasyFX card, you can make up to 3 ATM withdrawals per day up to a limit of £400 per withdrawal. The daily card spending limit is £4,000 and the currency exchange limit within the card is limited to £10,000 per transaction.
Can I Trust EasyFX?
EasyFX is one of the top brands in the VFX Plc family. The rest of the brands are VFX Financial (VFX), Grosik, Equity Direct, Pay2Global, Paisaport, Thamelremit, Reliance RFS, EasyNaira, and MoBeHUB. VFX Plc is a currency payments service founded in 2004 and serves both individuals and corporations. Here’s a quick breakdown of the factors that can reassure you EasyFX is a trustworthy service.
History
The EasyFX brand was founded in 2005 as a payment and forex service provider under the ownership of VFX Financial. Together with the rest of the company’s brands, VFX transfers an average of $8 billion per year. The holding and parent company of VFX Plc is Green Holdings Limited incorporated in Jersey, Channel Island. In terms of control, Hawksford Trustees Jersey Limited is the controlling party having over 75% of the overall shareholding.
Regulatory Compliance
Through VFX, EasyFX is authorised and regulated by the Financial Conduct Authority registration number 592260. The FCA regulations allow the brand to operate as an Electronic Money Institution (EMI) number 900530. The UK company registration number assigned to VFX Plc and shared by all its brands is 0658936.
Key Industry Partnerships
EasyFX has a partnership with Mastercard International Incorporated who have in turn licenced Paysafe Financial Services Limited to issue the EasyFX prepaid Mastercard.
Encryption and Customer Data
EasyFX takes customer financial information security seriously. Using foreign exchange and remittance tools, the provider has built-in algorithms that ensure proof against marketplace fraud.
Its website is Hypertext Transfer Protocol Secure (HTTPS) which means communication over the computer network is encrypted with Secure Sockets Layer (SSL) technology.
Customer Satisfaction
EasyFX doesn’t have many reviews online. On Trustpilot, it only has 584 reviews out of which 83% are rated 4 and 5 stars. Here is what customers have to say.
- An easy-to-use app – Transferring money through the app is simple and efficient.
- Low to no transaction charges – Customers praised the zero transaction charges and for those in the UK minimal fees on ATM withdrawals and POS transactions.
- Competitive rates – Currency conversions are done at highly competitive exchange rates with margins between 1% and 1.5%.
- Card top-up – Third parties cannot top up your EasyFX prepaid card and this can be inconvenient.
Can I Cancel My Transfer?
Yes, you may cancel your transfer with EasyFX by contacting their support team. However, most transactions are processed fast and it may be too late to recall your payment if it has already been completed.
Top Destinations
EasyFX supports several countries. Here is a summary of the topmost destinations for customers using the platform and the prepaid card:
Customer Support
In case of a query about a transfer, a card transaction or any other issue, you can contact the customer support team through the following platforms.
Telephone: Get in touch with the EasyFX team through +44 (0) 20 7959 6995. Support is available from Monday-Friday, 9am to 5.30pm.
Email: For email support, send your query to [email protected]
Summary
EasyFX is one of the leading foreign exchange and travel money partners that can help you save money in terms of transaction fees and exchange rate margins, while also providing a wide range of other services - such as their prepaid card with zero fees for spending money abroad. It gives its customers, both businesses and individuals, advanced tools and a robust infrastructure to explore the currency market.
Being part of the VFX Plc family of brands, EasyFX benefits from a rich ecosystem that has established strong relationships with players such as Mastercard International and Paysafe Financial Services. And customers enrolled on the EasyFX Pro platform get access to extra tools to forward plan their currency exchange transactions, pay their overseas suppliers and employees, and get wide currency coverage among other benefits.
Using the EasyFX prepaid card, travellers need not worry about holiday money. They can move funds across 14 currencies and spend just like locals. Just to be sure of the exchange rates you will get when using the card in your desired currency and how they compare with other providers, it's important to check what other players offer.
Our money transfer comparison tool can help you quickly find out who’s the cheapest and fastest on your route. EasyFX has always ranked among the top providers on our recommended lists because of the level of innovation and quality of services they offer, but you can never be sure you’re getting the best deal until you’ve compared your options.
