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Scoring EasyFX
In our our EasyFX we’ve looked at the fees and exchange rates, transfer speed and limits, product offering and ease of use, safety features, and customer feedback.
With zero international fees, 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 what you can expect from money transfers using EasyFX:
- EasyFX offers zero fees on all currency conversions but they largely focus on large transfers so may reject smaller ones.
- When using an EasyFX travel money 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.
- Exchange rates are ~1% - 1.5% above the mid-market rate. In the currency market, this is considered fairly competitive.
- Businesses can access advanced foreign currency hedging solutions such as forward contracts through the EasyFX Pro platform.
- While the trading platform is available 24/7, customer support is available only during working hours: Monday to Friday 9:00 am - 5:30 pm.
- Beneficiaries can only get funds through their bank accounts. If you are looking for other options such as cash payout, you’ll be better off using OFX or TorFX.
- EasyFX supports 22 currencies, 14 of which are available through the travel money card. Compared to other players in the industry such as Wise’s multi-currency account this is a small currency pool.
EasyFX fees and exchange rates
Fees and rates
Whatever the pair of currencies you are trading, EasyFX assures you of highly competitive rates and zero transfer fees.
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; nothing is mentioned in the reviews and forums.
The only way to know the rates is by signing up for an account or calling them.
This is a red flag as it means the exchange rates are set at the time of the transfer, hence, you won’t know what you’re paying until you are about to make a transfer.
From the information we gathered, 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, the amount, and the market conditions.
This may not be as bad, considering you should be using money transfer brokers for large transfers.
International transfer 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.
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.
To put these numbers into perspective, let’s imagine you’re making a $250,000 transfer from the US to a bank account to buy a house or for business in the following countries:
Country | EasyFX fees (1.5% markup) | OFX fees (1.3% markup) | Airwallex fees (0.5% markup) |
|---|---|---|---|
$3,750.00 | $3,250.00 | $1,250.00 | |
$3,750.00 | $3,250.00 | $1,250.00 | |
$3,750.00 | $3,250.00 | $1,250.00 |
*These are estimates and will heavily depend on your circumstances.
Transfer speed
Transfer speed
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 3 PM if you need it to reflect in your EasyFX account the same day.
When making transfers from outside the UK, you may have to wait up to 48 hours for the funds to register on the EasyFX account.
Transactions in USD/CAD, Euro, and GBP can be delivered on the same day.
Transfer limits
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.
Product offering
Product and offering
Supported currencies & destinations
EasyFX supports transfers between X currencies, including:
United Kingdom (GBP)
United States (USD)
European Union countries (EUR)
United Arab Emirates (AED)
Australia (AUD)
Canada (CAD)
Switzerland (CHF)
Denmark (DKK)
Norway (NOK)
New Zealand (NZD)
Poland (PLN)
Singapore (SGD)
Israel (ILS)
Japan (JPY)
Sweden (SEK)
South Africa (ZAR)
Hong Kong (HKD)
Thailand (THB)
Bulgaria (BGN)
Czech Republic (CZK)
Hungary (HUF)
Kenya (KES)
Mauritius (MUR)
Mexico (MXN)
Oman (OMR)
Pakistan (PKR)
Turkey (TRY)
Bahrain (BHD)
India (INR)
Kuwait (KWD)
Nigeria (NGN)
Qatar (QAR)
Romania (RON)
Saudi Arabia (SAR)
Uganda (UGX)
Sri Lanka (LKR)
These are available as base and destination currencies.
Transfer types
EasyFX offers transfer services for various reasons, including:
Buying or selling property
Moving abroad
A one-off payments
Travel money
Regular payments
All can be done through the online platform, over the phone, and using the app.
Payment methods
You can make debit card payments or use bank transfers to top up your EasyFX account.
Credit cards, maestro cards, and prepaid cards are not accepted.
Receiving methods
Payments to beneficiaries are made directly to their bank accounts.
However, you can order 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.
Travel money card
With their travel money card, you can hold and spend 14 currencies at no cost.
The only fee you pay is the first top-up of £50.
This is useful for frequent travelers as you will benefit from better exchange rates. However, do not confuse this with a multi-currency card.
Travel money cards do not have local accounts, meaning you don’t get account details for each currency, while you do with many multi-currency cards.
Mobile app
EasyFX has a mobile app available as a free download on the 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 a replacement or additional cards for your family and colleagues
Ease of use
Ease of use
Customer service
In case of a query about a transfer, or a card transaction, or any other issue, you can contact the customer support team via the following:
Telephone: Get in touch with the EasyFX team through +44 (0) 20 7959 6995. Support is available from Monday-Friday, 9 AM to 5.30 PM.
Email: For email support, send your query to support@easyfx.com
Safety and trust
Safety and trust
Legitimacy of 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.
Through VFX, EasyFX is authorized 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
Protection of customer data
Customer feedback
Customer feedback
EasyFX doesn’t have many reviews online. On Trustpilot, it only has 1395 reviews out of which 83% are rated 5 stars. Here is what customers have to say:
- Transferring money through the app is simple and efficient.
- Zero transaction charges and for those in the UK minimal fees on ATM withdrawals and POS transactions.
- Currency conversions are done at highly competitive exchange rates with margins between 1% and 1.5%.
- Third parties cannot top up your EasyFX prepaid card and this can be inconvenient.
Making international transfers
Here are the ways you can send and receive money with EasyFX.
Sign Up for an Account
Register for an account through the app or website and verify your identity by providing proof of ID and proof of address.
Then wait for 24-72 hours for your account to be approved before you start trading.
Make Your Transfer
Log on to your EasyFX account, select your beneficiary, or add a new one before clicking on the ‘Send
Payment option.
On the ‘Send Payment’ page, enter the amount you wish to transfer.
Confirm Your Payment
Check that all the details are correct and click ‘Confirm’ to send the payment.
You will receive a message telling you that your payment has been successful.
If you are making a payment using your debit card, remember that only Visa and Mastercard are accepted.
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.
Receive international transfers
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.
How EasyFX compares to other transfer services
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
EasyFX: Is it good for transfers abroad?
EasyFX offers a decent service if you’re planning to take advantage of everything they offer, otherwise, you are better off by using an alternative.
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.
Those 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.
With the EasyFX prepaid card, you can move funds across 14 currencies and spend just like locals.
As I mentioned, if you just want to make a large transfer abroad, you should consider alternatives that also specialize in large transfers and offer better exchange rates.
Use the form below to get yourself a better deal on large transfers tailored to your needs.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
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