Exchange4Free Money Transfer Review

Exchange4free is a UK-based international money transfer company founded in 2004. The service aims to provide quick, low-cost currency conversions and global payments. In our review of Exchange4free we will evaluate the quality of their international money transfer services and compare the leading factors of this provider to the options offered by specialist operators in the remittance industry.

About Exchange4Free

The main advantage of using Exchange4free instead of a bank is the fee-free service and promise of no hidden charges. Rather than adding fees to each transfer, Exchange4free generates profits through small margins applied to currency conversions.

While the service is available in over 100 countries, customers in the United States are restricted to only receiving money and cannot send cash through Exchange4free. Over the course of nearly two decades, the company has dealt with thousands of transactions, amounting to an estimated 5 billion dollars. This is a comforting indicator that this company can be trusted and delivers what they advertise.

Exchange4free exchange rates, fees & costs

Learning about the fees and currency conversion rates applied to Exchange4free remittances is the best way to identify the overall cost of this money transfer service.

Transfer fees: There are no transfer fees when using Exchange4free. However, a small foreign exchange spread will be applied when sending an international transfer in a different currency.

Exchange rate: Exchange4free makes money by charging a margin on top of the mid market rate. Customers will be charged a markup of 0.25%, significantly lower than the industry average, and far more competitive than traditional banks that add 4 - 6% to FX conversions.

Other fees: There appear to be no additional costs to consider when using Exchange4free. Using this provider will be cheaper than any bank as you will not pay transfer fees and the exchange rate is much more competitive.

Top destinations for sending money with Exchange4free

Exchange4free offers transfers to more than 100 countries, in 60 different currencies. Further to this, many competitor companies do not service less popular transfer corridors, but Exchange4free can guarantee fast transfers to even the most remote countries. The most popular destination for sending funds is the continent of Africa, but Exchange4free is popular across countries in Europe, Asia, Oceania, North and South America too.

In 2021, Zimbabwe reached a record high of USD 1.4 billion in foreign currency remittance inflow.

Cameroon is one of Africa’s largest recipients of remittance inflows. Mobile money providers are extremely popular in this country for their ease of sending money instantly, regardless of location.

Most remittances in Egypt come from Egyptians working abroad and sending money back home. In 2021, remittances from that dynamic alone reached USD 31.5 billion.

Pros & Cons of using Exchange4free

Before creating an account, we recommend weighing up the pros and cons of Exchange4free. We have put together a list of the most important factors to consider when deciding whether to use this service:


Global network coverage: Exchange4free supports over 100 countries across every continent, offering 60 different currencies
No transfer fees: the company is transparent about their fee structure, and no fees are applied or hidden during a money transfer
High performing mobile app: Exchange4free has a well-designed smartphone application that makes it easier to convert currency and transfer funds; the app works on Android and iOS, so no users are excluded
Fast transfer speed: Depending on the country and currency, transfer speeds will take just 24 hours, although some transfer corridors take 3 to 5 days
Live chat: Customer support is essential and Exchange4free has a great live chat option for customers that need help when using the platform


Not available in the US: American customers cannot create an account but they can receive bank transfers from Exchange4free
No limit orders: The service has no option to place limit orders when sending an international transfer. This means you may end up paying more conversion fees than usual
Long wait times: Some customers have reported a wait time of more than 30 minutes when contacting customer support
Compare with other providers using our comparison engine

What type of transfers can you make with Exchange4free

Using a payment service with multiple transfer options is ideal because it offers convenience when sending cash. Having flexibility will be beneficial in many situations as recipients may have a preferred pay-out method.

Exchange4free offers two types of transfer methods:

  • Cash pickup: This option requires the sender to transfer cash and the recipient to collect the money from a physical location. The benefit of this payment method is the transfer is instant meaning the recipient can immediately pick up the cash once the transfer is completed. This is the perfect choice for customers based in remote places and those who do not have a bank account

  • Direct deposit: This option involves using the international Wire Transfer system to send funds. Although a much slower option compared to cash pickup, many customers prefer to receive funds to their bank

How long will it take to receive money using Exchange4free?

Knowing the delivery speed of a money transfer is important if you are trying to meet a deadline for a time sensitive payment. Exchange4free has two transfer options which drastically differ in speed. Bank transfers usually take 1 to 3 business days, with some payments taking up to 5 days. However, with cash pickups, transfers can be processed within 24 hours.

Therefore, if the recipient needs to receive money quickly, the best option is to do a cash pickup transfer. This will require the recipient to visit a physical location that offers collection. On the other hand, bank transfers are often deemed more secure and remove the need for the recipient to spend time traveling to a physical location.

What payment methods can I use when sending money with Exchange 4free?

When you create an account with Exchange4free, you will need to make a deposit to make your first transfer. Currently, the platform offers three ways to deposit funds into your accounts: debit or credit card, or bank transfer.

The best option is to use either a credit or debit card because the funds will be transferred instantly and appear in your Exchange4free account. Moreover, your card details will be saved, making it faster to top up your account in the future.

What are the best reasons to use Exchange4free?

Understanding the main selling points of Exchange4free is crucial because it will help you decide if the service matches your requirements.

The first reason Exchange4free is a great money transfer operator is due to the fee-free guarantee.

In addition to this, their exchange rates are extremely low, with a minor 0.25% mark-up on foreign currencies. This means you do not lose money when making multi-currency payments.

Thirdly, Exchange4free support over 60 currencies across multiple nations, making it easier to send cross-border transfers to remote countries. Additionally, cash pickups are instant which is a huge draw for many customers who are meeting time-sensitive demands.

Check out our guide to Sending Cash Abroad

Can I trust Exchange4free?

Before creating an account and using Exchange4free to transfer cash, you must ensure that it is a trustworthy service. The Financial Conduct Authority regulates Exchange4free in the United Kingdom so customers can rest assured this is a regulated company adhering to the necessary guidelines they are a reputable brand. The company is also regulated in Canada, South Africa, Switzerland, the Philippines, Israel, and across EU countries.

Moreover, Exchange4free uses SSL encryption that protects customer data from being breached. Another layer of added security is the two-step authentication which is used to keep accounts secure. Another way to gauge the trustworthiness of Exchange4free is by reading reviews left by other users: the comments are generally overwhelmingly positive.

What do users have to say about Exchange4free?

The best way to learn about a company is by reading reviews left by users. Exchange4free has a user score of 2.2 out of 5 on Trustpilot, and 4.3 on Facebook. On Trustpilot some users complain that transfers take too long, with delays for certain currency pairs. This may be happening to customers who are sending money to remote locations that do not have advanced transfer systems like in developed nations, however it is still worth noting.

Overall, the company’s average online rating is 3.5 out of 5, which does not create cause for concern but is not as good as competitors in the market. Some users have given 1 star ratings due to delayed payments, slow customer support, and problems understanding the Exchange4free platform.

The main takeaways from these reviews are that this is a great service for customers sending funds to Africa, transfer speed is generally far quicker than banking services and global coverage is impressive.

Find the money transfer company for you in our Reviews section

How to get started with Exchange4free to send & receive money

To help you get started with sending and receiving money on Exchange4free, it is important to understand the basics. We have written the following guide and broken it down into four easy to follow steps:

Sending Money Online Using Exchange4Free

Setting up your account with Exchange4Free is a simple process and sending funds will take 5-10 minutes.

1.Step 1 Open account
2.Step 2 Deposit funds
3.Step 3 Choose the destination
4.Step 4 Send

Sending Money Through the Phone Using Exchange4Free

If you’re looking for an instant quote, or personal service, calling Exchange4Free’s team of FX dealers can help you with this. That will also be a quick process of around 5-10 minutes.

1.Step 1 Open account
2.Step 2 Call
3.Step 3 Deposit
4.Step 4 Check your account

Sending Money Through the Exchange4Free Mobile App

The Exchange4Free mobile app allows users to make payments on the move from the palm of their hand. Working in a similar way to the Exchange4Free website, the whole process should take between 5-10 minutes.

1.Step 1 Open account
2.Step 2 Send Money
3.Step 3 Deposit
4.Step 4 Receive funds

Receiving Money from Exchange4Free

Exchange4free has three options when it comes to receiving money, making it a convenient process that can be completed in a few clicks.

Receiving Money from Exchange4Free to Your Bank Account

Your friends and family can send cash through Exchange4Free to over 100 countries worldwide. The time that the funds take to appear in your account can vary depending on a few factors, from the location that the money is being sent from, to the timing of the transfer. On average, users transferring internationally will find that transfers typically take between one-to-five business days.

1.Step 1 Provide deposit details
2.Step 2 Receive funds

Receiving Money from Exchange4Free to Your Digital Wallet

One of the key features of the Exchange4Free app is that it also acts as a digital wallet, allowing users to send money to other users. There are many different factors that can vary the amount of time it takes for money to arrive in your E4F wallet. Although on average international transfers clear between one-to-five business days.

1.Step 1 Open account
2.Step 2 Inform Payee
3.Step 3 Receive funds

Receiving Money from Exchange4Free to a Cash Pick-Up Location

Exchange4Free boasts over 250,000 cash pick up locations across 80 countries. To find your nearest location you’ll need to register for an account on the Exchange4Free website. Cash pick-ups are instant, which makes them ideal for those that need cash in a hurry.

1.Step 1 Sign up
2.Step 2 Transfer number
3.Step 3 Receive funds

Does Exchange4free have a mobile app?

Exchange4free offers a smartphone application which is available to download on iOS, Android, and Huawei devices. The app has an average rating of 3 out of 5 stars, although it does not have many reviews. The application is free to download, and offers the same features available via desktop browser, but you must have an Exchange4free account to use these services.

Check out our guide to the Best Money Transfer Apps

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.