Global Reach is a UK-based international money transfer and foreign exchange service founded in 2001. Its initial focus was on offering corporate foreign exchange solutions, but over time the company has registered tremendous growth and made strategic acquisitions, helping it enter into the personal cross-border money transfer space. Below is a breakdown of Global Reach services, including the fees you can expect to pay, payment methods available, and anything else you could need to know when selecting a money transfer provider.
Driven by a strong management team and an experienced executive board, Global Reach has implemented a more client-focused strategy anchored on people, technology, and compliance. The company has over 140 employees in its different regions and service centres.
To date, Global Reach has helped over 25,000 clients make fast cross-border remittance payments in more than 140 currencies. In 2018 alone, the company handled transactions of £4.9bn in a wide variety of currencies. On Trustpilot, 94% of clients gave Global Reach 4 and 5-star ratings showing such a strong level of satisfaction and trust.
In addition to its London head office, the provider has global offices in Cyprus, South Africa, Netherlands, Spain, and another UK office in Cornwall. Global Reach is not available in the United States, but you can use the platform to transfer money to your recipients overseas.
Global Reach charges its clients transaction fees and exchange rate margins in order to continue operating as a business. Here’s a summary of what you can expect to pay.
Global Reach, much like other money transfer providers, charges exchange rate margins or spreads based on the volume of currency traded and the transfer route. It’s ‘Best Exchange Rate Guarantee’ feature means that whatever rate other providers offer you, Global Reach can beat it as long as the quote is verifiable.
If not using this service, then Global Reach’s exchange rate margins tend to be in the region of 2% above the mid-market rate. For instance, if you transfer £2,000 to Australia, the recipient will get A$3,860.38. This translates to a spread of 1.88%. Making a similar transfer to Canada will see your beneficiary receive C$3,367.19 meaning the margin charged is 2.09%.
Compared to high street banks that charge an average margin of 3.8%, Global Reach gives its customers real savings on their overseas transfers.
According to its website, Global Reach states that it doesn’t charge maintenance fees for both its corporate and personal accounts. This means you won’t see any monthly fee deductions on your account. However, it charges a telegraphic transfer fee (transaction fee) of up to £20. Transfers above £3,000 are processed without any fees.
The fees Global Reach charges do not include other costs your bank may charge you or fees the receiving bank may charge the beneficiary. Such fees include transaction processing fees, cash advance fees for credit card payments, landing fees, SWIFT charges, and intermediary bank charges.
For instance, when making a transfer from the United Kingdom to Kenya, the recipient may be charged up to $7.20 in SWIFT charges. Money transfer providers such as Global Reach are not able to control these fees, so it’s always good to confirm with your bank so that you know all the applicable fees.
Global Reach stands out as one of the leading international money transfer companies, leveraging the expertise of its global talent pool. Through acquisitions and partnerships, the company has grown its competence and competitiveness to whole new levels. Below is a look at the pros and cons of using their service.
As with any other transfer provider, Global Reach has specific ways its customers can use to pay for and receive transfers. Below is a look at how you can make payments and ways the recipient can withdraw the money transferred.
There are two main ways you can pay for your transfers with Global Reach:
Global Reach transfers money directly to the recipient’s bank account. Looking at the size of transfers, most of which are above £3,000, bank deposits are the best way for the beneficiary to get the funds.
Sending money with Global Reach is simple and efficient, thanks to the guidance of their currency specialists. You begin by opening an account and then proceed to make your transfer. The following are the steps to follow:
To send money using Global Reach, you’ll need to make an account and then go through the transfer process on the site. These are the steps you have to go through in order to open a Global Reach account:
1. Account Details
Global Reach will ask you to fill in your name, nationality, job title, date of birth, phone, and email.
2. Transfer Requirements:
Every customer is different and this is why Global Reach goes a step further to ask for information about your specific transfer needs. You have to fill in the main purpose for opening the account, the amount of money you plan to transfer in the next one year, the currencies you have, and the currencies you need. You’ll also fill in the destination country and when Global Reach should expect your first transfer.
3. Final Details
You’ll be asked to give your address including the city and country you live in, whether or you are signing up for a joint account, and if the funds will be coming from a third party.
4. Proof of identity and address
Global Reach accepts photocard driving licenses, national identity cards, and current valid passports as proof of identity documents. For proof of address you can provide a utility bill, bank or credit card statement, solicitors letter, mortgage statement, current state pension notification or any other official document you may have.
Account approvals are processed within office hours Monday to Thursday from 7:30 am to 7 pm and on Friday starting from 7:30 am to 6 pm UK time. It may take up to 2 working days for your account to be approved.
Making a transfer
Once you have had your account approved, these are the steps to take in order to make a transfer on Global Reach:
1. Make your order
You can make your transfer on the phone or through the online platform. Simply input the beneficiary details which include their name, account details and address. Then instruct Global Reach to transfer the purchased currency to the designated payee.
2. Pay for your transfer
You can transfer your funds to the Global Reach bank account using your debit or credit card or from your bank account. Once the provider has received your funds, they will be credited to your payment account.
3. Foreign exchange conversion
In line with your instructions, the funds are withdrawn from your payment account and converted to the destination currency.
4. Transfer to the beneficiary
Global Reach sends the funds to the beneficiary bank account as per your instructions.
If you’ve paid for your transfer and 48 hours have elapsed without Global Reach acknowledging receipt of your funds, get in touch with them. Most transfers take a maximum of 3 days to get to the recipient.
Global Reach transfers funds directly to the recipient’s bank account. As long as you’ve given the correct bank details, the funds should arrive with them without any further action needing to be taken.
No. Global Reach doesn’t have an app. All transfers are made through their mobile-optimised online platform or via phone.
On average transfers take between 1-3 days to be delivered. However, this largely depends on how you pay for your transfer and the destination. Bank transfers are slower than card payments hence your transfer may take more time.
Global Reach offers a minimum transfer amount of £1,000 or the equivalent in the currency you are sending from. There is no maximum transfer limit.
This means that Global Reach in general is more suitable for large transfers or business transactions, as many personal transfers will fall below the £1,000 limit. If you’re looking to transfer smaller amounts, use our comparison tool to find the right provider for your needs.
The short answer to this question is yes. Global Reach is a credit money transfer service provider that has won the trust of both individual and corporate clients. The company is proactive in getting clients the best rates and structured foreign currency options that help them mitigate risks posed by currency fluctuations. Here’s a summary of the research we have done into Global Reach.
Global Reach Partners Limited is a registered private limited company in the UK. Initially, it was incorporated as Corporate FX Limited on December 21, 2001, under company number 4344764. It began trading in 2002 recording a turnover of £337,122 for the fiscal year.
In June 2007, the company changed its registered office from 1 Bentinck Street London W1U 2ED to 163 Eversholt Street London NWI IBU. In January 2002 the registered office changed again to 5th floor 62 Cornhill London EC3V 3PL.
On June 15, 2009, the company filed for a change of name to Global Reach Partners Limited pursuant to a special resolution by members. In July 2012, Global Reach changed its registered address to 5th floor 4 Coleman Street London. In February 2017, the registered office was moved where it is today on 2nd Floor, Woolgate Exchange 25 Basinghall Street London, EC2V 5HA.
In 2016 Global Reach Partners Limited acquired FC Exchange, leading payment solutions and international money transfer provider. This allowed it to build scale and add capabilities. In 2018, Global Reach Partners Limited and FC Exchange merged into a united brand that we now know as Global Reach.
Global Reach Group Limited (company number 09907831), Global Reach Partners Limited (company number 04344764), Global Reach Markets Limited (company number 07026070) and Foreign Currency Exchange Limited (company number 5452483) are all part of the Global Reach corporate group.
Global Reach is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payments Institution under reference number 504315. It also has a separate FCA authorisation allowing it to trade as an Electronic Money Institution under reference number 900205.
As part of FCA’s Payment Services Regulations 2017, the company is required to separate clients’ funds from business finances. The funds are held in a segregated client account maintained at a reputable bank in the UK.
Encryption and customer data
Information is handled as per the General Data Protection Regulation (GDPR) to ensure safety. Global Reach also has proprietary software that helps to secure information on their platform thus guaranteeing the safety of client’s funds and transactions. Any file uploads are handled by a Secure File Transfer Protocol (SFTP) embedded on the provider’s infrastructure.
Investors and awards
In March 2016, Inflexion Private Equity Partners LLP completed its management buyout of Global Reach Partners. The acquisition made the private equity firm the major shareholder in the business.
On November 30, 2018, Global Reach Group Limited was acquired by Global Reach Group Holdings (Jersey) Limited. The controlling parties to the holding company are two Inflexion Buyout Fund (IV) Limited Partnerships.
Global Reach has earned several prestigious industry awards to mark its excellent services to customers, such as:
On Trustpilot, Global Reach has 642 customer reviews, out of which 500+ are five-star rated. Common positives and negatives that appear in these reviews are:
Global Reach doesn’t guarantee that cancellations will be successful. Where the payment has already been credited to the beneficiary’s account it can be recalled only if the recipient agrees. There could be some charges and fees incurred in the process.
Global Reach supports lots of currency pairs both the frequently traded such as the Euro, United States Dollar, and Great British Pound – along with less frequently traded currencies on the foreign exchange market. The following are among the top destinations that the provider supports:
Customers who have questions or complaints about any of Global Reach’s products and services can talk to the customer support team. There are two ways of getting in touch with them:
There is also a dedicated email for handling complaints which is email@example.com. People calling from outside the UK can use +44 (0)20 3465 8200. The international line goes through to Dune Worldwide Limited, formerly known as Global Reach Partners International Limited. Support is available in English only.
Global Reach is a currency solutions powerhouse offering more than just international money transfers and foreign exchange solutions. From as early as 2002, businesses have relied on the provider for customised solutions including hedging and other currency risk management solutions. Individual customers have also enjoyed making transfers to a wide range of destinations thanks to the platform’s support for over 140 currencies.
You can sign up for an account from virtually anywhere in the world except the United States. However, you make a transfer to a beneficiary in the United States. After your account is approved, you can immediately initiate a transfer either online or over the phone. Paying for your transfer is simple, using your debit card, credit card, or bank account you can transfer money to Global Reach for onward transfer to your recipient.
Beneficiaries will have the funds deposited into their accounts meaning there is no hassle trying to locate a secure pickup location to withdraw their funds. In case of any query in between transfers, customers can get in touch with the Global Reach customer support team for help. They are available during the week but not on weekends, and unlike some providers, Global Reach does not have a live chat service, nor does the company have a mobile app.
To enjoy the benefit of fee-free transfers, you can plan your remittances so that the size of individual payments is over £3,000. Even for people making transfers below £3,000, they still enjoy low fees and attractive rates. However, Global Reach doesn’t support transfers below £1,000.
For the best rates on any transfer route, we advise our customers to always use our money transfer comparison tool. It shows you at a glance who’s the cheapest and fastest. From our experience, Global Reach is likely to come near the top of our recommendation list if you’re looking for a reliable and good value service to transfer large amounts of money around the world.