This award-winning, UK-based foreign exchange provider facilitates quick and easy global payments for both private and corporate clients. Combining specialist industry insight with personalised client services, Halo Financial strives to save clients’ money and time when arranging cross-border transactions. In this review we will take a closer look at the finer details of this money transfer service, identifying their efficiency and trustworthiness.
Whether you are an individual client or represent a business, making a one-off payment or setting up recurring currency transfers, Halo Financial provides all clients detailed analysis and bespoke consultancy solutions, direct from their headquarters in London. Since its inception in 2004, the company has received several awards including Feefo’s Platinum Trusted Service, a title they were awarded for the second year running in 2021. Other accolades include Best Customer Focus in the Best Business Awards, Best Money Transfer Provider in the New British Bank Awards and Best Supporting Service at the OPP Gold Awards.
With no maximum transfer limit, Halo Financial is ideal for customers looking to send large sums of money abroad safely and securely. Halo’s competitive exchange rates and fee-free services for currency exchange above £5,000 GBP (or equivalent) helps clients with overseas financial commitments like buying property abroad or transferring their salary to a foreign bank account save time and money on international transfers.
Here we will review the overall cost of Halo Financial transfer services, from the various exchange rates, fee structures and other additional charges.
Halo Financial makes most of their profit from charging exchange rate margins between 0.1%- 1.0% higher than the mid-market rate. The company offers 4 different exchange rate mechanisms, designed to help customers secure the best value money transfer on the market:
Halo Financial does not charge any fees for transfers of foreign currencies exceeding £5,000 GBP (or equivalent). For lower amounts, however, there is a charge of £15 GBP to send money anywhere in the world; this is used to cover administration costs.
As well as the £15 transfer fee, international payments are subject to additional fees in cases where bank processing charges apply, but this will depend on the country customers are sending to or receiving money from. Halo Financial Currency Consultants will provide further information on all additional costs, informing clients of the grand total, ahead of sending or receiving transfers.
Halo Financial supports a selection of 26 major foreign currencies, but the top destinations accounting for most of their clients’ international money transfers are:
With over 15 years experience in the industry, Halo Financial has garnered a reputation as a trusted authority in the industry; but does it tick all the boxes? In this section we will summarise the pros and cons of using Halo Financial.
With Halo Financial you can transfer your currency exchange either over the phone or using your online account. You can pay Halo Financial via CHAPS, BACS, Faster Payment, or Telegraphic Transfer. GBP, EUR and USD Telegraphic Transfers can clear on the same day if the payment has been initiated before the bank’s cut-off time.
Transfers can only be made to a recipient’s bank account: there is no other type of pay-out option with this provider.
Funds can be delivered on the same day when transferring USD, CAD, GBP or EUR, if payment is received by 2pm UK time. All other currencies will be processed the next working day.
Founded in 2004 as a Private Limited Company, registered under no. 5155787, the company’s original office was in Stoughton Road, Oadby, Leicester LE2 4LP. At the time of writing, June 2021, the company headquarters are located in Battersea Studios 2, 82 Silverthorne Road, London, SW8 3HE.
Halo Financial is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN:528727). As part of the regulation, the provider is required to hold client funds in a ‘Safeguarding account’ which is separate from the providers assets. This account is maintained by Barclays Bank PLC.
Founding Directors Gavin Herridge and David Johnson have decades of experience working in the FX and payments sector. The company Directors fulfil strict regulatory governance suitable to conduct payment services. Currently, the Halo Financial team is made up of 26 knowledgeable and attentive employees, who support money transfers amounting to over £1 billion GBP each year.
Halo Financial has one of the highest ratings on Feefo, the customer feedback website, and at the time of writing, Halo Financial has been reviewed 1,192 times acquiring a rating of 4.8/5. To better understand what clients have to say about the company, we have compiled a list of the most common feedback.
Halo Financial makes sending and receiving money quick and simple: the sign-up process is fast and secure, only taking customers a few minutes to receive approval and arrange their first currency transfer.
Step 1. Enter your personal details: these include your full name, date of birth, phone number and email address
Step 2. Next you must enter information about your residential country, city, postal code, place of birth, nationality, household income and occupation
Step 3. At this stage you will receive a SMS code to the number entered in the first step: enter this code into the indicated box, before creating a password and security question. Click Next’ to submit the application
Step 4. Identity verification: You will receive an email from Halo Financial requesting documents that you must provide to verify your name and address. The document which can be provided may include your passport, utility bill or bank statement.
Step 5. You will receive a verification link that will allow you to capture your headshot and the front/back of your passport or national ID. This link is desktop and mobile friendly. Once completed you will receive contact from your dedicated Currency Consultant who will finalise the process and support you with your account sign up.
Step 1. Once your account has been approved, you are ready to make your first currency transfer, and this can be initiated immediately by following the steps below:
Step 2. Log into your online account using your email and password. You may then be asked for the requested characters from your memorable word as a second factor of security verification. Once you are logged into your account, navigate to book a trade and complete the currency and amount field and destination details. You will receive an automated email confirmation stating that the currency has been purchased and payment has been sent.
Step 3. If you would rather conduct your business over the phone, you can contact your dedicated currency consultant.
Step 4. Once you have confirmed your transfer, you will receive an email from your dedicated Currency Consultant confirming the order details, and the bank details that you should pay your money into. When you make a payment, you will receive a confirmation from Halo to confirm the amount and date received. Similarly, when the funds are transferred to the beneficiary, you will receive an email notifying you of the amount sent and the recipient details.
Funds that are being transferred will be deposited into the beneficiary’s bank account. The beneficiary will not need to do anything to receive these funds unless the beneficiary’s country requires the disclosure of funds above a certain amount.
While the Halo Financial website is fully optimised for mobile phone technology, the online trading platform is only available through their website.
Yes, you can cancel your transfer by contacting your dedicated Currency Consultant or the Settlements team; customers are advised to do this at the earliest possible time. If the money has not yet been credited to the beneficiary, it may be cancelled but any costs or losses Halo Financial incurs in the process must be paid for by the customer.
The Halo Financial team is based in Battersea, London, and is on hand to assist customers from Monday to Friday from 7.30 am – 6.00 pm UK time. The best way to receive customer support is to either email firstname.lastname@example.org or call one of the following teams:
As a specialist provider with almost two decades of experience, Halo Financial is in a better position to transfer money overseas than traditional banking options. With great technology, attractive exchange rates and risk management strategies, Halo Financial can remove the stress from currency transfers and is a great option for anyone making high-stakes international money transfers. Currency Consultants stay in touch to communicate any opportunities which allow customers to benefit from any market volatility.
We recommend this company to customers sending large amounts of money across borders: for example, business owners with foreign customers or international employees, or individuals living, working or studying abroad. This is because a £15 GBP fee is applied to all transfers under £5,000 GBP (or equivalent) which is a lot more costly than what other money transfer companies charge for international payments. Whether you need to make a one-off payment or regular transfers amounting to less than £5,000 GBP, we suggest you use our comparison tool to discover a company better suited to your transfer needs.
Whether you want to make one-off payments, automated orders, or regular transfers, Halo Financial will give you personalised cheap money transfer services. In this guide, we’ll look at the provider’s exchange rates, transfer fees, payment methods, and everything else you could want to know about Halo Financial.
With no maximum transfer limit, Halo Financial offers a fast way of transferring large amounts of money, for instance when buying property overseas or sending tuition fees abroad. Halo Financial’s bank-beating exchange rates and fee-free transfers for values above £5000 can help many people save money on international money transfers.
Halo Financial offers a fee and exchange rate structure that sees them come out as one of the most cost-effective international money transfer companies. The transaction fees are also set in such a way as to give high-value transaction customers an advantage when moving money. Here’s an overview of the rates and fees the provider charges.
Halo Financial estimates that it can save you up to 4% of the amount you are transacting in exchange rates compared to banks, and this is indeed what we found when researching the provider. Halo Financial makes its money by charging exchange rate margins that range between 0.3% and 1% above the mid-market rate.
Halo Financial offers four types of transfers that can help you get the best rate possible:
When transferring amounts below £5000, you’ll pay a fee of £15 irrespective of the country you are sending to. Amounts above £5000 are processed free of charge. Comparing this pricing structure with what banks charge – up to £40 per transaction, you can make significant savings with Halo Financial.
Halo Financial will send out the amount as agreed on the transfer contract. However, international payments may attract other fees such as intermediary fees, landing fees and swift charges. These are deducted from the amount the recipient gets and are not controlled by Halo Financial. Be sure to check with your bank and other relevant services and institutions involved in your transfer.
Halo Financial is a reliable provider when making international money transfers either ad hoc or regularly. The personal touch, great technology, and attractive rates make the provider suited to both private and business transactions. Here’s a quick summary of the pros and cons of using Halo Financial to make cross-border transfers.
Halo Financial has simplified how customers pay for their transfers and how beneficiaries access their funds. Here are the payment and withdrawal options you’ll find with Halo Financial.
When using Halo Financial, you can pay for your transfer using online or telephone banking. However, most banks in the UK will send your payment to the provider using either Faster Payment, BACS, or CHAPS. This means you’ll need to make your payment as soon as possible for timely funds clearance.
Transfers are made to your recipient’s bank account. There is no cash pickup, door to door delivery or mobile transfer option with this provider.
Sending and receiving money with Halo Financial is a simple process. We’ll take you through exactly what you need to do right here.
For you to send money either online or via telephone, you must first sign up for an account. The transfer process can be split into 3 stages: signing up for an account, making your transfer, and paying for your transfer.
1. Account signup
Signing up for an account with Halo Financial is simple and fast. You only take a few minutes to get approved and begin trading. Here are the steps involved:
Halo Financial will also send you a verification link that you can activate via mobile or on the computer to enable you to capture your headshot and the front and backside of your national ID. Your Halo Financial consultant will contact you to finalise the process. You can also sign up for an account through the phone.
2. Making your transfer
Once your account is approved, you can initiate a transfer right away through the following steps:
3. Paying for your transfer
When you confirm the transfer, you will receive an email with the order details including the bank details you should pay into. You can transfer funds online or via the phone to the designated Halo Financial bank account. For prompt transfers ensure the funds get to the provider by the cut-off time – noon (UK time).
Once you make the payment, you’ll get a communication from Halo Financial either by SMS or email confirming the amount and date received. Similarly, when the funds are transferred to the beneficiary, you will receive a notification of the amount sent and the designated recipient.
The funds are deposited into the beneficiary’s account. There is nothing the recipient needs to do except in countries where the government requires disclosure for funds above a certain amount.
Halo Financial doesn’t have a mobile app. However, their site is mobile optimised.
When transferring money online, the minimum is £250, and the maximum is £30,000. Over the phone, transfers have a minimum of £1,000 with no maximum limit.
Halo Financial has grown over time to establish a solid track record in foreign exchange and cross-border money transfer services. Even with the global foreign exchange market becoming overly crowded, increasingly impersonal and highly automated, the provider has maintained a personal touch with its customers.
Here is a summary of what reassures clients when dealing with Halo Financial either at the private or corporate level.
Halo Financial was founded in 2004, and incorporated in the United Kingdom as a private limited company under company number 5155787. Its initial registered office was Stoughton Road, Oadby, Leicester LE2 4LP but that has since changed to its current headquarters at Battersea Studios 2, 82 Silverthorne Road, London, SW8 3HE, United Kingdom.
Founding directors Gavin Herridge and David Johnson have years of financial experience between them, having both worked at Moneycorp before leaving the company to start Halo Financial. The provider’s vision and indeed the focus of its founders is to provide excellent customer service, best exchange rates, and an accessible range of currency services.
The provider is registered with Her Majesty’s Revenue and Customs (HRMC) as a Money Services Business under registration number 12197454. It also has the Financial Conduct Authority (FCA) licence to offer payment services.
As part of the regulation, the company is required to hold client funds in ‘safeguarding accounts’ also known as segregated accounts separate from the provider’s assets. The accounts are maintained at Barclays Bank PLC.
Currently, the provider has a team of about 50 employees drawn mostly from the United Kingdom, the United States, and Canada. Together they ensure Halo Financial customers are guided in compliance, settlements, foreign exchange risk management, and network infrastructure support. On average Haloi Financial transfers over £500 million each year.
Encryption and customer data
Investors and awards
Gavin Herridge owns over 75% of the shares in Halo Financial hence a person with significant control (PSC). In terms of awards, the provider has quite a collection as summarised below:
The company has also featured in prominent media such as Bloomberg, The Telegraph, Yahoo! Finance News, The Times, CNBC and several others.
Halo Financial has one of the highest customer experience ratings on the Feefo review site. It has a total of 1,052 reviews and a 4.9/5 rating. The reviews with 4 and 5-star ratings account for 97.3% of all reviews. This is what customers had to say about their experiences.
Yes, you can cancel your transfer by contacting your currency consultant or the settlement team at the earliest time possible. If the money hasn’t already been credited to the beneficiary, it may be cancelled but any costs and losses Halo Financial incurs in the process will be transferred to you.
Halo Financial supports a total of 31 currencies but the destinations accounting for most of the transfers are:
The provider has put together a knowledgeable team of currency specialists and customer engagement professionals to offer support. Their offices are open Monday to Thursday 7:30 am to 6:00 pm and Friday 7:30 am to 5:30 pm UK time. You can reach the team via phone or email.
Halo Financial combines decades of experience and technology to provide its customers with a wide range of personalised currency services. Whether you are a business looking to protect your profits from volatile exchange rates or an individual after fast and cheap money transfers, Halo Financial has that and more.
Its wide array of transfer solutions including spot transfers, forward trades, automated orders, and regular currency trades cover all the possible scenarios in international payments.
When you sign up for an account, you’ll be assigned a dedicated currency consultant who will be your personal guide in all your trades. With just a phone call or email, your queries will be registered and attended to.
Transfers are made directly to the recipient’s bank and notifications sent to both you and the beneficiary if requested. However, if you are looking for cash pickup, home delivery, or mobile transfer payout options, you’ll have to shop around for an alternative provider.
Overall, Halo Financial is a money transfer provider with a tightly knit family of experienced professionals. This notwithstanding, you should shop around to see what other providers offer. Our money transfer comparison tool can help you make a quick analysis of who’s fast, cheap, and efficient on your currency route to get you the best deal.