.svg)
Scoring Halo Financial
With over 15 years of experience in the industry, Halo Financial has built a reputation as a trusted authority in the industry; but does it tick all the boxes?
In our Halo Financial review, we’ve looked at their fees & exchange rates, transfer limits, transfer speed, offerings, ease of use, legitimacy, and customer feedback.
For a quick overview, here is what you can expect from Halo Financial:
- Halo Financial assigns a currency consultant to each account. They give you up-to-date information on how the markets are doing and call you when the exchange rate is in your favor.
- Transfers made in US Dollars, Euros, Pounds Sterling, and Canadian Dollars are usually delivered on the same day. Most of the other currencies are delivered the next business day.
- Transfers above £5000 have no fee saving you up to 4% compared to high street banks.
- You can choose spot transfers, forward transfers, or regular currency transfers to protect you from currency volatility.
- Accounts are usually approved within the same day. Corporate clients can take one business day.
- Halo Financial supports the following 26 of the most popular currencies.
- The minimum amount you can send using the Halo Financial online portal is £250. When sending money over the phone the minimum is £1000.
- When trading using the online platform, you only have a few currencies you can trade with. The provider only supports trades in CAD, NZD, AUD, USD, and EUR. For any other currency, you’ll have to do it over the phone.
- If you are looking at trading on the go using your mobile, Halo Financial doesn’t give you that advantage. They have no mobile app, but their website is optimized for mobile viewing.
Know the difference
Halo Financial is a currency broker, also known as a managed service provider.
They will handle the transfer for you at competitive exchange rates and fees tailored to your needs.
Providers like Wise on the other hand are known as online-only money transfer services or self-managed, meaning you handle your own transfer, and the fees are generalized for everyone.
Money transfer brokers are best used for large transfers such as buying property, paying tuition fees, making business payments, etc… while online-only services are better for recurring and small transactions.
Halo Financial fees and exchange rates
Fees and rates
Halo Financial charges a fee and exchange rate markup to generate profit just like many other money transfer services.
Exchange rates and payment solutions
Halo Financial makes most of its 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 you secure the best rates on the market:
Spot rates
If you are looking to make a currency exchange on the day or within a few days at the current exchange rate then a spot contract is the way to go.
You will be assigned your own dedicated “Currency Consultant”, who will advise on the best time to make your trade to ensure you get the most out of the current exchange rate.
Forward trades
This is an effective and flexible currency solution for those who want to protect desired exchange rates from forex market volatility.
Forward Trades give you the ability to plan ahead; Halo Financial will agree to exchange a specific currency pairing at a fixed exchange rate which can be transferred and delivered on an agreed date up to 24 months in the future.
Automated orders
Working with your dedicated “Currency Consultant”, you will be able to buy or sell currency at a predetermined target level, enabling you to take advantage of exchange rates, around the clock.
This is a strategic currency exchange solution that helps target better exchange rates by protecting you against market fluctuations.
Regular currency transfers
A convenient currency exchange solution for those looking to arrange recurring currency transfers.
Halo Financial receives funds on a standing order basis and your dedicated “Currency Consultant” will use these funds for money transfers sent on scheduled dates to approved beneficiaries.
This currency exchange solution is a great option for any businesses making multiple, regular payments, who want to avoid ad-hoc payments.
International transfer fees
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.
To put these numbers into perspective, let’s assume you’re making a business payment of $100,000 from the US via bank transfer to a bank account in the following countries:
Country | Halo Financial fees (1% markup) | OFX fees (1.3% markup) | EasyFX fees (1.5% markup) |
|---|---|---|---|
$1,000.00 | $1,300.00 | $1,500.00 | |
$1,000.00 | $1,300.00 | $1,500.00 | |
$1,000.00 | $1,300.00 | $1,500.00 |
*These are generalized fees and will heavily depend on your circumstances and needs.
Once your transfer is locked in, 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.
Transfer speed
Transfer speed
If you transfer in US Dollars, Euros, Pounds Sterling, or Canadian Dollars before the cut-off time, funds will be delivered the same day.
For other currencies, expect deliveries in 1-2 days.
Transfer limits
Transfer limits
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.
Product offering
Product offering
Supported currencies & destinations
Halo Financial supports 171 currencies as base and destination currencies.
Here’s a list of all supported currencies:
Payment methods
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.
While the Halo Financial website is fully optimized for mobile phone technology, the online trading platform is only available through their website.
Receiving and withdrawal methods
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.
Ease of use
Ease of use
Customer service
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.
Phone
Private client support is available at +44 (0) 20 7350 5474, for corporate support call +44 (0) 20 7350 5470.
They also have a dedicated line for settlements which is +44 (0) 20 7350 5471.
All the lines are toll numbers and are only open during working hours.
Safety and trust
Safety features
Legitimacy of Halo Financial
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) license 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
Customer feedback
Customer feedback
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 1,490 times acquiring a rating of 4.9/5.
To better understand what clients have to say about the company, we’ve put together a list of the most common feedback.
- Halo Financial has a professional, friendly, and knowledgeable customer service team.
- Currency Consultants explain every step of the process, making transfers seamless and easy to understand.
- Users report transfers are swift to set up and delivered quickly.
- The provider offers great exchange rates according to many users.
- According to some users, the fees charged for sending and receiving money overseas require further clarity.
- The company’s fee structure means the overall cost is higher than their competitors which is off-putting for some.
- Some reviews mention a delay or longer-than-expected delivery times.
- A few customers complained of isolated cases of lack of commitment by employees and delayed transfers.
Opening an account with Halo Financial
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.
Fill in your details
Enter your details including your full name, date of birth, phone number, and email address
Next, you must enter information about your residential country, city, postal code, place of birth, nationality, household income and occupation
Activate your account
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
Submit documents
You will receive an email from Halo Financial requesting documents that you must provide to verify your name and address.
The document that can be provided may include your passport, utility bill, or bank statement.
Verify identity
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 finalize the process and support you with your account sign-up.
Once you’ve registered for an account and provided your identification, Halo Financial can process your application in minutes for private individuals and within the same working day for business clients.
Making international transfers
Once your account has been approved, you’re ready to get started.
You’ll find that it takes just under ten minutes to send your first transfer. We’ve broken the process down into some easy-to-follow steps:
How to Send Money Online with Halo Financial
Open account
Simply log in to 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.
Book a trade
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.
Confirm transfer
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.
Receive confirmation email
When the funds are transferred to the beneficiary, you will receive an email notifying you of the amount sent and the recipient details.
How to Send Money Over the Phone with Halo Financial
With one of the benefits of using Halo Financial being access to your own personal currency consultant, making a transfer over the phone can offer a more personal service.
Your first transfer should take less than ten minutes. Follow these steps to get started:
Call the currency consultant
Once your account has been approved, you are ready to make your first currency transfer. Simply pick up the phone and call your dedicated currency consultant.
Confirm the amount and destination
Confirm the amount of currency that you wish to send and the destination that you’re sending it to.
You will then receive an email confirmation stating that the currency has been purchased and payment has been sent.
Confirm transfer
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.
Receive confirmation email
When the funds are transferred to the beneficiary, you will receive an email notifying you of the amount sent and the recipient details.
You can cancel your transfer by contacting your dedicated Currency Consultant or the Settlements team; you are advised to do this at the earliest possible time.
If the money has not yet been credited to the beneficiary, it may be canceled but any costs or losses Halo Financial incurs in the process must be paid for by you.
Receive international transfers
Halo Financial makes transfers directly into bank accounts, so funds will be deposited into the receiver’s bank account directly within 2 business days.
There is nothing they need to do to receive the money.
How Halo Financial 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.
Halo Financial: Is it good for transfers abroad?
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 that 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 fee is applied to all transfers under £5,000 (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 GBP 5,000, we suggest you use our comparison tool to discover a company better suited to your transfer needs.
A bit more about Halo Financial
What happens if the exchange rate moves?
Will I receive confirmation that my payment has been made?
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
More Money Transfer Services
Founded in 2015, Revolut has been supplying online banking and transfer services to customers across the globe for years.
OFX is an international money transfer company with an excellent reputation. Known for offering competitive exchange rates and quality 24/7 customer service, OFX simplifies the process of moving money overseas, thanks to its global network of 195 countries. Read on to learn more about how this money transfer service differs from more traditional bank transfers.
