IFX Payments Review: A streamlined multi-currency solution for business

What does IFX Payments offer?

Their flagship product, ibanq, provides multi-currency virtual IBAN accounts, enabling businesses to receive, hold, and send funds across borders, giving companies greater control over their global cash flow. Their mass payment functionality simplifies payroll and supplier payments, even across multiple currencies, ensuring businesses can process international payments in bulk without opening local currency accounts.

For businesses looking to manage currency risk, IFX Payments’ brokerage solution provides spot and deliverable forward FX contracts, allowing clients to secure rates and execute trades effortlessly.

Their solutions are tailored to streamline international payments, optimize treasury operations, and support global growth. Whether your business requires a one-off transfer or a fully integrated treasury solution, IFX Payments is equipped to meet your needs with precision and reliability.

*Offered where the trade is to facilitate the purchase of identifiable goods or services. This service may not be available in your country

Scoring IFX Payments

When scoring IFX Payments, we took into account the cost, ease of use, and features available. If IFX Payments does not offer a feature we consider a benefit, we have provided alternatives.

Here's a quick summary of the benefits and some drawbacks you can expect with IFX Payments.

Fees and rates when using IFX Payments

Fees and rates with IFX Payments are usually agreed on sign-up and can be different for each client, subject to the business profile and overall payment requirements.

For the IFX online payments platform, the guide pricing is below. However, clients are recommended to speak to one of the team, as they will provide an accurate indication of any fees once they understand the full payment requirements – pricing is always bespoke for each client.

Speed of transfers with IFX Payments

When sending the major and common currencies like EUR, GBP and USD with IFX Payments, you can typically expect to receive your funds within 1-2 working days of them being sent For less-commonly traded currencies, this could take between 3-4 working days.

Certain conditions and other factors may also impact the listed payment processing times.

Account limits and sending limits

There's no upper limit on the amount that you can send with IFX Payments.

Transfers over £1million may access preferential rates which may start from 0.25%; pricing is always dependent on the overall payment requirements of the client.

Product offering and multi-currency accounts

Supported IBAN accounts and holding currencies

IFX Payments supports 46 currencies via a single multi-currency virtual IBAN account. These can be used to send and receive international business transfers.

If you want local accounts, we’d recommend Wise Business, Sokin, or Airwallex. These offer the most local accounts and flexibility across products.

Expense management

Expense management tools are not available for IFX Payments.

Businesses in need of specific expense management should opt for Airwallex.

Within this, you can set custom workflows and issue cards by individual, team, or budget.

Sending and receiving payments

With IFX Payments, sending money is simple. You'll have access to both a platform to run this yourself or make payments through your dedicated account manager.

The account is funded via bank transfer. Debit and credit cards will not be accepted.

You'll be able to manage and track payments within the ibanq platform, which will include:

• Payments awaiting approval

• Payments held

• Payments awaiting settlement

• Completed payments

• Returned payments

The ibanq platform offers an element of simplicity for businesses. There are some nice options to streamline elements like batch or regular payments.

For different payments across different currencies, you'll be able to see the total cost. This is broken down by individual payments if it's a batch. The breakdown will include the rate paid, the total cost of the currency, and the final settlement amount.

Across each of the payable currencies, it is also possible to schedule payments in advance.

Sending mass or batch payments

Batch payments are supported for up to 5,000 recipients at a time. These can be managed through the ibanq platform. The only other company offering 5,000 batch payments at this moment is Sokin.

As a result, IFX Payments has some of the best functionality on the market at this moment.

Batch payments are commonly used to manage global payroll or pay suppliers.

For paying mass payments, IFX Payments is also one of the fastest providers on the market. Payments are typically completed within 1-2 working days, though less-commonly traded currencies could take between 3-4 working days.

Certain conditions and other factors may also impact the listed payment processing times. You can also set target dates for payments to be completed by and use spreadsheets for bulk uploads.

Sending through an integration

There are no native integrations supported by IFX Payments, but there is API access.

Using the API, it is possible to build custom tools to help with currency management, using the IFX Payments infrastructure as part of this.

Receiving money

Receiving money through IFX Payments can be done through the multi-currency IBAN accounts offered.

Having access to the multi-currency IBAN accounts allows you to receive payments in the same currency in which they are sent, removing the risk of auto-conversion of funds at potentially unfavourable times.

This also allows businesses to avoid complex banking setups and reduces costs for the sender.

Then, it is possible to use these for payments at a later date or for conversion into another currency.

This payment option is paired with outgoing forward contracts which can be accessed via their brokerage service. Across the board, this creates a strong element of currency risk management.

Interest on balances

IFX Payments does not offer interest on IBAN account balances. For businesses looking to earn interest, we recommend using Sokin, Wise Business or Revolut Business. Each of these offers varying ranges of interest on payments.

IFX Payments customer support and account management

IFX Payments comes with strong customer service, which comes in the form of an account manager, who can be contacted through email and over the phone.

IFX Payments also provides an in-account help section which acts as a self-service tool. In the case that the client can’t find an answer to their query, support is available via in-platform live chat functionality.

Failing this, customers all have access to a direct number for their account manager.

IFX Payments' hands-on approach is definitely a positive one.

You can expect help with everything from account updates to putting in place currency risk tools.

Customer service options

IFX Payments has offices in London, Amersham, Warsaw and Dubai. The Dubai and UK offices have direct contact numbers outlined here.

Safety and regulation

IFX Payments holds a range of regulatory authorizations across different markets.

For more information on this, we recommend visiting their website's Regulatory Information page.

Customer feedback

IFX Payments has some positive customer feedback - totalling 4.7 / 5 on TrustPilot, from 391 reviews.

It might not seem as much, but many reviewers comment about the service, professionalism, and team availability.

How IFX Payments compares to other services

Help & FAQ

*This analysis is provided for information purposes only