Pure FX is a specialist currency exchange service dedicated to helping individuals and businesses move money fast across borders. Whether you want to buy property abroad, pay suppliers in other countries or convert your revenue from an online sale, Pure FX will help you secure the best exchange rates and transfer timing.
In this review, we’ll look at the exchange rates and fees charged by Pure FX, along with the types of payments, transfer speeds and other information you may need.
Incorporated in 2006 in the United Kingdom, Pure FX offers customised solutions through designated currency dealers, who act as each user’s single point of contact. Customers can also fix exchange rates using forward contracts to secure their costs and profits for up to 12 months. It operates as a trading name for Foreign Currency Direct and is backed by Pollen Street Capital.
Transfers are fairly priced – especially larger transfers above £50,000 for which Pure FX allows for one free transfer per transaction. Transfers are seamlessly made over the phone, with no option to complete a transfer entirely online or through a mobile app.
Pure FX offers competitive exchange rates with a slight margin on top of the mid-market rate. The fees and rates charged depend on the amount transferred and the money transfer destination, but here is a quick breakdown of the exchange rates and fees to expect when using Pure FX to transfer your money.
Though exchange rates fluctuate, expect to get a competitive rate when transferring money with pure FX. For instance, around March 2020 the provider was exchanging £1 for €1.13925 on average, giving a margin of 0.28%. For exotic currencies such as the South African Rand, the margin could climb to slightly over 1%.
Transfers below £50,000 are billed at a flat rate of £15. In addition to this, Single Euro Payments Area (SEPA) transfers under £50,000 attract a £5 fee. Customers making transfers of amounts above £50,000 benefit from one free transfer per transaction.
When you pay using a cheque, you may be charged processing fees by your bank. Always check with your bank before making a transfer, particularly if it’s for a lot of money, to make sure you don’t get stung by hidden charges.
When transferring money, you would want a service that saves you not just on fees but exchange rates as well. Here are Pure FX’s pros and cons you should think about.
Pure FX facilitates payments for businesses, sellers on marketplaces such as Amazon and eBay and individuals as well. Here are some of the payments you can make using their service.
The provider accepts CHAPS, online transfer, cheques and BACS to their client account for onward transfer to your beneficiary. Learn more about BACS payments in our what is BACS guide.
Beneficiaries can access funds sent through their bank accounts. There is no other payout option available.
No. There is no mobile app available. All trading and transfer activity is done through the telephone with a dedicated currency broker.
Most transfers are delivered within one business day, but some can take up to 3 business days depending on the currency and destination.
Pure FX does not have a minimum or maximum transfer limit. As currency brokers, they aim to facilitate transfers of whatever size customers are looking to make. Having said that, most transfers on the platform average £5,000 and above.
Since 2006 when it opened its doors to serve businesses and individuals, Pure FX has seen considerable growth in transactions and revenue. It has developed expertise in the currency exchange market with proprietary platforms to help navigate the volatility and resulting risks. Before you use Pure FX’s trading ro transfer services, it helps to look at a few trust factors.
Pure FX was incorporated as a private limited company on 7th November 2006, company number 5995807. The company together with Foreign Currency Direct and Infinity International, are among a group of fintech’s owned by Pollen Street Capital.
Pure FX is a trading brand of Foreign Currency Direct Plc, authorised by the Financial Conduct Authority (FCA) under reference number 902022 to operate as an Electronic Money Institution. It is also regulated by the HM Revenue & Customs (HMRC) as a money service business.
Investors and awards
Apart from the Pollen Street Capital acquisition, there is no record of any investment into Pure FX that happened in the past. On awards, Pure FX has won Feefo’s ‘Gold Trusted Service Award’ three years in a row, from 2016 to 2018.
To cancel your transfer if it hasn’t been paid out to your beneficiary, get in touch with the customer support team on phone or email. For same-day transfers, cancellations may be impossible as deliveries are made promptly.
Pure FX supports a wide variety of transfer destinations and currencies, but the top destinations on their platform are:
If you need support for any transaction or you have a query, you can get in touch with your dedicated currency dealer or any customer support representative through the following platforms:
Pure FX is an FCA-regulated wholesale currency broker and a trading name of Foreign Currency Direct Plc. It allows individuals and businesses to send and receive money abroad through phone-based transfers, and also provides forex trading services.
Currency experts and dedicated account dealers will help you plan, initiate and transfer your money to your business partners or property dealers. Their payment system is flexible allowing you to use CHAPS, BACs, cheques and online transfers to pay for your transfer.
Designed to support large transfers, Pure FX is an excellent platform to consider if making a large purchase abroad and you want the extra degree of customer service that comes with having a dedicated broker.
You should always check your other options before making a transfer, however. Our proprietary money transfer comparison tool can help you simplify your analysis and make quick decisions on who to use. Simply fill in the details of the transfer you want to make and we’ll show you how other providers compare in seconds.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.