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This review will highlight the pros and cons of money transfer companies, break down the rates and fees, payments you can make, transfer speeds, transaction limits, and anything else you may want to know about Sterling FX.
Sterling FX exchange rates and fees
Sterling FX charges a small margin above the mid-market exchange rate in order to cover running costs and generate profits, with some transfers also requiring a small fee. Below is a summary of the exchange rates, fees and other costs to expect when using Sterling FX.
Exchange rates
Sterling FX charges variable exchange rate margins that normally fall between 0.5% and 1%. This is highly competitive in the money transfer industry, and considerably lower than high street banks, which commonly charge margins of nearly 5%.
Fees
If you select Sterling FX’s ‘Low Cost Payment’ option, then there are zero fees to pay - but your transaction will be a little slower. Their ‘Quick and Easy Payment’ service attracts a charge of 0.39% per order.
Additional costs
When funding your transfer to your Sterling FX account, some banks may charge you a fee for wire transfers. The beneficiary may also be charged a small receiving fee by their bank, so it is always important to check with your bank if your transfer will attract external fees.
Sterling FX pros and cons
Sterling FX is a reputable and highly competitive service with a long history of helping users transfer money quickly and cheaply. Here are the pros and a few cons to consider before using the service.
- Zero fees: The provider charges no fees on transfers save for its ‘Quick and Easy Payment’ option that comes with a nominal fee of 0.39%.
- Competitive exchange rates: Whether you are trading in major currencies or more exotic ones, you will enjoy margins as low as 0.5% to about 1%.
- Transparent pricing: Using the calculator on the website you can estimate the conversion rate and how much your recipient will get.
- No mobile app: You can only transfer money through the web-based platform. There is no app available.
- Limited transfer payment and payout options: Customers and beneficiaries can only use bank transfers to pay and receive transfers.
What kind of payments can I make with Sterling FX?
Sterling FX has streamlined the money transfer process, but offers only a small selection of payment and collection options. Here is a breakdown of the payments and withdrawal options available.
Payment methods available
Customers pay for their transfers using their bank accounts.
Withdrawal options available
Beneficiaries will receive funds directly into their bank accounts. There are no options for cash delivery with Sterling FX.
Does Sterling FX have a mobile app?
No. The provider does not have an app yet; transfers are done using the online web-based platform which can be easily accessed on a mobile browser.
How fast are Sterling FX’s transfer speeds?
Transfers take between 1-3 working days to be delivered after having been funded.
Are there maximum and minimum transfer amounts?
Yes, there is a maximum limit of £50,000 in a single transfer. For larger transfers, get in touch with the customer support team.
Can I trust Sterling FX?
Sterling FX is an established and trusted international money transfer provider. Here is a breakdown of the company’s history and regulatory status so you can be sure they can be trusted with your transfer.
History and background
Sterling FX was founded in the UK in 1972, and 2006 it was incorporated as Sterling Consortium Ltd under company number 05850613. In 2010, it began offering its services using the web-based platform.
Sterling FX is registered and regulated by the Financial Conduct Authority (FCA) and HM Revenue and Customs as a Money Services Business. Customers funds are safe and kept separate from business funds.
Customer data and financial information are encrypted using advanced SSL security solutions provided by GeoTrust.
Can I cancel my transfer?
Yes, transfers can be cancelled immediately following order booking; simply call 020 7723 3000. However, once the payment is completed, and the value date reached, you will not be able to cancel. You may also incur fees due to trade reversal.
Top destinations for using Sterling FX
Here is a summary of the most frequented transfer routes on Sterling FX.
France is the European country that receives the most remittances closely followed by Germany and Spain.
In 2020, migrants accounted for 11.3% of the population in Spain. The largest groups being from two countries: Morocco and Romania.
The UK sends more remittances to Australia than any other country, with the World Bank estimating that Brits sent $446 million USD down-under last year.
How to send and receive money with Sterling FX
Sterling FX allows users in the United Kingdom to send money to over 40 countries worldwide. They claim to offer a no-frills service with many positive reviews mentioning their easy-to-use website. To get started follow these simple steps:
How to send money online with Sterling FX
Sending money online is straightforward with Sterling FX and transfers can be made in minutes. To get started, sign up for an account and then follow these simple steps.
Choose the transfer method
Confirm your exchange rate
Confirm the recipient
Transfer funds to your beneficiary
How to send money from the Sterling FX store
If you live in London, Sterling FX has a store on Edgware Road in which you can also make international payments. The payments desk is open from Monday to Friday 9.30-6pm and payments can be completed within minutes. Just follow these steps:
Go to the Sterling FX's London store
Talk to an agent
How to receive money from Sterling FX
As Sterling FX’s only pay-out method is via bank transfer, there is little for you to do when waiting for an online transfer to arrive. Most transfers arrive within 1-3 business days. Simply follow these steps:
Provide the sender with your bank account details
Receive funds
Customer support
Customers can contact the Sterling FX help desk using any of the following avenues:
Telephone: Call +44 (0)20 7723 3000 Monday-Friday from 9:30am to 6pm and on Saturday from 10am to 6pm.
Email: You can write to the support team at [email protected].
Summary
Sterling FX is a UK-based international money transfer, travel money, and currency buy back service provider. It has been in the industry since 1972 and has so far served over 300,000 customers.
Users pay for their transfers using bank transfers and the provider transfers directly to their beneficiaries’ bank accounts. Currently, Sterling FX supports sending to over 24 currencies, with low exchange rate margins and zero fees if you select the ‘Low Cost Payment’ option. All this means that you can save on international money transfers, for example, if you're looking to send money to Thailand from the USA, it will be much cheaper than using a high street bank.
While Sterling FX offers great services, it is always important to compare with what other providers offer to ensure you are getting the best deal. Using our money transfer comparison tool, you can quickly run through the available options and see where Sterling FX ranks. Based on our experience, Sterling FX is usually among the best options for your transfer, but every transaction is unique and there might just be a better deal out there for you.
