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CurrencyTransfer Money Transfer Review

CurrencyTransfer is a cloud-based SaaS service that strives to help customers send money faster and cheaper than traditional banks. The founding team has more than 10 year’s experience and, as a result, have successfully developed a foreign exchange trading platform which is optimised for customer convenience. In this review we will be investigating how CurrencyTransfer compares to leading competitors and what kind of savings can be gained by using this service provider.

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About CurrencyTransfer

As advocates for transparent, low-cost payment services, CurrencyTransfer has kept to their word when it comes to providing stellar foreign exchange rates and fee-free transfers.  The company’s diverse product list caters to both private and corporate clients, with services such as mass international business payments, rate alerts for currencies of interest, API integration and automation, forward contracts and market orders. 

Another great CurrencyTransfer service is their Daily Market Commentary, which sums up the latest economic and political factors affecting movements in the foreign exchange market. This innovative resource has also been developed into a podcast: Beyond Currency. 

There are many appealing aspects of the CurrencyTransfer business model, but we will be focusing on the finer details of their remittance services, by evaluating the price, speed and global coverage.

CurrencyTransfer exchange rates, fees and costs 

Being aware of the rate of exchange plus any fees applied to foreign currency transfers can go a long way towards saving money in the long run. 

Exchange rate

CurrencyTransfer claims to offer some of the most competitive foreign exchange rates in the industry. The currency conversion tool on the company’s homepage allows customers to try before they buy: select the desired currency, along with the transfer amount, to see the conversion rate for sending funds overseas with CurrencyTransfer.

According to our research, CurrencyTransfer applies an average foreign exchange spread of 0.7% to the mid-market rate: this is far lower than the 4 – 6% profit margin applied to most foreign currency transfers arranged through a bank

Transfer fees

On the CurrencyTransfer website the company reveals they “don’t believe in transfer fees.” There is no danger of any hidden fees when using this service provider, which is excellent news for any customer who has been stung by international bank transfer fees – sometimes amounting to $50 per transfer – in the past. 

Additional costs

CurrencyTransfer has other additional products, most of which cater to the needs of corporate clients, and these come at an additional cost. To review these charges, visit the Business section of the website. 

Top countries to send money to with CurrencyTransfer

This money transfer company offers remittance solutions to customers based in 5 continents, with over 25 currencies to choose from. The most popular destinations for CurrencyTransfer customers are:

Pros and cons of using CurrencyTransfer

We have created a type of balance sheet that presents the various pros and cons of CurrencyTransfer, to make it easier for our users to decide if this provider is right for them. 

Pros
Speedy service: Funds can be transferred instantly; with some taking a maximum of 1 – 2 working days
Fee-free: CurrencyTransfer has a zero-fee policy for international money transfers, making it a very competitive service
Lock in currencies ahead of time: customers can book a forieng currency transfer, scheduling a payment ahead of time and locking in a desirable exchange rate, with the help of a CurrencyTransfer Relationship Manager
Fair exchange rates: Although CurrencyTransfer do not match the exact mid-market rate, their exchange rates come pretty close
Fully-licensed and approved by the Financial Conduct Authority (FCA)
Cons
Transfer limitations: CurrencyTransfer imposes a minimum limit of £5,000 GBP (or equivalent) per transfer, which means the service is redundant for anyone sending less than this amount
No mobile app: CurrencyTransfer services are exclusively available via the company website
Bank transfers are the only accepted payment method

What type of transfers can you make with CurrencyTransfer?

According to the website, the company specialises in helping private and corporate clients make the following transfers: 

  • Large, one-off transfers
  • Salary and bonus transfers
  • Overseas tuition fee payments
  • Transferring funds home
  • Overseas property purchases
  • Expatriate expenses
  • International pension transfers
  • Overseas mortgage payments
  • Hedging solutions

How long will it take to receive money using CurrencyTransfer?

One of the main highlights of CurrencyTransfer is the company’s commitment to guaranteeing fast transfers. Customers can expect to receive the money within a few minutes, but in some cases delivery might be slower depending on the bank and location. 

What payment methods can I use when sending money with CurrencyTransfer?

Customers must make payment via bank transfer, there are no alternative payment methods. 

What are the best reasons to use CurrencyTransfer?

  • Bespoke, business-oriented service for corporate clientele 
  • Fast, same-day transfers available for most major currencies
  • Fee-free for payments amounting to above £5,000 GBP (or equivalent) 

Can I trust CurrencyTransfer?

It would appear CurrencyTransfer has gained the trust of thousands of customers over the last decade, and there are lots of complimentary customer testimonials on the company website. In a bid to protect client data, the business has registered with the Information Commissioner’s office (ICO) and, as a UK-based entity, CurrencyTransfer is regulated by the Financial Conduct Authority (FCA).

The official company number is 08806732 and the registered business address is 7th Floor, Minster House, 272-274 Vauxhall Bridge Road, London, SW1V 1BB. 

What do users have to say about CurrencyTransfer?

Online reviews indicate customers are more than satisfied with the service provided by CurrencyTransfer. There are over 500 reviews posted on the company’s Trustpilot page, 97% of which are categorised as positive feedback, garnering them an impressive 4.8 out of 5 stars. In addition to this, CurrencyTransfer has received glowing reviews across all social media channels and elsewhere on the internet. 

How to get started with CurrencyTransfer to send & receive money?

In this section we will present a comprehensive step-by-step guide for anyone sending money through the CurrencyTransfer platform. Register for an account by clicking Sign Up on the website homepage, entering all your basic details, albeit as a corporate or private client, completing the short verification form and upload compliance documents. Once complete, you’re good to go ahead and book your first transfer.

Sending money

Step 1. Select the currencies you wish to use for your transfer, then enter the amount, delivery date and reason for transfer

Step 2. Have your pick of the best options, by comparing the different available transfer options, presented on-screen: select the option you want and click “Book”

Step 3. You will receive a transfer confirmation that will appear on your CurrencyTransfer dashboard, as well as receiving an email notification: follow these instructions and settle via bank transfer

Step 4. A list of recipients will be displayed at the bottom of the transfer confirmation page: select your recipient from the list or enter a new recipient; CurrencyTransfer makes it possible to split the amount, sending money to multiple people if required

Step 5. Once payment is received via bank transfer, CurrencyTransfer will deposit funds into your recipient’s account, typically within 1 working day

Receiving money 

The CurrencyTransfer team of Relationship Managers are on hand to assist customers who are due to receive both personal and business transfers via their account.

Does CurrencyTransfer have a mobile app?

No, the company offers money transfers through their website only, with services accessible via the client portal. If you are looking for a money transfer app, visit this page.

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