We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
|Disclosure
MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
Table of contents
Currency brokers are the easiest way to send large amounts of money abroad.
They ensure you save money and secure the best possible deal while talking to a real human.
If you just want to get started, the best currency brokers are TorFX and RegencyFX.
TorFX offers a better online platform, while RegencyFX focuses on customer experience.
Otherwise, keep reading. We will explain all the key elements to consider before choosing a currency broker, as well as, go over the top currency brokers in the industry.
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At a glance
Currency brokers are ideal for businesses and individuals needing to exchange large amounts of money, often providing personalised service.
All currency brokers listed on this page are FCA-regulated and many will offer access to online portals, currency risk options (such as forward contracts or limit orders), and all will have a dedicated account manager.
Who should be using a currency broker
Before diving deeper into the exchange brokers, here’s a quick overview of who will benefit from using a currency broker.
Use a currency broker if you…
Find an alternative if you…
Need to send large amounts of money abroad
Want to deal with a real human over the phone
Need to avoid currency fluctuation risks
Want someone to take care of your transfer needs
Need to make small recurring transfers.
Want to make and manage the transfer yourself
Want to store and spend currencies abroad using a multi-currency account or a debit card
If you tick all the boxes above, here’s an overview of top currency brokers in the UK and the US.
9.0
TorFx
Exchange Rate Markup
0.4% - 1.5%
Transfer Speed
Minutes - 24 hours
Currencies Supported
40
"TorFX's 5-star service handles most currency needs, especially relating to overseas property, emigration & retirement. Friendly phone support, no-obligation conversations & no max transfer limit."
8.5
Regency FX
Exchange Rate Markup
0.2% - 1.5%
Transfer Speed
Minutes - 24 hours
Currencies Supported
40
"Regency's UK-based account management team has vast experience. Get support on all kinds of transfers, from overseas property transactions to business payments & more."
8.9
Currencies Direct
Exchange Rate Markup
0.2% - 2%
Transfer Speed
Minutes - 24 hours
Currencies Supported
"Currencies Direct have over 30 years of global money transfer expertise. Award winning service with a TrustPilot rating of 4.9. Lock-in rates for the future or trade 24/7 on web or mobile."
8.6
Key Currency
Exchange Rate Markup
0.2% - 2%
Transfer Speed
Minutes - 3 days
Currencies Supported
20
"Key Currency offers a personal service with a dedicated account manager. There are no transfer limits or fees which is perfect for larger send amounts."
8.5
OFX
Exchange Rate Markup
0.4% - 1.5%
Transfer Speed
Minutes - 24 hours
Currencies Supported
50
"OFX have been helping individuals and businesses send money for over 25 years. Transfer in 50+ currencies to 170+ countries, with 24/7 phone access to currency experts."
Are currency brokers safe to use?
An established, appropriately authorised currency broker is a safe way to send money abroad, including large transfers.
What matters is the company handling your payment and the rules it operates under.
UK authorised payment institutions (including currency brokers) must safeguard eligible customer funds, usually by keeping them separate from money used to run the business.
This protection applies whether you arrange your transfer online or speak to an account manager.
The main limitation is that safeguarding differs from bank-deposit protection.
Money held for a transfer with a non-bank payment company isn’t covered by the Financial Services Compensation Scheme (FSCS).
If the company fails with your deposit, recovering safeguarded money can take time, and insolvency costs may reduce the amount returned.
We always show only authorised and regulated companies, but if in doubt, check Financial Services Register and compare the details you see on the broker website so it matches 100%.
Account managers will handle everything for you
When it comes to large transfers abroad, it's not just the price.
It is also timing the market, getting locked rates, handling documents, solving issues, avoiding delays, and just being able to contact someone who handles your transfer directly (not a generic support line).
This is where brokers give you the most value and security, you have someone experienced with you 24/7.
The best currency brokers in the UK
Not all currency brokers are the same, some foreign currency brokers are cheaper, others offer lightning-fast transfer times, more hedging tools, or better customer service.
For example, TorFX offers multiple hedging options and the most user-friendly interface, while RegencyFX offers a more tailored approach and huge coverage without many bells and whistles.
Understanding the difference between the services listed on this page is key.
Exclusive deals
To be completely transparent, we earn commission when you click through to the broker from our site.
However, because currency brokers set their own exchange rates, we are able to offer you exclusive exchange rates on first transfer.
This is why if you read multiple different articles online, you will likely see different exchange rates offered.
We aim to give you the best possible exchange rates with currency brokers on first transfers compared to everyone else.
Best risk management tools & UI
TorFX
We found TorFX to have the best risk management tools and the most user-friendly interface available.
Like Currencies Direct, TorFX is owned by Redpin Holdings Limited, giving them just under 50 years in the money transfer market.
They charge no fees and add a markup to their exchange rates, but their ease of use and currency hedging tools are what make them unique.
Based on our analysis, if you were to send £100,000 from the UK to the US, you can expect to pay a 0.25% markup (and no fees).
With TorFX you get access to live exchange rates, rate alerts, spot contracts, forward contracts, limit orders, stop-loss orders, and access to 24/7 transfers through the app (up to £25,000).
Making it ideal for businesses and commercial clients wanting to offset currency fluctuation risks, while making medium and large transactions at the best exchange rate.
The one thing to keep in mind is that smaller transfers with TorFX might get you a less favourable exchange rate compared to brokers like Currencies Direct.
You can use TorFX in the way that suits you - either by signing up via their website or their app.
When you register, TorFX will assign you a dedicated account manager to help you process your transfers.
They will help you with your transfer requirements, getting a deal on the exchange rates, or navigating the app.
Transfer limits online are quite low for a currency broker, at only £25,000.
Once again, you can transfer more - but you’ll need to have the transfer authorised by your account manager first.
They have no real minimum transfer limit, but they don't disclose it either.
When I spoke to their account managers, they said you can send £2 if you want, which many do when trying it for the first time.
You can only make payments by bank transfer or debit card.
When you should use TorFX
TorFX is great for…
24/7 transfers through the app
Sending up to £25,000 online or in the app
Utilising currency risk tools
Find an alternative if you…
Want better rates on small transfers
Need access to FX options
Need to deposit with a credit card
Show moreHide
Margin
0.3% - 0.25% depending on the transfer amount
Transfer fee
£0
Currencies
42
Minimum transfer
£2
Currency risk tools
Spot contracts, forward contracts, limit orders, stop loss orders
Regency FX is a great broker for large transfers from the UK to almost anywhere in the world and superior customer service.
Regency FX has no fees and only adds a markup to the exchange rate (which lowers significantly on transfers over £25,000).
For example, sending £100,000 to the USA from the UK would cost you 0.20% in markup (and no fees), while sending £1,000 would result in a %.
With Regency FX, you can send money to 150 countries in 50 currencies, slightly less than OFX, but with a more tailored customer experience.
You can make transfers over the phone or using their online portal, but there is no mobile app.
This is better than Key Currency which only offers transfers over the phone, but slightly worse than TorFX and OFX if you need to send money on the go.
Just like with other exchange brokers, you will get assigned an account manager who will take care of all your needs, negotiate better exchange rates, help you execute the transfers, and suggest on the best course of action.
There aren’t many online reviews (since it only opened in 2020), however, we’ve had multiple users from MoneyTransfers.com recommending the service (click User Comments below to read them).
If you’re sending money from the UK, you can use bank transfer, credit card as well as debit card deposits, otherwise, you are limited to bank and wire transfers.
Currencies Direct is the best currency broker for smaller transfers with a multi-currency account and the best app.
They offer a low minimum online transfer of just £10 and fee-free transfers at fairly low exchange rates.
However, just like with other brokers, the markup will depend on the amount and the currencies involved.
For example, if you were to send £100,000 to the US, you can expect to pay 0.50% on average and no fee.
They service over 120 countries and manage the exchange of over 40 currencies, as well as, they offer a multi-currency account with a debit card to UK customers.
This makes them a good option for all-rounded financial needs:
Receiving regular pension transfers
One off large payments (like house deposits, business payments, etc)
Living and spending pounds abroad
Stocking up on other currencies
And much more
Their low minimums and low cost do come at the expense of some other features.
Their multi-currency account offers 19 currencies (listed here), meaning you can keep GBP balance but spend in those currencies (or pre-convert whenever you need).
You still get access to 24-month forward contracts and market orders, but lose on FX options, stop/loss orders, and rate alerts that you get with TorFX and OFX.
For a currency exchange broker, their transfer limits are not the highest, capped at £25,000 - £50,000 online or in-app (depending on the type of transfer).
To send more, you will have to contact the Currencies Direct customer service team and request a one-time authorisation.
Currencies Direct only accepts bank transfers and card payments (which also includes Apple Pay and Google Pay).
As a well-established currency brokerage service set up in 1996, Currencies Direct is highly respected in the currency brokerage industry and frequently receives positive reviews on Trustpilot, App Store, and from our own users.
Make sure all your recipient’s details are correct before pushing send, as Currencies Direct has no cancellation policy.
They’re a relatively new currencies brokerage firm based in the UK, focusing on payments between:
The UK
Europe (especially Spain)
Australia
US (through a partnership with Currencycloud)
They service fewer countries than other currency brokers on the list, but where they do, they do it better, faster, and cheaper.
They charge no fees, but like others add a markup to the exchange rate (0.25% - 0.15% depending on the amount).
If you were to send £100,000 with Key Currency from the UK to the US, you can expect to pay a 0.15% markup and zero fees.
They have no online portal or app for making transfers, they operate only over the phone and only accept bank transfer deposits.
This is a good option for those wanting to send money the traditional way with reassurance in mind, otherwise, consider using TorFX or Currencies Direct.
Like with other foreign currency exchange brokers, Key Currency has no upper limits on money transfers, but they do offer faster transfer times for large payments on average.
You can expect most transfers to arrive within 1-3 days, but some may take up to 5 due to receiver bank delays.
It’s worth noting that money transfer companies specialising in smaller, regular payments such as Currencies Direct or Wise will often be faster.
Key Currency reviews focus on the friendly customer service department and how easy it is to speak to a team member.
We found OFX to offer the most currencies including more ‘exotic’ ones.
OFX is available in over 170 countries (including the UK and the US) and lets you move large amounts of more exotic currencies such as ZAR, KWD, MAD, VND, and 50 others.
As a currency broker, OFX specialises in high-value transfers with no upper limits.
But their minimum limit is a bit higher than usual in the UK, starting from £100 compared to £2 with TorFX.
They charge no fees on their transfers and add a markup to the exchange rate which is higher than with others, ranging from 0.65% to 0.5% depending on the amount.
For example, if you’re sending £100,000 from the UK to the US, you can expect to pay a 0.50% margin and no fees.
Like TorFX, you can use OFX to monitor live exchange rates via their app, set alerts, use spot and forward contracts (although limited to 12 months vs 24 with TorFX), as well as FX options.
When you should use OFX
OFX is great for…
Access to many currencies, including exotic pairs
Making large transfers from the US, CA, and AU
Unique currency risk management tools such as FX options
Find an alternative if you…
Need longer forward contracts (more than 12 months)
Sending smaller amounts abroad (under £1000)
Want more control over exchange rates (with tools like stop-loss orders)
I've personally used currency brokers in the past for myself, and as part of our editorial review process, and spoken to dozens of account managers over the years.
1.Get multiple quotes
Nothing stops you from getting quotes from all these brokers at once. I would even say get a quote from all, plus your bank and .
This gives you some leverage to go back to brokers and say someone else was able to offer a better rate.
90% of the time they will either match it or give you something better.
2.Make a small transfer first to get the feel of the service
Nothing stops you from making £2 - £5 test transfer (unless there's a minimum requirement like with OFX).
This will give you the feel of the process, and see how you feel about making a large transfer.
3.Ask about recurring transfer rates
If you're planning to send multiple transfers over time, tell your account manager.
Sometimes you get a better rate on first proper transfer and then it gets worse for the future transfers.
You can just repeat the process above and find a better rate, or tell your account manager in advance and they will lock the rate for you.
And generally give you a much more tailored experience compared to online-only companies like Wise.
Currency brokers are slightly slower than other online-only services, but they’re great when you need a more tailored and direct experience delivered personally.
This makes currency brokers more useful for sending large amounts of money.
But how do currency brokers save you money?
There are two main reasons why currency brokers can save you money; tailored rates and no fees.
Firstly, most currency brokers charge no fees on the transfer, but instead, they work it into their exchange rate markup.
Secondly, their personalised approach means each transfer is handled individually, and the exchange rates are tailored to your needs, and the amount you are sending.
As I said before, when sending £500,000, a difference of few hundred or even thousand pounds may not make much difference in the end.
But knowing a real person is handling it and being able to speak to them any time, is what truly makes it beneficial.
Here are a few examples of how much you would receive by using a currency broker vs online-only service like Wise (click through tabs to see how amount changes the cheapest option).
Figures are based on the data from our comparison engine. Exchange rates are collected in real-time or manually depending on the company. Fees and rates data updates weekly.
Currency brokers vs transfer providers vs banks
To better understand which service you need, here’s a closer look at what each service has to offer.
Currency brokers are best to transfer large sums of money internationally.
They offer specialist account managers you can contact by phone to manage your transfer for you.
These companies give you the best support over your transfers and handle it for you.
On the other end, using self-managed (online-only) money transfer companies such as Wise or Remitly, you will handle the transfer yourself.
Brokers will personalise their service to your specific needs, so you’re less likely to miss out on a potential deal.
Currency brokers utilise local accounts, a network of currency sellers and expertise to offer better exchange rates by volume.
With this setup, your money never actually crosses the borders.
All currency brokers are money transfer providers, but not all money transfer providers are currency brokers.
They work the same way, using a network of local accounts, meaning costs are much lower.
But the main difference, is that you handle the money transfer process yourself.
Which is perfect for small-medium transfers, repeated payments, receiving money, and travelling, but not large transfers.
For example if you send £150,000 abroad, and your transfer is delayed, bounces, you need to add documents, etc...
You have to figure it out yourself or contact support over the email and wait for hours or days.
Most banks will allow you to make transfers abroad, but they’ll often have very high fees and exchange rate markups in comparison.
On average, banks will add 3% - 5% exchange rate markup, charge £10 - £50 in fees, and may have additional deposit/receiving fees.
This is because most international bank transfers will go through multiple intermediary banks across the borders, each taking a small cut of your transfer in fees.
Then how do currency brokers make money?
Most currency brokers will make money through the 'margin'.
They will add a percentage on top of the ‘real exchange rate’ and take the difference.
Some currency brokers will also add a fee (which can be flat or percentage, just like other providers), but this is rare compared to online-only services.
Ultimately, this will heavily depend on the amount you are sending and the currencies involved.
A 2% of £1,000 or £10,000 is very difference to 2% of £150,000 or £500,000.
Reasons to use currency brokers
We’ve already touched on a few reasons when and why you should be using a currency brokerage service over banks and other money transfer companies, but here’s a bit more detail.
Customer service and support
The biggest gripe in the money transfer industry is customer support.
We’ve had a few of our users contact us and complain about the support and help offered by the online-only services.
Currency brokers solve this problem.
The key benefit of currency brokers is the support and tailored experience you get.
Once you sign up to a broker, you will get a dedicated account manager to handle your transfers for you.
These account managers are qualified currency specialists who will guide you through your transfer, give tips on timings, provide guidance on the exchange rates, and help you navigate the space.
In addition to the account managers, most currency brokers will have a customer support team you can contact by phone, email, or live chat in some cases.
With this, you will know exactly what is happening with your money, with 100% reassurance that it will arrive safely in the receiving bank account.
Exchange rates
Currency brokers not only offer tools to manage currency fluctuations, but they also have control to tailor the exchange rate markup to your needs.
This is usually the case for larger transfers.
The more you send, the more likely you will get a better exchange rate.
This is because the larger the amount, the smaller the markup they need to apply to generate profit.
With other money transfer apps, the fee and the rate are usually globally applied to every customer, meaning there is no room for negotiation.
Again, this is why we recommend comparing your options and signing up with multiple brokers.
A rule of thumb
If you’re quoted an exchange rate that is over 1% of the mid-market rate, you may not be getting a fair value for what you are paying.
It is also worth noting that currency brokers usually offer fewer currencies compared to other money transfer services, but this will be clearly visible upfront when getting a quote.
Considering they mostly deal with large transfers, their account managers are trained to provide the expertise for various use cases.
For example:
Key Currency has a strong presence in Spain, giving them the ability to support on large transfers to Spain (for example buying a summer home in Spain).
TorFX has been focusing on building its robust online platform and app as well as offering currency hedging tools.
Regency FX is known as the "rest of the world" broker for their market coverage
This makes them leaders in large transfers, where account managers can discuss ways of mitigating risks of currency fluctuations.
Length of service
Currency brokers have been around for much longer than other online companies.
For example, TorFX has been around since 2004 while Currencies Direct launched in 1996.
Both are owned by Redpin Holdings Limited, giving them a combined experience of almost 50 years in the industry.
In comparison, Wise came about in 2011 giving them just over 15 years in the industry.
This gives you the reassurance that currency brokers know what they are dealing with.
Currency risk management
Most currency brokers offer different currency hedging options and tools to mitigate currency risks to help guarantee your exchange rates.
As rates change daily, it’s often a good idea to set up a contract to lock in favourable exchange rates and avoid missing out.
Here are some of the most commonly used currency contracts available.
Spot contracts
These are the most common.
When you want to make a transfer, you can fix the current exchange rate now so you don’t lose out if it gets worse.
The standard timeframe for a spot contract is two business days.
Businesses are prime clients for currency brokers.
Not only because of high-value transfers, but because businesses are likely to make the most use of currency hedging tools discussed above.
This can save a lot of time by offloading their ongoing FX needs to the account managers.
This is particularly useful when businesses require the expertise and someone who knows how to make the most of the money sent.
Here's a quick quiz to determine if your business actually needs to improve their FX rates:
1
Determine your risk
See what level of currency risk your business is exposed to with, and start taking steps to reduce this risk.
Disclosure
MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
Want to know about money transfers for business?
Although many companies will service both business and personal money transfers, there are a lot of differences to consider.
We've created multiple money transfer guides for business, diving deeper into top companies, considerations, and what they have to offer.
Using currency brokers is simple and similar to any other platform.
The biggest difference in the process is that you will receive a quote for your transfer, instead of initiating it yourself.
Here’s how it works.
Choose your broker
We’ve provided a breakdown of the best and most trusted currency brokers in our summary above.
To get the full market overview, run a live search with your actual amount and destination to get the best and exclusive quotes.
Get a quote
Once you’ve picked a broker, you will need to request a quote.
Usually, this involves providing the amount and currencies, as well as your email and phone number.
This step also makes it easier to request quotes from multiple brokers at the same time.
Wait for callback
Once you request a quote, the broker will either email or call you with their offer.
From there, you will get an account manager assigned who will take you through the process.
You can negotiate the rates, lock in the rates, wait for other quotes, or proceed with your transfer.
Make a transfer
Once you have the desired quote, you can make a transfer.
This will be different for each broker, but most of the time your account manager will handle the rest.
You may need to provide more information and transfer details.
Depending on the broker, this will be done either online or over the phone.
In my opinion, currency brokers are worth getting a few quotes from, even if you're not planning to use it.
This will give you enough information to compare and understand if what you're getting is good or not.
I always suggest running a quick comparison using the form below, to see who offers the best deal for your actual amount and destination.
Get the best quote on large transfer from the UK
Search using the actual full amount you want to send, and where you are sending the money to.
A bit more about currency brokers
Are currency brokers and forex brokers the same thing?
No, currency brokers let you transfer large amounts of money abroad, while forex brokers (sometimes known as currency trading brokers) simply exchange currencies in one place to make a profit.
You won’t be able to send money abroad using a forex broker.
Can I use currency brokers for both personal and business transactions?
Yes, most currency brokers let you make both personal and business transactions.
All the top currency brokers, TorFX, RegencyFX, Currencies Direct, Key Currency, and OFX allow you to make personal and business transfers.
How do currency brokers ensure the security of my transactions?
Brokers separate your money from their own business funds to protect it if the company goes out of business.
This is known as safeguarding.
They also have to be regulated and authorised by the FCA to legally operate in the UK.
How quickly can currency brokers process international transfers?
Currency brokers tend to be slower than most transfer companies that specialise in small transfers.
When it comes to large transfers, speed depends on the:
Time it takes to reach the currency broker account (debit card is the fastest)
Security checks and confirmation from your bank if the amount is unusual
The conversion and transfer (usually within a day)
Payout to the recipient bank
Recipient bank security checks if the amount is unusual
This is why you and your recipient should let the banks know about sending/receiving large amounts in advance.
Can I schedule regular transfers with a currency broker, and how does this work?
Some currency brokers, like OFX and Currencies Direct, let you schedule regular or recurring payments.
You can contact them directly to set up a payment schedule, and they’ll be able to manage the rest.
This is great for large recurring payments like pension or mortgage payments.
But for smaller ones (£100 - £2000), you might be better off with Wise or TapTap Send and manage it yourself.
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