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We've conducted a thorough review of the leading figures in the currency brokerage industry. We've done this to bring our readers the best in the business. Our goal? To give you an insider's look into the world of the best currency brokers.
Understanding the difference between the services listed on this page is key. It will help you find the best solution for your transfer. While some foreign exchange brokers excel at keeping transfer costs low, others charge a premium to offer lightning fast transfer times.
After conducting a comprehensive and detailed analysis of the market, our research concludes that OFX is the best overall currency broker in 2024.
OFX
Compare currency brokers
Our evaluation process looked at a range of factors, including included fees, exchange rates, customer service, and ease of use. OFX consistently delivered superior performance in each category, and their fee-free, no-limit transfers make them the top choice for anyone seeking cost-effective currency transfer services.
TorFX is the most user-friendly currency broker, with its easy-to-use app and dedicated account manager.
If you want to make transfers at the lowest cost, Currencies Direct is the best provider for you.
Top four currency brokers
If you need a currency broker to make large money transfers abroad, OFX is one of the top foreign exchange companies for that.
You can send any amount over $1,000 with OFX, as they have no maximum transfer limits. They charge no fees on their transfers, and add a small markup to the exchange rate.
Like TorFX, you can use OFX to monitor live exchange rates via their app, and set alerts for rate improvements. This foreign currency broker services over 170 countries, and lets you exchange more than 50 currencies.
As a currency broker, OFX specializes in high-value transfers. This means their minimum transfer limit is also high, at $1,000.
The fee structure is also more opaque than some other providers, with no calculators available to display fees before transferring. Customer reviews of OFX are also mixed.
No maximum transfer limits
Fee-free transfers
Over 170 countries serviced
Opaque fee structure
Customer reviews remain mixed
High minimum transfer amount of $1,000
The cheapest currency broker available in the US is Currencies Direct. They offer fee-free transfers at low exchange rates between 0.7% and 1.7%.
If you’re looking for the cheapest way to send money using a currency broker, Currencies Direct is our pick.
They service over 120 countries and manage the exchange of over 40 currencies. As a well-established broker set up in 1996, Currencies Direct is highly respected in the currency brokerage industry, and frequently receives positive reviews on Trustpilot and the App Store.
Their low cost does come at the expense of some other features. For a currency broker, their transfer limits are not the highest, capped at $50,000 online or in-app. To send more, you will have to contact the Currencies Direct customer service team and request a one-time authorization.
Currencies Direct only accept bank transfers and card payments, making them less versatile than some competitors in terms of payment options.
Make sure all your recipient’s details are correct before pushing send, as Currencies Direct has no cancellation policy.
No fees
Low exchange rates
Over 120 countries serviced
Lower online limits than some other currency brokers
Only bank transfers and debit payments are available
No cancellation policy
We found TorFX to be the most user-friendly currency broker available in the US. Like Currencies Direct, they charge no fees and add a markup to their exchange rates, but their ease of use is their key selling point.
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. You can contact them for help with any of your transfer requirements, from finding the cheapest rates to navigating the TorFX app.
You can also monitor live exchange rates within the TorFX app, and you can even set alerts for when they improve. This will help you time your transfer for when exchange rates are most favorable, getting more for your money. The one thing to keep in mind is that smaller transfers with TorFX have less favorable exchange rates.
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 authorized by your account manager first. You can only make payments by bank transfer or debit card.
No fees
User-friendly service
24/7 transfers online
Low limit for online payments
Limited payment methods available
Higher exchange rate markups on smaller amounts
Key Currency is a classic currency broker, focusing on customer satisfaction. They only offer transfers via phone. They’re a relatively new broker based in the UK, focusing on payments between the UK, Europe, and Australia. However, they have recently partnered with Currencycloud, allowing them to service US clients.
Like OFX, Key Currency has no limits on its transfers. They boast faster transfer times than most other currency brokers, although some transfer providers specializing in smaller, regular payments will often be the faster providers of transfers.
Key Currency reviews focus on the friendly customer service department and how easy it is to speak to a team member. But if you prefer to process transfers automatically online, you’ll be better off using Currencies Direct or OFX.
As a UK based company, it can also be more complicated to process payments from the US, and they service a smaller than average amount of countries.
Popular customer service
No maximum transfer limit
Fast transfers
Limited number of transfer corridors
Lack of fee transparency
Only bank transfers are accepted
What is a currency broker?
Currency brokers are money transfer companies that specialize in large transfers abroad. Unlike standard money transfer apps, you can contact a broker directly via phone and speak to an account manager to process your transfers. They can then help you with any questions you have, find you the best deal, and process your payment.
Currency brokers are slightly slower and more expensive than other transfer providers, but they’re great when you need detailed information about your transfer, delivered personally. This is a particularly useful service when sending large amounts of money.
How we compare currency brokers
The brokers reviewed in this article have been selected based on cost, speed, transfer limits, and customer service record. These have been weighted by importance to provide an overall score.
We pride ourselves on our objective, thorough review process. For more information, check out our editorial policy.
Currency contracts
Most currency brokers offer different contracts to help guarantee your exchange rates. As rates change daily, it’s often a good idea to set up a contract to lock-in favorable exchange rates and avoid missing out. Here are some of the most commonly used currency contracts available.
Spot contracts
Forward contracts
Limit order
Stop loss
How currency brokers make money
Currency brokers, like other money transfer companies, make money through a combination of fees and exchange rate markups.
Fees
Exchange rate markups
Currency brokers vs transfer providers vs banks
Understanding the differences between currency brokers, money transfer providers, and banks is key to making informed and cost-effective decisions. Here's a closer look at what each of these services offers. It will help you understand which is the most suitable for your specific financial needs.
Currency brokers
Currency brokers are best to transfer large sums of money internationally. They offer specialist agents you can contact by phone to manage your transfer for you.
These companies give you greater control over your transfers; brokers will personalize their service to your specific needs, so you’re less likely to miss out on a potential deal.
While some currency brokers will also process small transfers, these are often more expensive than using other money transfer providers.
Money transfer providers
All currency brokers are money transfer providers, but not all transfer providers are currency brokers. While currency brokers specialize in large transfers, some money transfer providers have different specialties.
Providers like Wise and Remitly offer a better deal on smaller transfers, while Global66 and Instarem focus on in-app transfers.
Banks
While most banks will allow you to make transfers abroad, they’ll often have very high fees and exchange rate markups. Regardless of the size of your transfer, you’ll often be better off using a currency broker or money transfer provider.
Are currency brokers safe?
Making transfers with legitimate currency brokers is safe, provided you take reasonable precautions. Never reveal personal information like your passwords or PIN over the phone, and don’t share your account details with anyone.
Always choose a unique password for your account, that’s easy to remember but difficult to guess.
Are currency brokers regulated?
Currency brokers are regulated by the Commodity Futures Trading Commission (CFTC). They have primary responsibility for overseeing commodities markets in the US, which includes foreign currency transfers and exchanges. In the UK, all currency brokers are regulated by the Financial Conduct Authority (FCA).
The CFTC regularly investigates cases of foreign currency trading frauds, and ensures companies processing currency exchanges are legitimate. All legitimate currency exchanges will be fully regulated.
You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.
Remember: We will only ever recommend regulated financial institutions.
How to choose a currency broker
Choosing the right currency broker is key for cost-effective and smooth international transfers. Here's a quick guide to help you make the best choice:
Choose your broker
Register for an account
Make your transfer
Currency brokers - Transfer large amounts for less
Currency brokers can help you transfer larger amounts of money through their personal approach. They’re well placed to find you the best deals on your exchanges so you avoid missing out. You can also lock in rates before transferring, but they tend to be slower than transfer companies more often used for smaller transactions.
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