For high-value money transfers, CurrencyTransfer can shop around for you.
CurrencyTransfer is a live marketplace in which foreign exchange companies compete for your business. It aims to create a transparent experience with none of the hidden fees that can occur in international payments.
To use this online platform, you can input the details of your desired transfer and be shown quotes from several different suppliers. You then choose the best quote, and complete the task in a matter of minutes.
Read our review below to find out if CurrencyTransfer is right for you.
|Product Name||CurrencyTransfer International Money Transfers|
|Min. Transfer Amount||GBP 5,000|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account, International Money Order|
|Transfer Options||One off payments, Market orders, Forward contracts|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR|
|Online Transfer Fee||AUD 0|
|Exchange Rate Updates||Real time|
- Superior for high-value transfers.
- No transaction fees.
- Reliable, with all suppliers verified by Australia's regulatory body.
- Only for large transactions.
- No credit or debit card payments.
CurrencyTransfer exchange rates and cost
CurrencyTransfer is free to use and doesn't have any transaction fees. It also doesn't have its own set of exchange rates. Instead, you use it as a platform to compare multiple exchange rates for the same transfer.
The only costs to you will come from the difference between the exchange rate of the company with which you ultimately decide to complete your transaction, and the official (mid-market) exchange rate. That difference is what you pay for making the conversion.
While CurrencyTransfer doesn't add a fee on top of the exchange rate, it makes its money by taking a small platform fee from its panel of contributing currency brokers.
CurrencyTransfer will clearly state the mid-market rate alongside the provided quotes, to ensure there are no hidden costs.
Minimum transfer amount and available countries
CurrencyTransfer allows you to transfer money into over 20 different currencies, including the British pound, New Zealand dollar and the euro. As for the minimum transfer amount, CurrencyTransfer only accepts transfers over £5,000 or the foreign equivalent. This is roughly AUD$8,800 at time of writing (3 August 2018).
These are the currencies currently available on the CurrencyTransfer platform, meaning you can transfer from or into any of these:
- Australian dollar (AUD)
- British pound (GBP)
- Canadian dollar (CAD)
- Czech koruna (CZK)
- Danish krone (DKK)
- Emirati dirham (AED)
- Euro (EUR)
- Hong Kong dollar (HKD)
- Hungarian forint (HUF)
- Israeli shekel (ILS)
- Japanese yen (JPY)
- New Zealand dollar (NZD)
- Mexican peso (MXN)
- Norwegian krone (NOK)
- Polish zloty (PLN)
- Romanian new leu (RON)
- Singapore dollar (SGD)
- South African rand (ZAR)
- Swedish krona (SEK)
- Swiss franc (SEK)
- Thai baht (THB)
- Turkish lira (TRY)
- United States dollar (USD)
The registration and transfer process
- Sign up. You need to sign up for an account to start trading with CurrencyTransfer.
- Request a quote. Enter the currencies you want to buy and sell, and how much.
- Choose a quote. The best deal will be automatically selected for you, but you can view the others as well.
- Book your transfer. Confirm the transaction, then transfer your funds as a normal bank transfer.
- Delivery. The agreed amount is then sent to your recipient. You'll be able to track the order in "Trade History" on the website.
Although you do need to create an account to transfer money with CurrencyTransfer, you can try out a demo of their platform and see a sample of quotes without signing up.
What transfer types can you carry out with CurrencyTransfer?
- Spot transfers. Make a one-time, quick transfer at the current exchange rate offered.
- Forward contracts. You have the option to lock in today's exchange rate for a transfer up to 12 months in advance. This can protect your from unfavourable changes in the exchange rate. While you will need to put down a deposit when you lock in the rate, you can pay the rest at a later date.
- Market orders. By setting a market order, you can automate a currency purchase when your 'target' exchange rate hits.
- Superior for high-value transfers. For transfers of over £5,000, CurrencyTransfer can find you extremely competitive rates.
- No transaction fees. CurrencyTransfer doesn't allow transaction fees within its marketplace. The costs come only from differing exchange rates.
- Reliable. CurrencyTransfer will only supply exchange rates from suppliers authorised by the Financial Conduct Authority (FCA).
- Only large transactions. CurrencyTransfer only has an edge for transfers of over £5,000.
- No credit or debit card payments. CurrencyTransfer can only accept payments via bank transfer.