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Review: CurrencyTransfer account for online sellers
Get better exchange rates for your ecommerce business and avoid transfer fees.
- Good for making overseas payments without transfer fees
- Not so good if you need to transfer under GBP£5,000
See our full list of pros and cons below.
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GBP 5,000
Min. Transfer Amount
No limit
Max. Transfer Amount
1 - 2 days
Transfer Speed
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Details
| Product Name | CurrencyTransfer for online sellers |
|---|---|
| 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 |
| Transfer Speed 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 |
| Exchange Rate Updates | Real time |
| Online Transfer Fee | AUD 0 |
|---|
How does CurrencyTransfer work for a marketplace seller?
CurrencyTransfer is an online foreign exchange marketplace designed to offer affordable and transparent international payments. Using the CurrencyTransfer live marketplace, you can compare money transfer quotes from multiple providers and lock in a competitive exchange rate for your next international payment.
CurrencyTransfer allows you to make international payments in more than 20 different currencies, including:
- AUD Australian dollar
- CAD Canadian dollar
- CNY Chinese yuan
- GBP British pound
- EUR euro
- JPY Japanese yen
- NZD New Zealand dollar
- USD US dollar
CurrencyTransfer offers online bank transfers and there are multiple payment options available:
- Spot contracts. These allow you to lock in the current exchange rate and send your transfer as soon as possible.
- Forward contracts. These allow you to lock in the current exchange rate for a payment that will take place up to 12 months in the future.
- Market orders. There are three options to choose from:
- Limit orders let you specify your desired exchange rate, and your payment is then sent when your target rate becomes available.
- Stop loss orders let you set a minimum target rate for your transaction to limit your losses if the exchange rate moves against you.
- "One cancels the other" (OCO) is an option that lets you set up a limit order and a stop loss order side by side.
To make a payment with CurrencyTransfer, you'll need to complete a few simple steps:
- Sign up for an account.
- Request a quote for your payment.
- Select the best quote with help from your CurrencyTransfer relationship manager.
- Transfer the money for your payment to the broker you've selected.
- The broker completes your international payment.
Read our review of CurrencyTransfer for international money transfers
What are CurrencyTransfer's fees?
The CurrencyTransfer platform is free to use and the provider does not charge any transaction fees. Of course, it's worth reiterating that CurrencyTransfer doesn't actually offer transfers – it runs a marketplace where you can compare quotes from a range of transfer services and find the service that offers the best value for money.
However, just because there are no fees doesn't mean you can make international payments free of charge. The cost of your transaction will be the difference between the exchange rate you receive from the money transfer service you choose, and the current mid-market rate.
So, how does CurrencyTransfer make money? It charges platform fees to the panel of foreign exchange payment providers that are listed on its platform.
Calculate what your payments would look like with CurrencyTransfer using the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I set up a CurrencyTransfer account for my ecommerce store?
You can register for a CurrencyTransfer account by completing the following steps.
In a nutshell
Pros
- Designed for large transfers. CurrencyTransfer specialises in helping businesses and online sellers who want to send GBP £5,000 or more find a better exchange rate.
- Compare quotes from multiple providers. The online marketplace allows you to compare quotes from multiple money transfer services. All transfer services included on the platform are authorised and regulated by the UK's Financial Conduct Authority.
- No fees. You don't have to pay any fees to compare quotes on the CurrencyTransfer platform.
- Payments in 20+ currencies. CurrencyTransfer allows you to make international payments using over 20 different currencies.
Cons
- For making payments only. If you want to make affordable international payments, as well as receive payments and hold funds in multiple currencies, you'll be better off considering a multi-currency account.
- Not suitable for small transfers. CurrencyTransfer is best suited to handling large transfer amounts. If you want to make an international payment equivalent to less than GBP £5,000, you'll need to look elsewhere.
- No Australia-based customer support. Headquartered in London and with an office in Tel Aviv, CurrencyTransfer doesn't offer any Australia-based customer support.
How does CurrencyTransfer compare to other services?
To find out how CurrencyTransfer's international payment services compare to those offered by other providers, enter your transaction details into the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
