Today’s reality is that we live in a world that’s shrunk dramatically thanks to globalization. Whether you’re a freelancer working with international clients, a student paying for a language course in Paris, or even just trying to send a birthday gift to your cousin in Australia, we’ve all had to grapple with the pesky task of transferring money internationally.
Now, here’s the catch. Not all money transfer services are made equal. Navigating the swirling waters of financial transactions can feel like trying to decipher hieroglyphics while on a roller coaster ride. It’s tricky business. And that’s exactly why you need a transfer company that’s reliable, safe, and won’t leave your pockets empty.
You might be wondering, how do you separate the diamonds from the rough in this business? Well, you need to brush up your skills, so you’d be able to recognize a few key things. These include a transparent fee structure (because no one likes unpleasant surprises), fast transfer speed (since time is money), a competitive exchange rate (your hard-earned money deserves the best value), and, of course, top-notch customer service (so you’ve got someone to yell at when things don’t go as planned).
Stay tuned as we run through the 10 best money transfer companies in the UK that tick all these boxes and more. Let’s dive into the whirlpool of financial wizardry, shall we?
Currencies Direct are the top rated International Money Transfer Service on our list.
- 4.9 out of 5 on Trustpilot based on over 8,000 reviews
- No transfer fees
- Bank-beating rates
- Award-winning service
- Exclusive Amazon gift card offer for users of MoverDB.com
Overview of the Money Transfer Landscape in the UK
Before we dive into reviewing the 10 best money transfer companies in the UK, let’s take a step back and talk a bit about how the UK treats the money-moving industry.
Our first stop is the state of play and growth in the UK money transfer market. It’s no secret that this market’s been soaring faster than a runaway hot air balloon. In fact, according to the University of Oxford, the UK is one of the top remittance-sending countries in the world. Billions of pounds are leaving the kingdom’s shores each year. You can just imagine the sheer volume of transactions ticking away every second!
Continuing our journey, let’s take a look at the tech revolution that’s got the traditional banking industry shaking in their boots. In the era of contactless payments and one-click purchases, people’s expectations for money transfer services have also skyrocketed. Modern digital technology and artificial intelligence are now game changers. From lightning-fast transfers to real-time tracking, tech’s influence is tangible and it’s here to stay. And let’s not forget the rise of mobile money transfers – tap, send, done!
But before we get you carried away, it’s essential to understand the terrain of the regulatory environment, because let’s face it, dealing with money can be a real tightrope walk sometimes. The money transfer companies that operate in the UK are tightly regulated by the FCA (Financial Conduct Authority).
The good news is that this means more protection for you. FCA mandates that companies must keep customers’ funds separate from their own, a practice known as “ring-fencing”. This means if a company goes bankrupt or faces financial difficulties, your money won’t be sucked down with the sinking ship.
So, with a booming market, tech advancements that are only beginning to develop, and a regulatory environment that’s got your back, the UK money transfer landscape is looking pretty nifty. Let’s press on to the real deal now – the top 10 players you need to know about.
Comparison of the Top 10 Money Transfer Companies in the UK
|No.||Provider Name||Founded||Trustpilot Rating||Countries Covered||Currencies Covered||Transfer Speed||Cash Pickup||Mobile App|
|1||Currencies Direct||1996||4.9||200||70||1-2 hours within Europe;|
1-2 days for overseas transfers.
|4||Wise||2011||4.3||170||50||0-2 days (within minutes for over 50% of transfers)||No||Yes|
|5||Revolut||2015||4.3||200||29||Instant for Revolut users;|
1-2 days for the rest.
|8||Global Reach||2001||4.8||180||140||1-2 days||No||No|
|9||Key Currency||2016||4.9||N/A||37||1-2 days||No||No|
Fees, Rates, and Limits
|No.||Provider Name||Transfer Fee||Exchange Rate Margin||Minimum Transfer Amount||Maximum Transfer Amount|
|1||Currencies Direct||No fee||0.4% to 1.4% added to the mid-market exchange rate||£1||£25,000 through the mobile app;|
£300,000 by placing a special request.
|2||XE||£2.00 under £250 (UK);|
€2.00 under €250 (EU);
No fee for other sums
|0.2% to 1.4% added to the mid-market exchange rate||£1||£350,000 (UK and EU);|
CAD $535,000 (Canada);
NZD $750,000 (New Zealand).
|3||OFX||AUD $15.00 under $10,000 (Australia);|
CAD $15.00 under $10,000 (Canada);
HK $60.00 under $50,000 (Hong Kong);
NZD $15.00 under $10,000 (New Zealand);
No fee for the rest of the world.
|0.4% – 1.9% added to the mid-market exchange rate||$1000 in the US;|
£100 in the UK;
€2 in the EU;
$150 in Hong Kong and Singapore;
AUD $250 and its currency equivalent in the rest of the world.
|4||Wise||Variable fee – 0.4% – 0.6% of total amount (on average);|
Fixed fee – £0.2 – £0.3 on average
|No markup is added to the mid-market exchange rate||£1||$6,000,000 USD;|
$1.8 million AUD;
$1.5 million CAD;
|5||Revolut||No fee for transferring to other Revolut users;|
0.7% (if you’re in Europe);
2.3% (outside Europe);
fees can range between 0.35% and 1%.
|A 0.5% – 2% markup is added to the mid-market exchange rate on weekends. There is usually no markup added on weekdays.||£1||Depends on the selected plan, the sending country, and the recipient country.|
Currency equivalent for other currencies.
|0.45% added to the mid-market exchange rate||£7 (or currency equivalent)||10,000,000 (same in every available currency)|
|7||TorFX||No fee||1.9% – 2.7% added to the mid-market exchange rate||£100 (or currency equivalent);|
(£500 for recurring money transfers)
|No limit (£10,000 for recurring money transfers)|
|8||Global Reach||£20 for transfers under £3,000;|
£0 for transfers above £3,000.
|0.4% – 1.9% added to the mid-market exchange rate||£1,000 (or currency equivalent)||No limit|
|9||Key Currency||No fee||0.2% – 1% added to the mid-market exchange rate||£1||No limit|
|10||Caxton||No fee||N/A||£100 (or currency equivalent)||£100,000 (or currency equivalent);|
£10,000 if paying with a debit card.
Review of the 10 Best Money Transfer Companies in the UK
|1.||Various payment options||Not suitable for small money transfers|
|2.||Stellar customer service||Deposit options might feel a bit limited|
|3.||Scoring high on Trustpilot (4.9/5)||Exotic currencies coverage is limited|
|4.||Zero transfer fees||Instant custom quotes aren’t available|
|5.||One of the best exchange rates on the market||Some US states aren’t supported|
|6.||Extensive knowledge base for your every query||The web platform and mobile app need improving|
|7.||Solutions that accommodate individuals and businesses alike||Mobile app transfers have a tight maximum limit|
|8.||Global service coverage for a borderless experience|
|9.||Solid currency coverage|
|10.||Years of experience with dedicated specialists|
|11.||Swift transfers ranging from 1-2 business days|
|12.||Stay in the know with exchange rate alerts|
- Founded: 1996
- Headquarters: London, UK
- Trading Highs: In 2021, these pros traded a whopping £9.5 billion across the multitude of currencies they offer;
- Trustpilot Rating: They’re proudly sporting a Trustpilot rating of 4.9 out of 5 stars., standing tall alongside TorFX at the pinnacle of international money transfer services;
- Client Count: In their 27 years of playing the money transfer game, Currencies Direct has served a staggering 430,000 clients;
- Global Reach: These folks are jet-setters in the truest sense. They transfer funds in over 200 countries and territories across all continents. Plus, they’re constantly adding to their tally of supported currencies, which now stands at a cool 70;
- Transfer Limits: Whether you’re transferring a modest £1 or a hefty £25,000 via their mobile app, they’ve got you covered. If you need to send more, don’t sweat. Just ring up one of their dealers for transfers up to £300,000;
- Fees and Rates: Currencies Direct’s cherry on the cake are their zero transfer fees. And their exchange rate markups are pretty sweet too, ranging from 0.4% to 1.4%, which depends on the currency and country you’re dealing with;
- How to Send and Receive: With Currencies Direct, you can send money via bank account, cheque, or card. The recipients, however, need to have a bank account handy, as Currencies Direct doesn’t do cash pickups;
- Language Support: Their website and customer support are available in a host of languages including English, Italian, French, Portuguese, Spanish, Swedish, Norwegian, German, Korean, and Chinese;
- Regulatory Approval: They’re regulated by some big names like the UK’s FCA, USA’s FinCEN, France’s ACPR, South Africa’s FSB, Canada’s FINTRAC, and Spain’s Bank of Spain;
- Mobile App: Their mobile app is pretty neat. It’s available for Android and iOS and lets you do everything from checking exchange rates, adding recipients, and initiating transfers to tracking your money, managing currencies, and setting up rate alerts. It’s got an average rating of 3.5 stars on both Google Play and the App Store;
- The Trophy Cabinet: Currencies Direct isn’t a stranger to the spotlight, having scooped up numerous awards for their top-notch services. Among their accolades are:
- Consumer Champion of the Year (2017 – Money Age Magazine);
- Money Transfer Provider of the Year (2016, 2017,2018, 2019, 2020, and 2021 – Money Age Magazine);
- Best Rated Money Transfer (2019, 2020, and 2021 – Money Transfer Comparison).
- Customers’ Opinion: With their spectacular Trustpilot rating, Currencies Direct are apparently hitting all the right notes. Users rave about their top-tier service and hassle-free transfers.
Read our full Currencies Direct review.
|1.||A multitude of payment choices||Absence of dedicated account managers for all users|
|2.||Stellar customer service||Sparse coverage of less-common currencies|
|3.||Top-notch website and mobile app||No solid cancellation policy in place|
|4.||Offers instant custom quotes||Average Trustpilot rating (4.2/5)|
|5.||Attractive exchange rates||Small transfer fees are imposed on certain small money transfers|
|6.||Provides cash pickup service|
|7.||Extensive global reach|
|8.||Broad currency selection|
|9.||Local presence in many locations worldwide|
|10.||Loads of experience under the belt|
|11.||Swift money transfers (half of transfers are completed within minutes)|
|12.||Handy exchange rate alerts feature|
- Founded: 1993
- Headquarters: Newmarket, Ontario, Canada
- Trading Highs: XE’s latest annual report showcases a whopping £115 billion in transfers;
- Trustpilot Rating: XE sits high up on the Trustpilot totem pole, rocking a 4.2/5 star rating;
- Client Count: Over the years, XE’s services have been a hit with millions of customers, handling transfers for about 150,000 clients annually (and a whopping 280 million online visitors);
- Global Reach: XE’s services span the globe, available in over 170 countries. The company’s digital multi-currency wallet supports transactions in over 50 different currencies, depending on where you hang your hat;
- Transfer Limits: Fan of sending small amounts? With XE, you can send as low as £1 (or currency equivalent). As for the maximum transfer limit, when in the UK and EU, you’re capped at £350,000; US residents can transfer up to $535,000; Canadians can move up to CAD $535,000; and those in New Zealand – NZD $750,000;
- Fees and Rates: In Europe, only small transfers (under £250 or €250) attract a fee (£2.00 or €2.00 respectively). For larger transfers and residents elsewhere in the world, it’s a fee-free fiesta. As for XE’s markups, they stretch from 0.2% to 1.4% depending on a few factors including location, currencies, and the selected payment method;
- How to Send and Receive: Senders can hook up their bank account, credit, or debit card to their online XE account, or try direct debit, BillPay, BPAY, PayID, and Interac. Funds land in your XE online account and from there, hit the bank or arrange a pickup at one of XE’s half-a-million global locations;
- Language Support: Website and customer support are multilingual, including English, Swedish, German, French, Spanish, Portuguese, Arabic, Italian, Chinese, and Japanese;
- Regulatory Approval: XE’s got approval from regulators globally, including FINTRAC and OSFI in Canada, FCA in the UK, FinCEN in the US, and ASIC in Australia;
- Mobile App: XE’s mobile app (3.5 stars on Google Play and 4.3 stars on the App Store) is a do-it-all wonder: transfers, cash pickups, live rate tracking, multi-currency wallets, rate alerts, and much more;
- The Trophy Cabinet: While they’ve not been showered with accolades, XE did snag the International Money Transfers Outstanding Value Award from Canstar in 2021;
- Customers’ Opinion: Online, XE is lauded for competitive exchange rates, low fees, and efficient transfers. However, online feedback is a blend of praise and criticism. Minor issues regarding occasional high rates, unresponsive staff, and platform glitches constitute about 4% of the feedback. Nevertheless, the positive response, boasting over 60,000 reviews, often highlights user-friendliness, low exchange rates, and commendable customer service.
Read our full XE review.
|1.||Adaptable solutions tailored for businesses||Not ideal for transferring small amounts|
|2.||Outstanding customer support||Limited options for funding transfers|
|3.||Swift money transfers within 1-3 days||Transfer fees apply for amounts less than $10,000|
|4.||Attractive currency exchange rates||Absence of instant custom quote feature|
|5.||Option for setting up exchange rate alerts|
|6.||Broad international service coverage|
|7.||Robust currency options|
|8.||Generous transfer cancellation policy|
|9.||Comprehensive FAQ resources|
|10.||Exceptional mobile app user experience|
- Founded: 1998
- Headquarters: Sydney, New South Wales, Australia
- Trading Highs: OFX has managed over $140 billion in global transfers, currently operating with a net income of about $100 million and holding over $60 million in net cash;
- Trustpilot Rating: Primarily serving corporate clients, OFX boasts a strong Trustpilot rating of 4.3 out of 5 stars;
- Client Count: Although OFX has served over a million customers, which is less than some competitors, their clients typically engage in larger transactions;
- Global Reach: With a reach spanning over 190 countries worldwide, OFX is particularly business-friendly. They currently support 55 different currencies, demonstrating a commitment to expand their currency exchange coverage;
- Transfer Limits: OFX has varying minimum transfer limits based on the region, with efforts to lower these limits for convenience. The good news is that they impose no maximum transfer limit, allowing businesses to send significant sums;
- Fees and Rates: OFX allows fee-free transfers for amounts over $10,000. Smaller transfers incur minor fees depending on the location. They add a margin to mid-market exchange rates ranging from 0.4% to 1.9%;
- How to Send and Receive: OFX solely supports bank accounts as the funding method for transfers. Recipients can only receive money in their personal or business bank accounts;
- Language Support: The OFX platform and mobile app are only available in English.
- Regulatory Approval: OFX operates under the watchful eye of over 50 global regulatory bodies, including ASIC, AUSTRAC, MAS, CED, DIA, FCA, NCA, CBI, FinCEN, and FinTRAC;
- Mobile App: OFX’s mobile app, highly rated on both the App Store (4.9/5 stars) and Google Play (4.6/5 stars), provides a secure, fast, and convenient experience;
- The Trophy Cabinet: As a leading Australian transfer service with over 20 years in business, OFX has earned numerous awards and recognitions. Some of them include:
- Best International Money Transfer Provider ( 2021 and 2022 – Finder Customer Satisfaction Awards);
- Excellent Brand of Forex Services (2021 – Hong Kong Leader’s Choice Award);
- Outstanding Value in Money Transfers (2016, 2017, 2018, and 2019 – Canstar).
- Customers’ Opinion: Online customer reviews reveal that OFX is generally well-received, with highlights being their low exchange rate margins, absence of transfer fees, and excellent customer service. Despite minor complaints about occasional transfer delays and documentation issues, the majority of almost 6,000 reviews on Trustpilot are positive, commending OFX’s transparency, ease of use, and cost-effectiveness.
Read our full OFX review.
|1.||Diverse payment methods encompassing debit and credit cards, bank accounts, PayPal, and more||Cash pickups aren’t an option|
|2.||No markups on exchange rates||Challenges with customer service|
|3.||Highly rated on Trustpilot||Lack of dedicated currency dealers|
|4.||Comprehensive global service reach||Inadequate for large monetary transfers|
|5.||In-depth knowledge repository||Less-frequented countries and currencies might incur high transfer fees|
|6.||Impressive currency support (over 50 currencies)||No support for lesser-known currencies|
|7.||Ideal for small transactions|
|8.||Widespread local presence with branches in more than 28 countries|
|9.||Fast money transfers, with half of all transactions completed in minutes and the rest within 0-2 days|
|10.||Custom quotes are available without signup|
|11.||Outstanding web platform and mobile app experience|
- Founded: 2011
- Headquarters: London, UK
- Trading Highs: In 2022, Wise managed an impressive £76.4 billion in global transactions, earning nearly £450 million in revenue;
- Trustpilot Rating: Wise maintains a solid Trustpilot score of 4.3 out of 5, which is competitive among money transfer providers;
- Client Count: In 2022, Wise extended its services to over 16 million customers, a figure that continues to grow;
- Global Reach: With Wise, customers can transfer money to more than 170 countries worldwide and in over 50 different currencies;
- Transfer Limits: Wise doesn’t set a minimum transfer limit, however, maximum limits depend on the chosen currency. Notably, the limits are $6 million USD, $1.8 million AUD, $1.5 million CAD, €6 million EUR, and £5 million GBP;
- Fees and Rates: Wise charges two types of transfer fees: a variable fee ranging from 0.35% to 3% based on the amount, currency, and payment method, and a fixed fee that varies from £0.2 to £2 irrespective of the transfer amount ut dependable on the currency and payment method. As for the exchange rates, Wise stands out for not adding markups on exchange rates but using mid-market rates instead;
- How to Send and Receive: Customers can initiate transfers via bank accounts, credit/debit cards, Apple/Google Pay, or other local systems. Recipients receive their money through a Wise account, from where they can withdraw or send to other Wise users;
- Language Support: Wise is multilingual, supporting 15 languages including English, Russian, Spanish, Japanese, French, Italian, Portuguese, German, Indonesian, Chinese, Hungarian, Polish, Ukrainian, Romanian, and Turkish;
- Regulatory Approval: Wise is overseen by multiple regulatory bodies such as the National Bank of Belgium, UK’s FCA, US’s FinCEN, Canada’s FINTRAC, and Australia’s ASIC;
- Mobile App: Wise’s secure and feature-rich app, available on Android (4.7/5 stars) and iOS (4.7/5 stars), enables users to manage transfers, set up payment methods, check exchange rates, and much more;
- The Trophy Cabinet: Wise is consistently recognized for their industry achievements, earning numerous awards, including:
- Top 20 Glassdoor’s Best Places to Work in the UK (2022 – Glassdoor);
- FinTech50 (2013, 2014, 2017, 2018, 2019, and 2021);
- Top 10 Most Innovative Companies in Finance (2014 -Fast Company Magazine).
- Customers’ Opinion: Of the plethora of reviews that Wise receives online, 91% are positive, commending the smooth money transfer experience. However, growing concerns include stringent documentation requirements, delayed transfers, untimely customer service, and deactivated accounts, despite the comparatively small number of negative and neutral reviews (7% and 2% respectively).
Read our full Wise review.
|1.||An abundance of contemporary banking features||Inefficient for large-scale money transfers|
|2.||Exceptional customer support||Complex fee structure|
|3.||User-friendly debit card services||Limited scope of in-app currency support|
|4.||Zero transfer fees for smaller transfers||No cash pickup options|
|5.||Attractive foreign exchange rates||A relative newcomer in the financial industry|
|6.||Comprehensive suite of business-oriented features|
|7.||Option to trade in cryptocurrencies|
|8.||Virtual cards for secure online transactions|
|9.||Broad coverage of services globally|
|10.||Wide range of supported currencies for travelers|
|11.||Fast money transfers|
- Founded: 2015
- Headquarters: London, UK
- Trading Highs: Revolut’s annual trading volume skyrocketed to an impressive $140 billion in 2022, affirming the trust and dependency users have placed in their services;
- Trustpilot Rating: Boasting a respectable rating of 4.3 out of 5 on Trustpilot, Revolut manifests its commitment to delivering a user-friendly and hassle-free banking experience;
- Client Count: Revolut has amassed a clientele of over 30 million individual users and above 500,000 business entities, creating a vibrant and versatile community that caters to a multitude of financial needs;
- Global Reach: Revolut’s global footprint spans more than 200 countries, making its services accessible to a broad spectrum of users worldwide. They support transactions in 29 in-app currencies, and withdrawals in 140 global currencies, ensuring your currency needs are adequately met, regardless of your location;
- Transfer Limits: Revolut enforces no minimum transfer limit, allowing transfers as small as $1 or currency equivalent. They adapt to a wide range of user needs with variable maximum transfer limits, determined by the user’s plan and the origin and destination countries;
- Fees and Rates: For card transfers, Revolut charges a fee of 0.7% within Europe and 2.3% outside Europe. For bank transfers, fees vary between 0.35% and 1% based on the countries, currencies, and amount involved. The company applies no markup on weekday transfers under $1,000, with a 0.5% markup for larger transfers. During weekends, a markup of 0.5% – 2% is added to that week’s closing mid-market exchange rate;
- How to Send and Receive: Money can be sent via a bank account, debit card, or credit card, and received directly into a bank account or debit card;
- Language Support: Revolut caters to a multilingual user base, offering its services in numerous languages including English, Slovak, Russian, Hungarian, Polish, Italian, Portuguese, Dutch, Latvian, Chinese, Croatian, Bulgarian, Czech, Romanian, German, Danish, Lithuanian, French, Greek, Japanese, Spanish, and Swedish;
- Regulatory Approval: Revolut upholds stringent safety standards and is regulated by several global financial regulatory authorities including The Monetary Authority of Singapore, The Financial Conduct Authority (FCA), The Bank of Lithuania, The Kanto Local Finance Bureau, and The Australian Securities and Investments Commission (ASIC);
- Mobile App: The highly-rated Revolut mobile app, with a rating of 4.7 on iOS and 4.5 on Android, offers a user-friendly and feature-rich banking experience, making it a favorite among millions of users worldwide;
- The Trophy Cabinet: Revolut’s innovative contributions to electronic payment services have won it numerous awards in areas like innovation, customer service, and business strategy, cementing its standing as a trailblazer in the finance industry:
- Featured in Best Startups To Watch (2020 and 2023 – Seedtable);
- Best FinTech Employer of the Year (2021 – SFF Global FinTech Awards);
- Fintech Company of the Year (2018 – City AM Awards).
- Customers’ Opinion: Revolut is praised in online reviews for its user-friendly app, diverse features, and competitive exchange rates. Despite a few user-reported issues, such as app glitches and occasionally slow customer service, the overall sentiment is positive.
Read our full Revolut review.
|1.||Competitive exchange rates||Lack of personal account managers for individual users|
|2.||Excellent customer service||Limited options for transfer funding|
|3.||Instant personalized quotes||Absence of cash pickup service|
|4.||Impressive Trustpilot score||Narrow range of supported currencies|
|5.||Wide-reaching service coverage||Poor user rating for the Android mobile app|
|6.||Quick international transfers|
|7.||Alerts for exchange rate changes|
|8.||Fixed fee for money transfers|
|9.||Awards for superb performance in the financial sector|
|10.||Adequate for both large and small money transfers|
- Founded: 2009
- Headquarters: Dublin, Ireland
- Trading Highs: CurrencyFair reports an annual trading volume of around $300 million, incorporating both minor and significant transfers;
- Trustpilot Rating: CurrencyFair holds a robust 4.4 out of 5 stars rating on Trustpilot, reflecting its trusted service quality;
- Client Count: The company caters to approximately 150,000 individual and corporate clients each year for their international money transfer and currency exchange requirements;
- Global Reach: With its services accessible in over 150 countries spanning all continents, CurrencyFair is a global player in the money transfer industry. Compared to its competitors, CurrencyFair supports a slightly lower number of currencies – approximately 20, for exchange and transfers;
- Transfer Limits: CurrencyFair imposes a lower limit on transfer amounts, with a minimum of $10 (€8, £7, or equivalent in other currencies). One of the company’s strengths is its relaxed upper limit on transfers, allowing up to 10,000,000 in any supported currency, whether for individual or business users;
- Fees and Rates: CurrencyFair applies a flat transfer fee for all transactions, which stands at €3.00 (£2.50, or currency equivalent), regardless of the amount sent. They also add a markup to the exchange fee, averaging 0.45%. This is applied to the mid-market rate and can vary from 0.10% to 0.60%;
- How to Send and Receive: To use CurrencyFair, customers must link their personal or business bank account to their CurrencyFair online account, as this is the only payment method available. The only way for recipients to receive money via CurrencyFair is through a bank account, as cash pickup options aren’t available;
- Language Support: The CurrencyFair website offers the option to choose between English, French, and German languages;
- Regulatory Approval: CurrencyFair operates under the regulatory oversight of several organizations, including the Central Bank of Ireland, the Financial Conduct Authority (UK), the Australian Securities and Investments Commission, the Financial Crimes Enforcement Network (US), the Monetary Authority Singapore, and the Customs and Excise Department of Hong Kong;
- Mobile App: CurrencyFair’s mobile app, available on both Android (with a 2.6 / 5 stars rating) and iOS (4.4 / 5 stars rating), allows users to securely access CurrencyFair’s services, manage and exchange currencies, monitor transfer statuses, and make cross-border payments, among other features;
- The Trophy Cabinet: Despite its relatively short lifespan, CurrencyFair has already gained significant recognition in the financial sector for its exceptional performance:
- Outstanding Value International Money Transfers (2019 – Canstar);
- Excellence in Payments (2017 – FinTech Australia);
- Best in Fintech (2019 – Spiders Awards).
- Customers’ Opinion: CurrencyFair garners generally positive feedback for its cost-effective, speedy, and secure international money transfers. While customers value the provider’s robust security measures, including encryption technology and real-time tracking, some have raised concerns about slower customer support response times and account verification challenges.
Read our full CurrencyFair review.
|1.||A range of payment options for those with a UK bank account||Higher exchange rates compared to competitors|
|2.||Top-notch customer service||Low limits on regular payment transfers|
|3.||Impressive Trustpilot score||Limited support for uncommon currencies|
|4.||Zero transfer fees||Absence of instant custom quotes option|
|5.||Extensive global reach|
|6.||Significant industry experience|
|7.||Quick international money transfers|
|8.||Exchange rate alerts option|
|9.||Suitable for all kinds of money transfers|
|10.||Unlimited maximum transfer amount|
|11.||Numerous industry accolades|
- Founded: 2004
- Headquarters: Penzance, Cornwall, UK
- Trading Highs: TorFX manages a substantial annual trading volume exceeding £10 billion in international money transfers and currency exchanges;
- Trustpilot Rating: They stand toe-to-toe with competitors like Currencies Direct, earning a high Trustpilot score of 4.9 out of 5 stars;
- Client Count: TorFX services the needs of over 425,000 regular and corporate clients globally, though the majority of its customer base is UK-oriented;
- Global Reach: Over 120 countries across all continents have access to TorFX’s currency exchange and money transfer services. The company supports transactions in over 40 global currencies, encompassing major ones such as USD, EUR, AUD, GBP, JPY, CAD, and ZAR, as well as exotic ones like AED, CZK, CNY, EGP, INR, HKD, MXN, RUB, and PHP;
- Transfer Limits: TorFX maintains a minimum transfer limit of £100 (or its currency equivalent) and doesn’t cap the maximum transfer amount. For recurring transfers, the minimum and maximum limits are £500 and £10,000 respectively (or their currency equivalents);
- Fees and Rates: TorFX doesn’t impose transfer fees. The company, however, charges a markup on the mid-market exchange rate, ranging from 1.9% for large transfers to 2.7% for smaller ones;
- How to Send and Receive: This provider accepts funding for international transfers through bank accounts exclusively. UK customers have the additional option of using debit/credit cards or checks in GBP. Money received through TorFX can only be accessed via a valid bank account as cash pickup and mobile wallet options aren’t offered;
- Language Support: They currently provide services solely in English;
- Regulatory Approval: TorFX operates under the authorization of various regulators. They are recognized as an Electronic Money Institution (EMI) by Financial Conduct Authority (FCA) and boast an Australian Financial Services Licence (AFSL) for money payment services from the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Financial Complaints Authority (AFCA);
- Mobile App: TorFX offers a mobile app, available for download for Android devices (rated 4 out of 5 stars) and iOS devices (rated 4.3 out of 5 stars), enabling users to manage transfers at their convenience;
- The Trophy Cabinet: Their commendable performance has been acknowledged by various financial publications, international organizations, and award bodies. Over the years, they received numerous recognitions, among which:
- Best Business FX Provider (2022 – Business Moneyfacts Awards);
- International Money Transfer Provider of the Year (2016, 2017, 2018, 2019, 2020, 2021, and 2022 – Moneyfacts Consumer Awards);
- Best Value International Money Transfer (2016, 2017, and 2022 – Mozo Gold Experts Choice Awards).
- Customers’ Opinion: Diving into TorFX’s customer feedback, it’s clear that the firm’s standout customer service, attractive exchange rates, speedy transfers, and user-friendly platform are well-regarded. Some users, however, have expressed their desire for wider country and currency coverage and a lower minimum transfer amount.
Read our full TorFX review.
8. Global Reach
|1.||Several payment methods are available||Not suitable for small money transfers|
|2.||Expert currency advisors on-hand||Limited funding options|
|3.||Impressive online reviews||Absence of a mobile app|
|4.||No transfer fees for large transfers||No option for instant custom quotes|
|5.||Attractive exchange rates||High minimum transfer limit|
|6.||No limit on the maximum transfer amount||Service unavailable to US clients|
|7.||Broad international reach|
|8.||Support for a wide range of currencies|
|9.||Long-standing industry experience|
|10.||Prompt transfer service|
- Founded: 2001
- Headquarters: London, UK
- Trading Highs: Global Reach reports an impressive annual trading volume of £7 billion, demonstrating their solid standing in the realm of money transfers;
- Trustpilot Rating: The company enjoys a commendable 4.8 out of 5 stars on Trustpilot, reflecting their dedication to keeping customers satisfied;
- Client Count: Serving over 32,000 clients, Global Reach may seem to have a smaller client base compared to other services, but the average client moves over £200,000 annually;
- Global Reach: While Global Reach services are available for money transfers to over 180 countries, some exceptions exist. Yet, only clients from the UK, EU, Canada, and South Africa can register and use their services. Supporting over 140 global currencies, the provider goes above and beyond compared to many competitors in terms of currency variety;
- Transfer Limits: With a minimum transfer limit set at £1,000 or its currency equivalent, Global Reach caters to both individual and business clients. They pose no maximum transfer limit, making them ideal for large money transfers;
- Fees and Rates: No transfer fees apply for transfers exceeding £3,000. However, transfers between £1,000 and £3,000 incur a maximum fee of £20. Boasting one of the lowest markups for larger transfers, the margin added to the mid-market exchange rate ranges from 0.4% for amounts above £200,000 to 1.9% for smaller transfers of about £1,000-£3,000;
- How to Send and Receive: Clients can fund their Global Reach transfers through a linked bank account, credit, or debit card. The company ensures secure transfer of funds by depositing directly to bank accounts;
- Language Support: Global Reach currently supports English alone but serves a diverse range of global clients;
- Regulatory Approval: Global Reach is authorized to operate in the UK and Canada by high-profile institutions, which fortifies confidence in their services. They’re authorized by the UK’s Financial Conduct Authority (FCA) and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC);
- Mobile App: While Global Reach currently lacks a mobile app, their responsive and mobile-friendly website offers convenience on the go;
- The Trophy Cabinet: A longstanding player in the money transfer industry, Global Reach has received numerous accolades for its excellence and accomplishments. Some of their notable awards include:
- Payment Solution of the Year (2022 – Electronic Money Award);
- Best Cross-Border Payments Service (2022 – Payments Awards);
- Best Payments Solutions Provider (2022 – Global Forex Awards B2B);
- Customers’ Opinion: Global Reach garners high praise from online reviewers, underscoring its dedication to superior service and client satisfaction. Customers commonly praise the company’s responsive, professional customer service, competitive exchange rates, and transparent fees. They also value the swift and efficient transfer process, user-friendly platform, and robust security measures that ensure the safety of their funds.
Read our full Global Reach review.
9. Key Currency
|1.||Stellar customer service||Not optimal for smaller transfers|
|2.||Impressive Trustpilot score||Limited funding methods|
|3.||Zero transfer fees||Lack of support for less-common currencies|
|4.||Attractive exchange rates||No option for instant personalized quotes|
|5.||Personalized support from dedicated account managers||Services not accessible for residents in the US|
|6.||No limits on transfer amounts||Absence of a mobile app|
|7.||Flexible currency hedging options|
|8.||Wide-reaching service coverage|
|9.||Extensive industry experience|
|10.||Quick money transfers|
- Founded: 2016
- Headquarters: Truro, Cornwall, UK
- Trading Highs: Key Currency’s considerable annual trade volume of £2 billion in 2022 demonstrates its burgeoning clout in the global remittance market;
- Trustpilot Rating: A high Trustpilot score of 4.9 / 5 validates Key Currency’s commitment to quality service and customer care;
- Client Count: Key Currency’s client base is constantly expanding, now boasting over 50,000 customers, signaling its growing popularity for better transfer options;
- Global Reach: While their site doesn’t specify countries of operation, it’s clear their focus lies with the UK and EU, with services extending to Australian customers. It’s important to note, Key Currency doesn’t serve US residents. They also provide transfer options in 37 different currencies, though other transfer services might support more exotic currencies;
- Transfer Limits: There’s no lower limit on transfers with Key Currency, offering clients freedom for diverse transfer requirements, including transfers as low as £10. Primarily geared towards hefty transfers, Key Currency doesn’t set an upper limit as well. Clients are free to transfer millions of pounds (or the equivalent in any of their supported currencies) in one transaction;
- Fees and Rates: Key Currency takes pride in its zero-transfer-fee policy, applicable to all clients, regardless of the transfer size or currency. Although not openly disclosed on their website, our findings suggest that Key Currency’s exchange rate margin swings between 0.2% for transfers above £200,000 and 1% for transfers under £5,000;
- How to Send and Receive: Key Currency requires clients to use a bank account for smooth international transfers, not accommodating other options like credit/debit cards, PayPal, mobile wallets, or cryptocurrencies. Similarly, they only support bank account deposits for recipients. They don’t facilitate cash pickups or e-money deposits;
- Language Support: Though their website is solely in English, Key Currency assigns dedicated agents fluent in English, French, Italian, Spanish, and Swedish to facilitate easy communication with non-UK-based clients;
- Regulatory Approval: Key Currency prioritizes safety and regulatory compliance. They operate under the supervision of reputed regulatory bodies, such as the Financial Conduct Authority (FCA) in the UK, the Bank of Spain in Spain, and the Financial Crimes Enforcement Network (FinCEN) in the US;
- Mobile App: One noticeable shortcoming of Key Currency is the lack of a mobile app. This forces clients to rely on the company’s account managers or the online platform for making and managing their transfers;
- The Trophy Cabinet: Despite being a relatively new entrant on the money transfer scene, Key Currency has garnered acknowledgment from several esteemed outlets:
- Best Currency Provider (2016 and 2017 – Online Personal Wealth Awards);
- Best Currency Exchange Service (2016 to 2023 – ADVFN).
- Customers’ Opinion: Online reviews of Key Currency paint a picture of a well-regarded company, signifying high customer satisfaction. Clients often praise the firm’s superior customer service, personalized support, competitive exchange rates, no transfer fees, and efficient transfer process. However, feedback also indicates room for improvement, particularly the need for a mobile app and expanded service to customers outside the UK, EU, and Australia.
Read our full Key Currency review.
|1.||A variety of different payment choices||Scarce support for uncommon currencies|
|2.||Exceptional customer service||No instant custom quote feature|
|3.||Strong Trustpilot score||Exclusively accessible for UK residents|
|4.||No transfer fees||Non-transparent exchange rates|
|5.||Personalized service with dedicated account managers|
|6.||Beneficial travel card|
|7.||Swift international money transfers|
|8.||Option for exchange rate notifications|
|9.||Worldwide service availability|
- Founded: 2002
- Headquarters: London, UK
- Trading Highs: In 2022, Caxton successfully conducted over 8.6 million transactions, amounting to a significant £1 billion in transfers, as per their latest annual report;
- Trustpilot Rating: A top-rated international money transfer company, Caxton possesses a respectable Trustpilot rating of 4.8 out of 5 stars;
- Client Count: Caxton serves a substantial clientele, currently managing both international and domestic transfers for over 660,000 customers;
- Global Reach: Providing services in nearly all countries, Caxton allows UK residents to securely transfer funds to more than 170 nations, with around 20 exceptions. Furthermore, Caxton’s travel card is globally accepted at over 35 million ATMs. Their multi-currency digital wallet allows customers to transact in over 28 different currencies, enabling them to send, store, and receive money;
- Transfer Limits: Caxton mandates a moderate minimum transfer limit of £100 or its equivalent in other currencies. They also impose a maximum transfer limit, restricting single transactions to £100,000 or its currency equivalent;
- Fees and Rates: In a customer-friendly move, Caxton refrains from charging any transfer fees for international money transfers. While they don’t publicize their exchange rate markup, they affirm to provide competitive rates that typically better high-street banks by 1-3%. The actual markup may vary based on the recipient’s location, the involved currencies, and the selected payment method;
- How to Send and Receive: Customers can transfer money via Caxton by connecting their bank account or debit card. They aren’t allowed to use credit cards, mobile money, cash, or cryptocurrencies. It’s noteworthy that debit card transfers are capped at £10,000. Recipients will have the money deposited into their bank account;
- Language Support: Currently, Caxton’s services are exclusively available in English;
- Regulatory Approval: Under the purview of the Financial Services and Markets Act (FSMA), Caxton’s operations are also safeguarded by the Financial Services Compensation Scheme (FSCS). Furthermore, the company is regulated by HM Revenue and Customs (HMRC) and the Financial Conduct Authority (FCA) in the UK;
- Mobile App: Caxton provides a comprehensive mobile app, available for Android (unrated on Google Play) and iOS (rated 4.6 out of 5 on the App Store) devices. The app facilitates a variety of transfer and financial features like international and domestic transfers, transfer tracking, live currency rates, digital multi-currency wallet management, currency exchange, and setting up rate alerts. Caxton also provides a dedicated app for their flagship card;
- The Trophy Cabinet: Despite regular mentions in the media, Caxton hasn’t garnered many official recognitions as of yet.
- Customers’ Opinion: Customers frequently commend Caxton’s user-friendly platform, competitive exchange rates, responsive customer service, and the absence of transfer fees. Despite these positives, some customers have noted issues such as transfer speeds and transparency in exchange rate markups, reflecting that some aspects of the service could be improved.
Read our full Caxton review.
Our extensive review of the 10 best money transfer companies in the UK reveals that each has its unique strengths and areas for growth. The companies we reviewed above have carved a niche for themselves in the money transfer landscape with high ratings, competitive exchange rates, personalized customer service, and versatile online platforms.
While certain improvements, such as wider global coverage and better app functionality, could be beneficial, each of these companies offers a dependable and valuable service for international money transfers.
The diversity in offerings we’ve observed during our review underlines the vibrant competition within the UK money transfer market. These platforms have managed to stand out due to their commitment to quality service, security, and customer satisfaction. All of them provide a range of options for customers with different needs and preferences.
As we move into the future, we anticipate the UK’s money transfer landscape to continually evolve, driven by advancements in technology and changing customer expectations. This competitive environment, influenced by the growing consumer demand for transparent, fast, and easy-to-use services, will inevitably fuel further innovation in the sector. Ultimately, as service providers strive to meet these needs, users stand to benefit from increasingly efficient and personalized financial solutions.
How were the 10 best money transfer companies in the UK selected?
We selected these companies based on a comprehensive evaluation of their services, including factors such as customer ratings, transfer fees, exchange rates, transfer speed, security, and global reach.
I often make small transfers. Which company would be the best fit for me?
I’m worried about security. How safe are these money transfer companies?
All of the companies we reviewed are regulated by established financial authorities like the Financial Conduct Authority (FCA) in the UK. They use advanced security measures to protect your funds and personal information.
How did you evaluate the customer service of these companies?
We analyzed multiple sources, including customer reviews and ratings on Trustpilot, to gauge the quality of customer service. We also considered the variety of customer support options provided, such as phone, email, dedicated dealers, and live chat.
I need to transfer money regularly. Which service should I choose?
I prefer using mobile apps for transfers. Which companies offer this?
Most of the companies we reviewed, including Revolut, TorFx, and OFX, offer mobile apps that let you manage your transfers on the go. Be sure to check the app ratings and reviews for a better understanding of the user experience.
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