25 Jul

FC Exchange

FC Exchange

 

URL: http://www.fcexchange.co.uk/

 

Description: Founded in 2005, FCExchange is for customers transferring £1000 or more. It gives customers one point of contact, and is one of the companies which offers a variety of options such as forward contracts, regular payments, limit orders, stop loss orders.

 

Free to open an account? Yes

 

Payment structure: Commission

 

Same Day Payments: Not guaranteed

 

Minimum Transfer Amount: £1,000

 

Special Features/Benefits: FCExchange offers Amazon gift certificates to referrers, subject to certain conditions.

 

Accreditation: UK: FCA

 

Offices In: UK, South Africa, Cyprus

 

Awards:

 

B: Best Company 2017

 

Credit Level A2, Dun & Bradstreet

 

Best Accreditation Standard (b.co.uk): Best Company To Work For 2016

 

Recent Headlines:

 

The Times, August 2016: Take the Long View,

 

thisismoney.co.uk, 2016: Our Spanish villa didn’t stop us voting Leave’: Own a home abroad? Don’t rush to sell, say experts

25 Jul

Fair FX

Fair FX

 

URL: https://www.fairfx.com/

 

Description: Founded in 2007, Fairfx distinguishes itself by offering a prepaid MasterCard so that you can make withdrawals from ATMs. If you don’t want to receive your money on that, you can also have it delivered to your home (for free for purchases over £750) as well as paid into a foreign account.

 

Free to open an account? Yes

 

Payment structure: commission, if you want your money on a MasterCard it will cost you £9.95.

 

Same Day Payments? Not guaranteed

 

Minimum Transfer Amount: ‘Free transfers from £100’

 

Accreditation:

 

UK: FCA

 

US State-specific license info

 

Offices In

 

Awards:

 

Best Currency Exchange Service 2015 (ADVFN International Financial Awards)

 

Money Transfer Innovation Award at the Moneynet awards 2014

 

British Travel Awards – Best Foreign Exchange/Travel Money Retailer

 

Prepaid 365 Awards, Best USD Travel Prepaid Card

 

ADVFN, International Financial Awards, Winner 2015

 

Recent Headlines:

 

Interactive Investor, July 2017: FairFX Sees First Interim Profit Since 2014 IPO, Confident On Outlook

 

The Investment Observer, July 2017: Currency service FairFX swings into profit for first time in three years

 

Proactive Investors, July 2017: FairFX boss Ian Strafford-Taylor ‘absolutely delighted’ with maiden interim net profit

25 Jul

Easy FX

Easy FX

 

URL: https://www.easyfx.com/

 Description:

Easy FX has been operating since 2004, and operating online since 2006.

They claim to offer a personable service, and offer a full range of services, including Spot, Forward Contracts, and Limits and Stops.

 

Free to open an account?

 Yes.

 Payment structure:

 They say “any transaction over £3,000 is entitled to a free international payment. Any payment under £3000.00 has an administration fee of £3.00”.

. 

Same Day Payments?

 Yes.

 

Minimum Transfer Amount: £100, €100 (EU), or $100 (USA)

 

Where You Can Transfer To: Spain, France, USA, Portugal, South Africa

 

Special Features/Benefits

We’re awaiting information on this.

 

Accreditation:

 UK: FCA

We’re awaiting more information on other accreditations.

 

US State-specific license info:

 We’re awaiting more information on this.

 

Offices In:

 UK

 

Awards:

We’re awaiting information on this

 

Recent Headlines:

 We’re awaiting information on this.

25 Jul

Currency Solutions

Currency Solutions

URL: www.currencysolutions.co.uk

 

Description:

 

Founded in 2004, Currency Solutions claims to offer one of the fastest transfer times in the industry, settling transactions on the same day. They pledge to match any quote if you are offered a better one somewhere else.

 

Free to open an account? Yes

 

Payment structure: They take a margin.

 

Same Day Payments: Yes.

 

Minimum Transfer Amount: £100

 

Special Features/Benefits:

 

Currency Solutions offers spot trades, forward contracts, and options of forward extra, knock out, and ratio transfers.

 

Accreditation: UK: FCA

 

Offices In: UK

 

Awards:

 

Best Rated Under “Money” Category on TrustPilot – Based on Client Reviews

 

Service Excellence Award – MoneyTransferComparison

 

Recent Headlines:

 

FX:MM, March 2017, Travelex combines its global retail and Currency Solutions functions

 

25 Jul

Currency Fair

Currency Fair

URL: https://www.currencyfair.com/

 

Description:

 Based in Ireland, UK, this company look like the new generation of the Money Transfer Industry, which operates on a Peer-to-peer model. Basically if you need to transfer money, you swap with somebody with a corresponding need.

It’s regulated by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. We can’t see any more information available – and we think that sets them back a bit, which is a shame, as the model is fantastic.

CurrencyFair have a lot of press, and have positioned themselves as the Startup poster boys in the industry.

 

Free to open an account?

Yes.

 

Payment structure:

To us, it looks like there’s a fee of about 0.125% charge – based upon their example of a £2.50 fee on a transaction of £2,000. – plus an exchange rate margin.

In short though, they say you’d pay £8.50 vs £100 through the banks.

They quote in GBP as they’re based in UK/Ireland.

“On average, customers at the moment pay around 0.4%, however as more and more people use CurrencyFair this average rate will decrease.”

 

Same Day Payments?

 CurrencyFair quote a 24 – 48 hour average transaction time.

 

Minimum Transfer Amount:

We can’t find this information on their site – but it looks to us like no minimum.

 

Where You Can Transfer To

The full list is here. https://www.currencyfair.com/support/en/sending-in/what-currencies-can-i-send-into-currencyfair

 

Special Features/Benefits:

 We’re awaiting clarification on this at the moment

 

Accreditation:

 UK: FCA

USA: Financial Crimes Enforcement Network (“FinCEN”)

France: ACPR

South Africa: Financial Services Board

 

US State-specific license info:

None

 

Offices In:

Ireland, Australia

 

Awards:

We’re awaiting clarification and recent news on this.

 

Recent Headlines:

Celtic kitten: Ireland’s tech start-ups flex their claws, ready to play

Over the sea and far away

Ireland Stirs Homegrown Flavor Into Tech Scene

25 Jul

Currencies Direct

Currencies Direct

URL: https://www.currenciesdirect.com

 

Description:

 

Established in 1996, this site has a retail presence, online service and app. It has a no fees policy, tries to keep things simple, and has experts on hand to guide you with your choices. They also have a neat service where if you can’t call them but can contact them online, they will call you.

 

Free to open an account? Yes.

 

Payment structure: They say there are no charges for most transactions and no hidden fees or commissions, which covers 90% of their transactions.

 

The company says that for transactions where there is a fee, they will tell you upfront so you will know exactly what it will cost you before you make the transfer. For online sellers, it will be between 1-2% of the transfer amount.

 

Same Day Payments?

 

They say that most transfers for “major” currencies like euros or US dollars will go through on the same day, if you make your transfer before 1.30pm GMT. If you make it after 1.30pm it will arrive the next day.

 

Minimum Transfer Amount: £100, €100 (EU), or $100 (USA)

 

Where You Can Transfer To: Spain, France, USA, Portugal, South Africa

 

Special Features/Benefits: A rewards scheme: receive a £50 Amazon voucher once the person you have referred has transferred £10,000 or more.

 

Accreditation:

 

UK: FCA

USA: Financial Crimes Enforcement Network (“FinCEN”)

France: ACPR

South Africa: Financial Services Board

 

US State-specific license info:

 

Florida, Georgia, North Carolina,

 

Offices In: US, UK, China, France, India, Portugal, South Africa, Spain

 

Awards:

 

Most Positive Client Review Comments, MoneyTransferComparison, 2017

 

Money Transfer Provider of The Year – MoneyAge Magazine, 2016

 

National Business Awards Finalists, 2006

 

Fast Growth Business Awards Finalists, 2007

 

Highest Possible Credit Rating (level 1) from Dun & Bradstreet, 2010

 

Recent Headlines:

 

The Olive Press, July 2017: Currencies Direct offers much cheaper way of transferring money abroad

 

RTNOnline, June, 2017: The man behind the smile

25 Jul

Afex

Afex

 

URL: https://www.afex.com

 

Description:

Claiming a heritage back as far as 1979, Afex aim to be an all-rounder in the money transfer market. They seem particularly active with business transactions, but they deal with with individuals as well.

Afex offer Foreign Currency Drafts, Wire Transfers, risk management tools and designated Account Executives

 

Free to open an account?

 Yes.

 

Payment structure:

They say there are no charges for using their payment system, other than those associated with the transfer of currency. The exact fee you pay will depend on the destination and speed of your payments.

We think this could be made clearer.

 

Same Day Payments?

Afex say “same day transactions are available through the fastest, safest channels available”. We couldn’t find out if this is guaranteed, restricted to certain currencies, or other detailed information.

 

Minimum Transfer Amount:

We couldn’t find this information from Afex themselves. Other comparison sites offer conflicting information. Some say no minimum, and others say the minimum amount is $5,000.

 

Where You Can Transfer To:

Afex say “all major and many exotic currencies traded globally, except those embargoed internationally”.

Again – we think this is unclear.

 

Special Features/Benefits:

Afex are a member of the global SWIFT network. Offers dashboard to track your transactions.

 

Accreditation:

 We’re waiting for this information to be officially provided

 

US State-specific license info:

Many

For a full list, go here. https://www.afex.com/unitedstates/compliance_legal.php

 

Offices In: Australia, Canada, Channel Islands, Indonesia, Italy, Ireland, Norway, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States

 

Awards:

We’re waiting for this information to be officially provided

 

Recent Headlines:

We’re waiting for this information to be officially provided