CurrencyTransfer International Money Transfer Review 2023

CurrencyTransfer is shaking up the international money transfer scene and making it easier than ever to send money across borders. They are a bit different from traditional money transfer providers since they function as a foreign exchange aggregator that handles transfers through other providers.

Whether you’re a business owner or just need to pay bills and mortgage overseas, CurrencyTransfer has got you covered. Their commitment to providing convenient financial services sets them apart from the competition, making them a reliable and affordable choice for all your international money transfer needs. With their low fees, competitive exchange rates, and top-notch customer service, they’re proving that transferring money doesn’t have to be a headache-inducing experience.

In this review, we’ll give you the inside scoop on all things CurrencyTransfer. We’ll look at their fees (spoiler alert: they’re affordable), exchange rates, and customer service. We’ll also check out what other people are saying about them online, and give you a sneak peek at some alternatives.

So, whether you’re sending your hard-earned cash to your family in Turkey or paying your team in Bulgaria, this review of CurrencyTransfer’s capabilities has got you covered. Let’s get to it!

Who are CurrencyTransfer?

CurrencyTransfer is a young and dynamic FinTech company that is revolutionizing the way people send money abroad. Founded in 2014, the company has grown rapidly, attracting customers from all over the world with its innovative and user-friendly platform. With a mission to make international money transfers cheaper, faster, and more accessible for everyone, CurrencyTransfer is fast becoming a household name in the money transfer industry.

What sets CurrencyTransfer apart from the competition is their commitment to providing an exceptional customer experience. From their user-friendly platform to their dedicated customer support team, CurrencyTransfer goes the extra mile to make sure their customers are satisfied with every aspect of their service.

One of CurrencyTransfer’s standout features is their real-time comparison of exchange rates from multiple providers. This means that their customers can book the provider that offers the best exchange rate for their transfer and let CurrencyTransfer arrange the terms of the transfer with them. And with a fee structure that’s transparent and affordable, there are no hidden costs or surprises when it comes to sending money with CurrencyTransfer.

Another key feature of CurrencyTransfer is their 24/7 customer support, which is available via live chat, phone, and email. This means that their customers can get help whenever they need it, whether it’s in the middle of the night or on the weekend.

CurrencyTransfer Pros & Cons

	Pros	Cons
1.	Instant custom quotes – Visitors of CurrencyTransfer’s website can immediately review their transfer rates and fees, without being required to register for an online account.	Not suitable for small money transfers – Because of their high minimum transfer limit, CurrencyTransfer isn’t suitable for making small money transfers, such as remittances, small purchases, paying bills, rent, etc.
2.	Great customer service – With lots of support options, CurrencyTransfer tends to their customers’ needs with great care. The biggest asset in this aspect is the option for a dedicated account manager for every account holder.	High minimum transfer limit – CurrencyTransfer caps the minimum transfer limit at 5,000 (or currency equivalent). This is one of the highest minimum transfer limits in the industry.
3.	High Trustpilot rating – With 4.9 out of 5 stars, CurrencyTransfer holds the top spot among companies of its kind.	No multi-language support – English is the only available language used for CurrencyTransfer’s website and customer support.
4.	No transfer fees – CurrencyTransfer doesn’t charge a fee on any of the transfers that go through their platform.	Limited payment options – Customers can only use their bank accounts to load funds into their CurrencyTransfer account so they can exchange currencies and book money transfers.
5.	Competitive exchange rates – Whichever CurrencyTransfer partner you wish to go for, rest assured that the margin on your exchange rate will be about 0.70% – about 6 to 8 times lower than those imposed by banks.	No mobile app – CurrencyTransfer is one of the few companies in the international money transfer space that don’t provide a mobile app for a more seamless and convenient user experience.
6.	Global service coverage – CurrencyTransfer makes sending money available in over 170 countries on all continents.	Limited currency coverage – CurrencyTransfer supports only 28 of the major world currencies.
7.	Lots of business options – With CurrencyTransfer, businesses can take advantage of FX features such as currency options, spot contracts, market orders, forward contracts, exchange rate alerts, API integration, and more.	No local coverage – With only two offices located in the UK and Israel, CurrencyTransfer isn’t available for in-person financial counseling and cash transfer options.
8.	Fast money transfers – Customers can expect that the money transfers they make with CurrencyTransfer can arrive in the recipient’s bank account in about 1-2 business days.
9.	Exchange rate alerts – Anyone who wants to make a transfer by using a more favorable exchange rate can set up a rate alert, so they can be notified when their desired rate has been met.

CurrencyTransfer Key Attributes

• Founded: 2015
• Headquarters: London, UK
• Other offices: Besides their main office in London, UK, CurrencyTransfer operates from a location in Tel Aviv, Israel as well;
• Annual trading volume: CurrencyTransfer has reported that they’ve handled about $500 million in transactions in 2015. There is no public information on their annual trading volume since then, but considering its steady growth, it should come as a surprise if the company doesn’t trade in several billion today;
• Number of employees: CurrencyTransfer is a small-sized business since it falls within the 11-50 employees group. Currently, they have listed 23 employees on their LinkedIn page; 
• Trustpilot rating: As of February, 2023, CurrencyTransfer is sharing the top spot among international money transfer providers on Trustpilot. Alongside Currencies Direct and TorFX, their rating is 4.9 out of 5 stars based on 900 reviews;
• Number of clients: At the moment, CurrencyTransfer provides frictionless money transfer and currency exchange services to about 20,000 private and corporate clients from all over the world;
• Available countries: With CurrenciesTransfer, individuals and businesses can send money to and from over 170 countries and territories worldwide;
• Number of currencies: Even though the number of countries supported by CurrencyTransfer is large, the supported currencies are only a few. All the major currencies are included, however, customers can’t trade in most minor currencies. With that said, the number of currencies supported by CurrencyTransfer is 28 (CHF, EUR, HKD, JPY, CZK, AUD, SGD, ILS, NOK, NZD, QAR, BGN, THB, TRY, PLN, MXN, DKK, CAD, RON, SAR, GBP, ZAR, AED, MUR, HUF, USD);
• Minimum transfer limit: This aspect is one of the biggest drawbacks of CurrencyTransfer. They impose a minimum limit of £5,000 (or a currency equivalent) on all types of transfers, making their services not suitable for anyone that wants to make a small money transfer such as sending money gifts, sending to family or friends, making small purchases, etc.
• Maximum transfer limit: Contrary to the above point, CurrencyTransfer is super-convenient for making large international money transfers. They don’t cap the maximum transfer amount so anyone can send as much as they want, whenever they want to;
• Transfer fee: Another great CurrencyTransfer asset are their transfer fees, or better said, the lack of them. This UK-based company doesn’t charge any transfer fees on any transfer type facilitated through their platform; 
• Exchange rate markup: While customers can find alternatives that might offer slightly better rates, CurrencyTransfer is pretty convenient and adds a markup of about 0.70% to the real mid-market exchange rates. That is still way more affordable than traditional banks that usually add between 4% and 7% profit margin for facilitating a money transfer;
• Sending money through: Making a money transfer by using CurrencyExchange services is available only through a bank account. Options such as debit or credit card, cash, PayPal, or other payment methods aren’t supported;
• Receiving money through: Similarly, recipients can receive payments only in their personal or business bank account if the transfer was handled by one of CurrencyTransfer’s partners;
• Payments flexibility: Clients that wish to use CurrencyTransfer to make international money transfers or exchange currencies get to enjoy their modern, straightforward web platform to do so. Their accounts are packed with an intuitive dashboard that contains every tool clients need to initiate, modify, and monitor transfers, and manage recipients and currencies;
• Supported languages: Currently, CurrencyTransfer’s website and customer support are only available in English;
• Regulated by: To stay in compliance with all finance laws (such as the 2007 Money Laundering Regulations and similar legislation) and ensure customers of utmost security, CurrencyTransfer obtained authorization for operating in the money transfer industry from the Financial Conduct Authority (FCA) in the UK. They are also supervised by Her Majesty’s Revenue and Customs (HMRC) and registered with the Information Commissioner’s Office (ICO);
• Mobile app: Another huge drawback of CurrencyTransfer is the absence of a mobile app. Most of their competition offers amazing mobile apps that make money-transferring and currency exchanges less time-consuming and more convenient. Hopefully, CurrencyTransfer will soon jump on this trend and launch their own smartphone app;
• Awards: Being a young FinTech startup, CurrencyTransfer hasn’t received much recognition from awarding bodies, however, they still managed to make some noise in the industry:
  • Top 9 Startups (Swift Innotribe Startup Challenge, 2014);
  • Presented at FinovateEurope – a FinTech-based conference (2014).

CurrencyTransfer Features

CurrencyTransfer offers a range of services and features to meet the diverse needs of its customers. Whether you’re an individual looking to send a larger, one-time payment or a business owner who needs a more sophisticated solution for all of your international payment needs, CurrencyTransfer provides tons of features to help with the process.

Account Types

Customers can open a personal or business account with CurrencyTransfer, depending on their needs.

Personal accounts are ideal for individuals who need to send money abroad, but they should note that the minimum amount for a transfer is 5,000 (or a currency equivalent). Therefore, CurrencyTransfer isn’t suitable for making small money transfers, but rather larger payments such as college tuition, buying properties or vehicles, expensive purchases, etc.

On the other hand, business accounts are designed for small to medium-sized businesses that require powerful international payment solutions. With CurrencyTransfer, they can easily pay suppliers from overseas or send payments to their team of employees abroad. With options such as recurring payments, businesses can save valuable time when handling this segment. It should also be noted that CurrencyTransfer doesn’t put a limit on the maximum amount of any of the transfers they facilitate.

Spot Contracts

Spot contracts are ideal for customers who want to make quick money transfers and at the current market rate. With a spot contract, customers can lock in the current exchange rate and complete the transaction within 24 hours. This is a convenient and cost-effective CurrencyTransfer solution for those who need to send money abroad in a hurry.

Forward Contracts

Forward contracts allow customers to lock in an exchange rate for a future date, giving them the peace of mind that their transfer will be completed at the rate they agreed upon, even if the market changes in the meantime. This is a great solution for customers who need to send money abroad at a specific date in the future and want to avoid any currency fluctuations.

CurrencyTransfer enables rate-locking for up to 12 months in the future, so if you find a desirable rate now, you can use it to send money at any time within the next year, no matter the market change.

Exchange Rate Alerts

CurrencyTransfer offers exchange rate alerts, allowing customers to keep track of the current exchange rate and be notified when the rate reaches their desired level. This is a convenient tool for customers who aren’t in a hurry and are looking to send money abroad at the best possible rate. Rate alerts can be received by email at the desired time of the day or week.

Market Orders

Market orders enable booking transfers when a desirable exchange rate is reached. While exchange rate alerts can achieve the same purpose, market orders are more convenient since the deal will be booked immediately as the exchange rate is met, even if you’re sleeping or flying overseas at the moment. With that, CurrencyTransfer clients can have peace of mind that their transfers will always be facilitated at the most favorable rates.

Mass Payments

For businesses that need to send money to multiple recipients at once, CurrencyTransfer offers a batch payment solution. This allows companies to make multiple payments at a given moment, saving time and resources and increasing efficiency.

Currency Options

As we all know, the currency exchange market is always unpredictable and constantly shifts. With that in mind, CurrencyTransfer offers currency options for businesses that need to hedge against currency fluctuations. This way, businesses can lock their desired exchange rates and use them whenever they want to, giving them assurance that their transfer will be completed at the rate they agreed upon, even if the market changes in the meantime. The greatest benefit here is that there are no commitments or deposits – clients can always cancel the deal if they change their mind.

API Solutions

CurrencyTransfer also offers API solutions for businesses that need to integrate their payment systems with their existing software. This allows businesses to automate their international payment processes and save time and money in the long run. This way, they can manage their payments in the same place along with their other financial activities such as invoicing, accounting, and more, without spending additional resources.

CurrencyTransfer International Money Transfer Costs

When it comes to international money transfers, the costs can quickly add up. However, CurrencyTransfer is committed to providing its customers with a cost-effective solution. In this section, we’ll take a closer look at the costs associated with using CurrencyTransfer for your international money transfers.

Exchange Rates

One of the main costs associated with international money transfers is the exchange rate. The exchange rate is the rate at which one currency can be exchanged for another. CurrencyTransfer offers competitive exchange rates, which are typically better than those offered by traditional banks. Compared to other money thrasher services, we’ll place them somewhere on the middle step of the exchange rate ladder.

At the moment, their profit margin is about 0.70% on the mid-market exchange rate on average.

Transfer Fees

In addition to the exchange rate, customers are usually also charged a transfer fee by their money transfer provider. The transfer fee is a fee for the service of sending money from one country to another.

In the case of CurrencyTransfer, customers are never charged a transfer fee, which is clearly displayed on its website.

Additional Fees

In some cases, customers may be charged additional or other fees for their international money transfers. For example, banks in the recipient country may charge a receiving fee. CurrencyTransfer is transparent about any additional fees that may apply and will provide customers with a breakdown of all costs associated with their transfer before they complete the transaction.

Summary

In summary, the costs associated with using CurrencyTransfer for your international money transfers include a 0.70% markup on the exchange rate (on average), a $0 transfer fee, and any third-party fees that may apply. CurrencyTransfer is committed to providing its customers with a cost-effective solution, offering competitive exchange rates and transparent transfer fees.

How Safe is CurrencyTransfer?

When it comes to international money transfers, safety and security are top concerns. Customers want to know that their money is in good hands and that their personal information is protected. In this section, we’ll take a closer look at the safety and security measures in place at CurrencyTransfer.

Regulatory Compliance

CurrencyTransfer is a licensed and regulated company, which means that it is required to comply with strict financial regulations and standards. The company follows all applicable laws and regulations in each country where it operates, ensuring that its customers’ money is protected.

Namely, the Financial Conduct Authority (FCA) in the UK authorizes CurrencyTransfer for handling money operations, and they are also supervised by Her Majesty’s Revenue and Customs (HMRC) and registered with the Information Commissioner’s Office (ICO).

Encryption Technology

CurrencyTransfer uses state-of-the-art encryption technology to ensure their customers’ private details are safe. All sensitive information is encrypted and stored securely, and the company follows strict security protocols to prevent unauthorized access.

Customer Funds Protection

CurrencyTransfer takes the protection of its customers’ funds quite seriously. The company uses segregated accounts to ensure that customer funds are kept separate from its own operating funds. This provides an added layer of protection for customers, as their funds are not at risk in the event that CurrencyTransfer experiences financial difficulties.

In short, the company is regulated and compliant, uses encryption technology to protect personal information, and protects customer funds through the use of segregated accounts. Customers can feel confident that their funds and private information are in good hands with CurrencyTransfer.

How Fast is CurrencyTransfer?

When it comes to international money transfers, timing is an important factor to consider. Customers want to know that their funds will arrive at their destination quickly and securely. Below, we’ll discuss the speed and timing of transfers with CurrencyTransfer.

Transfer Processing Time

CurrencyTransfer processes transfers quickly, typically within a matter of hours. Several factors impact each transfer’s processing time, such as the transfer amount and the destination country. In many cases, transfers are processed and completed within the same business day.

Delivery Time

The delivery time for transfers with CurrencyTransfer will vary depending on the destination country. In some cases, transfers can be delivered within 24 hours, while in other cases it may take a few business days. Customers can check the estimated delivery time for their specific transfer on the CurrencyTransfer website or by contacting customer support.

On average, most money transfers handled by CurrencyTransfer are completed in 1 to 2 business days.

How to Use CurrencyTransfer?

CurrencyTransfer is a user-friendly platform that makes it easy to send money internationally. Here are all the steps involved in using CurrencyTransfer:

• Step 1: Create an Account – To use CurrencyTransfer, you’re required to register for an online account. This is a simple and straightforward process that can be completed online. During the sign-up process, you’ll be asked to enter your private information as well as bank details;
• Step 2: Initiate a Transfer – After your account is all set up, you can start sending money by logging in to your account and following the steps to send money. You’ll need to specify the amount you wish to send, the currency you want to send it in, and the currency you want to exchange. After booking a deal, you can continue with confirming the transfer;
• Step 3: Provide Payment and Beneficiary Information – Next, you’ll need to provide payment and beneficiary information. This includes your payment method (in the case of CurrencyTransfer this is a bank account), the recipient’s name and bank account information, and any other relevant information;
• Step 4: Confirm and Submit the Transfer – Finally, you’ll need to confirm and submit the transfer. You’ll be able to review all of the information you’ve provided and make any necessary changes before finalizing the transfer. Once the transfer is submitted, CurrencyTransfer will handle the rest.

CurrencyTransfer Money Transfer Cancellation Policy

In some cases, customers may need to cancel a money transfer with CurrencyTransfer. There are two aspects of this matter that we’ll review below:

Cancellation of Unexecuted Transfers

Customers can cancel a transfer that has not yet been executed by contacting CurrencyTransfer customer support. In most cases, the company can terminate an initiated transfer and refund the customer’s payment. However, please note that costs incurred to send the exchange back to the customer will fall on the customer.

Cancellation of Executed Transfers

If a transfer has already been executed, in most cases, it cannot be canceled. However, if the recipient has not yet received the funds, the customer can contact CurrencyTransfer customer support to request a recall of the funds. Please note that recall requests are subject to approval and may not always be possible.

In the event that a recall is not possible, the customer will need to work directly with the recipient to resolve the issue. CurrencyTransfer states that they will not be held responsible for any loss or damage resulting from a recall request being declined or not possible.

In any case, customers are encouraged to contact CurrencyTransfer customer support with any questions or concerns regarding potential transfer cancellation.

CurrencyTransfer Customer Service

Customer service is an important aspect of any money transfer provider, and CurrencyTransfer is no exception. Let’s quickly review the company’s customer service offerings:

Available Channels

CurrencyTransfer offers several channels for customers to contact their customer service team. These include:

• Phone support: Customers can call the company’s customer service hotline to speak directly with a representative.
  • UK tel: +44 (0) 20 7096 1036
  • Israel tel: +972 (0) 3 763 0671
• Email support: Customers can send an email to the customer service team to receive a response within 24 hours. CurrencyTransfer’s email is info@currencytransfer.com;
• Live chat support: Customers can use the company’s live chat feature to speak with a representative in real-time;
• Social media: CurrencyTransfer is active on social media platforms and customers can reach out to the company through these channels for support. They are active on Facebook, Twitter, and LinkedIn.

Response Time

CurrencyTransfer customer service representatives are available 24/7, and the company strives to provide fast and effective support to all customers. Depending on the channel used, customers can expect a response within a few minutes (for live chat) to 24 hours (for email). Account managers are available on business days during business hours.

Quality of Service

Customers have generally reported positive experiences with CurrencyTransfer customer service. Representatives are knowledgeable, helpful, and responsive, and the company has a strong track record of resolving customer issues in a timely and effective manner.

How Does CurrencyTransfer Compare With Its Competitors?

CurrencyTransfer is not the only international money transfer provider on the market, and it’s important to compare the company with its competitors in order to make an informed decision.

The company offers competitive exchange rates, often better than those offered by traditional banks. However, it’s important to note that exchange rates can fluctuate, and it’s always a good idea to compare rates with other providers to ensure you’re getting the best deal.

CurrencyTransfer provides a range of competitive advantages when compared to its competitors. They impose no transfer fees, and boast a user-friendly platform. Their excellent customer service makes them a strong choice for customers in need of an international money transfer provider.

However, they have no mobile app, their minimum transfer limit is pretty high, and they only support 28 different currencies. Let’s see how other providers in the industry fare in those same aspects:

CurrencyTransfer vs. Wise 

Feature	CurrencyTransfer	Wise
Founded in	2014	2011
Trading Volume	~$500 million in 2015	£76.4 billion in 2022
Trustpilot Rating	4.9 / 5	4.5 / 5
Suitable for	Large money transfers	Small money transfers
Transfer Fee	None	Variable fee – 0.4% – 0.6% of total amount (on average);Fixed fee – £0.2 – £0.3 on average
Average Exchange Rate Markup	0.70% on the real mid-market exchange rate	No markup on mid-market rates
Minimum Transfer Amount	£5,000 (or currency equivalent)	£1
Maximum Transfer Amount	No limit	$6,000,000 USD$1.8 million AUD$1.5 million CAD€6,000,000 EUR£5,000,000 GBP
Transfer Speed	1-4 business days(1-2 business days on average)	0-2 days (within minutes for over 50% of the transfers)
Dedicated Dealer	Yes	No
Countries Covered	Over 170 countries	Over 170 countries
Currencies Covered	28 currencies	Over 50 currencies
Payment Methods	Bank account	Bank account, credit/debit card, Apple/Google Pay, PayPal
Receiving Methods	Bank account	Bank account or ATM (through online account)
Cash Pick-Up Option	No	No
Instant Custom Quote	Yes	Yes
Business Features	Spot contracts, forward contracts, exchange rate alerts, market orders, mass payments, FX derivatives, and API solutions	Batch payments, invoicing, multi-user access, recurring transfers, digital multi-currency wallet, rate alerts, and API integration
Flagship Debit Card	No	Yes
Mobile App	No	Yes
Cancellation Policy	Booked currencies can be bought back from the selling provider with the costs falling on the customer	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer

Read our full Wise review.

CurrencyTransfer vs. XE 

Feature	CurrencyTransfer	XE
Founded in	2014	1993
Trading Volume	~$500 million in 2015	$115 billion in 2018
Trustpilot Rating	4.9 / 5	4.2 / 5
Suitable for	Large money transfers	Both small and large money transfers
Transfer Fee	None	£2.00 under £250 (UK) €2.00 under €250 (EU)No fee for other sums
Average Exchange Rate Markup	0.70% on the real mid-market exchange rate	0.2% to 1.4% on mid-market rates
Minimum Transfer Amount	£5,000 (or currency equivalent)	£1
Maximum Transfer Amount	No limit	£350,000 (UK and EU)$535,000 (US)CAD $535,000 (Canada)NZD $750,000 (New Zealand)
Transfer Speed	1-4 business days(1-2 business days on average)	1-4 working days
Dedicated Dealer	Yes	Only for those transferring above $70,000
Countries Covered	Over 170 countries	Over 130 countries
Currencies Covered	28 currencies	Nearly 100 currencies
Payment Methods	Bank account	Bank account or credit/debit card
Receiving Methods	Bank account	Bank account and cash
Cash Pick-Up Option	No	Yes
Instant Custom Quote	Yes	Yes
Business Features	Spot contracts, forward contracts, exchange rate alerts, market orders, mass payments, FX derivatives, and API solutions	Spot contracts, forwards contracts, market orders, digital multi-currency wallet, rate alerts, and API portal
Flagship Debit Card	No	No
Mobile App	No	Yes
Cancellation Policy	Booked currencies can be bought back from the selling provider with the costs falling on the customer	Cash pick-up money transfer can be canceled only if the recipient hasn’t collected the money

Read our full XE review.

CurrencyTransfer vs. CurrencyFair

Feature	CurrencyTransfer	CurrencyFair
Founded in	2014	2009
Trading Volume	~$500 million in 2015	$300 million each year on average
Trustpilot Rating	4.9 / 5	4.4 / 5
Suitable for	Large money transfers	Both small and large money transfers
Transfer Fee	None	£2.50 (UK) €3 (EU)Currency equivalent for other currencies
Average Exchange Rate Markup	0.70% on the real mid-market exchange rate	0.45% on mid-market rates
Minimum Transfer Amount	£5,000 (or currency equivalent)	€8.00 (or currency equivalent)
Maximum Transfer Amount	No limit	10,000,000 (same in every available currency)
Transfer Speed	1-4 business days(1-2 business days on average)	0-5 business days(0-1 business days on average)
Dedicated Dealer	Yes	Only for business clients
Countries Covered	Over 170 countries	Over 150 countries
Currencies Covered	28 currencies	Over 20 currencies
Payment Methods	Bank account	Only by using a bank account
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	Yes	Yes
Business Features	Spot contracts, forward contracts, exchange rate alerts, market orders, mass payments, FX derivatives, and API solutions	Spot contracts, forwards contracts, market orders, digital multi-currency wallet, rate alerts, and API portal
Flagship Debit Card	No	No
Mobile App	No	Yes
Cancellation Policy	Booked currencies can be bought back from the selling provider with the costs falling on the customer	Only possible as long as the money transfer hasn’t been matched already.

Read our full CurrencyFair review.

CurrencyTransfer Customer Reviews

When it comes to choosing an international money transfer provider, it’s important to consider what others have to say about the company. In this section, we’ll take a closer look at what customers are saying about CurrencyTransfer.

A quick search online reveals that CurrencyTransfer has received a lot of positive feedback from its customers. Many customers appreciate the company’s competitive exchange rates, transparent fees, and easy-to-use platform. Currently, the company is ranked at 4.9 / 5 on Trustpilot.

In addition to the positive online reviews, customers also rave about CurrencyTransfer’s customer service. The company’s customer support team is knowledgeable, friendly, and always available to answer any questions or concerns customers may have.

Overall, it’s clear that CurrencyTransfer has a strong reputation among its customers. The company’s competitive exchange rates, transparent fees, and exceptional customer service have all contributed to its success and positive customer reviews.

Of course, it’s important to keep in mind that every customer’s experience will be unique. While the majority of customers have had positive experiences with CurrencyTransfer, it’s always a good idea to do your own research and consider your own needs and preferences before choosing an international money transfer provider.

Positive CurrencyTransfer Customer Reviews

I just completed my first transaction (GBP to USD) with CurrencyTransfer and I will certainly be coming back whenever I have a currency need. Account setup was smooth — even with all the regulatory hoops. They were efficient, responsive, flexible, and the web-based trading interface gave me an excellent rate, close to spot. Once I’d settled the trade, the funds were transferred to the destination bank almost immediately. What more could you want?

– Daniel R

Used Currencytransfer.com in connection with a house purchase in France. Involved a mixture of forward and spot transactions, and several adjustments to take into account changing deadlines. The team there provided a highly personalized service, pulling out all the stops to ensure the funds arrived on time after delays elsewhere. Would highly recommend for complex, high value transactions, and am planning to use them regularly from now on to top up my French bank account.

– Alex

Even if you expect a mobile app today, the operation via a web interface works very simply and comfortably. The transfer response time is very short, and the transparency of the process is high. There is immediate feedback in case of questions or problems. I quickly got used to the uncomplicated nature of the transfer and no longer want to do without it.

– Michael N.

CurrencyTransfer are great! I have made several transfers with them, and I have never encountered any issues. The whole process is quick as long as transfers are made during working days. If a transfer is made late on a Friday, then only on Monday it’s processed but that’s perfectly natural. Nick Cornford-Jolly there is always of great assistance if necessary, so if any issues no one is left on their own. I definitely recommend their services!

– Paulo Torres

Negative CurrencyTransfer Customer Reviews

Valuable information is not provided, e.g., no notifications of funds transferred into account-holder’s account. Also, no individualized assistance, such as tailoring instructions to the particular account when a transfer is made.

– Cathy Schiff

My experience has not been good. Money transferred disappeared for 2 weeks, trade not paid out when it said it would be, funds I was told were transferred were not, and mistakes were made using an iPhone on forward trades. I was told that would be canceled but it was not and I lost money with them. I read your response – and simply do not agree your people didn’t make me aware of ANYTHING until after the event at which point it is pointless and erroneous.

– xX

Their support for western time zones in the US and Canada is non-existent. You can’t even leave a voicemail. It is very difficult to reach anyone in their offices if you have any type of issue or urgent need.

– US Client

Tried to open an account for one week now and nothing is happening… send all the paperwork and called and called again and “yes we know… but we had a change in management and we are not set up to get to your application on time… etc.” I would be skeptical of all the rave reviews on the site…

Today’s update: Just called their one-person office in London and talked again to Nick (no last name) who apologized for the 10 days of delay to open the account one more time (yes our COO will call you and your file is on top of the pile etc…) they promised again to have the account open today but faced with that experience I went online and closed my application. 10 red alarms went ON in my head – how could I possibly trust a company to handle multiples of $50K transfers if they cannot get an account open in 10 days?

– Daniel Morel

CurrencyTransfer Alternatives

It’s always important to consider alternatives to CurrencyTransfer, as each money transfer provider has its own strengths and weaknesses. Additionally, customers have different needs and preferences, and what works well for one person may not be the best fit for another. By considering multiple options, customers can make an informed decision that best meets their specific needs.

WorldRemit

WorldRemit and CurrencyTransfer are both international money transfer providers, but they offer different services and have different strengths. Both of them offer competitive exchange rates, but in general, WorldRemit is known for offering low fees, while CurrencyTransfer is known for its transparent fees.

WorldRemit has a wide network of destinations, which means that customers can send money to many countries around the world, including countries that may be difficult to reach with other providers.

They use a digital platform to process transfers, which means that transfers can be completed quickly and securely. In many cases, transfers can be completed in just a few minutes, making it a fast and convenient way to send money abroad.

Remitly

Remitly is a decent alternative for making international money transfers. They are a digital money transfer provider that offers quick, reliable, and affordable international transfers to over 60 countries. Here are a few key features and benefits of using Remitly:

• Competitive exchange rates: Remitly offers competitive exchange rates that can help customers save money compared to traditional money transfer providers;
• Fast transfers: Remitly transfers can be completed in as little as a few minutes, depending on multiple factors;
• Multiple transfer options: Remitly offers multiple transfer options, including standard transfers, express transfers, and account deposits;
• Convenient payment options: Remitly accepts a wide range of payment options, including bank transfers, credit cards, and debit cards, making it easy for customers to send money from anywhere in the world.

Key Currency

Key Currency is a UK-based foreign exchange specialist that provides international money transfer services. Here are a few key features that make Key Currency stand out among the competition:

• Personalized service: Key Currency offers a highly personalized service, which means that customers are assigned a dedicated account manager who works with them to understand their specific requirements and provide tailored solutions. This can be especially valuable for businesses or individuals who make regular or large international transfers;
• Market expertise: Key Currency has a deep understanding of the foreign exchange market and can provide expert guidance on currency trends and exchange rates. This can be very helpful for customers who need to make informed decisions about when to transfer money or how to structure their transfers for optimal cost savings.
• No transfer fees: Just like CurrencyTransfer, Key Currency does not charge transfer fees, which can be a big advantage compared to other providers who may charge significant fees for international transfers.

Conclusion

To finish, let’s recap what we’ve learned about CurrencyTransfer. In this review, we saw that they are a reputable and user-friendly platform for international money transfers.

With competitive exchange rates, no transfer fees, and 24/7 support, they offer a convenient and cost-effective alternative to traditional banks. The platform’s online-only model and real-time tracking of transfers make it easy for users to manage their international payments, while its security measures provide peace of mind that their funds are protected.

Despite this, we’ve compared the provider with other different options and considered the specific details of each of their features. Additionally, we warned customers that they should always be prepared for the potential impact of currency fluctuations and understand the risks involved with any financial service.

In the end, international money transfers can be a complex and stressful process, but with the right platform, they can also be practical, cost-effective, and secure. As the saying goes, “money may not be able to buy happiness, but it can certainly help bring peace of mind”. By choosing CurrencyTransfer, users can have peace of mind knowing that their international money transfers will always be taken care of.

F.A.Q.

Is my money safe with CurrencyTransfer?

CurrencyTransfer implements a range of measures to protect its users’ funds. This includes segregated accounts for customer funds, encrypted communications, and strong authentication processes. Additionally, the platform is regularly audited to ensure that it complies with financial regulations and security standards. While there are always risks involved with any financial service, users can have peace of mind knowing that CurrencyTransfer is taking steps to protect their funds.

How long does a transfer take with CurrencyTransfer?

CurrencyTransfer money transfer speeds depend on several aspects, namely the origin and destination countries, and the methods used for payment and receipt. In general, transfers within the European Economic Area (EEA) can be completed in 1-2 working days, while transfers to other countries may take a bit longer. The platform provides real-time tracking of transfers, so users can stay up-to-date on the status of their transfer at any time.

How does CurrencyTransfer make money?

CurrencyTransfer generates profits by charging a fee for its services and by offering slightly worse exchange rates than the mid-market rate. The exact markup on the exchange rate will depend on the specific details of the transfer, such as the amount being transferred, the currencies involved, and the payment and receipt methods. Additionally, the platform may earn interest on the funds in its segregated accounts, although this is typically a small source of revenue compared to the exchange rate margin.

How does CurrencyTransfer handle currency fluctuations?

Currency fluctuations can have a significant impact on the cost of an international money transfer. CurrencyTransfer attempts to mitigate the risk of currency fluctuations by using a mix of hedging strategies and dynamic pricing. This means that the platform adjusts its exchange rates in real time based on market conditions, while also using hedging instruments such as forwards and options to protect against large shifts in exchange rates.

However, it’s very important to note that no method can fully eliminate the risk of currency fluctuations, and users should be prepared for the possibility of unexpected changes in exchange rates.

Can I make recurring transfers with CurrencyTransfer?

Yes, CurrencyTransfer offers the option to set up recurring transfers, making it easier for users to manage their regular international payments. This can be useful for sending regular payments, such as mortgage payments to a foreign recipient, or paying monthly salaries to contractors overseas. Users can set up a recurring transfer through the platform’s online interface, specifying the frequency and the amount of the transfer.

Does CurrencyTransfer support transfers to all countries?

No, CurrencyTransfer does not support transfers to all countries. The platform has a list of supported countries that can be found on its website, with transfers only available to destinations within this list. Additionally, some countries may have restrictions or regulations that affect the ability to send or receive transfers, so it is important to check the specific details of the destination you’re interested in making a transfer to.