Global Reach International Money Transfer Review 2023

With technology advancing at a lightning pace, money knows no boundaries. International money transfers have become as common as sending a text message, and just as quick. From freelancers and multinational corporations to digital nomads and jet-setting expats, everyone’s got a reason to send their hard-earned cash across the globe.

Amidst the flurry of financial transactions, one company stands tall in the international money transfer arena: Global Reach – a global brand that handles more than £7 billion in transfers each year.

With over two decades of experience under its belt, Global Reach has earned a reputation as a reliable and customer-focused player in the money transfer game. They’re the primary choice of many who seek bespoke currency exchange services, tailored to individual needs and delivering personalized solutions that go beyond mere click-and-send transactions.

Global Reach offers a world-class experience that combines competitive rates, a dedicated team of currency experts, and the convenience of modern technology.

This article will take a deep dive into Global Reach’s features, pros & cons, safety, speed, fees and rates, customer service, and customer reviews. Let’s get to it.

Who are Global Reach?

Let’s journey back to the humble beginnings of Global Reach. 

Founded in 2001 as Corporate FX, this dynamic company rebranded in 2016 to become the Global Reach we know today. With a mission to provide seamless currency exchange services, they have successfully carved out a niche for themselves in the competitive world of international money transfers.

Other than their headquarters located in the bustling financial hub of London, Global Reach boasts additional offices in over a dozen locations around the world, including the Netherlands, Cyprus, Spain, and Canada. Their global footprint is a testament to their commitment to bridging currency gaps and connecting clients worldwide.

Success didn’t come overnight, but with dedication and an unrelenting focus on customer needs, Global Reach has earned a place among the top-tier money transfer service providers. They have managed an impressive feat of handling over £7 billion in transactions per year, making a significant economic impact and winning the hearts of thousands of satisfied customers.

What sets Global Reach apart from the rest is its unique and original approach to currency exchange. Instead of providing a single, standard solution, they carefully customize their services to suit the specific requirements of each client. This individual approach, combined with the expertise of their currency specialists, enables them to deliver innovative and effective solutions that stand out in the crowd.

In terms of social impact, Global Reach goes beyond just business. The company is dedicated to active engagement in humanitarian activities, such as donating to various charities and positively impacting the lives of those in need. This compassionate and socially responsible approach adds a human touch to their corporate identity, further solidifying their position as an industry leader.

Global Reach Pros & Cons

	Pros	Cons
1.	Multiple payment options – Global Reach allows you to fund your transfer using various methods like bank accounts, credit, or debit cards, providing flexibility and convenience.	Not suitable for small money transfers – With a minimum transfer limit of £1,000 (or currency equivalent), Global Reach may not be the best option for those looking to send smaller amounts.
2.	Dedicated currency specialists – Clients receive personalized assistance from dedicated currency experts, ensuring professional guidance tailored to individual needs.	Limited deposit options – While Global Reach offers multiple payment options, they only accept transfers to bank accounts, which may not suit all clients.
3.	High Trustpilot rating – Global Reach has a strong Trustpilot rating, indicating a high level of customer satisfaction and confidence in their services.	No mobile app – Global Reach currently doesn’t have a dedicated mobile app, which might be inconvenient for clients who prefer managing their transfers on the go.
4.	No transfer fees for larger transfers – For substantial transfer amounts, Global Reach waves transfer fees, making it more cost-effective for clients.	No option for instant custom quotes – Global Reach doesn’t provide an instant custom quote feature on their website, which means clients need to contact them directly for tailored exchange rate information.
5.	Favorable exchange rates – Global Reach offers competitive exchange rates, helping clients save money when converting and transferring currencies.	High minimum transfer limit – The £1,000 (or currency equivalent) minimum transfer limit might be restrictive for customers seeking to transfer smaller sums of money.
6.	No maximum transfer limit – Global Reach allows transfers of any size without imposing an upper limit, accommodating ultra-large transactions.	Not available for customers in the US – Global Reach’s services are currently not available for clients based in the United States, limiting their global reach.
7.	Global service coverage – With a wide network of international partners, Global Reach can facilitate transfers to numerous countries worldwide.
8.	Extensive currency coverage – Global Reach supports a broad range of currencies (140), making it easier for clients to send money to various destinations.
9.	Lots of experience – With 22 years of industry experience, Global Reach has the expertise to ensure secure and efficient money transfers.
10.	Fast money transfers – Global Reach is dedicated to processing transactions in 1-2 business days, ensuring that your funds reach their destination in a timely manner.

Global Reach Key Attributes

• Founded: 2001
• Headquarters: London, UK
• Other offices: Besides their head office in London, the company has another office in Cornwall, UK. Across Europe, the company is present in the Netherlands, Spain, and Cyprus, and in North America they boast eight offices across Canada;
• Annual trading volume: Global Reach flaunts an impressive annual trading volume of £7 billion, showcasing its prowess in the money transfer arena;
• Number of employees: With a dedicated workforce of almost 200 employees, Global Reach ensures each transaction is handled with precision and care;
• Trustpilot rating: The company boasts a 4.8 out of 5 stars on Trustpilot, which speaks volumes about their commitment to customer satisfaction;
• Number of clients: Global Reach has helped over 32,000 clients to move their money across borders. This may seem like a small number compared to other international money transfer services, however, it should be noted that the average Global Reach client moves over £200,000 per year;
• Available countries: With Global Reach, customers can send money to almost anywhere in the world (180+ countries) with the exception of a few countries, such as Somalia, Iran, Iraq, Afghanistan, North Korea, Zimbabwe, Cuba, Libya, South Sudan, and Syria. However, clients only from the UK, EU, Canada, and South Africa can sign up for an account and use Global Reach’s services;
• Number of currencies: Global Reach offers currency trading in an outstanding number of currencies. They provide support for over 140 global currencies, which isn’t an ordinary occurrence in the international money transfer world. Most of the competition offers currency support for fewer currencies;
• Minimum transfer limit: There’s a minimum transfer limit of £1,000 (or currency equivalent), ensuring Global Reach’s services are suitable to both individual and business clients. Although, those who want to make smaller transfers can find a solution that doesn’t impose a minimum transfer limit;
• Maximum transfer limit: Global Reach is most suitable for making large money transfers, as they impose no maximum transfer limit, offering flexibility for sizeable transactions;
• Transfer fee: Global Reach imposes no transfer fee for transfers above £3,000. Customers who wish to send an amount ranging between £1,000 and £3,000 will be charged a transfer fee of a maximum of £20;
• Exchange rate markup: Global Reach has one of the lowest exchange rate markups for customers who make large money transfers. The spread they add to the mid-market exchange rate ranges from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000;
• Sending money: Customers can fund their Global Reach money transfers by linking their bank account, credit, or debit card to their online account;
• Receiving money: When it comes to receiving money, Global Reach keeps it simple and secure by transferring funds directly to a bank account, as this is considered the safest way to receive larger amounts of money;
• Payments flexibility: To initiate an international money transfer, clients can choose between the convenience of Global Reach’s website or a more personal approach via phone;
• Supported languages: Although they currently support only English, Global Reach’s services cater to a wide variety of clients across the globe;
• Regulated by: Global Reach is a prominent money transfer provider in the UK and Canada and it’s authorized for work by highly-authoritative institutions in both of these countries. This provides confidence in using Global Reach’s services not only to the British and Canadian residents but to everyone else as well. The regulatory bodies that authorize Global Reach are:
  • The FCA (Financial Conduct Authority) in the UK;
  • The FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada.
• Mobile app: Currently, Global Reach doesn’t offer a mobile app to its customers, which can be a slight downside for many who wish to carry a reliable financial tool with them at all times. However, their website is highly responsive and mobile-ready for anyone to use at any time or place;
• Awards: As a veteran in the international money transfer industry, Global Reach has been awarded for its excellence and achievements numerous times. Some of the recognition they have received over the years include:
  • Profit Fast Track 100 (The Sunday Times, 2012);
  • Best Small Companies to Work For (The Sunday Times, 2014);
  • Best Company To Work For (Best Accreditation Standard, 2016);
  • Best Forex Payment Technology Solution (UK Forex Awards, 2018);
  • Best Currency Service Provider (Shares Awards, 2018);
  • Gold Service Award (Feefo, 2019);
  • Best New to Market Portugal (Department for International Trade Business Awards, 2019);
  • Platinum Service Award (Feefo, 2021 and 2022);
  • Best Payments Solutions Provider (Global Forex Awards B2B, 2022);
  • Best Cross-Border Payments Service (Payments Awards, 2022);
  • Overall Payment Solution of the Year (Electronic Money Award, 2022);
  • Credit Level of A2 by Dun & Bradstreet.

Global Reach Features

Global Reach offers a wide array of features that cater to various client needs, making international money transfers a breeze. Let’s explore the types of accounts and the benefits that come with each. We’ll also cover the various money transfer options available in great detail.

The following are the two account types client can open with Global Reach:

• Personal Accounts: Designed for individuals who need to send money abroad for various reasons, such as property purchases, investments, or supporting family members. With a personal account, users benefit from competitive exchange rates, bespoke currency solutions, and expert guidance on making the most of their international transactions;
  
• Business Accounts: Tailored for businesses of all sizes, a Global Reach business account enables companies to manage their international payments and mitigate currency risks. With this account, companies can take advantage of personalized hedging strategies, expert currency risk management, and a dedicated account manager who offers tailored solutions that meet specific needs.

Once armed with a Global Reach account, clients can use any of the following money transfer options to make the most out of their cross-border financial activities:

• Spot Contracts: Ideal for those who need to make immediate transfers, spot contracts allow clients to exchange currencies at the prevailing market rate. This transfer option is perfect for one-off transactions or time-sensitive payments, giving clients the advantage of quick and efficient transfers;
  
• Forward Contracts: For clients looking to mitigate the risk of currency fluctuations, forward contracts allow them to lock in an exchange rate for a future transaction in a period of two years. This option enables individuals and businesses to have more control over their budget, providing certainty and peace of mind in an unpredictable market;
  
• Regular Payments: Global Reach offers a convenient solution for those who need to make recurring international payments, such as mortgage payments or pension transfers. Clients can set up automated transfers at a frequency that suits them, ensuring timely payments without the hassle of manual transactions.
  
• Limit Orders: This transfer option allows clients to target a specific exchange rate, and once that rate is reached, Global Reach will automatically execute the transaction. Limit orders are an excellent choice for clients who have flexible deadlines and are willing to wait for favorable market conditions;
  
• Stop-Loss Orders: To protect clients from adverse market movements, stop-loss orders enable them to set a minimum acceptable exchange rate. If the market falls to this rate, Global Reach will automatically execute the transaction, helping clients minimize potential losses due to currency fluctuations. This option is available for transfers above £10,000.

Global Reach International Money Transfer Costs

When it comes to making international money transfers, it’s crucial to understand the costs involved. Below, we’ll break down Global Reach’s transfer fees, exchange rates, and any additional charges you may encounter.

Exchange Rates

Global Reach is known for offering competitive exchange rates, helping clients get more bang for their buck. As a specialist currency provider, they have access to the interbank market, which enables them to secure better rates than traditional banks.

While the exchange rates offered by Global Reach are close to the mid-market rate, they do add a small margin to cover operational costs. However, this margin is usually far lower than what banks charge, ensuring clients still benefit from cost-effective transfers.

The margin they add to the mid-market exchange rate ranges from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000;

Transfer Fees

Global Reach has a transparent fee structure, ensuring clients are aware of the costs upfront. They typically charge a fixed fee for smaller transactions, but for larger transfers, they waive the fee altogether.

With that said, Global Reach imposes no transfer fee for transfers above £3,000. Customers who wish to send an amount ranging between £1,000 and £3,000 will be charged a transfer fee of a maximum of £20;

Additional Fees

One of the best things about Global Reach is their commitment to transparency and simplicity. They don’t generally charge hidden fees or additional costs for their international money transfer services.

However, it’s important to note that sometimes, banks on the receiving end of the transaction may add their own fees. To avoid any surprises, it’s recommended to check with the recipient’s bank for any potential fees they may impose.

How Safe is Global Reach?

Whenever you let a service handle your hard-earned money, security is of utmost importance. Global Reach understands this and takes every precaution to ensure that their customers’ funds and personal information are well-protected. Here, we’ll explain the various safety measures they’ve put in place and the regulatory bodies that authorize their operations.

Regulatory Compliance

Global Reach’s operations are regulated by one of the most stringent authorization bodies in the financial industry – the Financial Conduct Authority (FCA) in the United Kingdom. As an FCA-regulated entity, Global Reach is required to comply with strict rules and guidelines. This ensures that their activities are aligned with the best interests of their clients while maintaining a high standard of conduct.

Additionally, Global Reach is authorized by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada, another prominent regulator in North America.

Safeguarding Client Funds

Global Reach follows the FCA’s safeguarding requirements, which means that all client funds are held in segregated accounts separate from the company’s own funds. This practice guarantees that, in the unlikely event of collapse or other financial difficulties, clients’ funds stay protected and can be compensated without being affected by the company’s liabilities.

In regards to data security, Global Reach employs advanced encryption and security measures to keep clients’ data safe from unauthorized access, breaches, or cyberattacks. They continuously update and improve their security protocols to stay ahead of emerging threats and ensure that clients can conduct transactions with peace of mind.

As a testament to their commitment to safety and customer satisfaction, Global Reach boasts a Trustpilot rating of 4.8 out of 5 stars. This high rating, based on numerous positive customer reviews, demonstrates their ongoing efforts to maintain a safe and secure environment for clients to conduct their international money transfers.

How Fast is Global Reach?

Global Reach strives to offer swift and efficient transfer services. Below, we’ll describe the timeline for their transfers and see how they compare to the industry average.

On average, Global Reach transactions are completed within 1-2 business days. However, the exact timeline depends on several factors, such as the currencies involved, the receiving bank’s processing times, and the chosen transfer method. To facilitate a smooth and speedy process, Global Reach has implemented the following measures:

1. Local bank partnerships: Global Reach has established partnerships with local banks in various countries, enabling them to expedite transactions and reduce the time it takes for funds to reach the recipient’s account;
   
2. Streamlined online platform: Their user-friendly online platform allows clients to initiate transfers quickly and easily, ensuring that transactions are processed efficiently;
   
3. Dedicated currency specialists: Global Reach’s team of currency specialists is always on hand to guide clients through the transfer process, offering expert advice and support to ensure that transactions are executed promptly.

Comparing Global Reach to the industry average, they stand out as a faster option. Traditional banks often take anywhere from 3-5 business days to complete international money transfers, while some money transfer companies may take 2-3 days.

By completing transactions within 1-2 business days, Global Reach offers a more time-efficient solution for clients who need to move funds across borders. It’s worth mentioning that for those that value speed above anything else, there are providers out there who move money internationally within minutes or hours.

How to Use Global Reach

Navigating the world of international money transfers can seem daunting, but there’s no reason to panic. Global Reach has made the process incredibly easy and straightforward. We’ll walk you through the step-by-step process of using their services to send money abroad with confidence.

1. Create an account: To begin, head over to the Global Reach website and open a free account. Initially, you’ll be required to enter some basic personal info, such as your name and contact details. You’ll also need to state the purpose of your transfers. Depending on the type of your account (personal or business) and your physical location, you might need to submit additional documentation for identity verification purposes;
   
2. Arrange your transfer: Once your account is set up and verified, you can request a quote for your desired transfer. Simply enter the currencies you wish to exchange, the amount you want to transfer, and the desired transfer option (spot contract, forward contract, etc.). Global Reach’s dealing team of currency specialists will then provide you with a competitive exchange rate and inform you of any applicable fees;
   
3. Lock In your rate: If you’re happy with your quote, you can confirm the transaction and lock in the exchange rate. At this stage, you can add the recipient’s bank account details and any other information that’s necessary for a smooth transfer;
   
4. Pay for your transfer: Now, you’ll need to send your funds to Global Reach using the payment method of your choice (bank account, credit, or debit card) to finalize your part of the transfer process, Make sure to follow any specific instructions provided by Global Reach to avoid delays in the process;
   
5. Track your transfer: Once your funds have been received by Global Reach, they’ll handle the rest! You can track the progress of your transfer through your online account, and you’ll also receive updates via email or phone. Usually, all money transfers are completed within 1-2 business days.

And that’s it! With Global Reach’s user-friendly platform and expert guidance, sending money abroad is always easy. By following these simple steps, you can enjoy a streamlined and stress-free international money transfer experience.

Global Reach Cancellation Policy

While Global Reach aims to provide a seamless money transfer experience, there may be instances when you need to cancel a transaction. 

Let’s dive into Global Reach’s cancellation policy and understand the process of terminating an international money transfer.

Cancellation Process

Canceling an international money transfer can be challenging, particularly if the transaction is already in progress. However, Global Reach’s team of currency specialists is committed to assisting you and providing the necessary support to address any issues that may arise.

If you need to cancel a transaction, it’s essential to contact your dedicated Global Reach currency specialist as soon as possible. They will provide the necessary assistance while guiding you through the process. Keep in mind that if you contact them as soon as possible, the likelihood of halting the transfer will be much higher.

Depending on the type of transfer you’ve chosen, there may be certain contractual obligations to consider. For example, if you’ve entered into a forward contract and decide to cancel, you may be subject to additional fees or charges due to fluctuations in the market since the rate was locked in.

Before moving forward with a cancellation, it’s crucial to thoroughly examine the terms and conditions of your agreement.

Refunds

If your transfer hasn’t been processed yet and the funds haven’t been claimed by the recipient, Global Reach will typically be able to refund the full amount, minus any applicable fees. 

However, it might not be possible to retrieve the funds if they’ve already been deposited into the recipient’s bank account. In such cases, it’s crucial to discuss your situation with a Global Reach representative to explore your options.

Global Reach Customer Service

Customer service plays a vital role in the overall satisfaction of clients, and Global Reach takes this aspect very seriously. By prioritizing customer satisfaction and offering personalized assistance, they have built a strong reputation for delivering a seamless and enjoyable international money transfer experience.

The company has earned a Feefo rating of 4.8 out of 5 stars, with numerous positive reviews praising their customer service. Clients often mention the responsiveness, professionalism, and helpfulness of the Global Reach team, highlighting the company’s commitment to meeting and exceeding customer expectations.

One of the standout features of Global Reach’s customer service is their dedicated currency specialists. Each client is assigned a personal specialist who offers expert guidance and support throughout the entire money transfer process. This tailored approach ensures that clients receive individual attention and solutions customized to their unique needs.

Support Options

Global Reach provides several support options to cater to their clients’ diverse needs. Customers can contact the company through phone, email, or the online platform to ask questions, stress their concerns, or seek solutions to issues that may arise. The company’s currency specialists are readily available to assist clients with their transactions and offer expert advice when needed.

Global Reach’s customer support operates during regular business hours, ensuring that clients can receive timely assistance during the working week. While their support may not be available 24/7, their dedicated team is known for their prompt and effective responses within their operating hours.

Here are some of the major contact channels that you can use to get ahold of a Global Reach support specialist:

Phone numbers:

• Personal clients: 020 7989 0000
• Corporate clients: 020 3465 8200
• Partnerships: 020 3805 1707
• London office: +44 (0)20 3465 8200
• Madrid office: +34 91 934 32 66
• Amsterdam office: +31 20 809 0650
• Vancouver office: +1 236 326 3880
• Toronto office: +1 647 372 1070

Email addresses:

• Feedback: feedback@globalreachgroup.com
• Main email: info@globalreachgroup.com
• UK: personal@globalreachgroup.com
• Netherlands: netherlands@globalreachgroup.com
• Spain: spain@globalreachgroup.com
• Canada: toronto@globalreachgroup.com

How Does Global Reach Compare With Its Competitors?

In the ever-evolving fintech landscape, understanding where Global Reach stands in comparison to its competitors is crucial. For the purposes of this review, we’ve benchmarked Global Reach against some of the top players in the industry to give you a clearer picture of their strengths and weaknesses.

Global Reach Strengths

1. Expertise and personalization: Global Reach’s dedicated currency specialists set them apart from many competitors. This personalized approach ensures clients receive tailored solutions that cater to their unique needs, rather than a one-size-fits-all service. This level of expertise and customization isn’t always offered by other fintech companies;
   
2. Competitive rates and transparent fees: Global Reach’s exchange rates are highly competitive, often beating those offered by traditional banks and even most other money transfer companies. They also maintain transparency in their fee structure, ensuring clients are well informed about potential costs;
   
3. Speed: Global Reach’s average transfer time of 1-2 business days is faster than the industry average, which ranges from 2-5 business days. This gives them an edge when it comes to providing clients with swift and efficient money transfer services;
   
4. Positive customer reviews: With an impressive rating on reputable reviewing sites, Global Reach’s customer satisfaction is a testament to their commitment to providing exceptional service. This high rating sets them apart from some competitors who may not have garnered such glowing reviews.

Global Reach Weaknesses

1. Limited language support: Global Reach currently only offers support in English, which might be a drawback for some international clients. Competitors with multilingual support may have an advantage in catering to a more diverse client base;
   
2. Limited online platform features: While Global Reach’s online platform is user-friendly, some competitors offer more advanced features, such as mobile apps, live chat support, and more sophisticated tracking tools;
   
3. No 24/7 support: Unlike some competitors, Global Reach doesn’t offer round-the-clock customer support. This could be a disadvantage for clients who need assistance outside of regular business hours.

Global Reach vs. Caxton

Feature	Global Reach	Caxton
Founded in	2001	2002
Trading Volume	£7 billion per year	£1 billion per year
Trustpilot Rating	4.8 / 5	4.7 / 5
Suitable for	Large money transfers	Both small and large money transfers.
Transfer Fee	£20 for transfers under £3,000; £0 for transfers above £3,000.	No fee
Average Exchange Rate Markup	Margin added to the mid market exchange rate, ranging from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000.	Caxton’s exchange rate markup isn’t disclosed but they claim they provide 1-3% better exchange rates than traditional banks and other money transfer services.
Minimum Transfer Amount	£1,000 (or currency equivalent)	£100 (or currency equivalent)
Maximum Transfer Amount	No limit	£100,000 (or currency equivalent); £10,000 if paying with a debit card.
Transfer Speed	1-2 business days on average	1-2 business days on average
Dedicated Dealer	Yes	Only for business customers
Countries Covered	Sending from the UK, EU, Canada, and South Africa; Sending to 180+ countries.	Over 170 countries worldwide
Currencies Covered	140 global currencies	28 global currencies
Payment Methods	Bank account, credit, and debit card.	Bank account and debit card.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No. Quotes are available through email for registered users.
Business Features	Spot contracts, forward contracts, limit orders, market orders, treasury and risk management.	Spot contracts, forward contracts, API integration, risk management tools, batch payments, and rate alerts.
Flagship Debit Card	No	Caxton Currency Card (multi-currency travel card)
Mobile App	No	Yes
Cancellation Policy	If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.	While Caxton does offer a cancellation policy, the ease of canceling an international money transfer largely depends on how quickly you act and the status of the transaction.

Read our full Caxton review.

Global Reach vs. Remitly

Feature	Global Reach	Remitly
Founded in	2001	2011
Trading Volume	£7 billion per year	$20.4 billion in 2021
Trustpilot Rating	4.8 / 5	4.1 / 5
Suitable for	Large money transfers	Remittances (small monthly money transfers to family or friends).
Transfer Fee	£20 for transfers under £3,000; £0 for transfers above £3,000.	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).
Average Exchange Rate Markup	Margin added to the mid market exchange rate, ranging from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000.	1% – 2.5% on mid-market rates on average (can range between 0.5% and 3.7%).
Minimum Transfer Amount	£1,000 (or currency equivalent)	$1 (or currency equivalent)
Maximum Transfer Amount	No limit	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
Transfer Speed	1-2 business days on average	Within minutes (Express delivery); 3-5 business days (Economy delivery).
Dedicated Dealer	Yes	No
Countries Covered	Sending from the UK, EU, Canada, and South Africa; Sending to 180+ countries.	Over 180 countries
Currencies Covered	140 global currencies	Over 75 currencies
Payment Methods	Bank account, credit, and debit card.	Bank account, credit or debit card, Passbook (USA), Klarna (Germany and Austria), SEPA (France), and iDEAL (the Netherlands).
Receiving Methods	Bank account	Bank account, cash pick-up, mobile wallet, and home delivery.
Cash Pick-Up Option	No	Yes (about 400,000 locations worldwide).
Instant Custom Quote	No. Quotes are available through email for registered users.	No
Business Features	Spot contracts, forward contracts, limit orders, market orders, treasury and risk management.	No
Flagship Debit Card	No	Yes (Passbook card)
Mobile App	No	Yes
Cancellation Policy	If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers can’t be canceled.

Read our full Remitly review.

Global Reach vs. Currencies Direct

Feature	Global Reach	Currencies Direct
Founded in	2001	1996
Trading Volume	£7 billion per year	£9.5 billion in 2021
Trustpilot Rating	4.8 / 5	4.9 / 5
Suitable for	Large money transfers	Large money transfers
Transfer Fee	£20 for transfers under £3,000; £0 for transfers above £3,000.	No fee
Average Exchange Rate Markup	Margin added to the mid market exchange rate, ranging from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000.	0.4% to 1.4% on mid-market rates
Minimum Transfer Amount	£1,000 (or currency equivalent)	£1
Maximum Transfer Amount	No limit	£25,000 through the mobile app £300,000 by placing a special request
Transfer Speed	1-2 business days on average	12-24 hours within Europe; 24-48 hours for overseas transfers.
Dedicated Dealer	Yes	Yes
Countries Covered	Sending from the UK, EU, Canada, and South Africa; Sending to 180+ countries.	Over 200 countries
Currencies Covered	140 global currencies	Over 70 currencies
Payment Methods	Bank account, credit, and debit card.	Bank account, credit/debit card, or check.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No. Quotes are available through email for registered users.
Business Features	Spot contracts, forward contracts, limit orders, market orders, treasury and risk management.	Spot contracts, forward contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal.
Flagship Debit Card	No	No. A card for international travelers is available through a third-party service (WeSwap).
Mobile App	No	Yes
Cancellation Policy	If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.	No

Read our full Currencies Direct review.

Global Reach Customer Reviews

Global Reach has earned an impressive rating from online reviewers, reflecting the company’s commitment to providing exceptional service. Many clients have shared their positive experiences with Global Reach, highlighting various aspects of the company that set it apart from competitors.

Most of the reviews praise Global Reach’s customer service, mentioning the responsiveness, professionalism, and helpfulness of the team. The dedicated currency specialists often receive personal commendations, with clients appreciating the tailored guidance and support they provide throughout the transfer process.

Clients also frequently appreciate Global Reach’s competitive exchange rates and transparent fee structures. Many customers feel that they’ve received better rates than those offered by traditional banks and other money transfer services.

The swift processing and completion of transfers is another aspect that clients appreciate. Global Reach’s commitment to providing quick and efficient money transfer services is often cited as a significant advantage over competitors.

Clients also find the Global Reach platform user-friendly and straightforward, making the international money transfer process hassle-free and accessible even for first-time users.

The company’s strong reputation for ensuring the safety and security of clients’ funds contributes to its positive reviews. Many customers express their trust in Global Reach and feel confident using their services for international money transfers.

Positive Global Reach Customer Reviews

Awesome, personalized service. Kept up to date, any queries answered promptly and ended up getting a good deal by using the alerts. Would like their website to be a bit nicer with alerts/conversion rates (it didn’t remember my “default” amount). Was contacted regularly, staff was knowledgeable and patient, and would recommend the service.

– Sandra

Definitely Recommend. First time using this facility and naturally extremely worried and concerned regarding bogus companies and losing all our money. Phil, who was responsible for guiding us through the process is one of the most helpful, friendliest and patient people my husband and I have ever come across. Nothing was too much trouble. We wouldn’t hesitate in recommending this company. We have in fact today passed your details onto someone who is currently selling a property abroad.

– Beverley Nicolaou

Excellent service. I’ve used Global Reach and its previous version for many years and have never once been let down. On the occasions that it has been my fault they have resolved it immediately. Over the years they have improved the process so today it’s easy and safer.

– Paul McElroy

Excellent quality speedy delivery. A bit apprehensive at the beginning, the first time using the service was all good. My bank in Spain did charge 0.4% for using SWIFT transfer so ask your bank before the transfer if SEPA is cheaper or zero cost if receiving in Europe. Very nice and efficient customer support and Phil was great to deal with. I can recommend it. Transfer was done the same day.

– Trusted Customer

Easier than I thought. Having only recently dared to try and complete an exchange on-line, I was delighted to find that I must have managed to press the right buttons, and the process was completed in next to no time!

– Peter Paul

Negative Global Reach Customer Reviews

Not so good. In the past I have had excellent service but my last contact with them was extremely stressful as they appeared to have lost a sum of money that I had sent them to the same bank address as before. The situation was rectified (they had received the money and not apportioned it to my account) and they did give me the exchange rate on the day that they received the money.

I had a very stressful hour until they rang me to say that the money had been found in their accounts. Interestingly I had sent the money to Global Reach and should have sent it to ‘FC Exchange’ but at the top of this review it says (formerly FC Exchange) so more than a bit confusing.

– Trusted Customer

More clarity on naming the account. Hi, for the most part it’s easy to make a transaction. The issue for me is the naming on the account and what appears to be multiple names for the same company. This led to a delay in my transaction and unnecessary cost from my end tracking the transaction. I asked if anything changed with the account and was told no. This led to the wrong name on the account. Even though instructions are sent, perhaps ensure the customer knows what to do. This can be done during the phone call when the transaction is confirmed.

– Brian Davis

After many years and many transactions with yourselves which has always been excellent because I have always been able to speak to an advisor you have now adopted the process of transferring money via just the online application for transactions less than €5,000, I have transferred sizeable amounts in the past but now only have to transfer the occasional €1,000, or so.

I have to admit that due to an illness I’m not very computer literate and was totally lost on my first transaction, having to phone an advisor for help, which was more embarrassing for me, I do appreciate things have to move on and these small transactions are very time consuming for your staff and not very cost effective, but then to find I was charged a £10 surcharge for the privilege of using this new system was slightly annoying! I will attempt to succeed at my next transfer with yourselves!

– Martin Cave

Global Reach Alternatives

Wise

Wise, formerly known as TransferWise, is a popular alternative to Global Reach in the international money transfer industry. While both companies have their strengths, there are a few unique features that might make Wise a more suitable choice for some customers:

• Mid-market exchange rates: Wise is known for offering mid-market exchange rates, which are considered the fairest and most transparent rates available. They charge a small percentage-based fee instead of a margin on the exchange rate, making their pricing structure more transparent and potentially more cost-effective for certain transfers;
  
• Mobile app: Wise offers a comprehensive mobile app for both Android and iOS users, allowing customers to manage their transfers on the go. This app provides a range of features such as tracking transfers, managing accounts, and making payments, making the money transfer process more convenient and accessible;
  
• Multilingual support: Unlike Global Reach, which only offers support in English, Wise provides customer support in multiple languages. This feature can be advantageous for clients who prefer to communicate in a language other than English;
  
• Multi-currency account: Wise’s multi-currency account allows users to hold, receive, and send funds in multiple currencies with ease. This feature is particularly useful for frequent travelers, expats, or businesses with global operations, as it simplifies the process of managing money across various currencies;
  
• Smaller transfer amounts: Global Reach has a minimum transfer limit of £1,000 (or currency equivalent), whereas Wise allows for transfers of smaller amounts. This flexibility may be more suitable for clients who need to send smaller sums of money internationally;

TorFX

TorFX is another alternative to Global Reach in the international money transfer industry. Both companies are great at what they do, TorFX offers some original financial features that might be a better fit for some customers:

• Dedicated account managers: Like Global Reach, TorFX assigns dedicated account managers to their clients. These account managers offer personalized service and guidance throughout the entire money transfer process, ensuring a high level of customer satisfaction and support;
  
• Fee-free transfers: TorFX is known for offering fee-free transfers, which can make their services more cost-effective, particularly for clients sending larger sums of money. In contrast, Global Reach charges transfer fees for sending smaller sums;
  
• Rate lock-in and forward contracts: TorFX allows customers to lock in exchange rates for a future transaction using forward contracts, similar to Global Reach. This feature can help clients manage currency risk and secure the best rates for their transfers;
  
• Award-winning services: TorFX has garnered various industry awards for its services, which adds to their credibility and reputation in the money transfer sector. Some of their accolades include the Moneyfacts Consumer Award for International Money Transfer Provider of the Year and the British Travel Award for Best Currency Provider;
  
• Customer reviews: TorFX also boasts a higher Trustpilot rating than Global Reach, indicating a strong level of customer satisfaction. This positive reputation is an essential factor to consider when choosing a money transfer service.

CurrencyFair

CurrencyFair can be a more fitting option for specific clients than Global Reach for the following reasons:

• Peer-to-peer exchange platform: CurrencyFair operates on a peer-to-peer (P2P) model, allowing customers to exchange currencies directly with other users. This innovative approach can result in highly competitive exchange rates, as it often bypasses the need for traditional bank intermediaries and their associated fees;
  
• Exchange rate margin: CurrencyFair typically offers a low exchange rate margin, which can be as low as 0.15% above the mid-market rate. This competitive pricing structure can be more cost-effective for clients compared to some other money transfer services, including Global Reach;
  
• Low minimum transfer amount: CurrencyFair allows for smaller transfer amounts, with a minimum transfer limit of just €8 (or currency equivalent). This flexibility is beneficial for clients who need to send smaller sums of money internationally, compared to Global Reach’s minimum transfer limit of £1,000 (or currency equivalent);
  
• Mobile app: CurrencyFair offers a user-friendly mobile app for both Android and iOS users, making it convenient for customers to manage their transfers wherever they are. This feature contrasts with Global Reach, which currently doesn’t have a dedicated mobile app. 

Conclusion

The world of international money transfers has come a long way, thanks to innovative fintech solutions like Global Reach, CurrencyFair, Wise, TorFX, and many more. Each player in this space brings its unique blend of features, services, and pricing structures, catering to the diverse needs of individuals and businesses alike.

As we navigate the age of borderless banking and digital currencies, it’s essential to stay informed about the options available. The key takeaway is that there’s no standardized solution that fits everyone. It’s all about discovering the perfect synergy between your specific requirements and the money transfer provider’s offerings.

Remember, it’s not just about the lowest fees or the most impressive app. It’s also about the level of customer support, ease of use, and overall trustworthiness. So, take the time to weigh your options, compare features, and read customer reviews before taking the plunge into the fast-paced world of international money transfers.

F.A.Q.

Can Global Reach help me convert my cryptocurrency into fiat currency?

Global Reach specializes in traditional currency exchange services. For now, they don’t support cryptocurrency conversions, but the fintech world is always evolving, so stay tuned for potential updates.

Can I use Global Reach to pay for my son’s international tuition fees?

If your son is attending a legitimate institution abroad that accepts payments in supported currencies, Global Reach is more than happy to help you transfer funds for tuition fees.

Does Global Reach offer a money-back guarantee if I’m not satisfied with my exchange rate?

Exchange rates fluctuate due to market conditions, and Global Reach aims to provide competitive rates. However, they don’t offer a money-back guarantee based on dissatisfaction with the exchange rate.

Can I use Global Reach to send cash to a friend in Africa?

Global Reach facilitates money transfers to legitimate banks in supported countries. Unfortunately, they don’t provide cash pickup options at the moment.

Will using Global Reach’s services make me an expert in forex trading?

While Global Reach provides excellent international money transfer services, it won’t turn you into a forex trading expert overnight. However, using their platform might give you some insights into the world of foreign exchange.

Can Global Reach help me send money to my favorite charity in South America?

Yes, Global Reach can certainly help you send money to your favorite charity in South America, provided the charity has a valid bank account in a supported country. You’ll need to provide the necessary information about the charity’s bank account, and Global Reach will facilitate the international money transfer for you.