As the effects of Covid-19 are still prominent in the UK, a majority of people using money transfer services are facing a new challenge. No doubt a fast and safe way to remit money is of high priority but heading to a brick and mortar institution to do so is not a wise thing to do in such testing times. This is where the role of online money transfer companies has come as a boon for individuals and businesses during the pandemic. After sifting through the saturated money transfer market, we plumped for these top ten money transfer companies in the UK who scored above the rest for sending money abroad.
Currencies Direct
Exchange
Margin. 0.7% to 1%
Minimum: £100
Maximum: £25,000
Transfer time: same day
With life started in 1996, Currencies Direct became the first money transfer company in Europe, and today has 20 branches across seven major countries overseas. Users can transfer funds, in more than 60 currencies, safely and quickly through desktop, smartphone or mobile app. As an individual, their online customer service platform is ranked as the best in the industry, and this is where the power of Currencies Direct lies in providing quick solutions for business transactions.
XE Money Transfer
Exchange
Margin between 0.4% to 1.2%
Minimum: £1
Maximum: £ 500,000 online, no limit via telephone.
Transfer time: 1-2 hours
Offering International money transfers to over 170 countries and in over 65+ currencies, XE is a well trusted name in the industry. Some of the most frequent routes served by XE from the UK are to Canada, Poland and the United States among others. With no transfer fees (XE makes its profit from the exchange rate margin) one can transfer any amount without paying a penny towards fees. XE displays a currency converter widget and live exchange rates on its website.
OFX
Exchange
Margin between 0.4% and 1.5%
Minimum: £100
Maximum: No limit
Transfer time: 1-2 business days
Having a wide distribution network with offices in six major cities overseas, OFX has handled over £67 billion in transactions since its inception twenty years back. No matter if your currency is exotic or standard, OFX can transfer your money in up to 55 currencies. Additionally, OFX is one of the best money transfer companies when it comes to publishing market updates on a daily basis. Not only does this keeps their customers updated, it helps them in making decisions to transfer money on a currency performance basis.
TorFX
Exchange
Margin 0.3% to 2%
Minimum: £500(£100 online)
Maximum: £10,000 on recurring basis
Transfer time: 1-2 working days. For small currencies longer.
Established in 2004, the customer first approach of TorFX has enabled it to win the Money facts International Money Transfer Provider of the Year award six times. Since this award is based on customer feedback from over independent 180,000 users, it speaks a lot for the company. Moreover, TorFX provides three transfer options, forward contracts, market orders and spot contracts. Note for transfers under £2000, you will not get that good an exchange rate.
Wise(formerly TransferWise)
Exchange
Margin rarely exceeds 0.5%
Minimum: None
Maximum: £1 million per transfer
Transfer time: Instantly or same day.
With zero hidden fees, Wise has become a well-known name in the industry specialising in bank-to-bank International transfers at a rate much lower than the banks. Their transparent fee structure is undoubtedly the biggest plus point as they confirm the exact figure the recipient gets before the transfer is executed. That said, the charges are minute compared to the 3-7% profit margins charged by banks and other financial institutions.
Moneycorp
Exchange
Margin 1% to 1.2%
Minimum: £50
Maximum: £100,000 online, no limit via telephone
Transfer time: 2-3 working days
With headquarters in London and presence across the world, Moneycorp is tailored for personal international payments and FX access to multi size businesses covering a number of industries. Aside from the years of experience and industry knowledge, Moneycorp has been able to offer the best rates from a pool of 18+ banks. In addition, Moneycorp gives opportunities to women to display their talents and get interested in a financial career.
Revolut
Exchange
Margin 0.5% for anything over£1000 upto 1% on weekends. Extra fees for Non-SEPA nations.
Minimum: None
Maximum: None
Transfer time: 2 business days
Revolut launched in the UK in 2015 has established itself as a fast growing fintech startup with an enviable customer base around the world in a short span of time. Using innovative products, Revolut manages to make over a million transactions each month and has now tapped the Indian market with an investment of about £20 million spread over five years. Their Indian app is set to be launched by 2022. With Revolut you can transfer in 30+ currencies, or in commodities or cryptocurrencies. The main innovation of the company is the Revolut Card through which purchases can be made around the world.
Currency Solutions
Exchange
Margin no charges above £3000, else typically below 1%
Minimum: £100
Maximum: £20,000
Transfer time: same day (exotic currencies longer)
Offering some of the best exchange rates in the market, Currency Solutions has established itself as one of the top ten money transfer companies in the UK since it was founded in 2003. Transactions can be arranged over a phone call with a foreign exchange professional to attend to all your queries and simply the process. You can then fund the amount you want to send either from your bank account or pay by credit or debit card. Since Currency Solutions doesn’t charge transfer fees the entire amount gets converted at the exchange rate agreed upon beforehand.
Halo Financial
Exchange
Margin. Between 0.3% and 1%
Minimum: £ 250, over phone the minimum is £1000
Maximum: No limit
Transfer time: Same day, for exotic currencies next working day.
After its formation in 2004 when Halo Financial entered the foreign exchange market it focussed on creating strong relationships with the clients in order to compete. This dedication towards clients and positive feedback from them have earned Halo many awards, including Best Customer Focus in the Best Business Awards. Halo has enrolled some highly efficient currency exchange specialists in their 50+ staff and through sheer hard work transfer around £ 500 million annually in 31 different currencies. However, Halo charges a transfer fee of £15 for amounts less than £ 5000 to any country. Since their minimum transfer amount is high, it won’t cater to those who want to transfer less.
Spartan FX
Exchange
Margin. Between 0.4%-1.5%
Minimum: £1000
Maximum: No limit
Transfer time: Major currencies same day. Others 1-2 days
The Directors at Spartan FX always believed that a company’s passion to succeed could only be achieved if the client’s interests are heeded first. With over 50 years of unparalleled levels of service they have created an online 24×7 platform just as they wanted. On signing up every customer gets assigned a dedicated account manager. Their trading platform is powered by the technical currency leader Currency Cloud to ensure a smooth and seamless transaction.
