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Compare Quotes From Top Currency Brokers

If you want to convert over £10,000 from one currency to another you need a currency broker.

Currency brokers offer exchange rates that are much better than banks and because they specialise in foreign exchange the process is much more user friendly.  Most established currency brokers do not charge a commission or any fee for paying the money to an international beneficiary.

It is possible to save up to 4% on foreign exchange transactions by using a currency broker as opposed to your bank. Use our quote form to request quotes from multiple money transfer providers or see here for travel money.

You can also request quotes from all the brokers at the same time here. Fees relate to how far exchange rates are from the mid-market. Learn about how brokers are ranked...

Broker Added Value Transfers Extra Info Why them? More Info

Transferwise
Analysis:
Forecasts:
Fixed_Rates:
Online :
Phone:
Forwards:
Currencies:21
Min_Transfer:£10
Same_Day:
Online only
Easy sign up
Excellent fixed exchange rates
Accepts debit cards
Get Quote

Currencies Direct
Analysis:
Forecasts:
Fixed_Rates:
Online :
Phone:
Forwards:
Currencies:39
Min_Transfer:£100
Same_Day:
22 offices worldwide
Over 210,000 customers
Established 1996
Get Quote

TorFX
Analysis:
Forecasts:
Fixed_Rates:
Online :
Phone:
Forwards:
Currencies:59
Min_Transfer:£100
Same_Day:
£3bn transferred annually
50,000 private clients
5,000 corporate clients
Get Quote

HIFX
Analysis:
Forecasts:
Fixed_Rates:
Online :
Phone:
Forwards:
Currencies:60
Min_Transfer:£50
Same_Day:
£160bn in transfers since 2001
5.6m
Owned by Euronet Worldwide
Part of the 3rd largest money transfer business in the world
Get Quote

OFX
Analysis:
Forecasts:
Fixed_Rates:
Online :
Phone:
Forwards:
Currencies:55
Min_Transfer:£50
Same_Day:
24/7 Support with over 3,000 daily transfers made and £70bn transferred since inception Get Quote

How we compare currency brokers...

All currency brokers appear basically the same, although they do have subtle differences which can make a big impact on how much money you send and receive when making an international currency transfer or large conversion.

Read on for a quick explanation of how we compare currency brokers...

Does the currency broker offer analysis?

Currency analysis is a breakdown of what is going on in the currency markets at the moment. If there has been a significant rate move currency analysis can tell you why.

Are money transfer currency forecasts provided?

Currency forecasts are important because they can help predict where the future currency rate may go if a certain event happens. Currency forecasts are provided using a combination of technical and fundamental analysis. Which means looking at what has historically happened to currency trends and also what effect economic events may have on the price.

It is important to highlight that currency forecasts cannot tell you where the rate is going to go. But they can provide early warnings of potential moves that could significantly move a price.

Fixed exchange rates. What are they and why do they matter?

Currency brokers don't charge commission. Instead they buy the currency at one rate and sell it on to customers at another. This is called a mark up and is usually calculated as a percentage. You can read our guide on how to compare exchange rates but essentially, if a broker doesn't tell you how far (as a percentage) your rate is from the mid-market, the exchange rates are not fixed. They matter because, with such opaque pricing structures, being fixed and transparent is paramount.

Can you convert online and over the phone?

Dealing online is fine, but having a broker to help with conversions and issues over the phone is essential for large currency transfers. Pricing is the same with fixed rate brokers. There are many advantages to doing large currency transfers online, as you can keep an eye on the exchange rate and do the conversion at the exact second the price is right for you.

However for one off large personal transactions, having a dealer taking all the risk or making a mistake on the other end of the phone can make life a lot easier.

Does the broker offer currency forwards?

Currency forwards are essential for large currency transactions because you can lock in the current rate for up to a year in advance. They are used to hedge currency exposure. You can compare currency broker forward rates here.

It's a form of buy now pay later currency exchange. In most cases you will have to put down a 5% to 10% deposit of the value of the transaction to cover any moves in the underlying currency exchange rate.

How many currencies does the currency broker offer?

In reality most large currency transfers in the UK are from GBP into or from USD and EUR. But the more currencies a currency broker offers they better really. Just in case you need at some point to convert another currency, not having to open another currency brokerage account will save considerable time.

What is the minimum transfer amount?

Some currency brokers and money transfer providers specialise in very large amounts and as such will have a large minimum transfer amount. This doesn't mean that once you are set up you can do small amounts. It just means that currency brokers that specialise in large transactions tend to offer a more personalised service and as such try to limit their clients to those that require more help. Some currency brokers offer much smaller initial transfer amounts to get new business through the door in the hope that amounts will increase in the future.

Does the currency broker offer same day transfers.

In this day and age with the fast banking network all brokers should be able to process payments same day. Most brokers are able to process payments same day. If there are delays it is usually with the receiving bank allocating funds to accounts. The reality is that currency brokers want to provide you with the best service as client funds are segregated, make no extra income from keeping your funds on account. Currency brokers want to process your transaction as quickly as possible.

0% commission – Exposing the myth!

The majority of currency brokers now advertise their services as 0% commission, but what does this really mean?  Not a lot is the truth.  Currency brokers make their money on the difference between the price they buy their currency and then sell it on to you.  In the past, currency exchanges have been making money on both the buy/sell spread, but also adding commission on top.  Now, though with Currency comparison sites such as ours there is greater competition in the industry so adding commission on top of the spread was the first extra cost to go.

However, you may not be charged commission, but currency broker prices are generally based on a percentage away from the mid market price.  So if you are a small customer you can expect to be charged about 1% from the mid market by your currency broker.  So if you convert £10,000 they will charge you £100 – from this they will have to deduct all their costs before they make a profit.

Peer 2 Peer currency exchange versus traditional conversions

New Peer 2 Peer Foreign Exchange companies claim to swap your currency with a local in another country rather than deal in the market with banks.  Companies like Transferwise rely heavily on this “we don’t use the evil banks” image to get new customers.  But costs are still pretty high.  They charge a flat 0.5% of the conversion value so still make 1% on the buy and sell before costs.  However, the liquidity of this market is still pretty think so most of the time they are just using bank lines to do the conversion but with discounted rates to win new business.

How do banks get away with tourists rates?

Tourist rates are around 3% – 5% from the mid market depending on what bank you use and you’ll also have to pay transfer fees on top.  At the airport rates can be even bigger.  The rates may seem large, but at the end of the day there is significant risk and administration in converting lots of small amounts of money so the large fees go towards covering these costs as well as the bricks and mortar locations that currency exchanges have to pay for.

How do Currency Cards work?

To avoid these high charges, one option is to go for a pre-paid currency card.  Most currency brokers offer a branded version.  It’s like having a foreign bank account, and you can convert small money and add them to the base currency when you want.  The reality is that it will save you a small amount over the year compared to converting money at the airport.  But, the administration of yet another card may not be for you.

The importance of personal service

If you are converting over £100k, you’re better off talking direct to a foreign exchange specialist who can give much better rates than 0.5% and also provide advice on when to buy and sell or currency forwards  – which will make more of a difference than how good your exchange rates are.

No one can predict where the currency markets are going to go, but the dealers at currency brokers have a better chance than most of providing good advice on how to protect yourself against adverse rate movements.

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