Use our currency broker comparison table to compare exchange rates from currency transfer providers. Read our guide below on how to get the best exchange rates, execute transactions properly and prepare for sending or receiving large amounts of money to or from abroad.
| Currency Broker | Personal Transfers | Business Customers | Same Day | Forward Contracts | Currency Options | Number of Currencies | Min Transfer | Year Founded | Annual Transfers | Amount of Customers | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Key Currency |  | ✔️ | ✔️ | ✔️ | ✔️ | ❌ | 42 | £1,000 | 2015 | £2bn | 50,000+ |
| Global Reach |  | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | 30+ | £3,000 | 2001 | £6bn | 30,000+ |
| TorFX |  | ✔️ | ✔️ | ✔️ | ✔️ | ❌ | 40 | £100 | 2004 | £7.5bn | 325,000 |
| Currencies Direct |  | ✔️ | ✔️ | ✔️ | ✔️ | ❌ | 40 | £100 | 1996 | £7.5bn | 325,000 |
| OFX |  | ✔️ | ✔️ | ✔️ | ✔️ | ❌ | 55 | £250 | 1998 | £2.4bn | 1,000,000 |
A currency broker converts large amounts of money into foreign currency and transfers it abroad. Currency brokers enable customers to save money on foreign exchange transfers, especially when compared to standard bank accounts. Specialist currency brokers also offer added value services such as same-day international transfers, forward contracts to lock in a currency exchange rate for a transaction in the future, and advice on how and when to convert currency at the best price.
In theory, £1, but a currency broker will expect clients to transfer a minimum of £10,000 at some point to make their services cost-effective.
The two key aspects to compare when comparing currency brokers are price and trustworthiness.
- Price – this is the comparison of exchange rates offered by different currency brokers.
- Trustworthiness – currency brokers are not covered by the FSCS so you need to ensure that any currency broker you use can be trusted with your funds.
There is a plethora of currency brokers in the UK and they all essentially do the same thing, and that is; provide access to better exchange rates and faster international money transfers than banks. So how do you choose between them?
Yes. Using a currency broker for a currency forward means you can lock in the current rate for up to one year in advance. You will need to put down a small deposit, but some currencies can move up to 10% a year, so locking in an exchange rate is a very effective way of budgeting.
Currency brokers will let you transfer and convert money in any currency they offer. So, for example, you can convert GBP to EUR, then EUR to USD, and then USD to JPY.
Yes, currency brokers can offer OTC trading products like FX options, however, FX options are sophisticated financial products that are generally reserved for business hedging. However, firms like Assure Hedge offer a simple options product for private clients.
Richard Berry
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.