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Reviews By Richard Berry - Updated
Switching to a business money transfer provider can save you up to 4% on international payments compared to using a commercial bank. Corporate currency specialists are also experts at helping you manage foreign exchange risks and protect your bottom line.
| Name | Logo | Currencies | Currency Forwards | GMG Rating | Customer Reviews | CTA | Feature | Expand |
|---|---|---|---|---|---|---|---|---|
 | Currencies 40 | Currency Forwards 24 Months | GMG Rating | Customer Reviews | Account Types:
| TorFX can help with import/export payments, foreign payroll, overseas earnings to repatriate, sending money abroad and help hedge currency volatility by offering highly competitive exchange rates, no transfer fees, expert insight and risk management guidance. TorFX Expert Review: Best Currency Broker 2025 Provider: TorFX Verdict: TorFX is a currency specialist and currency broker founded in 2004 offering foreign exchange conversion services in 40 currencies. TorFX converts and transfers around £7.5 billion a year and is based in Cornwall, UK. Should you send money abroad with TorFX?
Prior to that, TorFX won “Best Currency Forward Provider” in 2023 for their 24-month forwards for people wanting to lock in current exchange rates for up to 1 year in advance. TorFX customer reviews speak for themselves, a low-cost way to transfer money internationally at a bank-beating exchange rates and expert advice on timing the process. A good choice if you are buying a property abroad and want bank-beating exchange rates and personal service to help with the transfer. Pros
Cons
Overall4.7 | ||
 | Currencies 40 | Currency Forwards 12 Months | GMG Rating | Customer Reviews | Account Types:
| Currencies Direct offers great exchange rates and personal service Provider: Currencies Direct Verdict: Currencies Direct offer a good service for large international money transfers. They are a well-established and competitive currency broker for buying a property abroad or for international business payments at bank-beating exchange rates. They were founded in 1996 and are now part of a group that processes around £10bn in international money transfers per year. Are Currencies Direct a good currency broker? Yes, in our 2024 and 2023 awards Currencies, Direct won “best currency broker”. They scored very highly in our customer survey, with very high scores in customer satisfaction and pricing. Currencies Direct is also a well-established provider founded in 1996 and has 22 offices around the world. Currencies Direct offer a good service for large international money transfers. They are a well-established and competitive currency broker for buying a property abroad or for international business payments at bank-beating exchange rates. If you need to send a large amount of money abroad Currencies Direct can give you advice on the timing of a transfer and also get you bank beating exchange rates. I’ve been dealing with currency brokers for nearly two decades now. Initially, when I was a prime broker doing currency conversions for institutions, but also as a currency broker myself doing conversions for people buying holiday homes. In this Currencies Direct review I give our ratings based on their nearest peers, and tell you what we think of them after testing them thoroughly. Plus highlight the key costs, facts and figures of their accounts. A friend recently sent me a WhatsApp asking me what I thought of Currencies Direct. He even included a link to our old review, so clearly, it’s time for an updated version. Instead of long-winded musings on the currency transfer industry or AI generated SEO (or SEM, search engine manipulation as I like to call it), I thought I’d do this review as a series of FAQs about Currencies Direct to provide short and relevant answers to potential questions people who are considering using them may ask. Why you ask? Well, I’ve been in the currency markets for about 20 years, as both a wholesale currency prime broker and a private client currency broker and these are the questions that people generally asked… This is pretty much how our conversion went when we discussed Currencies Direct over coffee later that afternoon. What does Currencies Direct do? It helps you transfer large amounts of money from one currency and country to another. What about small amounts of money, is it only for large transfers? You can send small amounts of money, but to be honest, Currencies Direct is more for larger foreign exchange transactions. A typical customer may be someone buying a holiday home with a couple of large currency transfers for the purchase and then a few recurring smaller transfers afterwards for bills etc. But can I still send smaller amounts? Yes, but if you are only sending smaller amounts, you are better off with a money transfer app. Why is it better for large amounts then? When you send large amounts of money abroad, you need to think about two things. What the exchange rate will be, and when to send it. Currencies Direct will give you better exchange rates than a bank, and you get more control over when you do the conversion. How? You get better exchange rates because the “spread” or “mark up” Currencies Direct charge is better than the banks. Sometimes by about 4%. Huh? If you send £100,000 with your bank, the exchange rate markup can be up to 4% so it will cost you about £4,000 in fees. With Currencies Direct, it should be around £250. My bank told me there were no fees for sending money abroad. Well yes, there are no fees charged to you as commission, but they are included in the spread. Do Currencies Direct charge a fee? They don’t charge additional fees. They make their money on the exchange rate spread. What’s the spread? The spread is the difference between where a currency broker buys the currency and where you buy the currency. So they mark my price up rather than charge fees? Yes, take a look at our guide on how to compare exchange rates and come back? Ok, fine, I’m up to date. But how do I know they are going to give me the best exchange rate? Just ask them – say verbatim “how far as a percentage will my price be from the mid-market?”. They should give you an answer as a percentage. The more money you want to transfer the lower the percentage will be. Whatever they come back with, ask for less – remember everything is negotiable. If they can’t give you a straight answer, just look for another currency broker that can. No, I mean, how do I know this is the best time to convert money at the current exchange rate? You don’t, nobody knows where exchange rates will be in the future. What about currency forecasts and predictions? They have educated guesses at best. When it comes to foreign exchange it’s very easy to protect yourself from losing money, but very difficult to make money from trying to predict exchange rates. Ok, fine, but I’m buying a villa in Spain at the moment and I need to pay for it in 6 months and I think now is a good time to buy Euros. Can they help me lock in the currency exchange rate? Yes, that’s very good question and bravo for thinking of hedging your upcoming currency exposure? What? Sorry, yes you can buy Euros now with a currency forward contract. You can lock in the current Euro exchange rate for up to 12 months with Currencies Direct. Great – but, there is a bit of a snag, I am selling a UK property that won’t complete for a couple of month so can’t afford all the Euros just yet. That’s fine, when you use a currency forward you only need to put down a small deposit on the full amount you buy. Usually around 10%. But is my money safe with Currencies Direct? Yes, Currencies Direct are authorised by the FCA, so they have to keep client funds separate from their money. These accounts are segregated and the money is protected if they or their bankers go bust. But unlike banks and investment accounts there is no FSCS protection. Is it a big company then? Yes, Currencies Direct was founded in 1996, they have over 500 employees, and processed about 550,000 payments last year, totalling £10bn. Blackstone also invested £150m in Currencies Direct. What’s Blackstone? They are a massive private equity firm that invests in all sorts of things, they have about $10 trillion of investments. Ok, fine. But how does Currencies Direct work? You open an account here by requesting a quote through their website or registering online. Then they will assign someone to look after your account who will help you with the transfer. Do I have to transfer money over the phone or can I do it online? You can do up to £25k online, but, one of the main benefits of using a currency broker like Currencies Direct is that you get someone to actually talk to. Most people find this helpful when transferring large amounts of money abroad. Thanks, Pleasure. You may also enjoy our interview with the CEO of Currencies Direct, Marc Morley-Freer. Pros
Cons
Overall4.6 | ||
 | Currencies 55+ | Currency Forwards 12 Months | GMG Rating | Customer Reviews | Account Types:
| OFX is a leading currency broker offering currency services to more than 55 countries around the world. Originally known as OzForex, it was launched by Matthew Gilmour in 1998 as an information only website. Since then, it has grown rapidly handling more than AUD$150bn transfers with more than a million customers worldwide. Is OFX good for business money transfers? Yes, OFX is one of the largest and most trusted currency brokers and help businesses of all shapes and sizes and offers a Xero integrated multi-currency account that lets businesses pay and get paid in over 50 foreign currencies. OFX can get you bank beating exchange rates on large currency transfers Provider: OFX Verdict: OFX is a leading currency broker offering currency services to more than 170 countries around the world. Originally known as OzForex, it was launched by Matthew Gilmour in 1998 as an information only website. Since then, it has grown rapidly handling more than AUD$2000bn transfers for more than a million individual and business customers worldwide. Is OFX a good currency broker? Yes, we rate OFX as a very good currency broker as they offer discounted exchange rates, personal service for individual buying a property abroad of for businesses needing more complex services like integrated Amazon payments or currency hedging strategies. OFX offer a great way to time and save money on large currency transfers for either foreign property purchases international moves or for business transactions. If you have a large currency conversion coming up OFX can help you reduce costs when buying a holiday home abroad, or moving to another country. These key benefits of using a currency broker like OFX for international property purchases are: Better exchange rates Control over the price and time of the conversion Personal support OFX Offer Competitive Exchange Rates Pros
Cons
Overall4.6 | ||
 | Currencies 30+ | Currency Forwards 24 Months | GMG Rating | Customer Reviews | Account Types:
| Halo Financial gives personal service and bank beating exchange rates for large currency transfers Provider: Halo Financial Verdict: Halo Financial is a UK-based foreign exchange specialist that provides international money transfer services to both personal and business clients. Authorised by the Financial Conduct Authority (FCA) as an authorised payment institution, the firm has been operational for over a decade and is known for its personalised currency services. Halo Financial recently aquired Corpay private clients, that was previously owned by Global Reach. Is Halo Financial a good currency broker? Yes, we rate Halo Financial as one of the best and most efficient ways for individuals and companies to transfer money internationally, quickly and cheaply. Halo focuses on helping clients manage foreign currency exposure by offering competitive exchange rates, risk management strategies, and guidance from experienced currency consultants. For private clients, Halo Financial is best suited for individuals making large international transfers, such as purchasing property overseas, emigrating, or transferring pensions. Unlike app-based fintech platforms that prioritise speed and automation, Halo offers a more bespoke service model. Clients are assigned a dedicated account manager who can provide market insight, assist with timing trades, and set up forward contracts or limit orders. This approach appeals to those looking for guidance rather than a purely DIY platform. On the corporate side, Halo supports businesses with regular international payments, invoice settlements, and hedging strategies. The firm works closely with industries such as legal, property, and logistics, offering tailored solutions and currency planning tools. This makes it a viable alternative for SMEs that want access to currency market expertise without the overhead of in-house FX management. In terms of pricing, Halo Financial generally provides more competitive rates than high-street banks, but fees and margins can vary depending on the size of the transfer and the currency pair. Unlike fixed-fee platforms, Halo’s model is quote-driven, so customers should request a live quote to compare with other providers. While their website offers educational resources and market commentary, it lacks the instant online execution found in digital-first competitors. Overall, Halo Financial stands out for its personal service, currency expertise, and commitment to helping clients navigate the FX market. It’s a strong option for individuals and businesses who prioritise human support and strategic guidance over rapid app-based transfers. Pros
Cons
Overall4.5 | ||
 | Currencies 35+ | Currency Forwards 12 | GMG Rating | Customer Reviews | Account Types:
| Clear Treasury Expert Review: Best Business FX Provider 2025 Provider: Clear Treasury Verdict: Clear Treasury is a foreign exchange (FX) and risk management provider that supports businesses across diverse industries, such as agriculture, tech, and hospitality, by offering tailored currency strategies. Summary Clear Treasury takes a holistic approach to understanding each client’s business model, risk tolerance, and operational goals, integrating technology and expertise to deliver tailored solutions. Their services cater primarily to companies with an annual FX turnover ranging from £500,000 to £30 million, helping clients manage currency volatility, hedge against adverse market shifts, and optimize cash flow in global operations. Pros
Cons
Overall4.6 |
❓ Methodology: How Good Money Guide chose the best corporate currency brokers:
- Customer Feedback: More than 30,000 votes and reviews from the prestigious Good Money Guide Awards help shape our rankings
- Industry Expertise: Our team brings over 20 years of experience in the commercial currency brokerage industry
- Hands-On Testing: We personally test platforms and pricing to ensure accuracy and fairness in our reviews
- Exclusive Interviews: We speak directly with CEOs and senior management of business money transfer providers to get insider insights.
What Are Corporate Currency Specialists?
Business money transfer providers specialise in helping businesses manage their foreign exchange exposure through:
- Bank beating exchange rates
- Currency forward contracts
- Currency options strategies
Business money transfer companies 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 corporate currency brokers don’t charge a commission or any fee for paying the money to an international beneficiary.
Pros & Cons Of Business Money Transfer Specialists
Pros
- Better exchange rates: Corporate currency brokers offer much better exchange rates compared to banks
- Market timing: You can choose the exact time you convert currency giving you more control over the exchange rate
- Buy now, pay later: You can use a currency forward to lock in a favourable exchange rate for up to two years in the future
- Personal service: Most business money transfer providers have assigned account executions to help you out with all aspects of a currency transfer
Cons
- Not suitable for small transactions: Sometimes corporate currency brokers will only convert £1,000 upwards. You are better off using a money transfer app for those
- Extra administration: You’ll need to open an account with a corporate currency specialist, but you will already have one with your bank
- No FSCS protection: Corporate currency brokers are not covered by the FSCS (Financial Services Compensation Scheme), so your money is safer at the bank as they have enhanced protection on customer balances.
✅ FCA Regulation
All business currency exchange services that operate in the UK must be regulated by the FCA. The FCA is the Financial Conduct Authority and is responsible for ensuring that UK corporate currency specialists are properly capitalised, treat customers fairly and have sufficient compliance systems in place.
Always ensure that a corporate currency broker is registered with the FCA. You can check the FCA register here for authorised firms.
🧑🎓 Top Tip: Get Your Account Open In Plenty Of Time
Why? All money transfer brokers have to conduct identity checks so opening an account can take some time. Make sure you don’t miss a great exchange rate and get your account in place well ahead of a transaction.
- Here are more tips before you make a large currency transfer.
How To Compare Business Money Transfer Exchange Rates
These are the questions you need to ask to get the best business currency exchange rate:
- How from from the mid market are your exchange rates?
- Does that include all fees?
- Do you offer currency forwards?
- How long does a currency transfer take?
If a broker doesn’t tell you how far their exchange rates are from the mid-market avoid them, as they may widen the price.
Always ensure that your currency exchange broker confirms that rates are fixed. You may find that when you compare currency rates you get a preferential rate for your first trade.
The foreign exchange industry is very opaque in terms of pricing with some currency brokers still not offering fixed and transparent exchange rates.
Our comparison tables allow you to compare currency rates by showing how far from the mid market a currency broker set their client exchange rates.
- Related Guide: Compare currency brokers and their fees in our comparison
Business Currency Exchange Provider FAQs
Yes, you can hedge currency exposure through currency forwards.
Here is a forward contract hedge example that demonstrates how a currency forward can be used.
In this example we will look at a UK based business who’s European subsidiary will be receiving EUR 750,000 for a new contract and how a FX forward can be used to hedge the exposure.
The EUR 750,000 will be main in monthly instalments over the next 12 months and is guaranteed revenue.
In this forward contract hedge example we will assume that the company has budgeted in their profit forecasts based on the current exchange rate so they need to hedge the EUR 750,000 exposure in case the GBPEUR rate moves against them.
- This can be done by a series of currency forwards to settle in monthly intervals.
- This means that each month the company will be able to convert EUR 62,500 into GBP at the exchange rate on the day the contract was signed.
- Enabling them to accurately budget their profit forecasts.
- If the exchange rate moves against them they do not have to worry about a decrease in profits.
- However, as it is a hedge they will not benefit if the exchange rates moves in their favour over the course of the year.
Business money transfer providers make money on exhcnage rate spreads. That is the difference between the buy and sell price of a currency. To find out how much this is, you need to ask: “How far from the mid market is my quote”.
For more inforamtion on understanding how business currency exchange services make money read our guide: How to compare exchange rates.
You can use our currency quote comparison tool to request quotes from multiple business currency exchange providers in one go. You can then quickly see which currency broker is going to give you the best exchange rate.
Use our currency mark-up calculator to see how much you have charged for your business money transfers.
