If you’re receiving large amounts of money from abroad, you could save money by using a currency broker to handle your transaction. Compare the best currency brokers for receiving money from abroad and see what added value they offer.
| Name | Logo | Currencies | Currency Forwards | GMG Rating | Customer Reviews | CTA | Tag | Feature | Expand |
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 | Currencies 40+ | Currency Forwards 12 Months | GMG Rating | Customer Reviews | Account Types:
| Currencies Direct Expert Review & Ratings: Updated 25/6/2026 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, Currencies Direct has won many awards from Good Money Guide including “best business currency broker” in 2026 and 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 40 | Currency Forwards 24 Months | GMG Rating | Customer Reviews | Account Types:
| TorFX Expert Review & Ratings: Updated 25/06/2026Provider: 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. Is TorFX a good currency broker? Yes, TorFX won “Best Personal Currency Broker” in the Good Money Guide 2026 Awards and “People’s Choice” Award for “Best Currency Broker” in 2025 and 2024 for having the most and best reviews from satisfied customers. 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. Should you send money abroad with TorFX? 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 50+ | Currency Forwards 12 Months | GMG Rating | Customer Reviews | Account Types:
| OFX Expert Review & Rating: Updated 25/06/2026Provider: OFX Verdict: OFX can get you bank beating exchange rates on large currency transfers. 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 35+ | Currency Forwards 12 Months | GMG Rating | Customer Reviews | Account Types:
| Clear Treasury Expert Review & Rating: Updated 25/06/2026 Provider: Clear Treasury Verdict: Clear Treasury won “Best Business FX Provider” in the 2025 Good Money Guide Currency Awards and 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 | |||
| | Currencies 60 | Currency Forwards 24 months | GMG Rating | Customer Reviews | Account Types:
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How To Receive A Large Amount Of Money From Abroad
The cheapest way to receive large amounts of money from abroad is to use a currency broker. Follow these steps to ensure you get the best exchange rate when receiving foreign currency.
- Open an account with a currency broker like OFX or Currencies Direct (they will give you much better exchange rates than banks).
- A currency broker can receive foreign currency for you in a local bank account for you to convert when you are ready.
- Decide when you want to do the conversion (having more control over the timing of the transactions means you can pick a better exchange rate.
- Consider a currency forward if you know you will be receiving money in the future, but think the exchange rate may move against you.
- Convert the foreign currency into your local currency, then withdraw it (this avoids the expensive interest rates banks charge).
Compare FX rates for receiving large amounts of currency from overseas
If you are receiving large amounts of money from overseas, you could save money by using a currency broker to handle your transaction. They offer much better exchange rates than high street banks, give you control over the timing of the transaction, do not charge fees on top and can help advise on hedging your currency exposure to minimise losses against adverse fx price movements.
Why use a currency broker instead of your bank to receive currency from abroad
Here are 3 reasons why using a currency broker for repatriation of funds is better than using the banks. Here is why using your bank is one of the most expensive ways.
Get better exchange rates
If you are receiving a large amount of money from abroad then a currency broker will provide a much better exchange rate than your bank. If you send USD to your GBP bank account then the bank will do the conversion automatically at very poor exchange rates. You may get a letter some days later telling you what rate it was, but that’s about it. By using a currency broker for receiving a large amount of money you could be thousands better off.
Fixed and transparent pricing
As currency brokers specialise in foreign exchange they are able to provide fixed and transparent exchange rates. This means that when you do a conversion you should see the live mid-market price and also your exchange rate when you trade.
Convert funds when you want to
If you have a large amount of foreign currency coming in from abroad you can have complete control over when you do the conversion. This means that not only do you control costs but you also control the price at which you execute your large currency conversion. In fact with the use of currency forwards (which most banks don’t provide) you can also do a conversion before you have the money to send up to year in advance. So you can lock in favourable exchange rates and not worry about the exchange rate moving against you.
If you wanted a reason not to use your high street bank to receive large amounts of money from abroad I’m going to give you 270 of them.
I surprise myself sometimes. I know full well that NatWest is going to be expensive to receive international business payments, but even as someone who’s entire career is based on price comparison, I can be guilty of burying my head in the sand sometimes.
I wouldn’t dream of sending money abroad with my bank, you have zero control over the transaction. Even with banks like Revolut and Starling, who have great exchange rates you don’t get the control you do with a currency broker. I should know, I was one.
But even though I have a Starling business account, I don’t use it for international payments becuase they are still in my bad books from when I used the bank account switch guarantee to move my main business account from Natwest after interviewing their CEO Anne Boden.
At the time, Starling didn’t offer US payments so instead of converting incoming USD into GBP they simply returned all the payments. Which was, to say the least, annoying.
I’ve just received $13k from a US customer and Natwest very kindly sent me a letter confirming the transaction. What an incredible waste of money that is in the the first place.
But, I suppose they have to justify their £7 NWB commission charges.
If only that was is. On closer inspection, I can see that the conversion as was done at 0.7849, but the high and low of the day was 0.8007 to 0.8081 and at their rate they charged me 2.5% as well.
So, around £270 commission for a £10k credit.
If you want to know how to avoid these excessive foreign exchange hidden charges when receiving large amounts of money from abroad – read on below…
Top tips for receiving large amounts of money from overseas
Using your bank when you receive money from abroad can be very costly as you have no control over the exchange rate, timing of the conversion and whilst small relative to the foreign exchange rate costs there are usually various administrative costs to pay when receiving large amounts of money from overseas.
Here are our top tips to reduce costs when receiving large amounts of money from overseas.
Exchange rates
Always compare quotes to get the best exchange rate when receiving currency from abroad
A currency broker can offer exchange rates that are far better than any bank will offer. For example conversions around £100,00 equivalent, this could mean receiving at least £4,500 when funds arrive.
To get a quote and see how much money a currency broker can save you when receiving large amounts of money from overseas you can compare currency transfer services here.
Timing the transaction
One of the biggest issues with receiving money from abroad is that currency prices move all the time and misjudging the transaction time can have a serious impact on how much money from abroad you will receive.
For example, if you are receiving EUR 500,000 a difference of just 3% in price amounts to EUR EUR 15,000.
It’s not difficult to get some market timing advice when dealing with a currency broker. Banks don’t usually allow their clients to set limits, work stops or stop entries, but with a currency broker you can set your ideal rate or take a little risk if you think the currency will move more in your favour.
Hedge your risk with a currency forward
If you know you have a set amount of foreign currency coming in at some date in the future and that currency is for a GBP purchase then the sensible thing to do is to lock in the current exchange rate for that future date. This can be done with a currency forward contract, which means you put down a small deposit of the total value of the trade as a deposit, then only pay the balance when it settles.
So for example, if you have $500,000 coming in from America at today’s rate (1.26) that is £396.825. However, if the currency moves against you to 1.40 then that $500,000 will only be worth £357,142 – which means by not hedging your currency risk you have to come up with another £40k to make the same purchase.
To find out more you can read our guide on preparing for a large foreign exchange transaction here.
Repatriation of funds
If you need to bring a large amount of money back to the UK from abroad use a currency broker to make sure the funds arrive cheaply and quickly.
The major pitfall of repatriating funds back to the UK is the exchange rate provided by your bank.
For example if you are sending Euros from a European bank to your GBP bank account in the UK through the banking system you will have no control over the timing of the transaction or the exchange rate.
Your European bank will send Euros to the UK bank and that will be converted into GBP at the banks standard exchange rate set for the day.
But if you use a currency broker to convert the Euros to GBP, you have complete control over both the timing of the conversion and therefore the rate at which is gets done.
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…
Receiving currency from abroad FAQ:
You can use our comparison table of currency brokers to compare quotes but make sure you ask athe broker this simple question: “What is your mark up on the conversion?”
You can read our guide on how to compare exchange rates here. It explains why currency brokers and foreign exchange specialists offer much better rates than banks, plus the importance of personal service.
There shouldn’t be any extra fees involved other than the exchange rate. All fees should be included in the exchange rate which will be a fixed % from the mid-market.
Only by bank transfers as currency brokers deal in large amounts and due to money laundering regulations funds must be sent from a bank account in the account holders name.
You can transfer money same day or lock in an exchange rate for up to a year in advance with a currency forward.
Payments can be made the same day so as soon as your foreign funds arrive in we can send them out in your home currency.
What is the cheapest way of receiving large amounts of money from overseas?
The cheapest way to receive large amounts of money from abroad is is to use a currency broker.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.