What is Global Reach?
Global Reach is a currency broker that manages money transfers and currency exchange for corporate and business clients. Founded in 2001 in Canada, they have grown steadily and now handle more than £5bn in transactions each year. The platform covers all major currencies plus a host of ‘exotics’ and enjoys an impressive 97% satisfaction rating on Trust Pilot.
Global Reach Expert Review
Global Reach provide services to corporate, institutional and personal clients including money transfer and currency exchange. For corporate clients, they offer full support when handling foreign currency including treasury and risk management on FX exposure and insight reviews to help companies improve their FX management. Institutional clients, meanwhile, can benefit from a host of services to help manage their FX investments.
Among the services on offer are:
- International money transfers.
- Dedicated account managers.
- Forward contracts.
- Stop loss and limit orders.
- Digital wallets.
As a currency broker, they focus entirely on currencies which means they can provide a more specialised and cost effective service than most banks. Exchange rates are more competitive; fees are less expensive and the service is more personalised.
Global Reach Exchange Rates, Charges & Fees
Global Reach state on their website that they do not charge maintenance fees for either personal or corporate clients. In other words, you can hold money in your currency account free of charge and won’t see any deductions. However, they do charge a transfer fee of up to £20 while transfers of more than £3,000 are free.
Exchange rates and spreads are variable depending on the volume of the transactions. Our comparison tool breaks them down as follows:
| 0 – 1,000 | 1.2% |
| 1,000 to 10,000 | 1% |
| 10,000 to 100k | 0.8% |
| 100k to 500k | 0.7% |
| 500k to 1m | 0.5% |
| Over 1m | 0.4% |
They also offer a best exchange rate guarantee feature which promises to match any exchange rate you find as long as that rate is verifiable.
Compared to other providers, especially banks, their fee structure is transparent and affordable. Many banks will add hidden fees and charges as well as charging higher spreads. By focusing entirely on foreign exchange, they can beat the banks on price, offer a more tailored expert service and be more upfront about what how much your recipient will get in any given transfer.
However, they don’t publish their exchange rates making the service slightly less transparent than other currency brokers. Because it has its settlement bank in the UK, foreign customers may also be charged intermediary bank fees when transferring in from overseas.
Global Reach Money Transfers
You can transfer in all major currencies plus a wide selection of so-called exotics to around 140 different countries. By and large you can sign up for an account from almost everywhere with a few exceptions such as Afghanistan, Cuba, Iran, Iraq, Libya, North Korea, Somalia, South Sudan, Syria and Zimbabwe.
Commonly available currencies include GBP, EUR, USD, XCD, AUD, BBD, BGN, CAD, HRK, CZK, DKK, GHS, HKD, HUF, ILS, JPY, KES, MUR, MXN, MAD, NGN, NOK, OMR, PHP, PLN, RON, SAR, SGD, ZAR, SEK, CHF, THB, TTD, TRY, UGX, AED.
Using their website, you can get a quote by entering the amount you want to change. One of their agents will get back to you with their latest quote.
To transfer money, you can sign up for an account and send money using their platform or over the phone. You may have to pay a fee of up to £20, but there are no transaction fees beyond £3,000. In terms of price, its fees are substantially lower than most banks, although it is more in line with other specialist currency brokers. A fee of up to £20 is higher than many, but this reduces to nothing after £3,000 which is a lower limit than some of their competitors, such as OFX.
Global Reach Customer Support
At any time, customers can lean back on support over the phone with separate lines available for personal and business customers.
Contact numbers are:
- Personal: 020 7989 0000
- Business: 020 3465 8200
These lines are open for assistance with queries and problems as well as helping to make transactions. For larger transfers in particular, having dealers available on the phone can be extremely helpful.
The website also has a page of frequently asked questions, and you can also access support via email. However, there is no online chat option. Their support options are relatively limited compared to some of their competitors who provide multichannel options such as web and online chat.
Global Reach Live Exchange Rates
The cost of transferring money overseas fluctuates during the day. Having access to the latest rates is crucial to understanding how much your transfer will actually cost.
As with many other currency brokers, they provide live updates which are constantly being updated meaning you see the very latest prices available.
These are gross meaning they do not take account of their exchange fees or transaction fees. As such, this might not be the exact price you pay. For that, you’ll need to register for a quote – this will give you the most accurate real time price.
The presentation of live prices is slightly different to many of the others which provide graphs which update every few minutes. These appear in busy table form which constantly updates every few seconds before your eyes. While a graph might give you a visual indication of where the market is heading, this approach gives you the most up to date view of real time prices possible.
Global Reach Available Currencies
Global Reach offers transfers to more than 140 different countries and all major currencies as well as a selection of exotics. You can sign up to the service in almost any country aside from a few exceptions such as Iraq, Afghanistan and North Korea. The most popular currencies include standard majors such as the Canadian dollar, USD, GBP and the Euro.
In total, they deal in around 50 different currencies which compares favourably, with most of its competitors. OFX, for example, deals in 55, while XE.com offers 60. Currencies Direct has around 40. There is no sign that fees vary significantly from country to country. However, because it only has a settlement bank in the UK, some overseas customers may experience intermediary bank fees when transferring in.
Global Reach App
As things stand, Global Reach do not offer an app for Apple or Android. For the time being, your options for transferring currency remain the website or the phone dealing service. Having access to a telephone service gives them an advantage over some web-based providers in that you can benefit from the expertise and close support of their customer service team. However, the lack of an app puts them behind major competitors such as OFX, Wise, XE.com and Currencies Direct each of which have their own apps. It remains to be seen if they will develop one in the near future.
Global Reach Online Conversion Platform
The main way to send money is via their website. You can sign up to one of their specialised accounts – for personal, business or institutional clients – choose your currency and send money to any supported country in any supported currency. It’s a smooth and seamless process with transfers normally being completed within one to three working days. You can choose from a number of services including:
- Spot contracts: To send immediately.
- Forward contracts: To lock in an exchange rate now to send later.
- Stop loss orders: Allows you to choose your worst-case rate. They will make the trade if the rate hits that point.
In addition, the platform gives you access to live exchange rates and the latest market news. It’s fast, intuitive and efficient. However, the lack of an app does tie you to your desktop computer or phone.
Global Reach Business Account
Business customers can use their corporate accounts. As well as the features you’d expect from your personal account, this offers business specific options such as treasury and management services to help you manage your currency exposure and an FX review to improve your management of foreign exchange.
Meanwhile, their institutional services offer a skilled team of experts which work with investors of all kinds offering tailored services and advice. Their expertise and insights can help businesses develop tailored investment strategies. By speaking with advisers, rather than just managing transfers online, customers can optimise their FX exposure and ensure optimal value for money.
Global Reach Euro Exchange Rate
Exchange rates vary constantly during the day, which means so does the cost of FX. Global Reach are not particularly transparent about their costs, but our comparison tool shows rates on a sliding scale starting at 1.2%. As fund values increase, this rate goes down. For transfers of £3,000 or less, you may also have to pay a transaction fee of up to £20, but this will be removed for any higher transfers. When exchanging £10,000 for Euros, therefore, you pay no fees and the exchange rate will have fallen to 1% unless working through third parties. In some of those cases, third party intermediary bank fees may apply.
In terms of fees Wise are more transparent. According to Wise’s online calculation tool its fee would be £35.08 for transferring £10,000 made up of a 20p fixed fee and a 0.35% (£35.09) variable fee. OFX, meanwhile, would be a similar cost with just an exchange rate to account for.
Global Reach US Dollar Exchange Rate
Global Reach are not particularly transparent when it comes to their exchange rate fees compared to other brokers. However, our comparison tool shows them starting at 1.2% reducing progressively as transfer volumes rise. With transfers up to £3,000, you will have to account for a transfer fee which is limited to a maximum of £20. However, beyond there are no fees leaving you with just the exchange rate fee to reckon with.
If you were transferring £10,000 into USD, the rate would be 1% with the final figure depending on the exact exchange rate at that time. If you plan to make an exchange, Global Reach will provide a full up to the minute quote which will show you how much you should expect to receive.
This compares favourably against their main competitors. For a similar transaction, Wise would charge £35.55, OFX also has no exchange fees at $10,000 and would only charge spreads.
In addition to these fees, there may be third party and intermediary bank costs applicable in some circumstances. You should check this before you make a transaction.
Global Reach Security & Regulation
Global Reach and Partners Limited is regulated by the Financial Conduct Authority (FCA). The FCA is the body responsible for regulating the financial services in the UK and aims to promote consumer protections and fair competition.
This is important because it guarantees a certain standard of service and also offers certain levels of consumer protection. Being regulated by the FCA also means customer funds are protected under the Financial Services Compensation Scheme (FSCS). This guarantees any funds up to the value of £85,000 in the unlikely event that the company becomes insolvent. It also shows that the company is committed to upholding the standards set by the regulator.
Global Reach Pros
- Their personal and business currency accounts, backed up by an expert experienced team, ensure a highly personalised service for all clients.
- All transfers over £3,000 are free of charge which makes it a highly affordable option for larger transfer volumes.
- Tools such as forward contracts provide more flexibility in how you send money and hedging against forex risks.
- The company is regulated by the FCA which provides reassurance and protection for customers.
- With every major currency covered, and many exotics included, the service offers extensive global coverage.
- Dedicated account managers offer a bespoke service which you’re unlikely to get when using a regular bank.
Global Reach Cons
- They only have a settlement account in the UK which means many international customers may incur intermediary bank fees when trying to use the service.
- Customer support is not as extensive as some other providers with no online chat option.
- They only offer bank to bank transfers which means anyone wanting to arrange cash pick ups should look elsewhere.
- A lack of travel currency card gives other platforms an edge.
- No card payments mean the service can feel inflexible.
- The absence of a mobile app leaves customers with a choice of the desktop computer or the telephone dealing service.
Global Reach Alternatives
Global Reach offers two decades’ worth of experience. It exists in an increasingly competitive marketplace with a number of specialist currency brokers and online currency providers competing for business.
Some of the closest alternatives are:
- OFX: Hailing out of Australia this offers currency accounts for people and business around the world. With 55 currencies available, it offers a little bit more than Global Reach and is particularly suitable for ecommerce businesses who want to sell to customers in foreign currencies.
- Currencies Direct: A simple currency transfer provider allowing fast and affordable transfer of currencies overseas.
- Wise: Formerly known as TransferWise, this is one of the leading low cost online currency exchange providers. However, it supports fewer currencies and does not offer the business expertise available from Global Reach.
- XE.com: Another leading low cost online currency provider. As well as excellent customer support, competitive exchange rates and fees, it covers around 60 currencies globally.
Global Reach excels when it comes to the relatively low cost of transfers, the speed and efficiency of its service and the expertise of its team. While it offers a good service for personal clients, it’s the feature packed offering to corporate clients which really makes it stand out.
Global Reach Customer Reviews
Submit your review | |
I have been using them for 8years and have always received fantastic prompt service .
We have been using their service for a number of years and have found that they are by far the most competitive.
They are always on hand to offer assistance, friendly, fast and efficient service. I would highly recommend them.
I have been using Global Reach and their predecessor – FC Exchange -for almost 6 years, and have always found their service to be efficient, smooth and with the important personal touch. It is a first-class platform.
As an overseas customer, I have found Global Reach reliable and easy to communicate with, even during the recent pandemic.
I have used Global Reach for many years and have never been disappointed. I would recommend their services to friends and family.
excellent timely service
procedures explained and very professional in explaining every thing
Excellent service
Great people to deal with. Handle our transactions very efficiently.
I have been using them almost 2 years now, primarily for currency transfer after property sale in Cyprus and resettlement back in UK. I found their service fast, efficient and personal. I can recommend them for such services.
Global Reach Frequently Asked Questions
Is Global Reach safe?
Yes, it is regulated by the UK’s FCA and ensures all customer funds are segregated from the company’s.How does Global Reach work?
To use Global Reach, you should sign up for an account, tell them where you want to send your funds and transfer the money. Transfers usually take place within one to three working days.Are Global Reach the same as Transferwise?
Not quite. Transferwise – which is now known as Wise – is a peer-to-peer money transfer service so its structure is a little different. Global Reach is also better set up for corporate customers.How does Global Reach make money?
Global Reach charges spreads on exchange rates as with all currency providers. However, although they lack transparency in their exact rates, they are better value than most banks. They also charge a fee on small transfers under £3,000.Is Global Reach a bank?
Global Reach is a currency broker which means it specialises in currency exchange. This allows it to offer more competitive exchange rates than banks and a more personalised service.How long do currency transfers take with Global Reach?
Transfers usually take between one and three working days.Do I need a Global Reach account to receive money?
You need to register for an account before you can send money.Does Global Reach charge the recipient?
Not directly. They charge spreads on the exchange which will be deducted from the amount your recipient gets.Global Reach Facts & Fees
 | Get A Quote |
|---|---|
| Global Reach Reviews | |
| Broker specifics | |
| Total Currencies | 30 plus |
| Min Transfer | £3,000 |
| Max Transfer | none |
| Customers | 30,000 |
| Founded | 2001 |
| Transfers | £6 billion a year |
| HQ | London, UK |
| Account Options | |
| Personal Transfers | Yes |
| Business Transfers | Yes |
| Currency Forwards | Yes |
| Currency Options | Yes |
| Personal Service | Yes |
| Phone Dealing | Yes |
| Online Platform | Yes |
| Alternatives | Global Reach Versus Currencies Direct |
| Global Reach Versus Key Currency | |
| Global Reach Versus OFX | |
| Global Reach Versus TorFX |
- Last updated by
- Richard Berry
- January 5, 2022
- 8:00 am
