Corpay Review: A Currency Broker With Global Reach

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In this Corpay review give our ratings based on their nearest peers and tell you what we think of them after testing them with real money. Plus we highlight the key costs, facts and figures of their accounts and services.

Corpay Customer Reviews

4.8 out of 5 stars (based on 89 reviews)
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Corpay Currency Transfer Review

Name: Corpay

Description: Corpay 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 has an impressive 97% satisfaction rating on Trust Pilot.


Corpay is one of the few currency brokers that also offers currency options. Whilst they do provide excellent exchange rates for currency transfers, this also means they can help with personal and business currency exposure hedging.


  • Excellent exchange rates
  • Currency hedging facilities
  • Personal service


  • Suitable for large clients only
  • Exchange Rates
  • Available Currencies
  • Online Platform
  • Customer Service
  • Research & Analysis

Corpay Expert Review

Corpay 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 rebrands as Corpay

Global Reach, the currency broker which specialises in large currency transactions is changing its name to Corapy to reflect the acquisition of the business, back in January this year by FLEETCOR Technologies Inc. the parent company of Corpay. The purchase of Global Reach allowed FLEETCOR to expand its cross-border payments business into the UK, Europe and Canada.

Global Reach Corpay


FLEETCOR Technologies (FLT) is an S&P 500 constituent with annual revenues of $3.40 billion and almost 10,000 employees.

The company provides payment services and solutions to more than 3.0 million vendors in more than 100 countries.

Global Reach was founded back in 2001 in Canada to provide services to corporate, institutional and personal clients, including money transfer and currency exchange and it grew steadily, ultimately handling £5.0 billion of transactions per annum.

Global Reach’s cross-border payments expertise made it a natural fit for FLEETCOR’s Corpay business.

Business as ususal?

Under the Corpay name, the company will continue to offer the same range of services it always has, however, as part of the larger organisation, it can now offer additional services to its customer base.

Customer service has always been a cornerstone of the Global Reach offering and there is no reason to assume that will change under the new branding and ownership.

Back in January when the acquisition was announced Ron Clarke, chairman and CEO of FLEETCOR Technologies was quoted as saying:

“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023.”

Whilst Mark Frey, Group President of Cross-Border Solutions said that:

“We’re very excited to welcome Global Reach and its talented team to the FLEETCOR cross-border family under our Corpay brand. With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets.”

FLEETCOR will report earnings on August 2nd.

Corpay Exchange Rates, Charges & Fees

Corpay 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 – 1,0001.2%
1,000 to 10,0001%
10,000 to 100k0.8%
100k to 500k0.7%
500k to 1m0.5%
Over 1m0.4%

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.

Corpay 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.


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.

Corpay 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:

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.

Corpay 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.

Corpay Available Currencies

Corpay 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 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.

Corpay App

As things stand, Corpay 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, and Currencies Direct each of which have their own apps. It remains to be seen if they will develop one in the near future.

Corpay 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.

Corpay 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.

Corpay Euro Exchange Rate

Exchange rates vary constantly during the day, which means so does the cost of FX. Corpay 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.

Corpay US Dollar Exchange Rate

Corpay 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, Corpay 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.

Corpay Security & Regulation

Corpay 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.

Corpay 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.

Corpay 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.

Corpay Alternatives

Corpay 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 Corpay 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 Corpay.
  • Another leading low cost online currency provider. As well as excellent customer support, competitive exchange rates and fees, it covers around 60 currencies globally.

Corpay 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.

Corpay Facts & Figures

💱 Total Currencies30+ on offer
💵 Min Transfer£3,000
💰 Max TransferNo maximum transfer
🛒 Customers30,000
🏛️ Founded2001
💱 Transfers£6 billion a year
🏢 HQLondon, UK
⚖️ RegulatedYes – Authorised by FCA
Account Options
🧍 Personal Transfers✔️
👔 Business Transfers✔️
🗓️Currency Forwards24 months
💸 Currency Options✔️
🤝 Personal ServiceYes- highly rated
📱 Phone DealingYes – excellent service
🌐 WebsiteVisit Global Reach
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