As such, overall prices are driven down, which is good for the consumer.
OFX is the most established currency broker we feature having been founded in 1998Įstablished currency brokers offers are a little more expensive than start-ups because new providers come to market to undercut the established companies. Which is the most established currency broker? Global Reach is the best currency broker we feature that also offers currency options alongside large money transfers for business and individuals. Which currency broker offers currency options? If you are using currency forwards as part of your overall currency hedging strategy, Global Reach would be the better choice because they also offer currency options. The majority of other currency brokers offer currency forwards up to one year. Global Reach Partners and TorFX will let you do a currency forward contract up to two years into the future. Which currency brokers offers the furthest currency forward contracts? Currency brokers speicalise in transfers above £10,000 so for small deals there may be a fee, some will treat small transfers as a loss leader for larger conversions.Ĭurrency brokers do not have a maximum amount you can send, although the maximum you can convert in one go will depend on the liquidity of the currency pair. However, it is important to note that if you will only be doing small money transfers you will be better off with a money transfer app. Which currency broker has the smallest minimum and maximum transfer?Ĭurrencies Direct and TorFX with both let you send as little as £100 abroad. The banking networks are different and there are additional anti-money laundering rules for different regions. Major currency routes like euros to Europe of Dollars to American will be cheaper and quicker than sending large amounts of funds to India or China, for example. It’s important to note that the more obscure the currency or destination, the higher costs and the length of time the currency transfer takes will be. Some currency brokers can only send money to major destinations, whilst others offer a more comprehensive service and you can send currency to almost anywhere. This is another point where currency brokers differ. OFX offer over 55 different currencies for large money transfer. Which currency broker offers the most currencies?
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