In summary, currency brokers offer competitive exchange rates, no fees, and helpful phone-based customer service. The best currency brokers in the UK include TorFX, Currencies Direct, Regency FX and CurrencyFair.
In recent years, lots of new companies have launched to provide money transfer services.
Some such money transfer companies focus more on small or medium sized transfers at low cost.
Part of how they achieve such low costs is by offering more 'minimalist' customer support.
Don't get me wrong - the digital-first offerings do treat their customers well.
They just can't offer the level of personal care, understanding, advice & support that brokers are known for.
That's why currency brokers do it differently. They focus on building a personal understanding of your transfer needs, using phone or email to answer your questions and set up transactions.
I suggest you enquire with TorFX, a renowned UK broker, to get a free currency quote.
Are they cheap? Yes - often amongst the cheapest ways to send available on the market. They can do this thanks to their expertise in FX trading and their large amount of money they move for customers every day.
But it's the service where they really stand out. If that's important to you, then a broker is likely a great fit.
Top UK currency brokers compared
FX Broker | Features | Rating | Pricing |
|---|---|---|---|
TorFX | Headquarters in UK, 24/7 transfers, UK call centre, forward contracts, regular payments, mobile app | ⭐⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Regency FX | Headquarters in UK, small, attentive UK team of FX specialists, forward contracts, regular payments | ⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Currencies Direct | Headquarters in UK, 24/7 transfers, UK call centre, forward contracts, regular payments, mobile app | ⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
Key Currency | Limit orders, forward contracts, regular payments up to 12 months | ⭐⭐⭐⭐ | No fees + competitive margins - request a free quote |
OFX | Limit orders, forward contracts, regular payments | ⭐⭐⭐ | No fees + competitive margins |
Lumon | Offices in UK, Ireland, Spain and Portugal | ⭐⭐⭐ | No fees + competitive margins |
What is a currency brokerage anyway?
A currency brokerage is a company that offers currency exchange services with high-touch customer service.
They will convert your funds from one currency to another, and ensure it arrives at your chosen destination bank account.
These firms are staffed by currency trading analysts and account managers. Their job is to help you achieve your goals, executing currency conversions in the open market.
Some people confuse currency broker services with forex trading brokerages.
The former is what we're talking about, and I've described above. Perfect for anyone wanting to transfer money abroad.
The latter is a service that lets you directly trade currencies. Think forex day trading or currency investors, making speculative bets on currency fluctuations.
We say leave that to the professionals!
Benefits
Competitive rates
Large transfer confidence
FX advice
Experience with property purchases, emigration, and other scenarios
Advanced currency features: ask about locking in future rates, automated buy/sell orders, and FX risk stragies
Regular payments - automatically handle international salaries, pensions or other recurring transfers
Alternatives
Brokers aren't your only method for sending money abroad. There are two other main categories:
The good: digital money transfer services
International transfer apps like Wise, Revolut, Zing and Remitly provide a serious alternative to a currency broker.
Their fee structures are more transparent, so you can get an idea of costs on their website, rather than over the phone.
They also make self-service transfers that much easier. These modern fintech companies have some of the best apps on the market. For the more tech-savvy, they should be strongly considered.
What you'll lose is the personal service that only FX brokers offer. Customer support, advice and guidance will be lacking, so you'll need to do your research on your own.
If currency risk management is important to you, digital services may come up short too. Forward contracts, limit orders, stop losses and FX hedging strategies are best sought from a broker.
The not-so-good: high-street banks
This is one alternative that should not be on your list!
Banks may offer low fees, but their foreign exchange markup means their exchange rates are very poor.
You can certainly make a bank transfer to a money transfer specialist - but don't send money internationally directly with your bank, unless you're willing to lost up to 4% of your transfer value.
