Currency Exchange Information Library

MONEY TRANSFER BROKERS

What are Money Transfer Brokers?

A money transfer broker is a foreign currency exchange service for occasions when you need to send smaller amounts of money overseas – less than around £3,000.

So, if you have family or friends based in another country and you wish to send them money as quickly and cheaply as possible, a money transfer company is the ideal solution.

The companies listed on Currency Exchange UK offer mostly online and telephone transfer methods – though there are also traditional high street branches still available in the UK.

Where can I send Money to?

The companies listed on our site send to locations all over the world – some to more than others. Check this when you are looking for a suitable service. For instance, your recipient ( the person receiving the funds) might be based in India – so check that the company services that region. Some more unusual locations might not be serviced by all companies so check this in advance.

Another factor to take into account is your recipient's capabilities: can they receive an online transfer, do they have email or would they prefer a regular bank transfer? This will also be a deciding factor for you – some companies online offer online transfers.

How much does it Cost?

Like currency exchange brokers, themoney transfer brokers listed on our site are able to offer market exchange rates – far more attractive than those offered at high street banks. When looking for fees, check the company as this varies – you might be able to carry out the transfer entirely free depending on the amount you want to send. Some of them charge a flat fee (around £7) or a fee of orders below a certain amount (usually between £750 - £3,000).

If you wish to send much less money, then you might prefer a regular high street service like Western Union or Moneygram, though the exchange rates they offer are not as competitive.

How Quickly does Money Arrive?

Whenever you plan an overseas money transfer, it is wise to plan ahead – most services take between 1 and 5 business days, though there are one or two that offer instant transfer. International transfers at the local bank are likely to take longer.

Are there other Transfer Services?

Aside from the excellent services listed on Currency Exchange UK, you can use a range of services for making international currency transfers – including at your local bank, online services like Paypal or the high street agents mentioned earlier (like Western Union). Another option is to send a secondary prepaid card to your recipient, then share funds which have been loaded on to the primary card by yourself.

Remember that for transfers of around £3-5,000 and above it is undoubtedly cheapest to use a currency exchange broker (see our guide).