Cambridge Currencies Review: A broker offering solid service

Scoring

We've tested each element of the Cambridge Currencies offering. Here's what they offer.

Fees, rates, speed and limits

Cambridge Currencies vs the alternatives

Product offering

Cambridge Currencies covers all the core areas you'd expect from a currency broker. They offer a nice range of currencies and across a lot of countries.

Currency transfers

Supported currencies

There are a total of 38 currencies supported by Cambridge Currencies. These cover a total of 77 countries.

Cambridge Currencies 4	TorFx Read Review 4.5	Regency FX Read Review 4.3	Key Currency Read Review 4.2	OFX Read Review 4.1
countries 77	countries	countries 100	countries 50	countries 170
Currencies Supported 38	Currencies Supported 40	Currencies Supported 40	Currencies Supported 20	Currencies Supported 50
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Full list of supported currencies:

Transfer types

Money transfers through Cambridge Currencies are funded through a bank account.

Companies with apps, like Zing, will allow you to sync to an account - although limits are much smaller. Currency brokers on the other hand will account manage the entire process. This includes the moving of funds.

As a result, things like debit card payments aren't available.

For payout options, like most currency brokers again, these will go to bank accounts. Cambridge Currencies specialize in large payments. As a result, cash pick u will not be available.

Business transfers

Cambridge Currencies supports business transfers. As a currency broker, the offering is the same as large personal transfers.

Large transfers are helpful for mergers and acquisitions, and paying staff or suppliers.

Cambridge Currencies offer money transfers for businesses. If you need an international business account, our guide covers the best choices.

Explore Business Accounts

Risk management

Across all options, Cambridge Currencies offers risk management tools.

These tools come in the form of:

• Hedging options. Cambridge Currencies offers hedging options to help customers beat foreign exchange fluctuations. Strategies are tailored to individual needs. This can aid in protecting you from any sudden movements in exchange rates.

• Forward contracts: Forward contracts allow customers to lock in an exchange rate for up to 12 months. For comparison TorFX offers forward contracts for up to 2 years.

• Stop loss orders: Cambridge Currencies offers stop loss orders to safeguard customers against bad currency shifts. A currency exchange is triggered when the rate reaches a the agreed 'bad' or unfavorable level. While it is not ideal to exchange a currency as it drops, it does limit further potential losses on the transfer.

• Limit orders: Limit orders allow customers to target a better exchange rate than the current rate.

Explore currency risk tools in detail

If you are considering using a company like Cambridge Currencies to manage currency risk, or if you're interested in how each of the tools can help your business, check out our currency risk guides.

Limit orders

Spot contracts

Forward contracts

Ease of use

Platforms

Cambridge Currencies does not have app support and is web based. Sign up was a little confusing. I had to register for an account, go through the process of adding details and then on submission returned to the homepage with no confirmation.

I did however get an email to confirm the account was setup and somebody would be in touch.

Signing up for a broker will generally result in a call back. The complexities of large transfers, plus the need to agree the rate, are an important part of the process. This is where the account management starts as part of the sending process.

If you're interested in using an app, we'd recommend our page on the best money transfer apps.

Payment options

Transfers through Cambridge Currencies are funded through a bank transfer to the broker. Once they receive the funds, they will then carry out the transfer for you. For brokers, a bank account is generally the only option.

Digital providers do offer alternatives if you need them. For example, with Wise, it is possible to fund an account using a debit card (for a slightly increased fee).

Generally, this is because of the amount of money being sent.

Sending to another bank account will be the only option. Receiving through methods like cash pickup will not be available. Often, the best way for a person to receive money can be into a multi-currency account.

How to send money with Cambridge Currencies

Choose account type

Start by adding your account type: business or personal.

Then you'll need to provide an email address and setup a password for yourself.

A couple of other personal details, like phone number and date of birth are added in the next step.

Potential transfer details

Add the potential details of your transfer.

You'll need to pick where you're sending money from, and the currency you want to purchase.

Then, the estimated value of the transfer and reason for the transfer.

There's a pretty wide selection of options, but don't worry if you can't see what you need, this can always be amended.

Add your address

You'll need to provide an address as well.

For large transfers verification will be needed before sending. It is best to get this added correctly now, to avoid delays later.

Submit and get confirmation

Once submitted, you'll get a confirmation email.

A member of the team at Cambridge Currencies will give you a call. This will iron out the specific details of your transfer.

Account management and customer support

• Account management services included

Here's some more details on what you can get with Cambridge Currencies.

Alternatives

Cambridge Currencies offers a specific type of transfer and service, but may not be right for you. Here's how some of the alternatives stack up.

Cambridge Currencies 4	TorFx Read Review 4.5	Regency FX Read Review 4.3	Key Currency Read Review 4.2	OFX Read Review 4.1
Exchange Rate Markup 0.5% - 1.2%	Exchange Rate Markup 0.4% - 1.5%	Exchange Rate Markup 0.2% - 1.5%	Exchange Rate Markup 0.2% - 2%	Exchange Rate Markup 0.4% - 1.5%
Fees No fees	Fees None	Fees None	Fees None	Fees None
Transfer Speed 0-5 days	Transfer Speed Minutes - 24 hours	Transfer Speed Minutes - 24 hours	Transfer Speed Minutes - 3 days	Transfer Speed Minutes - 24 hours
Personal account manager Yes	Personal account manager Yes	Personal account manager Yes	Personal account manager Yes	Personal account manager Yes
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