Halo Financial Review: Exchange Rates, Transfer Fees & Limits
Author: April Summers
Editor: Artiom Pucinskij
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Halo Financial is a currency broker offering currency transfer services from and to 171 currencies.
They charge no fees on transfers over £5,000 and a markup of 0.1% - 1% (depending on your needs).
For transfers under £5000, there is a £15 fee. As well as there is a minimum transfer limit of £250 online and £1,000 over the phone.
For one-off or recurring large transfers (over £5,000), Halo Financial is a great service but is mainly aimed at UK customers.
For smaller transfers (under £5,000), we recommend using an alternative such as Wise or XE.
Scoring Halo Financial
With over 15 years of experience in the industry, Halo Financial has built a reputation as a trusted authority in the industry; but does it tick all the boxes?
In our Halo Financial review, we’ve looked at their fees & exchange rates, transfer limits, transfer speed, offerings, ease of use, legitimacy, and customer feedback.
For a quick overview, here is what you can expect from Halo Financial:
- Halo Financial assigns a currency consultant to each account. They give you up-to-date information on how the markets are doing and call you when the exchange rate is in your favor.
- Transfers made in US Dollars, Euros, Pounds Sterling, and Canadian Dollars are usually delivered on the same day. Most of the other currencies are delivered the next business day.
- Transfers above £5000 have no fee saving you up to 4% compared to high street banks.
- You can choose spot transfers, forward transfers, or regular currency transfers to protect you from currency volatility.
- Accounts are usually approved within the same day. Corporate clients can take one business day.
- Halo Financial supports the following 26 of the most popular currencies.
- The minimum amount you can send using the Halo Financial online portal is £250. When sending money over the phone the minimum is £1000.
- When trading using the online platform, you only have a few currencies you can trade with. The provider only supports trades in CAD, NZD, AUD, USD, and EUR. For any other currency, you’ll have to do it over the phone.
- If you are looking at trading on the go using your mobile, Halo Financial doesn’t give you that advantage. They have no mobile app, but their website is optimized for mobile viewing.
Know the difference
Halo Financial is a currency broker, also known as a managed service provider.
They will handle the transfer for you at competitive exchange rates and fees tailored to your needs.
Providers like Wise on the other hand are known as online-only money transfer services or self-managed, meaning you handle your own transfer, and the fees are generalized for everyone.
Money transfer brokers are best used for large transfers such as buying property, paying tuition fees, making business payments, etc… while online-only services are better for recurring and small transactions.
Halo Financial fees and exchange rates
Fees and rates
Halo Financial charges a fee and exchange rate markup to generate profit just like many other money transfer services.
Exchange rates and payment solutions
Halo Financial makes most of its profit from charging exchange rate margins between 0.1%- 1.0% higher than the mid-market rate.
The company offers 4 different exchange rate mechanisms, designed to help you secure the best rates on the market:
Spot rates
If you are looking to make a currency exchange on the day or within a few days at the current exchange rate then a spot contract is the way to go.
You will be assigned your own dedicated “Currency Consultant”, who will recommend on the best time to make your trade to ensure you get the most out of the current exchange rate.
Forward trades
This is an effective and flexible currency solution for those who want to protect desired exchange rates from forex market volatility.
Forward Trades give you the ability to plan ahead; Halo Financial will agree to exchange a specific currency pairing at a fixed exchange rate which can be transferred and delivered on an agreed date up to 24 months in the future.
Automated orders
Working with your dedicated “Currency Consultant”, you will be able to buy or sell currency at a predetermined target level, enabling you to take advantage of exchange rates, around the clock.
This is a strategic currency exchange solution that helps target better exchange rates by protecting you against market fluctuations.
Regular currency transfers
A convenient currency exchange solution for those looking to arrange recurring currency transfers.
Halo Financial receives funds on a standing order basis and your dedicated “Currency Consultant” will use these funds for money transfers sent on scheduled dates to approved beneficiaries.
This currency exchange solution is a great option for any businesses making multiple, regular payments, who want to avoid ad-hoc payments.
International transfer fees
When transferring amounts below £5000, you’ll pay a fee of £15 irrespective of the country you are sending to.
Amounts above £5000 are processed free of charge.
To put these numbers into perspective, let’s assume you’re making a business payment of $100,000 from the US via bank transfer to a bank account in the following countries:
Country | Halo Financial fees (1% markup) | OFX fees (1.3% markup) | EasyFX fees (1.5% markup) |
|---|---|---|---|
$1,000.00 | $1,300.00 | $1,500.00 | |
$1,000.00 | $1,300.00 | $1,500.00 | |
$1,000.00 | $1,300.00 | $1,500.00 |
*These are generalized fees and will heavily depend on your circumstances and needs.
Once your transfer is locked in, Halo Financial will send out the amount as agreed on the transfer contract.
However, international payments may attract other fees such as intermediary fees, landing fees, and swift charges.
These are deducted from the amount the recipient gets and are not controlled by Halo Financial.
Be sure to check with your bank and other relevant services and institutions involved in your transfer.
Transfer speed
Transfer speed
If you transfer in US Dollars, Euros, Pounds Sterling, or Canadian Dollars before the cut-off time, funds will be delivered the same day.
For other currencies, expect deliveries in 1-2 days.
Transfer limits
Transfer limits
When transferring money online, the minimum is £250, and the maximum is £30,000.
Over the phone, transfers have a minimum of £1,000 with no maximum limit.
Product offering
Product offering
Supported currencies & destinations
Halo Financial supports 171 currencies as base and destination currencies.
Here’s a list of all supported currencies:
ADF | ADP | AED | AFN |
ALL | AMD | ANG | AOA |
ARS | AUD | AWG | AZN |
BAM | BBD | BDT | BGN |
BHD | BIF | BMD | BND |
BOB | BRL | BSD | BTN |
BWP | BYR | BZD | CAD |
CDF | CHF | CLP | CNH |
CNY | COP | CRC | CUP |
CVE | CYP | CZK | DJF |
DKK | DOP | DZD | ECS |
EEK | EGP | ERN | ETB |
EUR | FJD | FKP | GBP |
GEL | GHS | GIP | GMD |
GNF | GTQ | GYD | HKD |
HNL | HRK | HTG | HUF |
IDR | ILS | IMP | INR |
IQD | IRR | ISK | JMD |
JOD | JPY | KES | KGS |
KHR | KMF | KPW | KRW |
KWD | KYD | KZT | LAK |
LBP | LKR | LRD | LSL |
LTL | LVL | LYD | MAD |
MDL | MGA | MKD | MMK |
MNT | MOP | MRO | MTL |
MUR | MVR | MWK | MXN |
MYR | MZN | NAD | NGN |
NIO | NOK | NPR | NZD |
OMR | PAB | PEN | PGK |
PHP | PKR | PLN | PYG |
QAR | RON | RSD | RUB |
RWF | SAR | SBD | SCR |
SDD | SDG | SEK | SGD |
SHP | SIT | SKK | SLL |
SOS | SRD | SRG | STD |
SVC | SYP | SZL | THB |
TJS | TMM | TND | TOP |
TRL | TRY | TTD | TVD |
TWD | TZS | UAH | UGX |
USD | UYU | UZS | VEF |
VND | VUV | WST | XAF |
XCD | XOF | XPF | YER |
ZAR | ZMW | ZWD |
Looking to send other currencies?
Use our form to find the right service for your needs.Payment methods
When using Halo Financial, you can pay for your transfer using online or telephone banking.
However, most banks in the UK will send your payment to the provider using either Faster Payment, BACS, or CHAPS.
This means you’ll need to make your payment as soon as possible for timely funds clearance.
No mobile app
While the Halo Financial website is fully optimized for mobile phone technology, the online trading platform is only available through their website.
Receiving and withdrawal methods
Transfers are made to your recipient’s bank account.
There is no cash pickup, door-to-door delivery, or mobile transfer option with this provider.
Ease of use
Ease of use
Customer service
The provider has put together a knowledgeable team of currency specialists and customer engagement professionals to offer support.
Their offices are open Monday to Thursday 7:30 am to 6:00 pm and Friday 7:30 am to 5:30 pm UK time.
You can reach the team via phone or email.
Phone
Private client support is available at +44 (0) 20 7350 5474, for corporate support call +44 (0) 20 7350 5470.
They also have a dedicated line for settlements which is +44 (0) 20 7350 5471.
All the lines are toll numbers and are only open during working hours.
You can email the support team by filling in the web form or by contacting them directly at: help@halofinancial.com.
Safety and trust
Safety features
Legitimacy of Halo Financial
The provider is registered with Her Majesty's Revenue and Customs (HRMC) as a Money Services Business under registration number 12197454.
It also has the Financial Conduct Authority (FCA) license to offer payment services.
As part of the regulation, the company is required to hold client funds in ‘safeguarding accounts’ also known as segregated accounts separate from the provider’s assets.
The accounts are maintained at Barclays Bank PLC.
Currently, the provider has a team of about 50 employees drawn mostly from the United Kingdom, the United States, and Canada.
Together they ensure Halo Financial customers are guided in compliance, settlements, foreign exchange risk management, and network infrastructure support.
On average Haloi Financial transfers over £500 million each year.
Encryption and customer data
Halo Financial has a detailed privacy policy that spells out the security measures it has taken to safeguard the customer data it collects.
As part of its technology stack, the provider has invested in superior SSL and other encryption services to ensure customer safety as they connect from their browsers to Halo Financial’s website.
It also has a two-step verification process covering account registrations and currency trades.
Investors and awards
Gavin Herridge owns over 75% of the shares in Halo Financial hence a person with significant control (PSC).
In terms of awards, the provider has quite a collection as summarised below:
Feefo Gold Trusted Service Award: The company has won the award six times in a row from 2014 to date. The award recognizes the exceptional customer service the provider offers across its service lines.
Best Business Awards: Halo Financial won in the Best Customer Focus category
Consumer Moneyfacts Awards: The provider has been awarded five years in a row in the Best Money Transfer Provider category.
OPP Awards for Excellence: The company won Gold in 2013 in the Best Supporting Service category. In the 2014 edition, Halo Financial won joint Gold with the Overseas Guides Company Limited in the same category.
Relocate Awards: Halo Financial was shortlisted in the Financial Support & Innovation category which was won by Global Tax Network.
British Bank Awards: The provider made it to the Best Money Transfer Provider shortlist.
The company has also been featured in prominent media such as Bloomberg, The Telegraph, Yahoo! Finance News, The Times, CNBC, and several others.
Customer feedback
Customer feedback
Halo Financial has one of the highest ratings on Feefo, the customer feedback website, and at the time of writing, Halo Financial has been reviewed 1,490 times acquiring a rating of 4.9/5.
To better understand what clients have to say about the company, we’ve put together a list of the most common feedback.
- Halo Financial has a professional, friendly, and knowledgeable customer service team.
- Currency Consultants explain every step of the process, making transfers seamless and easy to understand.
- Users report transfers are swift to set up and delivered quickly.
- The provider offers great exchange rates according to many users.
- According to some users, the fees charged for sending and receiving money overseas require further clarity.
- The company’s fee structure means the overall cost is higher than their competitors which is off-putting for some.
- Some reviews mention a delay or longer-than-expected delivery times.
- A few customers complained of isolated cases of lack of commitment by employees and delayed transfers.
Opening an account with Halo Financial
Halo Financial makes sending and receiving money quick and simple: the sign-up process is fast and secure, only taking customers a few minutes to receive approval and arrange their first currency transfer.
Fill in your details
Enter your details including your full name, date of birth, phone number, and email address
Next, you must enter information about your residential country, city, postal code, place of birth, nationality, household income and occupation
Activate your account
At this stage you will receive a SMS code to the number entered in the first step: enter this code into the indicated box, before creating a password and security question. Click Next’ to submit the application
Submit documents
You will receive an email from Halo Financial requesting documents that you must provide to verify your name and address.
The document that can be provided may include your passport, utility bill, or bank statement.
Verify identity
You will receive a verification link that will allow you to capture your headshot and the front/back of your passport or national ID. This link is desktop and mobile-friendly.
Once completed you will receive contact from your dedicated Currency Consultant who will finalize the process and support you with your account sign-up.
How long will it take Halo Financial to process my application form?
Once you’ve registered for an account and provided your identification, Halo Financial can process your application in minutes for private individuals and within the same working day for business clients.
Making international transfers
Once your account has been approved, you’re ready to get started.
You’ll find that it takes just under ten minutes to send your first transfer. We’ve broken the process down into some easy-to-follow steps:
How to Send Money Online with Halo Financial
Open account
Simply log in to your online account using your email and password. You may then be asked for the requested characters from your memorable word as a second factor of security verification.
Book a trade
Once you are logged into your account, navigate to book a trade, and complete the currency and amount field and destination details.
You will receive an automated email confirmation stating that the currency has been purchased and payment has been sent.
Confirm transfer
Once you have confirmed your transfer, you will receive an email from your dedicated Currency Consultant confirming the order details, and the bank details that you should pay your money into.
When you make a payment, you will receive a confirmation from Halo to confirm the amount and date received.
Receive confirmation email
When the funds are transferred to the beneficiary, you will receive an email notifying you of the amount sent and the recipient details.
How to Send Money Over the Phone with Halo Financial
With one of the benefits of using Halo Financial being access to your own personal currency consultant, making a transfer over the phone can offer a more personal service.
Your first transfer should take less than ten minutes. Follow these steps to get started:
Call the currency consultant
Once your account has been approved, you are ready to make your first currency transfer. Simply pick up the phone and call your dedicated currency consultant.
Confirm the amount and destination
Confirm the amount of currency that you wish to send and the destination that you’re sending it to.
You will then receive an email confirmation stating that the currency has been purchased and payment has been sent.
Confirm transfer
Once you have confirmed your transfer, you will receive an email from your dedicated Currency Consultant confirming the order details, and the bank details that you should pay your money into.
When you make a payment, you will receive a confirmation from Halo to confirm the amount and date received.
Receive confirmation email
When the funds are transferred to the beneficiary, you will receive an email notifying you of the amount sent and the recipient details.
Canceling transfer
You can cancel your transfer by contacting your dedicated Currency Consultant or the Settlements team; you are suggested to do this at the earliest possible time.
If the money has not yet been credited to the beneficiary, it may be canceled but any costs or losses Halo Financial incurs in the process must be paid for by you.
Receive international transfers
Halo Financial makes transfers directly into bank accounts, so funds will be deposited into the receiver’s bank account directly within 2 business days.
There is nothing they need to do to receive the money.
How Halo Financial compares to other transfer services
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
Halo Financial: Is it good for transfers abroad?
As a specialist provider with almost two decades of experience, Halo Financial is in a better position to transfer money overseas than traditional banking options.
With great technology, attractive exchange rates, and risk management strategies, Halo Financial can remove the stress from currency transfers and is a great option for anyone making high-stakes international money transfers.
Currency Consultants stay in touch to communicate any opportunities that allow customers to benefit from any market volatility.
We recommend this company to customers sending large amounts of money across borders: for example, business owners with foreign customers or international employees, or individuals living, working, or studying abroad.
This is because a £15 fee is applied to all transfers under £5,000 (or equivalent) which is a lot more costly than what other money transfer companies charge for international payments.
Whether you need to make a one-off payment or regular transfers amounting to less than GBP 5,000, we suggest you use our comparison tool to discover a company better suited to your transfer needs.
Find the best rates for your transfer
A bit more about Halo Financial
What happens if the exchange rate moves?
Once you’ve verbally agreed to buy or sell a certain amount of currency with Halo Financial at an agreed exchange rate, for an agreed settlement date; any movement in the exchange rate will not alter your existing agreement with Halo Financial.
Will I receive confirmation that my payment has been made?
Yes, you will receive a confirmation by email confirming how much was sent and where it was sent to. You may also request that Halo Financial send an identical email to your beneficiary.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
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