Best Currency Brokers Compared & Reviewed

We found TorFX to have the best business offering and the most user-friendly interface available.

Like Currencies Direct, TorFX is owned by Redpin Holdings Limited, giving them just under 50 years in the money transfer market.

They charge no fees and add a markup to their exchange rates, but their ease of use and currency hedging tools are what make them unique.

Based on our analysis, if you were to send £100,000 from the UK to the US, you can expect to pay a 0.25% markup.

With TorFX you get access to live exchange rates, rate alerts, spot contracts, forward contracts, limit orders, stop-loss orders, and access to 24/7 transfers through the app (up to $25,000).

Making it ideal for businesses and commercial clients wanting to offset currency fluctuation risks, while making medium and large transactions at the best exchange rate.

The one thing to keep in mind is that smaller transfers with TorFX might get you a less favorable exchange rate compared to brokers like Currencies Direct.

For example, sending £100,000 will have a 0.25% markup vs % for a £2,000 transfer.

You can use TorFX in the way that suits you - either by signing up via their website or their app.

When you register, TorFX will assign you a dedicated account manager to help you process your transfers.

They will help you with your transfer requirements, getting a deal on the exchange rates, or navigating the app.

Transfer limits online are quite low for a currency broker, at only $25,000. Once again, you can transfer more - but you’ll need to have the transfer authorized by your account manager first.

You can only make payments by bank transfer or debit card.

When you should use TorFX

Regency FX is a great broker for large transfers and superior customer service.

Regency FX has no fees and only adds a markup to the exchange rate. They usually offer better exchange rates for transfers over $5,000 and have no maximum transfer limits.

For example, sending $100,000 to the USA from the UK would cost you 0.20% in markup, while sending £2,000 would result in a %.

With Regency FX, you can send money to 150 countries in 50 currencies. Slightly less than OFX, but with a more tailored customer experience.

You can make transfers over the phone or using their online portal, but there is no mobile app.

This is better than Key Currency which only offers transfers over the phone, but slightly worse than TorFX and OFX if you need to send money on the go.

Just like with other exchange brokers, you will get assigned an account manager who will take care of all your needs, negotiate better exchange rates, help you execute the transfers, and suggest on the best course of action.

Considering this London-based broker is relatively new, there aren’t many online reviews, however, we’ve had multiple users from MoneyTransfers recommending the service (click User Comments below to read them).

If you’re sending money from the UK, you can use bank transfer, credit card as well as debit card deposits, otherwise, you are limited to bank and wire transfers.

When you should use RegencyFX

Currencies Direct is the best US currency broker for smaller transfers.

They offer a low minimum online transfer of just £10 and fee-free transfers at fairly low exchange rates.

However, just like with other brokers, the markup will depend on the amount and the currencies involved.

For example, if you were to send £100,000 to the US, you can expect to pay 0.49% on average.

They service over 120 countries and manage the exchange of over 40 currencies, as well as, they offer a multi-currency account with a debit card.

This makes them a good option for all-rounded financial needs.

Their low minimums and low cost do come at the expense of some other features.

You still get access to 24-month forward contracts and market orders, but lose on FX options, stop/loss orders, and rate alerts that you get with TorFX and OFX.

For a currency exchange broker, their transfer limits are not the highest, capped at $50,000 online or in-app.

To send more, you will have to contact the Currencies Direct customer service team and request a one-time authorization.

Currencies Direct only accepts bank transfers and card payments, making them less versatile than some competitors in terms of payment options.

As a well-established currency brokerage service set up in 1996, Currencies Direct is highly respected in the currency brokerage industry and frequently receives positive reviews on Trustpilot and the App Store.

Make sure all your recipient’s details are correct before pushing send, as Currencies Direct has no cancellation policy.

When you should use Currencies Direct

Key Currency is a classic currency broker, focusing on fast transfers and customer satisfaction.

They’re a relatively new currencies brokerage firm based in the UK, focusing on payments between the UK, Europe, Australia, and the US through a partnership with Currencycloud.

However, as a UK-based company, it can be more complicated to process payments from the US, and they service fewer countries than other currency brokers on the list.

They charge no fees, but like others add a markup to the exchange rate.

If you were to send £100,000 with Key Currency from the UK to the US, you can expect to pay a 0.15% markup.

They have no online portal or app for making transfers. They operate only over the phone and only accept bank transfer deposits.

This is a good option for those wanting to send money the traditional way with reassurance in mind, otherwise, consider using TorFX or Currencies Direct.

Like with other foreign currency exchange brokers, Key Currency has no upper limits on money transfers, but they do offer faster transfer times for large transfers on average.

You can expect most transfers to arrive within 1-3 days, but some may take up to 5 due to receiver bank delays.

It’s worth noting that money transfer companies specializing in smaller, regular payments such as Currencies Direct or Wise will often be faster.

Key Currency reviews focus on the friendly customer service department and how easy it is to speak to a team member.

When you should use Key Currency

We found OFX to offer the most currencies including more ‘exotic’ ones.

OFX is available in over 170 countries (including the UK and the US) and lets you move large amounts of more exotic currencies such as ZAR, KWD, MAD, VND, or 50 others.

As a currency broker, OFX specializes in high-value transfers with no upper limits.

This means their minimum transfer limits are slightly higher:

• In the USA it is $1,000

• In the UK it is £100

• In Canada and Australia, it is $250 (CAD or AUD).

They charge no fees on their transfers and add a small markup to the exchange rate.

For example, if you’re sending £100,000 to the US, you can expect to pay a 0.50% markup on the exchange rates.

Like TorFX, you can use OFX to monitor live exchange rates via their app, set alerts, use spot and forward contracts (although limited to 12 months vs 24 with TorFX), as well as FX options.

When you should use OFX