Compare Currency Brokers

Find The Right Broker With Our Comparison Table

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Compare services, fees and TrustPilot ratings

Live Exchange Rates
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Upto 85% Cheaper
Save upto 85% compared to using the bank

Compare Currency Brokers and Money Transfer Rates

With over 130 currency brokers and money transfer services in the UK alone, deciding who to go with can be quite overwhelming.

Quote Goat’s team of money experts have worked in the currency sector for the past five years, we’ve spoken to all types of clients and have personally used each of the currency brokers shown below.

Our comparison table consists of some of the leading UK money transfer specialists and highlights features, fees and TrustPilot scores in one place making it easy to compare.

If you are going abroad and are looking for travel money then visit our travel money comparison table to compare rates for all currencies including euros and usd.

Transfer Fees Transfer Method Rating Visit
£0 Phone or Online 9.5/10 Visit Site
Read Our Review
HiFX are our number 1 rated broker with a fantastic TrustPilot rating, competitive exchange rates and no fees.
From £0.80 Online Only 9.3/10 Visit Site
Read Our Review
Transferwise are cheap for small amounts between GBP and EUR, other currencies are significantly more
£0 Phone or Online 9.6/10 Visit Site
CurrencyTransfer compares quotes from multiple money transfer services in one place
£0 Phone or Online 9.4/10 Visit Site
Read Our Review
TorFX offers a best rate guarantee
£0 Phone or Online 9.2/10 Visit Site
Currencies Direct are very prominent in the overseas mortgage sector
£0 Phone or Online 8.9/10 Visit Site
OFX has useful features in place for both private & corporate Clients, as well as online sellers

Information on Currency Brokers

To many people the world of currency brokers feels understandably alien. On this page we hope to address any questions you may have and provide an explanation of who they are and what they do.

Transferring money into other currencies has always been seen as an opportunityby banks to add a margin onto the exchange rate, sometimes as much as 5% on top of the actual exchange rate. This means you lose 5% of the funds you are transferring.

The growth of currency brokers has put an end to this with many brokers charging as little as 0.5% for exactly the same service offered by your bank. Equally your money is just as safe when you use a broker as they are regulated by the FCA and adhere to the same rules that the big banks abide by.

It is also worth noting that rices are becoming more and more competitive, with brokers setting the size of their margin dependent on your transaction amount, the  currencies you are transferring between (currency pairs) and more.

No single currency broker is the cheapest all the time so depending on the frequency of your transactions and the volumes we recommend signing up with two or three of the below which allows you to compare quotes from multiple brokers each time you trade and negotiate with them to find a better deal.

The Money Transfer Process

1. Register with a broker
Sign up with your chosen broker and supply documentation in accordance with anti money laundering regulation

2. Get a quote
Look at the quote available to you and ideally compare against a quote from another broker

3. Pay the funds
Log onto your online banking or call and transfer funds to the broker for exchange

4. Payment delivered to recipient
The broker will transfer the funds to the nominated bank account in the nominated currency

Currency Broker FAQs

Q. How does a money transfer company make money without charging a fee?

Good question. Even though it is often advertised that brokers, transfer services and even airport currency bureaus do not charge a fee, they do still make a profit by building a margin into the exchange rate.

Q. What is a margin?

A margin in currency exchange terms is the difference between the official exchange rate (mid-market rate) and the exchange rate you are given when exchanging money.

Banks can charge as much as 5% in a margin (sometimes more), meaning that if you were transferring GBPs to USDs you would be paying 5% of your USDs to the bank for changing your money.

Q. What margin do currency brokers charge?

Money transfer services and currency brokers have built up a whole industry by purchasing currency in bulk directly from the banks at a tiny margin and then transferring funds for clients, charging their own margin, typically up to 85% less than the bank would have charged the client directly.

Q. Who’s the cheapest and how do I find them?

There is no broker that is always cheapest which is why we recommend signing up with two or more from the table above and then comparing rates each time you go to trade. This becomes more and more important as the size of your transaction grows. If you are buying a house overseas for £100,000 you could save as much as £4,500 by using a broker instead of the bank.