Compare Currency Brokers

Money transfer specialists compared in one place

  • Compare money transfer specialists

    Use the table below to compare services, fees and customer ratings

  • Spot and Forward payments

    Currency brokers offer same day payments and the ability to lock in rates for the future, giving you peace of mind on future purchases

  • Upto 85% cheaper than banks

    With no transfer fees and much better exchange rates, you could save substantially on each transfer

Currency Broker and Money Transfer Comparison

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

The team behind Quote Goat have worked in the currency sector for the past five years, we’ve spoken to thousands of clients and have used all of the currency brokers shown below.

The table below consists of leading UK money transfer specialists, highlighting features, fees and TrustPilot scores in one place for easy comparison.

Transfer Fees:
£0
Transfer Method:
Phone or Online
Trustpilot Rating:
9.6/10
Compare quotes from multiple money transfer services in one place Visit Site
Transfer Fees:
£0
Transfer Method:
Phone or Online
Trustpilot Rating:
9.5/10
3rd largest money transfer provider in the world Visit Site
Transfer Fees:
£0
Transfer Method:
Phone or Online
Trustpilot Rating:
9.2/10
Very prominent in the overseas mortgage sector Visit Site
Transfer Fees:
£0
Transfer Method:
Phone or Online
Trustpilot Rating:
9.4/10
Best rate guarantee Visit Site

How Do Currency Brokers Work?

Transferring money into other currencies has long been seen as an opportunity for banks to add hidden margins onto exchange rates, sometimes as much as 5% on top of the actual exchange rate.

The birth 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 too are regulated by the FCA and adhere to the same rules that the big banks abide by.

As with any growing industry, prices are becoming more and more competitive, with different brokers offering varying margins dependent on size, currency pair and more.

We’ve creates this section of the site as we’re keen to help our visitors save more when it comes to transferring funds overseas.

No single currency broker is the cheapest all the time so depending on the size of your transactions we recommend signing up with two or three of the below, giving you access to compare quotes each time you trade.

The Money Transfer Process

  • 1) Register with a broker(s)

    Sign up with your chosen broker and supply documentation in accordance with anti money laundering regulation

  • 3) Pay the funds

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

  • 2) Get a Quote

    Look at the quote available to you and ideally compare with another broker you are registered with

  • 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 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 is the cheapest broker?

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.