UKForex Money Transfer Review
UKForex is a money transfer and international payments firm serving retail and business clients. The firm is a wholly-owned subsidiary of the OzForex Group Limited, which was formed in 1998, and specializes in finding the most favorable foreign exchange rates, providing a high level of customer service, and offering online products and services through its cutting-edge technology systems. UKForex is FCA regulated.See full review below
UKForex Products for Individuals
UKForex offers transfers at a lower cost than a bank, with money orders over £3,000 fee-free. They have three options for personal money transfers, providing customers the ability to tailor the timing and secure the currency rate that they prefer. If the customer needs to send money overseas immediately, they can choose a spot transaction. A spot transaction will transfer the money immediately at the available exchange rate. UKForex’s currency specialists will compare forex rates and locate the best foreign exchange rates.
If the customer is not sending their money immediately, but rates are favorable, they can purchase a forward contract, which guarantees the favorable rate for a future date. The customer can then choose when they wish to execute the transaction. UKForex also offers individuals the choice of sending their money using a limit order, which allows the customer to place their order on the condition that they are able to get the exchange rate they want. UKForex currency specialists will only execute the transfer if the rate is what the customer specified. Limit orders are often a good option for large currency transfer amounts, and when the customer does not need to send the money immediately.
UKForex customers are able to establish automated currency transfers for any regular, ongoing forex payments they have, such as rent or mortgage payments, loan payments, school fees, business service fees, or subscription payments. Customers can set up fixed regular payments, which lock in a favorable exchange rate for a series of payments and can provide protection against currency rate fluctuations. Automated payments are fee-free, providing additional customer savings.
UKForex Products for Businesses
UKForex specializes in small-to-medium sized businesses, offering them money transfer and international payments services along with risk management products and customized service, including a dedicated foreign exchange dealer who will create a plan to help the company reduce its foreign exchange exposure. UKForex business services also include an online platform available 24/7, a variety of currency analysis tools, and lower fees than what are typically charged by a traditional bank.
UKForex provides their business customers the ability to send money abroad using three distinct options: spot rates for immediate transactions executed at the most favorable rate the dedicated foreign exchange dealer can find, forward contracts to lock in favorable rates and execute the transaction at the time of the business client’s choosing, and limit orders, for specifying the rate the client prefers.
Similar to individual customers, business clients are able to choose automated payment plans for their ongoing business payment needs. Automated payment plans can save time and money, and can be used for a variety of ongoing company payment needs, including employee salaries, vendor supplies and services, or any other type of scheduled payment.
As a wholly-owned subsidiary of the OzForex Group Limited, UKForex provides currency exchange services and international payment options for both individual and business clients. Since 1998, the firm has focused on providing cutting-edge technological solutions for its money transfer and international payments clients. It employs approximately 200 employees with offices spread across six continents. In 2014, the OzForex Group completed 581,000 fund transfers and had over AUD$13.6 billion in foreign exchange transactions. The OzForex Group Limited is publicly listed on the Australian Securities Exchange and trades under the ticker ‘OFX.’Back to top