RationalFX Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 3.8/5 Good
RationalFX
Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | January 16th, 2020

About RationalFX

RationalFX has become a leading money service in the UK. It offers a wide range of business and personal services to customers. These include spot transactions, forward contracts, limit orders, stop loss strategy, recurring payments and much more.

RationalFX launched in 2005 as a registered money service in the UK. It is fully licensed and authorised by the Financial Conduct Authority (FCA) (FRN: 507958) with registration in England and Wales (# 05385999).

It was founded by two entrepreneurs – Paresh Davdra and Rajesh Agrawal – as a way to transfer funds abroad without using banking services. The company has never borrowed from banks or financial institutions to get started, and it is now trusted by more than 100,000 customers with payments in excess of $10bn.

Agrawal, the founder and non-executive chairman, is also the deputy mayor of London for business. Davdra, the co-founder, is a scientist at Citywire and Reuters. One of the only drawbacks of RationalFX is that it does not accept US customers.

RationalFX Fees and exchange rate

FXcompared Score 2.5/5 Average
RationalFX
Rating based on expert reviews by FXcompared
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RationalFX Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
The £4 fee can be quite high for small transfers
3/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
A mid value transfer is competitive as the free can be dropped above £5,000
3/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
A high value transfer is good value at RationalFX
1/5
Does FXcompared have direct access to the pricing
RationalFX offers a page where customers can view their prices
1/2
Is it possible to lock in future exchange rates
No
1/1

RationalFX charges a minimum transaction fee of only £4 for currency exchange services if the transfer amount is less than £3,000. However, this fee does not apply if the recurring payment service is used.

Comparing RationalFX prices with traditional banks, the company is doing pretty well. Banks usually charge a large transaction fee and a 5% margin of the total transfer amount. RationalFX, on the other hand, as mentioned above, charges a small fixed fee of £4. Exchange rates are also much more competitive, averaging between 1.42% of the total amount converted for small values ​​(£1,000) and 1.03% for larger values ​​(£100,000).

The exact exchange rates that will be charged will be available at the time the quote is generated.

RationalFX will offer you

  • Fantastic customer service
  • Safe, secure transfers
  • A variety of payment methods

Ease of use

FXcompared Score 4.5/5 Excellent
RationalFX
Rating based on expert reviews by FXcompared
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Ease of use

Easy to understand website
The website is slick and easy to use
2/2
Simple sign up process (number of steps)
Click on the sign up option, then enter your preferred login details, then your personal details and you will be signed up
1/2
Easy to setup a transfer once registered
It is easy to set up a transfer
2/2
Provider offers a service that our users often sign up to
RationalFX is well thought of by customers
2/2
Mobile notifications available on completed transfers
No, there is no app available to set this up
2/2

RationalFX simplifies the process of sending money abroad. Customers can complete the money transfer service in three easy steps. This includes registering a new account or simply requesting a currency quote for money transfer services.

It is worth noting that registration or just a request for a currency quote for money transfer services takes no more than three minutes. Further, no commissions or fees are attached. The last step is the actual transfer of money.

RationalFX transfers money immediately to any bank in the world. In total, about 170 countries use international money transfer services.

Mobile product

FXcompared Score 4.5/5 Excellent
RationalFX
Rating based on expert reviews by FXcompared
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Mobile product

Easy to use mobile website
Using the mobile site is just a quick and efficient as the desktop site
2/2
Easy to use mobile app
RationalFX has no app on offer
1/2
Can transact in the app
There is no app to carry out transactions
2/2
Range of in-app product offering
No app for products to be offered through
2/2
App store rating
No app to get a rating
2/2

RationalFX does not have any applications on mobile devices. However, it has a convenient and fully responsive website for mobile devices. Using the site via a mobile phone is also practical and convenient.

Credibility & Security

FXcompared Score 3.4/5 Good
RationalFX
Rating based on expert reviews by FXcompared
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Credibility & Security

Fully licensed and authorised
The FCA regulates and licences RationalFX
4/4
Total amount transferred for their customers
RationalFX has transferred more than £10bn
2/3
Business revenue
More than £1bn per year
2/3
Year on year growth
RationalFX has been growing at a fast rate since 2014
0/1
Number of employees
Up to 200 employees
1/1
Head office location
Based in London
1/1
Branded search performance
RationalFX has excellent branded search performance
0/1
How long has the company been a partner of FXcompared
Have been a partner for several years now
2/2
How long has the company been established?
RationalFX was set up in 2005
2/3
Quality of financial backers
Not currently available
1/2
Private or public company
RationalFX is a privately held company
0/1

RationalFX is safe and reliable. It is registered in England and Wales and is based at Canary Wharf in London.

It is also fully authorised to offer financial services by the FCA.

This is a regulated money service business provided by HM Revenue & Customs. It complies with all aspects of the fight against money laundering and has a regulatory number of 12206957. The company has FCA permission for foreign money transfers.

It should also be noted that the company is a member of SWIFT international transfers.

All client funds are safely stored in separate accounts with Barclays Bank.

Business product offering

FXcompared Score 3.3/5 Good
RationalFX
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
RationalFX offer customers a specific business account
3/4
Broader product set for business
Business accounts have special products in place
2/3
Specialised team to support businesses
Yes, RationalFX have a special team in place for businesses
2/2
Receivables product options
These are not on offer currently
1/1
Marketplace seller product offering
Not on offer to customers
0/2

RationalFX has a dedicated business development team whose sole purpose is to provide business clients with timely forex and currency transfer services. They help corporate clients with a variety of services, including international payments, currency hedging, wire transfers, risk management, and FX strategy and dealing.

Wire transfers with RationalFX are fast, secure and economical. The company is a member of the SWIFT network and will wire your funds to almost any bank worldwide. RationalFX charges no transfer fees or commission. It offers a variety of products to protect the best interest of its clients. A dedicated dealer will outline your FX transfer patterns to determine whether you need products for regular international payments or one-off lump sums and tailor products to your particular needs. Businesses can choose from among spot contracts, forward contracts or limit orders.

Product Coverage & Service

FXcompared Score 4.0/5 Great
RationalFX
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
RationalFX offers over 170 countries for sending and receiving
3/4
Number of available languages
English, French, German and Spanish are all available
2/2
Pay in options
Bank transfers are available to customers
2/4
Pay out options
Bank transfers are available to customers
1/2
Additional services
None on offer at the moment
2/2
Minimum send amount
There is no minimum send amount in place
2/2
Maximum send amount
There is no maximum send amount in place
2/2
Speed and options for speed of transfer
RationalFX aims to complete transfers within four working days
2/2

RationalFX supports the exchange of 48 currencies, which allows you to serve approximately 173 countries. For the most part, the company facilitates its transfers using the SWIFT banking network, which allows you to deliver funds to all corners of the globe. The disadvantage of this network is that the recipient may charge a fee that RationalFX does not control.

The RationalFX online platform does not have a minimum or maximum translation value. This is an exciting feature for affluent and commercial customers who may have faced the limitations of other online currency transfer services in the past. Today, RationalFX has over 120,000 customers and the company continues to expand.

Customer Feedback & Satisfaction

FXcompared Score 4.7/5 Excellent
RationalFX
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
It is easy to get started with RationalFX
2/2
Ease of transfer
Customers find it simple to set up a transfer
2/2
Exchange rates
The exchange rates are highly competitive with RationalFX
1/2
Fees
Fees are high for low value transactions, but fair for higher value
2/2
Solving issues
RationalFX solves issues quickly
2/2
Online/mobile experience
It’s very user friendly to use the RationalFX website
2/2
Customer service
The customer service regularly gets high marks from customers
2/2
Overall experience
RationalFX is held in high regard by customers and often receives good reviews
2/2

On Trustpilot, for example, RationalFX has over 700 reviews and a four-star rating.

This indicates the quality and professionalism of the broker and the availability of its FX services. Customers regularly talk about the quality of service, availability and effectiveness of these currency transfers.

It is one of the leaders in providing brokerage services among private clients, business clients and online sellers throughout the UK.

Customer Support

FXcompared Score 4.5/5 Excellent
RationalFX
Rating based on expert reviews by FXcompared
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Customer Support

How good is the help section on the website?
There is no help section, but the site offers lots of information in general
2/2
Is there live online support?
Customers are not able to access a live chat feature with RationalFX
1/1
Is there email support - and to customers and non customers?
Both customers and non-customers can use the email support
1/1
Is there phone support ?
Customers and non-customers also have access to phone support
1/2
Is the company easy to contact?
It is very simple to get in touch with RationalFX
1/1
Are FAQs and support available in more than one language?
There is no help section, but there are four languages on offer to customers
1/1
Is there an FX dealer to support customers
There is no FX dealer available to help customers
2/2

The support service provides customers with assistance from English, French and Spanish telephone operators.

Support hours are in English from 8:30am to 5:30pm GMT, in French from 9:00am to 6:00pm CET, and in Spanish from 8:30am to 5:30pm GMT.

The company is headquartered in Canary Wharf, London. There is also a Spanish office in Marbella, a French office in Lille, and a Birmingham office in the UK. Customers can use the FAQs section for more information, or simply use the feedback form to send a message. Facebook and Twitter updates are also available to customers.

Transparency

FXcompared Score 3.1/5 Good
RationalFX
Rating based on expert reviews by FXcompared
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Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
RationalFX makes their fees open and easy to read
1/2
Are the fees easy to understand?
The fees are extremely easy to understand with RationalFX
2/2
Does the company combine fees and exchange rate or clearly broken out?
Yes, there is a small margin on exchange rates
2/2
Is a real time quote available without registering?
Yes, anyone can get access to a free quote through the homepage
0/2

RationalFX provides a professional and efficient currency exchange service. Its online platform is easy to use and suitable for making one-time transfers for almost any amount. Although the company offers advanced services such as regular payments and forward contracts, you need to configure these features by phone.

Despite the fact that RationalFX claims to be the first technological operation, it still relies on delivery vehicles through the SWIFT network. At the same time, RationalFX provides valuable service in general. Despite the limitations of its online platform, it copes with both personal and commercial translations.

Alternatives to RationalFX

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TorFX
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WorldFirst
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OFX (UK)
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Compare Other Currency Rates

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Other International Money Transfer Quotes

Moneycorp

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OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Global Reach (formerly FC Exchange)

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WorldFirst

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Western Union Business Solutions

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Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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USD $12,892.72
GBP £224.49
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Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $12,570.11
No saving vs. banks

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
Amount Received
USD $12,543.07
No saving vs. banks

How can I get in touch with RationalFX?

RationalFX has a telephone hotline, and you can also access email support any time after logging into your account.

How will the recipient receive the money?

The company offers next business day operations for all major currencies anywhere in the world. RationalFX delivers money to the bank account specified in the recipient’s address. As soon as the bank details are registered in the system, the client will be able to repeat the payment without requesting new information.

How does RationalFX save me money?

RationalFX is an independent commercial provider of foreign exchange. This means that the company buys currency in bulk from the market at ‘wholesale rates’, and then transfers the price advantage to its customers. This can mean a saving of one hundred to several thousand pounds (depending on the amount you buy). RationalFX provides foreign currency at ‘commercial rates’.

How long will it take to transfer from bank to bank?

RationalFX strives to ensure that funds are credited to the beneficiary’s account within 24 hours. However, it should be kept in mind that different currencies and time zones change the time during which the funds must be received by the designated bank. For most transfers in foreign currency, it may take one to two days to be cleared and credited to the indicated bank account. The client will receive a confirmation when the transfer of funds occurs.

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with RationalFX for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like RationalFX help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.