Venstar Exchange Review - Money Transfer Costs and FXcompared’s rating

Venstar Transfer Fees and Costs

Venstar Exchange states that since it deals with a large volume of transactions, it remains closely tied to average market rates. It publishes these rates online, but these are not necessarily the rates that the client will receive for their transfer.

To find out the tariff for a specific transfer, the client will first need to enter the transaction data. Venstar Exchange typically sends a transfer rate by email within 10 minutes.

Venstar Exchange adheres to a simple payment structure. The client does not pay a transfer fee for transfers over $5,000. Venstar Exchange may accept scheduled transfers of less than $5,000, but a fee of $15 must be paid.

In addition, since the company only works with bank transfers, the client should be prepared for any fees that the bank charges for such transfers — usually from $10 to $30. The beneficiary’s bank may also charge a fee for receiving a transfer.

Minimum transfer amounts depend on the type of transfer. However, for one-time transfers, the client will need to send at least $5,000 — a high minimum for most daily transfers.

If a client sets up regular transfers using Venstar Exchange, it will be possible to transfer less than $5,000 each time. However, just like when viewing the exact exchange rate, the client will first need to enter their transaction data to find out how much they can send below $5,000.

Venstar Exchange handles all major currency pairs in both directions, in addition to select small and exotic currencies. To find out if Venstar Exchange supports the selected currency, it is recommended that the client contacts an exchange account specialist.

Venstar Exchange offers a number of tools to help the client send money abroad:

Spot orders — these are the typical remittances at today’s exchange rates, which are usually accepted within two business days.

Forward contracts — with a 10% deposit, a client can buy or sell currency at a fixed rate on a specific date in the future. Closed forward contracts require the client to specify a specific date for their transfer, while open forward contracts allow them to select a range of days.

Usability

Venstar Exchange is easy to use — in order to use its services, the client needs to perform the following steps:

• Go to the Venstar Exchange website.
• Click on the type of transaction that the client wants to perform from the various types presented on the main page.
• At the next stage, the client will be redirected to a new page where the online form will be displayed.
• After filling out the form, the support service will provide a form to fill in by email to the specified identifier.
• Next, the client needs to fill out the form that was sent to the email address and provide an identity card.

The customer will be able to complete the transfer by booking it through their Venstar Exchange account specialist.

Venstar Exchange claims to confirm new accounts within eight hours.

Mobile product

The company does not have a mobile application, so transactions can only be made through the website. Despite this, the Venstar Exchange website is adaptive for mobile devices and easy to use.

Trustworthiness & Reliability

Venstar Exchange is a legitimate company that adheres to the anti-money laundering policies of FinCEN. Its online network is protected by several layers of hardware and software firewalls provided by industry-leading providers. A high level of encryption protects all sensitive data between the client’s computer and the Venstar Exchange network.

Business product offering

Venstar Exchange offers solutions for a variety of enterprises with currency needs, including import and export companies, real estate companies, international business and non-governmental organisations. Venstar Exchange offers individual international currency transactions for companies at extremely competitive exchange rates, without additional fees and charges, helping the client to simplify the process at every step of the way. Venstar Exchange also offers payment solutions worldwide for international businesses, which can be tailored to a specific industry, helping corporate clients manage risks and navigate currency fluctuations.

In addition to market forecasting and advisory services, Venstar Exchange offers spot transactions, forward transactions and order fulfilment for corporate clients. For companies that are interested in white brand or trademark agreements, Venstar Exchange has an affiliate and referral programme that enables them to register their customers and deal directly with Venstar Exchange for all of their transactions. This does not require additional set-up costs for the company and allows the corporate client to transfer responsibility for all transactions to Venstar Exchange.

Product Coverage & Service

Money can be sent from the US, the UK, Europe, Canada, Australia, Switzerland and New Zealand to more than 50 countries.

The company offers more than 130 currencies by bank transfer, order fare in cash, selective transfer, direct transfer and bank transfer.

Customer Feedback & Satisfaction

Venstar Exchange has been accredited by the Better Business Bureau since 2006, receiving an A+ rating.

It is curious that no reviews can be found on the Better Business Bureau or Trustpilot. Few online customer reviews praise Venstar’s exchange rates, turnover and customer service.

Customer Help & Assistance

The company provides its services to customers from 9am to 6pm Eastern Standard Time. The client can contact Venstar Exchange at the following numbers:

• Venstar Exchange is free in the US and Canada: 1-877-372-1971
• Venstar Exchange outside the US and Canada: 1-310-882-5558
• Venstar Exchange Fax: 1-310-882-5585
• Venstar Exchange Email ID: info@venstar-exchange.com

Pricing Transparency

Venstar Exchange does not charge any hidden fees. Recipients will receive the same amount that’s indicated on the transaction page.

The company provides the sender with a receipt for payment by email, which will provide detailed information on currency conversion. In addition, the customer service will inform the customer about the received, converted and transferred funds to the recipient’s account.