Global Reach
Founded in the UK in 2005, Global Reach (formerly FC Exchange for individual) is still a relatively new face on the international money transfer market, but it has grown into a popular and reliable provider. Boasting a 9.5/10 rating on Trustpilot, the company prides itself on its customer service, selling itself as very much client-orientated and committed to building long-lasting relationships with its customers. Global Reach deals in 50 different currencies and has offices in the UK, South Africa and Cyprus. One frustration is that they cannot deal with clients or banks in the United States, but they do accept clients from anywhere else in the world.
Currencies Direct
When it originally opened its doors in 1996, Currencies Direct was the first company to offer specialised currency services to the British public. By the time it rebranded and relaunched in 2014, it had a lot more competition, but Currencies Direct remains a leading player in the money transfer world with a 9.2/10 rating on Trustpilot and a level 1 credit rating from Dun & Bradstreet – making it as safe as you can get. Currencies Direct offers over 60 currencies and has offices in 18 different countries, including the USA, China and South Africa.
No Fees for FXcompared users.
Global Reach Features
Currencies Direct Features
Live chat feature on website
9.5/10 rating on Trustpilot
Tailored currency solutions for people who are emigrating
Highly competitive currency exchange rates
Regular payments can easily be set up: weekly, monthly or annually
Email notifications for latest currency market updates
Fee-free transfers on amounts over £3,000
No mobile app
Minimum transfer amount of £1,000
Does not accept payments via cash or cheques
Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Price Comparison
Both Global Reach and Currencies Direct offer excellent exchange rates, and there really is very little to choose between them. That's because both companies closely follow the current interbank rates to give you the best possible deals when sending money abroad or making international payments. Needless to say, both offer far better rates than high street banks.
Global Reach charges a fee of £10 per transaction on international money transfers of less than £10,000. Although promotional offers are available, this does put them at a disadvantage when compared to Currencies Direct, which charges no fees at all in 90% of their transactions, from anywhere in the world.
International Presence
Although Global Reach claims to accept clients from anywhere in the world, its actual global reach is relatively limited, as it only has offices in three different countries. Having a dedicated South African office gives Global Reach an advantage over some money transfer providers, but not Currencies Direct, which also has offices there. Not being licensed in the US remains a major stumbling block to Global Reach being able to claim a fully international presence.
Currencies Direct isn't an ideal choice for US citizens either though, as its state-by-state coverage is somewhat sporadic. Nevertheless, with 18 international offices and nine different language options on its website, compared to just two (English and French) from Global Reach, Currencies Direct certainly feels the more globally confident company.
Ease of Use
As mentioned before, Global Reach sells itself on its excellent customer service and this makes them a pleasure to deal with. They can be contacted online or via telephone, and promise to match any better rate found elsewhere. Currencies Direct are also known for their friendly and knowledgeable customer service, and both firms have intuitive, easy-to-use websites and excellent mobile apps for sending and receiving money.
Those hoping to transfer smaller amounts should note that FC Exchange has a minimum threshold of £1,000, while at Currencies Direct the smallest amount they process is £100 (or $100, or €100). Also, Global Reach no longer handles corporate clients, passing them on instead to its parent company, Global Reach Partners.
Both Global Reach and Currencies Direct are trustworthy, friendly and efficient, and both offer excellent exchange rates based on the same principles. Depending on your transaction, you may have to pay a £10 fee at Global Reach and no fee at all for the same transaction at Currencies Direct, and of course if you're dealing with the US, then Global Reach is currently a non-starter.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
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.
