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Best currency exchange (forex) companies for expats

Best currency exchange (forex) companies for expats

Last updated: 25 September 2020 at 08:38

Choosing the best currency exchange company for you

Forex companies, or currency exchange companies, are a relatively new concept. Traditionally, expats have relied heavily on banks to provide forex services, partly due to the ease of using your existing bank account, and also because they are deemed more trustworthy than forex companies of the past.

Since the advent of the internet, the number of forex companies have risen, along with decreasing transfer fees and better exchange rates.

This has meant that choosing the right forex company to manage your currency exchanges and international money transfers has become substantially more difficult.

The best currency exchange companies for expats

We have collated a number of currency exchange companies who we believe offer expats around the world outstanding value and benefits, and we have listed them below for you to compare and evaluate for yourself.

Moneycorp Personal Account

With moneycorp, you can make an overseas payments in over 120 different currencies to 190 countries. This allows you to save money on transfers to overseas banks and send your money where it needs to be. You can process an international transfer over the phone, or send money online in up to 33 different currencies. You can also use your account as a personal UK bank account to receive pension payments or other income in £GBP.

Perfect for people who

  • People who are looking to send and receive money in multiple currencies
  • If you want a UK bank account but do not live in the UK
  • 0% commissions and fees on foreign exchange transactions
  • Set notifications and automatic transfers at required exchange rates
  • Need internet banking and a Mastercard

Important Facts

  • Minimum Balance
    No minimum balance
  • Country restrictions
    Access to over 120 currencies
  • Fees and Charges
    No fees for foreign exchange rate and no monthly account fee
  • Application options
    Online

TorFX Personal Transfers

With headquarters in the south-west of the UK, TorFX are slightly different to many forex companies. With over £3bn traded per year and offices located around the world, TorFX are able to manage over 50,000 private clients as well as 4,000 corporate clients globally.

At a glance

  • Option of fixed exchange rates
  • Account manager for all private clients
  • 0% commission on money transfers
  • No transaction fees for money transfers
  • Online account

Fees and Charges

  • Forex Transfer fees
    None

World First

World First is an award-winning currency exchange company that makes transferring money overseas faster, cheaper and easier. They offer excellent exchange rates, great customer service and are FCA regulated. Join the 280,000+ clients around the world who benefit from their services.

Perfect for people who

  • Buying or selling a property overseas
  • Working abroad and repatriating your salary
  • Paying international school fees or living expenses
  • Making regular international transfers

Important Facts

  • No fees for private individuals
  • Best Rate Guarantee solution
  • Dedicated dealing team and 24/7 access online
  • £1,000 (or equivalent) minimum transfer amount

Disclaimer

Please note that we are not recommending any specific forex companies. We cannot be held responsible for out-of-date information contained on these pages or external websites we link to.

We try to keep this page up to date, however from time to time our information may be out of date. If you spot an error, or have some feedback about the products on this page please email us at advice@expertsforexpats.com.

Before making any decisions about your finances, you should always seek independent advice.