UK Money Transfer Company: UKForex - Moving money across the globe
- Created on Wednesday, 15 February 2012 12:34
- Last Updated on Friday, 29 November 2013 17:08
- Written by Sam Coventry
UKForex is part of the OzForex group of foreign exchange services and money transfer companies. The group is co-owned by Australia's Macquarie Bank, Accel Partners and the Carlyle Group.
The company has been around since 1998 and is registered with HMRC with Money Service Business number 12219180. UKForex is also authorised and regulated by the Financial Services Authority (FRN: 521566). >> Visit UKForex
Above: UKForex London offices
The money transfer company focuses on moving money across the globe for small and medium-sized businesses that import and export goods, as well as migrants transferring financial assets, expatriates repatriating funds, and individuals investing overseas.
According to UKForex, banks overcharge retail and SME business customers for foreign exchange and the service they provide to such customers is poor.
"It’s basically a disruption play," says Chief executive Neil Helm.
OzForex founder Matt Gilmour saw the vastly different fees and service that bigger companies received when transferring millions of dollars while he was running foreign exchange sales at Bankers Trust.
"He felt from his own experience in foreign exchange that those small to medium-sized enterprises are charged excessive fees," Helm says of Gilmour’s original idea.
The process was not transparent, it was hard to do. You had to queue up at a teller.
"He just thought there was an opportunity to use online internet-based systems that used technology to make that capability accessible to anyone at any place and time."
Registration is quick and easy. Access live customer rates, free tools and make international payments.
Banks vs Foreign Exchange Specialists
Should I go with my bank when it comes to transferring money in and out of the UK?
You could certainly go with your bank when it comes to transferring money in and out of the UK.
However, as the Money Transfer UK comparison tool shows, you are not likely to get the optimum exchange rate.
The reason is because this is not a core area of traditional banking - where foreign exchange specialists are dedicated to moving money across borders and employ specialist 'hedging' techniques to do so, banks simply don't have the resources to devote to the retail client.
Simply put, they are not nimble enough.
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