UK Money Transfer Company: UKForex - Moving money across the globe

Written by Sam Coventry Wednesday, 15 February 2012 12:34

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.