Central FX is good in terms of support and account management while it may not be that great if you wish to transfer smaller amount though their rates are known to be better than what high street bank can offer. This review aims to unravel the quality of service that the company provides along with its benefits and drawbacks. We focus on getting the important factors such as the types of transfer supported, exchange rates, costs and other pertinent information that can help you determine whether it would be suitable for your money transfer needs. We also designed a complete list of all money transfer service provider and white label that you can check on our provider reviews section.

About Central FX International Money Transfer Service

Central FX has been in business for more than 10 years. The company was founded and located in the financial district of London. They claim to manage efficiency in terms of currency risk and ensures that your rate is secured whether you’re buying or selling currencies. They have a dedicated account manager who favours aiding customers in person as they arrange their transfers. Also, the company allows you to initiate transfer online that are monitored and tracked using their secured online platform.

Moreover, the company aims to provide the utmost service by understanding their client needs. The company also believed in building a relationship and rapport with their customers to efficiently manage currency risk. They offer and create strategies to implement effective risk management to meet their client’s unique needs. 

Generally, the company cater to a variety of clients with their dedicated online payment platform, account management staff and a strategy to ensure costs effective transfers for larger transactions. The company claims to be an efficient provider when you consider currency as one of the pillars of your business.

Regulatory Compliance

 Central FX is authorised by the Financial Conduct Authority in the UK under the Payment Services Regulations of 2017. The company is also registered for Money Laundering Regulations and Money Services Business with Her Majesty’s Revenue and Customs.

The FCA controls finance companies ensuring consumers’ protection. Besides, part of the FCA’s regulation is to make sure that customers funds are kept in a separate account from Central FX’s account. This is to ensure that the funds are secured in case the company may suffer from any financial loss or crisis.

Central FX Exchange Rates and Fees

Instead of imposing fees, Central FX adds a margin on top of the mid-market exchange rate. This means you can get a different rate from what you can search on google or other websites such as XE. Though it may not be the exact rate that you can get, still it can be a good deal especially when you’re initiating large transfers. This is because central FX’s margins are generally ranging from 0.3% to 1.5% per transfer. Thus, the more money you send the lower margin you can get. Besides, it’s better from what you can get from banks which usually offers around 2% to 5%.

Currencies Supported By Central FX

Central FX enables you to transfer funds to over 80 countries around the globe. Though the types of transfers can differ from one country to the other, you can check the complete list of all the currencies offered in our provider reviews section. With Central FX, here are some of the currencies that they handle:

  • EUR (Euro)
  • USD (US Dollar)
  • AUD (Australian Dollar)
  • ZAR (South African Rand)
  • SGD (Singapore Dollar)
  • INR (Indian Rupee)
  • NZD (New Zealand Dollar)
  • CHF (Swiss Franc)

The Pros and Cons With Central FX

Pros

  • Gives you instant access to over 50 live rates
  • Allows you to initiate and track payments 24/7 through the online trading platform
  • Allows you to make multiple transfers in one go
  • Provides additional security to protect your funds
  • Customer support is available either by phone or live chat
  • Gives you dedicated support through their private team
  • Does not impose any transfer fees

Cons

  • May not be the best when transferring a small amount 
  • Does not allow you to transfer a small amount through their branch
  • Only allows bank transfer to fund your transaction

Types Of Transfer With Central FX

Central FX provides several types of transfers to help take advantage despite the fluctuating rates:

Spot Contracts

You can initiate the one-off transfer at the time you fund your transaction. You can arrange this type of transfer on the day your trade you in the coming days, based on your requirements.

Regular Transfers

Central FX allows you to initiate or set up an automated payment either online or over the phone.

Market Order

This allows you to set a specified exchange rate. When the rate you favoured is reached in either Hong Kong or New York trading, the money transfer is pushed through.

Forward Contracts

This type of transfer with Central FX allows you locked in the current exchange rate and transfer it at a later time on your set schedule up to 12 months. In some cases, you can even have it schedule longer.

How To Use Central FX

1. Register

Simply click on the register button in the Central Fx website to register for an account. If you already have an account simply log in to your account using your credentials.

2. Enter the details

Enter your personal details with your username and password for the account. Your password must meet the criteria. It has to be eight characters and should have at least one upper case letter, lower case letter, a number and a symbol. This is to ensure a much stronger password.

3. Choose an account

You have to determine whether what type of account you’ll open with Central FX. Besides, you also have to provide your date of birth, nationality, address and contact details.

4. Complete the currency requirements

Indicate your currency pair, the time and reason for your transfer such as sending funds to your family, purchasing assets overseas or whatever reason. You also have to indicate the receiving country and meet the essential requirement of your transfer.

5. Verify your account

You will get a verification email and further details if you need to suffice additional documentation such as another ID. An adviser will contact you over the phone or via email to to help you out in facilitating your transfer and the required details. Once everything is set up, you can start initiating your transfer with Central FX.

Alternatives To Central FX

It is ideal to compare money transfer providers before you initiate your transfer. Finance.co.uk has designed a complete list of all money transfer service companies that you can check on the provider reviews section on our website. The following are just a few of the money transfer service providers that you can consider as an alternative to Central FX

XE

The exchange rates offered by XE are competitive and is typically lower than the baseline interbank rate. The company usually offers an exchange rate ranging between 0.4% to 1.2%.

CurrencyFair

CurrencyFair offers exchange rates that are competitive with low flat transfer fees. The provider transfers money in 20 currencies to more than 150 countries. However, they offer limited ways to fund your transfer.

Azimo

Azimo is advantageous if you’re looking for several ways on how your recipient can collect the funds. The provider allows you to send to over 190 countries across the globe. However, Azimo may not be teh cheapest you can find in the market. The provider is only currently available in Europe.

WorldRemit

When you prefer to have vast choices of pay-out methods, WorldRemit might be better for you. Though it is not suitable for transferring large transfers. The provider is also known to provide a transparent fee when you send money overseas.

Remitly

Remitly facilitates fast and easy transfers. The company has several excellent feedbacks from their clients due to their transfer speed. However, you can only transfer a maximum of $20,000 that you can fund through your bank account, debit card or credit card.


Key Details and Facts

Here is a quick summary of the available currencies, transfer details, and options offered with Central FX

Currencies Offered

AED, ANG, AUD, BBD, BGN, BHD, BRL, BSD, BWP, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, GHS, GMD, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KWD, KYD, LKR, MAD, MUR, MWK, MXN, NGN, NOK, NZD, OMR, PHP, PKR, QAR, RON, RSD, RUB, SAR, SEK, SGD, SZL, THB, TND, TRY, UGX, USD, XCD, ZAR, ZMW

Minimum Transfer:

  • GBP 2,500

Maximum Transfer:

  • No limit

Available Transfer Method:

  • Bank to Bank
  • Phone
  • Online

Transfer Options:

  • One-off Payments
  • Market Orders
  • Regular Payments
  • Forward Contracts

Transfer Speed:

  • Minimum Transfer Time
  • Same day Transfer

Point Of Contact With Customer Support:

  • Phone
  • Chat
  • Email
  • Branch

Frequently Asked Questions About Central FX

How To Pay For Your Transaction

 When transferring money from the UK, you can utilise the secure online portal or speak with an advisor over the phone. You can also process payment through bank transfer. 

How Central FX make money?

Central FX makes profits by adding a small margin on the offered rates to cover the costs of your transfer. This is the reason why you can see different rates in google and XE when quoting rates with Central FX.

How can Finance.co.uk help?

Finance.co.uk has a complete list of all money transfer service providers that allows you to compare the different exchange rates, transfer fees and other services that they provide. We also offer a range of products and services to help you determine which one suits your needs. For further details, you can visit our website or contact us on 0800 677 1003.


Company Details
  • Company Name: ACCESS INNOVATION MEDIA UK LTD
  • Registration Number: 08123694
  • Incorporation Date: 2012-06-29
  • Status: Active
Contact Central FX International Money Transfer Review
  • via Phone: 020 7265 7979 Call
  • via Email:info@centralfx.co.uk Email
  • via Post: Wework The Monument, 51 Eastcheap,, London, United Kingdom, EC3M 1JP