EasyFX is a UK-based money transfer provider that caters to both individuals and businesses. They offer hedging tools through their parent company. The company operates as the electronic trading site of VFX Financial PLC, which is also a UK-based company.
This review aims to highlight the most significant information that you need to know about EasyFX as a money transfer provider. This allows you to compare this company with its competitors. You can also check for other money transfer provider review HERE.
Company Information and Background
EasyFX is known as one the leading foreign exchange and travel money partners that provide a great way to save on transaction fees and exchange rate margin along with its broad range of services and products. The company is a part of the VFX Plc family of brands. Let’s take a closer look at the size and regulatory compliance of EasyFX as a money transfer company.
EasyFX is a branch of VFX/VoltexFX. VFX has numerous companies in line in the remittances area, founded in 2006, and it claims to be a “leader in international payments”. However, based on our research, we can’t find any proof attesting to it.
Moreover, EasyFX also works from a single London office. It was established in 2011 with the purpose to make the currency exchange process simpler and less complicated. This is to compete even more in the industry it is inclined and branded as the electronic payment platform of VFX. The company also has its personal branded MasterCard for multiple currencies which they refer to as “One Card”.
EasyFX is authorised and regulated by the FCA or Financial Conduct Authority in the UK through VFX with its registration number 592260. The FCA regulations recognise the brand to function as an Electronic Money Institution (EMI) number 900530. Additionally, the UK company registration number allocated to VFX Plc and bestowed by all its brands is 0658936.
Reach And Coverage
EasyFX is a small brand based on the limited information that you can get pertaining to the firm. There are fewer details that you can get from both its website and the VoltrexFX’ website. The firm appears to be operating in a small office in the UK and is currently handling 50 currency pairs. It has access to interbank rates which allows forwarding the savings to its clients. All in all, it supports 160 currency pairs.
Significantly, EasyFX allows you to send or transfer money overseas through its online platform. It allows its clients to hold more than 14 currencies which can be globally used through a Mastercard.
Exchange Rates And Fees
Regardless of the currency pair that you are trading, EasyFX guarantees competing rates and fee-free transfers. Here is a fleet itemisation of the charges and rates to anticipate when utilising EasyFX to initiate international remittances.
There are no fees for international transfers when using EasyFX. However, when using the prepaid card when initiating a transaction, you’ll accumulate nominal fees for the transaction in pounds sterling. This include:
- A fee of £1.50 for ATM withdrawals in pounds
- A fee of £0.40 for POS transactions in pounds
Take note: these fees only pertain to transactions in the UK
EasyFX does not display the exchange rates that they’re offering on their website. Also, there’s no information about it in the forums or even in the reviews that we’ve scrutinized. However, you can sign up if you want to check the rates that they offer. You can also call them and find out about it.
Additionally, you can expect around 1% to 1.5% above the average market rate. The exact margin you’ll acquire depends on the currency that you try to exchange.
- There is a £6 fee for using a prepaid card.
- A £25 for a replacement card or an additional prepaid card.
- Paying for transfer using your bank may accumulate charges which aren’t controlled by EasyFX
Pros and Cons
Transferring money overseas through the EasyFX platform will not require any fees. The same thing when you utilise the card to shop and take out the money in the cash machines. Nominal fees apply when you are utilising it within the UK.
Exchange rates are valued around 1% to 1.5% which is over the average market rate. This is considerably competitive and much better than what you can get from high street banks.
It allows a business to access advanced foreign currency hedging solutions such as forward contracts through the EasyFX Pro platform.
Availability Of Mobile App
It allows you to trade instantaneously using the EasyFX App which is available on both android and iOS platforms.
Available Prepaid Cards
As an addition to the standard money transfer and foreign currency exchange services, they also have a prepaid card that can hold up to 14 currencies. This can be a good option for frequent flyers. You can use the prepaid card when withdrawing money overseas at cash machines and spend the money similar to local or transfer funds across borders.
Client Support Is Limited
Though your trading platform is accessible anytime and anywhere, their client support is only available during working hours from Monday to Friday between 9 AM to 5:30 PM.
Payout Options Is Limited
Recipients can only get hold of the funds through their bank accounts. So, if you prefer or cash pickup, you may need to consider other money transfer options that allow you to do so.
As per their website, EasyFX handles 22 currencies and 14 of these currencies are available in the customer’s prepaid card. As compared to other competitors this is a few pools of currency.
EasyFX Payment And Withdrawal Methods
EasyFX services enable you to initiate personal and business payments using their online platform. You can initiate payment over the phone and through their app. Following are the breakdown payments using EasyFX.
- Bank transfers
- Debit card payments
Take note that they do not accept credit cards, prepaid cards, and maestro cards.
- Your recipient can get their funds directly to their bank accounts. Nevertheless, you can order for additional cards for your friends, family, or employees which has the same features.
Your recipient cannot collect through cash pickup, home delivery, or mobile wallet deposit.
How To Create Account With EasyFX?
You can easily create an account with EasyFX online. Online registration requires you to provide your details such as:
- Contact Phone Number
- Residential Address
After you have entered all the required information, you will have to verify your identity and address before they activate your account.
How Do You Send Money Through EasyFX?
You can set up a money transfer overseas through the following steps:
Enter Recipient Details
You have to enter the details of your recipient which include:
- Bank Account Number
- Bank Name
- Bank’s SWIFT/ ABA / Sort / BSB code or IBAN number
Provide Transfer Details
You have to enter the amount you prefer to transfer and select your transfer options such as:
- Spot Transfers
- Forward Contracts
- Limit Orders
- Stop Orders
Pay Your Transfer
Your next step is to pay for your transfer for an EasyFX to process your transfer.
- Customers seem to appreciate the user-friendly mobile app
- They appear to be happy with the free to low transaction charges
- Currency conversions appear to be at a high exchange rate
- Find the prepaid currency card a very useful product
A simple and easy to use service
- Simple and easy to use service
- They find the prepaid currency card useful
- They do not offer the best rates
- You cannot use third parties to top up your EasyFX prepaid card
- International currency card is not working suitably
FAQs About EasyFX
Can I cancel my transfer?
You can cancel your transaction with EasyFX by communicating to their support team. Yet, most activities are fastly processed and there’s a chance that it may be too late to cancel your completed payment.
Can I trust EasyFX?
EasyFX is authorised and regulated by the FCA or Financial Conduct Authority in the UK through VFX with its registration number 592260.
How to receive money with EasyFX
Your recipient can get their funds directly to their bank accounts. Nevertheless, you can order for additional cards for your friends, family, or employees which has the same features.
Does EasyFX have a mobile app?
EasyFX has a mobile app that you can freely download on Google Play Store and App Store.