UKForex

ukforex review
  • Editor Rating

  • Rated 4 stars
£700 to £9000000
  • 80%

  • UKForex Review
  • Reviewed by:
  • Published on:
  • Last modified: November 10, 2016
  • Exchange Rates
    Editor: 72%
  • Website Friendly
    Editor: 63%
  • Customer Service
    Editor: 79%
  • Overall
    Editor: 84.8%

UKForex Review

ukforex is the UK operations branch, founded in 2005, of parent company OzForex (now OFX). Matthew Gilmore started the OzForex Group, in 1998 and it now includes CanadianForex, USForex, NZForex, Tranzfers and ClearFX.

UKForex benefits from sharing OFX’s licensing and infrastructure making the company one of the top ten largest UK foreign exchange companies.

OzForex rebranded as OFX and in December 2015 OFX unveiled the new brand OFX.com[17] in Australia. This was the first step in a program that will see the group’s seven regional brands consolidated into a single global brand and in doing so increase the advantages of their truly united global reach.

As of July 2016 the website clearly states that “OFX is the new UKForex” but the other subsidiaries are still to follow.

ukforex

ukforex

 

With 205,000 clients, UKForex itself exchanged £581,000 in 2015. In the 17 years of business OFX and subsidiaries have transferred $84bn worldwide. OFX has offices in Auckland, Sydney, Toronto, San Francisco, London and Hong Kong so in turn UKForex benefits by having a localised global presence. They are regulated by Financial Conduct Authority (UK), ASIC (Australia), FinCEN (USA), FINTRAC (Canada).

Services:

The company has no fees for transfers over £3,000, handles all currencies and offers both private and business clients spot contracts, recurring payment discounts, forward contracts and hedging tools such as limit orders.

Dedicated dealers assist clients with transfers over £50,000 and customer service is available 24/7 by telephone and email due to the company’s worldwide sister offices.

UKForex has a fully functional money transfer app that is available on both Android and iPhone devices.

Business clients are also offered the full spectrum of foreign exchange services as well as specialised dedicated support. They offer to hold foreign profits for business clients, transferring them back into sterling at a future time when rates are most favourable. Cost averaging is also offered to corporate clients. They encourage hedging a percentage of future currency exposure by using a forward contract and leaving the remaining percentage available for potentially favourable fluctuations where it can be accessed with a spot transfer.

Website:

One of the standout features UKForex offers is absolute rate transparency. Their home page shows the industry standard interbank calculator with the familiar caveat that these rates are for illustrative purposes only, as do all traditional foreign exchange companies (only peer to peer firms will calculate real rates on their online platforms). UKForex invites visitors to use their customer rate calculator to see their rate quotes for 58 currencies. This is a remarkably refreshing service that can be used as a benchmark rate to negotiate a better deal on large transfers with any foreign exchange company.

Rates:

We compared them to leading currency firms in April 2016 transferring £20,000 both to USD and Euro and found UKForex did not compare well:

UKForex (no fees) offered a rate of 1.4212                       $28,424.00                       UKForex (no fees) used a rate of 1.2595                         €25,190.00

Currency Solutions (no fees) used a rate of 1.4286        $28,572.00                        Currency Solutions (no fees) used a rate of 1.2662      €25,324.00

TransferWise offered a rate of 1.4340 (+£99.50 fee)     $28,537.32                        TransferWise offered a rate of 1.2712 (£99.50 fee)       €25,297.52

CurrencyFair offered rate of 1.4255 (+£20 fee)               $28,506.00                       CurrencyFair offered rate of 1.265 (+£20 fee)              €25,297.00

Reviews:

UKForex have 168 reviews on Review Centre. Client reviewers rate them 4.6/5 with a 91% rate of recommendations. TRUSTPILOT has 493 reviews and an 9.2/10 rating. Mainly high praise was seen for rates and service, especially for excellent exchange rates, although when complaints were reported they followed patterns of similar reports. Clients found communicating by phone and email difficult at times, despite the company’s 24/7 availability. More than a few complained of long delays which had precipitated the need to reach the company. These negative experiences were overshadowed by glowing praise for excellent levels of communication.

Our Review:

Well established, OFX/UKForex has the benefits that come with being one of the top ten currency exchange firms. Certainly high liquidity allows the firm to make highly competitive large spreads just as expert experience would benefit corporate clients. Great, highly rated app lets individuals make quick transfers from anywhere, anytime, with the benefit of UKForex’s 24/7 availability. Unprecedented rate transparency is on offer as this company puts its quotes for exchanges of small and middle sized transfers right on their website, although putting their rates on their platform may be a mistake given how uncompetitive their rates are when compared. 4.2 out of 5 stars

 

 

 

 

Pros

UKforex is the company that is formed for money transfer. It is possible for the individuals to ensure that the money transfer is done through this company so that it become really easier for you to get the kind of the service that you need in much easier and best way. There is no need for you to spend much money when you are making use of the service. It is always good for you to choose this kind of the service so that it is possible for you to get the best kind of the service.

When you compare the price you may come to know that it is the service that is available in much less cost and also the service is also really good for you to consider. There are so many possibilities you have for making use of the service in the way you want. It is good for you to try some best methods available so that it becomes really easier for you to choose something that is most suitable for you.

Cons

There are no much cons available with the UKforex. It is the kind of the best way available for you to transfer money. The only thing is that the service is available online and so you should have a best and good internet connection for using this service. If you have one such then there is nothing else there for you to worry about. It is always good for you to make use of the best possible kind of the services that are available from UKforex for enjoying the advantages well.