Independent · FCA-authorised firms only · No broker pays us
Compare UK currency brokers
Seven FCA-authorised brokers, compared on the figures they actually publish. Every number traced to a primary source — and not one of the seven publishes its exchange rate margin.
The comparison at a glance
Brokers compared
7
Publish their margin
0
Swing on a £400k transfer
£6,000
Verified 15 July 2026 by Charlie Hinwick, ACCA.
Every figure sourced
To the broker, the FCA Register, Companies House or Trustpilot
No broker pays us
No affiliate deals, no paid placement in the table
FCA-authorised only
Every firm checkable on the FCA Register in thirty seconds
UK currency brokers compared side by side
Ranked on our five published criteria — regulation, published fees, Trustpilot score weighted by review volume, service model and risk tools. Each carries its FCA reference number so you can check it yourself.
The short answer
For a transfer above roughly £50,000, a specialist broker with a dedicated dealer and forward contracts — TorFX, Currencies Direct or Moneycorp on our criteria — will usually serve you better than a bank or an app. Below about £10,000, Wise is the only provider here that discloses how it prices, which makes it the easiest to check. No broker on this page publishes its exchange rate margin, so the only reliable test is two or three live quotes for the same amount within the same hour.
| Broker | FCA reference | Trustpilot | Transfer fees | Dedicated dealer | Forward contracts |
|---|---|---|---|---|---|
| TorFX | 900706 · EMI | 4.9 — 9,805 reviews | None | Yes | Yes |
| Currencies Direct | 900669 | 4.8 — 19,331 reviews | None on most transfers | Yes | Yes |
| Moneycorp | 308919 · PI | 4.7 — 6,953 reviews | None booking online | Yes | Yes |
| Wise | 900507 · EMI | 4.3 — 294,645 reviews | Upfront fee, disclosed | No | No |
| Key Currency | 753989 · API | 4.9 — 3,727 reviews | None | Yes | Not published |
| OFX | 902028 · EMI | 4.2 — 11,382 reviews | Published business fees | Yes | Yes |
| Clear Currency | 708529 | 4.9 — 355 reviews | Not published | Yes | Not published |
Two scores of 4.9 are not the same claim: Clear Currency’s comes from 355 reviews, TorFX’s from 9,805. Read the count alongside the score.
Ranked 1st · Top rated
TorFX
Tor Currency Exchange Ltd · EMI · FCA 900706 · Est. 2004
Trustpilot 4.9 from 9,805 reviews · No transfer fees · Forwards & market orders · Dedicated dealer · Margin not published. The strongest all-round profile in our table.
Ranked 2nd
Currencies Direct
Currencies Direct Ltd · FCA 900669 · Co. 03041197
Trustpilot 4.8 from 19,331 reviews — the deepest evidence base in our table · No fees on most transfers · Forwards & market orders · Dedicated dealer · Margin not published.
Ranked 3rd
Moneycorp
TTT Moneycorp Ltd · Payment institution · FCA 308919
Trustpilot 4.7 from 6,953 reviews · £50 online minimum · No fee booking online · Forwards & FX orders · The most transparent on published figures.
Ranked 4th · Most transparent pricing
Wise
Wise Payments Ltd · EMI · FCA 900507 · Launched 2011
Trustpilot 4.3 from 294,645 reviews · Mid-market rate plus a visible fee — the only provider that discloses how it prices · No forwards, no dealer.
Ranked 5th
Key Currency
Key Currency Ltd · Authorised payment institution · FCA 753989
Trustpilot 4.9 from 3,727 reviews · No fees · Phone-based dedicated dealer, no app — the most human service model here · Margin not published.
Ranked 6th
OFX
UKForex Ltd · EMI · FCA 902028 · Since 1998
Trustpilot 4.2 from 11,382 reviews · £100 minimum · Published business fees · Forwards & limit orders · 24/7 phone support · Margin not published.
Ranked 7th
Clear Currency
Clear Treasury (UK Trading) Ltd · FCA 708529
Trustpilot 4.9 from 355 reviews — the highest score, but the smallest sample · Dedicated account manager · No published fees · Margin not published.
Why does the margin column say “not published” seven times?
Because no UK currency broker publishes its exchange rate margin. We checked all seven. The margin is the gap between the interbank rate the broker buys at and the rate it hands you — where the broker makes its money, and on a large transfer it dwarfs any transfer fee. A broker charging no fee at all can still be the most expensive option on this page.
On a £400,000 transfer, the difference between a 0.5% margin and a 2% margin is £6,000. Every published fee above is a rounding error next to that. Yet the fee is the number brokers advertise — and the margin is the number they will not print.
Other comparison sites print margin ranges anyway — typically “0.2% to 1.0%” for brokers. Those numbers are estimates, not sourced from the brokers. We would rather show you an honest gap than a confident invention. The only real margin data is a live quote: ask two or three brokers for the same amount within the same hour, and compare.
Which currency broker is best for a large transfer?
For transfers above roughly £50,000, a dedicated dealer and forward contracts matter more than a slick app. TorFX, Currencies Direct and Moneycorp all provide a named account manager plus forwards and market orders — which lets you fix a rate ahead of a completion date. Below about £10,000, Wise’s disclosed mid-market pricing is often the cheapest route, and the absence of forwards costs you nothing because you are not hedging anything.
What none of this tells you is what rate you will be quoted. That is the whole point. Get two or three quotes in the same hour.
What does FCA authorisation actually protect?
Every broker here is authorised by the Financial Conduct Authority as an electronic money institution or a payment institution, which requires client funds to be safeguarded — held separately from the firm’s own money. This is not the same as FSCS protection, which does not cover these institutions. There is no £85,000 government guarantee on a currency transfer. Check any firm on the FCA Register using the reference numbers above.
Which broker suits your corridor?
The right choice changes with the route. A euro transfer to Spain settles differently from a dirham transfer out of Dubai, the paperwork is not the same, and the deadline you are working to — a completion date, a visa cancellation, a school term — decides whether a forward contract earns its keep. Each guide covers the process, the account details that destination needs, the timing, and where the cost hides.
Sending money out of the UK
- UK to Spain — property purchase, NIE, the €500,000 declaration
- UK to France — property purchase, second home, euro account
- UK to the USA — relocation, US property, dollar account
- UK to Australia — emigration, property, BSB details
- UK to Dubai and the UAE — expat move, dirham account
Bringing money back to the UK
- Spain to the UK — property sale, pension, savings
- France to the UK — repatriating euros to sterling
- USA to the UK — inheritance, US sale proceeds
- Australia to the UK — inheritance, property proceeds
- Dubai to the UK — end-of-service gratuity, property sale
All ten routes are listed on the send money abroad hub.
Frequently asked questions
Are currency brokers cheaper than banks?
Usually, and often by a wide margin — but neither brokers nor banks publish the figure that would let you prove it. Banks typically apply a rate margin plus a flat transfer fee; most brokers publish no transfer fee and take their revenue in the rate. The only way to know is to compare a live quote from your bank and a broker in the same hour — the rates, not the fees.
What is a forward contract?
A forward contract fixes an exchange rate now for a transfer settling on a future date, usually up to two years ahead. It is used when you have a known liability in a foreign currency — a property completion, a school fee, a supplier invoice — and want certainty about the sterling cost. TorFX, Currencies Direct, Moneycorp and OFX all offer them.
Why do you show review counts next to Trustpilot scores?
Because a score without a sample size is not information. Clear Currency’s 4.9 comes from 355 reviews; TorFX’s 4.9 comes from 9,805. Those are not the same claim, and showing only the score would let the smaller sample borrow authority it has not earned.
Does any broker pay you to appear in this table?
No. We currently have no affiliate agreements and no commercial relationship with any of the seven brokers listed. If that changes we will name the broker on our How We Make Money page and mark its row before you see it. Our criteria are on our methodology page.
Are currency brokers safe?
Every firm in the table above is authorised by the Financial Conduct Authority as either an electronic money institution or a payment institution, which obliges it to safeguard client money — holding it separately from the firm’s own funds. That is a real protection, and you can confirm any firm’s current status yourself using the FCA reference numbers in the table. What it is not is FSCS cover: the £85,000 compensation scheme does not extend to these institutions, so there is no government guarantee on a currency transfer. A firm with no FCA authorisation of its own does not appear on this site.
How much can you actually save by using a currency broker?
The saving comes almost entirely from the exchange rate margin, not the fee, and it scales with the size of the transfer. Every 0.5% of margin is £500 on a £100,000 transfer and £2,500 on £500,000 — which is why the same decision that barely matters on a holiday transfer is worth days of attention on a property purchase. Nobody publishes their margin, so no honest figure can be quoted here in advance. Request the same amount from two or three providers within the same hour and compare the sterling that would actually arrive.
See exactly how we reached this ranking
Every criterion, every weighting, every source. You can rebuild our table yourself — and catch us if the order ever stops matching the scores.
Page updated 18 August 2026 · Broker figures verified 15 July 2026 · Compiled and checked by Charlie Hinwick, ACCA — about this site. Nothing on this page is a personal recommendation or regulated financial guidance. Exchange rates move, and past rates are not a guide to future rates. Confirm any firm’s current status on the FCA Register before you transact.