UK’s Best Currency Brokers in 2024

Currency brokers are the go-to vendors for your currency needs. While these do technically include those obscure kiosks in shopping centres and airports, the more serious big hitters are predominantly online and offer a far more compelling service than you may think.

The core of the product is similar, as you may simply exchange one currency for another. But with the mini-stores, they’re less illiquid and see less volume, which results in some pretty poor rates. Online brokers, on the other hand, are often the best places to go for a fair exchange rate.

How are currency brokers different to Wise or my bank?
We can think of FX and remittance companies in three separate categories. First, there are the banks, which we all use. But, for a few different reasons, banks are the dinosaurs of currency exchange. They’re slow to send money overseas (if you want a direct transfer of money), and they offer poor rates. But, in a straight currency swap, they’re also unlikely to even offer the service. While you can use your debit card abroad for purchases and ATM withdrawals, you can’t just exchange GBP for Euros in the UK on a whim, and the banking apps do not have multi-currency accounts.

This is the problem that Wise and Revolut fixed, and did so very well. They’re the second category, and have made it exceedingly easy to open up a USD bank account (even if it’s not officially a bank account), so you can exchange money as and when you like in seconds, or receive foreign money from abroad without needing to exchange it.

Currency brokers go a step further. They’re less focused on having multiple currencies in a digital account, though many do offer this, and more focused on getting you the best rate possible and with the best service possible. Neither of the other options can offer a dedicated FX account manager, hedging products, or a reliable way to exchange vast amounts. This is what currency brokers solve.

Who are the UK’s best currency brokers?
Unlike the fintechs like Wise, currency brokers are both old and new, which makes it a little less obvious in where to look for one. With the help of currencybrokers.co.uk, here’s a list of your four best options.

TorFX is a user-friendly option that has good personalised services with the help of a dedicated account manager. It stands out as a traditional option with no transfer fees, but also for its positive and responsible customer service. Born out of Cornwall, TorFX has become a heavy hitter on the global stage with their service-focused approach.

OFX is perhaps your currency broker’s favourite currency broker. This is an all-in-one cross-border payment solution that can do everything from simple currency exchange to complex hedging. OFX is a truly global solution. While it’s marginally less focused on servicing UK customers than TorFX, the Australian broker still has great customer reviews.

Currencies Direct is one of the best options for low-cost money transfers. The company has no transfer fee and very competitive rates, making it a good consideration for those focused on cost-savings above all else. The platform services over 120 countries too, so it’s going to be reliable for most of your needs.

XE is owned by the multi-billion dollar company Euronet Worldwide. You may have already come across XE when searching for today’s exchange rate, as it boasts a highly used FX tool. XE are very well known, and baked into this reputation is reliability and efficiency.

Are currency brokers always cheap?
Cheap is a relative term, so it will depend on who you are comparing them to. In relation to high street banks, currency brokers are almost always cheap, certainly. However, there are some examples where they may not be the cheapest option compared to Wise and Revolut.

This is when the amount you want to exchange is small, and perhaps frequent. Wise and Revolut thrive on rapid, small transfers — perhaps you’re splitting the bill on a Spanish holiday — and the exchange can essentially be free and almost at the perfect exchange rate. With a currency broker, you only begin to gain preferential rates as the value of the transfer increases. This economies of scale doesn’t exist with Wise, but for a currency broker, it’s their key selling point.

This is why it’s more difficult finding the costs of currency brokers, because a lot of it is flexible. This isn’t ideal for small sums, but when buying a house abroad or sending a regular pension back home, it’s a part of the apparatus that gains you access to conversion with an expert who is armed with many powerful solutions, like hedging. When factoring all of this in, currency brokers can save enormous amounts of money.

Conclusion
In summary, a currency broker is a slightly more manual, bespoke service version of currency exchange than many fintech alternatives. They can save you significant amounts of money which scales upwards rather than down. When considering which broker to choose, TorFX, OFX, and Currencies Direct cover a lot of ground and all three are highly reliable. While they’re reliably better than banks in almost every FX situation, there’s no need to pitch them head-to-head with Wise and Revolut — they should be used alongside each other and on a case-by-case basis.