International FX (IFX) is headquartered in Mayfair, London with an office in Dubai, AE. Nicholas Williams and Thomas Greenwood share co-CEO status.
There isn’t much industry information available to confirm the small firm’s claim to be one of the world’s leading specialist foreign exchange consultancies, with private and corporate clients across the UK, Europe, the Middle East and Australasia.
In contrast to foreign exchange practices, IFX it makes no claim to beat bank exchange rates, nor do they make it clear what rates they offer.
There isn’t a currency calculator or rate quote available online; clients telephone or request contact to register and check IFX’s ‘wholesale rate’.
A dedicated consultant to assist with strategic trading
Spot contracts- immediate exchange, securing the best rate available at time of instruction, currency available for worldwide transfer after IFX has received cleared funds.
Forward Contracts-With overseas transactions involving payments made in future, and a series of payments made over time, forward contract protest clients from adverse market conditions. Rate can be fixed for 2 years in advance with the options to draw the funds at any time.
Limit Orders- If client opts to wait for favourable market movements, a Market Order can be placed which nominates their target exchange rate. IFX monitors market movements, executing the trade once the desired rate has been reached.
Stop-Loss Order- Acting as a safety net mechanism, allows client to nominate a lower exchange rate in the event of a shift in the market.
Private property purchase example of benefit of IFX forward contract service:
Suppose you find the perfect holiday home and agree to pay the vendor €300,000 to buy the property. On agreeing the price, the exchange rate is €1.20 to £1 and so you budget £250,000. But on completion the rate has dropped to €1.13 to £1 so you now need to find £265,486
IFX labels the mid-market rate as ‘their wholesale rate’, comparing their savings only to the banks’ higher rates.
Import wine to the UK from Bordeaux and pay suppliers €3M per annum. With IFX’s wholesale exchange rate of €1.26 to £1 compared to your bank’s €1.20 to £1., the cost with IFX is £2.38M, whereas the bank would charge £2.5M
By simply comparing a rate IFX might have offered on a good day for exchange, the company deduces that using IFX for international payments could save clients around £10,000 per month, for an annual savings of £120,000-compared to the highest rate banks would offer.
This is not a competitive rate for corporate clients, it’s the same, or less than the client would receive from any foreign exchange company.
A stunning aerial video of the sunrise over the Thames is the dynamic feature of the site’s homepage. It quickly becomes obvious that high style like this is substituted for concrete information as there’s a dearth of detailed content. There’s an edge of condensation to the mystery that infers that if you must ask what it is IFX does, you obviously can’t afford whatever it is that IFX does.
The site claims: ‘IFX is one of the world’s leading and fastest-growing specialist foreign exchange consultancies, with an average 40% year-on-year increase in turnover.’
There is simply nothing to support this statement – nor can company information be found through extensive searches. IFX is devoid of the transparency normally expected in Forex exchange.
Market page has not been updated. Twitter feed is dated and neglected.
Central Bank rates, also not up to date are listed, which would again suggest comparing their ‘wholesale rates’ to ones that aren’t mid-market rates. Interbank currency exchange rates are posted, although IFX doesn’t have a currency calculator which clients can use to compare rates.
The only news updated regularly is the Dow Jones newswire which doesn’t give the same UK market information offered by competitors providing daily news reports and videos.
The very heart of currency exchange is customer service. Customers cannot be expected to know what IFX isn’t prepared to share. Compared to their UK competitors, this company‘s evasiveness makes them stand out for all the wrong reasons.
There are literally no reviews available on any review service. This makes their claim to be one of the world’s leading and fastest growing companies highly suspect.
One affiliated reviewer raved: ‘It is a totally hands off approach for you!’, as if not having any information regarding making a foreign exchange were a much sought-after virtue.
International Foreign Exchange is a perfect fit for those who want to make a phone call, get a dealer and turn the process over with no assurance of the company’s trustworthiness or competitive rates. Simplicity to an extreme is stressed.
The website’s homepage is dynamic and textural, but pages like the defunct market page don’t foster trust. IFX has some content that inspires clients, like their examples of how to use forward contracts but when the images and well crafted content ceases clients would prefer to see reviews that establish a company’s credibility. All any would be client can do is study the website as no other data is available. IFX is not a good fit for private or business clients who would have to research the rates IFX offers and compare them to other foreign exchange company rates and services and then take a plunge without the benefit of hearing feedback from clients who had gone into the IFX fog before and reported back what their experience had been. IFX scores 3 out of 5 stars because being shrouded in mystery isn’t transparent.
Posh website, suggesting bespoke service for clients wishing a ‘hands off’ exchange experience.
IFX’s discretion is off putting, giving the impression they are a boutique currency exchange company who manage clients’ financial affairs.