UKForex is the UK operations branch founded in 2005, by parent company OzForex. Matthew Gilmore started the OzForex Group, in 1998. It now includes CanadianForex, USForex, NZForex, Tranzfers and ClearFX. OzForex rebranded as OFX in 2015 and it has been expected that in 2016 UKForex and the other subsidiary companies will be merged together under the brand OFX. UKForex benefits from sharing OFX’s licensing and infrastructure making the company one of the top ten largest UK foreign exchange companies.
In 17 years of business OFX and subsidiaries have transferred $84bn worldwide. OFX has offices in Auckland, Sydney, Toronto, San Francisco, London, and Hong Kong of which UKForex benefits by having a localised and global presence.
With 205,000 clients, UKForex itself exchanged £581,000 in 2015.
Personal and Business Services:
The company has no fees over £3,000, handles all currencies and offers 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 ( At this price point, a better rate can be negotiated for what the company calls its ‘corporate rate’). 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. It works well to help clients who are on the go make transfers and is well-received. 1,433 Google Play reviewers gave it a 4.2 out of 5 star rating.
Business clients are also offered the full spectrum of foreign exchange services as well as specialized 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. Other corporate advice includes offering cost averaging. 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.
They offer this example to business clients:
You know that you’ll be paying supplier invoices to the value of US$500,000 over the next year. Due to volatility in the foreign exchange market you also know that the rate will go up and down quite a lot over this period, so for security you lock in 50% of your future currency exposure ($250,000) at today’s rate with a forward contract. It means that – with you still needing to send a further $250k over the next year – you can continue to take advantage of any potential rise in the value of GBP/USD over the next twelve months with spot rates.
One of the stand out features UKForex offers is absolute rate transparency. Their home page shows the industry standard interbank calculator- initially 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 43 currencies. This is a remarkably refreshing service that can be used by as a benchmark rate to negotiate a better deal on large transfers with any foreign exchange company. Parent company OFX offers no such service, so it’s hoped the forthcoming rebranding for UKForex doesn’t do away with this superb localised service.
Does UKForex Have the Best Rates?
We made a comparison of top UK foreign exchange companies’ for exchanging 20,000 GBP into both euro and USD, using P2P and traditional Forex firms to give UKForex a fair, level playing field. They delivered the lease competitive rate-twice!
£20,000 to USD 22/4/2016
UKForex (with no fees) offered a rate of 1.4212 $28,424.00
Currency Solutions (no fees) used a rate of 1.4286 $28,572.00
TransferWise offered a rate of 1.4340 (+£99.50 fee) for $28,537.32
CurrencyFair offered rate of 1.4255 (+£20 fee) returning $28,506.00
£20,000 to EURO 22/4/2016
UKForex (with no fees) used a rate of 1.2595 €25,190.00
Currency Solutions (no fees) used a rate of 1.2662 € 25,324.00
TransferWise offered a rate of 1.2712 (£99.50 fee) for €25,297.52
CurrencyFair offered rate of 1.265 (+£20 fee) returning € 25,297.00
Review Centre rates UKForex highly at 4.7/5 with a 92% rate of recommendations with just 165 reviews which are clearly largely positive.
TrustPilot has a 8.7/10 rating with less feedback-just 119 reviews which indicates some lack of enthusiasm by clients given the many years the firm has been in business and the massive volume of transfers processed. 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 companies 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.
Well established and highly supported by global parent company 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 let individuals make quick transfers from anywhere, any time, due to UKForex’s 24/7 availability. Unprecedented rate transparency is on offer as this company puts its quotes for exchanges of small and middle sized transfer right on their website.
A large firm with years of experience doesn’t always offer the best rates. UKForex’s exchange rate transparency may be a mistake given how uncompetitive their rates are. 4.3 out of 5 for transparent rates and an impressive global reach.
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.
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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.