Recurring Payments

There are many reasons why you may have regular payments to make overseas :

• mortgage payments
• loans
• bills
• services
• family support
• salary repatriation
• pensions
• general living expenses

Often these payments go through a bank. Banks charge a premium for sending money overseas, while dedicated international money transfer companies offer a quicker service for less.

OFX and TorFX offer their clients recurring transfers. They are regulated as a bank, so your money is safe. Once set up with your account manager you have nothing to worry about. The payment is made automatically at the specified dates using the best rates available.

TorFX Regular Overseas Payments

Many people who live or work abroad find they have to make regular recurrent foreign currency transfers, perhaps to meet mortgage payments or manage a pension. While you can use your bank to manage these sorts of transfers, some charge transfer fees which can really add up over the course of the year.

With the TorFX Regular Overseas Payments service you can arrange for transfers to be made automatically every month, at a competitive rate of exchange and on a fee-free basis.

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Take me to TorFX

"We believe in a world of fair financial services.

CurrencyFair began as the answer to a common problem: expats looking for a cheap, simple way to move money to and from their new home countries. The easiest way to achieve this was by swapping with friends who have a corresponding need. This simple idea grew into a global money transfer member organization that has exchanged more than €10 billion.

Today, the people and businesses, and their reasons for using CurrencyFair are too many to count, but our mission remains the same: to empower them all with access to fair financial services. We do this by embracing the latest technologies to deliver great exchange rates, supported by outstanding customer service and processes that are easy to understand and use."

Provider Type: P2P

Regulators: Australian Securities and Investements Commission (ASIC), Central Bank of Ireland, Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS)

HQ: Dublin, Ireland

Offices: Hong Kong; Newcastle, Australia; Nutfield, United Kingdom; Singapore

Founded: 2009

Languages: English, French, German

Customer Service: FAQs, ChatBot, email

Tech: website and app.

Funds to CurrencyFair: Bank Transfer or Debit Card

Funds from CurrencyFair: Bank Account

CurrencyFair generally promises a transfer time of 1-2 working days after they have received your money. Money can be paid to CurrencyFair in advance (CurrencyFair Wallet) which will mean the funds are in place ready for a rapid transfer.

They recommend completed your transfer to them before 13.30 (GMT) to avoid delays. Weekends and holidays will also cause a delay.

CurrencyFair was the first peer-to-peer international money transfer company and is still a market leader with a good reputation and very competative rates. They claim over the years they have saved their customers over €280,000,000.

CurrencyFairs fixed transfer fee is about 90% less than what a bank charges (for example the fixed fee for transfering pound to euro is €3, while banks charge €30+).

Charges (the fixed fee and exchange rate markup) vary depending on currencies and countries involved. CurrencyFair claims that the average exchange markup is 0.45%. Meanwhile at a bank this would cost you 4-6%!

 CurrencyFair transfers to the following countries and currencies. Some local currencies are not accepted, if this is the case the currency code is not displayed. Transfers to such countries are still possible but in other currencies.

To send money with CurrencyFair you will need to open a free account online with proof of ID and address. This needs to be approved.

CurrencyFair only accepts money through a bank transfer and equally only transfers into a bank account.