PureFX Money Transfer Review

This review for the PureFX money transfer company is intended to explain the pros and cons of using it for your money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided. To view other companies like PureFX, check our full money transfer platforms list.

📝 PureFX doesn’t make the top money transfer companies for May 2020 list, based on our editorial rankings. That doesn’t mean that PureFX is not reliable or safe, but we encourage you to have a look at PureFX recommended alternatives here.
Logo purefx
🏛️ Established 2006
🌎 International Clients ✓ UK and International
💱 Currencies Offered 25
💷 Minimum Transfer None stated
📲 Trading via Telephone
🏢 Offices In UK
⚖️ Regulation ✓ FCA (UK)

 HMRC (UK)

🤯 Fees £15 / £5 for SEPA in Europe
Promotional Code None
👨‍👩‍👧‍👦 Client Reviews Just below 600 at Feefo
⭐ Client Rating Very positive
Website www.purefx.co.uk
👍 Advantages Satisfied Clients

Operating for 10 years

👎 Disadvantages High Fees

Small Company

Not Added Value Against our Top Selection

No Online Trading

Company Information and Credibility


Company size:  

PureFX has been operating since 2006, as a currency broker, and international money transfer provider. There is little we can say about the company.

– There is no mainstream media coverage of it, in the UK, or elsewhere.

– It has not won any industry awards.

– There is little information about the company on its website (compared to larger companies like MoneyCorp, UKForex, Currencies Direct, and World First, which are very comprehensive in their approach).

– In fact, if you are looking for more information about the company (in their own site or external site), you find results relating to other business with the same name like  PureFX aromatherapy and massage, PureFX lightning, or the PureFX gym.


Regulated By: 

FCA, HM Revenue & Customs (UK)


Conclusion: 

Bottom line is that being an FCA-regulated payment service provider must mean PureFX complies with the legal requirements, and good client reviews make us believe it provides a solid service, but it’s a small firm and as such not as credible as some  other companies in the market.

Client Feedback


Research:

PureFX have accumulated  just over 800 client reviews on Feefo’s platform, a nice gradual increase from the first time we reviewed the company back in 2014. It’s not a whole lot of clients, but it’s a big enough number for us to determine that yes, there are clients out there, and they are satisfied with the service they have received.


Positive The people who loved working with PureFX mentioned:

  • Good rates
  • Quality service
  • Smooth execution
  • Proficiency with the foreign exchange markets on the dealer’s behalf
Negative – We could literally find only one complaint:

  • Inability to supply Israeli Shekels quickly

Conclusion:

Glowingly positive reviews by over  800 users. Nothing to say about the complaint as it’s highly specific. Bottom line clients love it. We were still unable to give it the same rating as we did for Transferwise with tens of thousands of client reviews and superb media exposure.

Exchange Rate & Fees


Fees: Extremely high fees for transfers below the £50,000 mark, of £15, and an additional £10 if you want an invoice. Only Natwest bank was more expensive in fees than PureFX.

Exchange Rates: As with all Foreign Exchange firms, the exchange rates are not publicly displayed. We assume, based on the client reviews that we read that they are better than banks. The question is how they compare with other FX firms, and we assume that they can’t beat the rates of large companies with tons of liquidity when it comes to large transfers.

Limits: Not advertised.


Conclusion:

High fees, exchange rates that should be around average with other companies we tested, but since it’s a smaller firm we are doubtful they can operate on ultra-low margins like bigger companies do on larger transfers.

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: UK.
  • Ways to approach: Email, Telephone
  • Translations: No
  • Accepts clients: International clients accepted (not specified from which regions)
  • Currencies Handled: 25
  • Client reviews: Highly positive

Conclusion:

Not the most global company in the world, dealing the least amount of currencies out of almost all companies compared on our research, and with a single UK office, accepting only UK clients.

On the other hand service is, from what we read, extremely helpful.

Additional Functionalities


PureFX advertises some of the usual hedging tools: Forward Contract, Time Option, and Stop Loss. Industry leaders will offer a lot more options, and custom structures based on the needs of their clients.


App:

None and the site isn’t even mobile friendly. Not to mention there’s no online trading app at all.


Conclusion:

Standard offering on hedging, poor functionality when it comes to technology offering no online platform, and no mobile app.

Pure FX Money Transfer Review Summary
70%
70 of 1001 review
  • Credibility Score – 70%
  • Client Feedback – 90%
  • Fees, Exchange Rates – 60%
  • Global Reach, Availability, Service – 80%
  • Added Values – 50%

Bottom Line

When it comes to large transfers, which is our main focus – we prefer other larger companies with better reputation and offering. We also prefer FX firms that don’t incur higher payment fees and spreads with the bank themselves. Still, PureFX is a worthwhile company with excellent client feedback and could be worth testing.

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