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Home >> Foreign Exchange Services >> Money Transfer >> Money Transfer Questions

Money Transfer Questions

You can transfer money online to more than 70 countries with OnlineFX. Below are the most frequently asked questions about money transfers, and information on how to find out more if you have further money transfer questions.

How do I transfer money online?

If you're a new customer, sign up with OnlineFX and complete our international money transfer request form, telling us the amount of money you wish to transfer. If you're an existing money transfer customer, you can log in to your account.

One of our operators will then email you back a completed official form telling you the indicative rate of your money transfer, which can be faxed back to us on 020 7224 5723 (INT code 00 44). You will then need to transfer your money to our bank account.

How do I pay for money transfers?

Please follow these three simple steps for a quick and easy transfer:

1. Complete the IMT Form; print, sign and return to us. This can be returned by fax, post, or scanned and returned electronically.

2. Once this is done, you may transfer the money to our client account. It is essential that you provide your name as a reference. Our bank details will be provided to you at this time.Upon receipt of the funds to our account, we will confirm the current transfer rate to you and process the transfer. Account payment can be made via Online Transfer or BACS payment. We do not accept any card or cheque payments for money transfers.

3. We will carry out the transfer on your behalf. Once the transfer is complete, you will receive a transfer confirmation which will include a unique reference number for your records.

Are there any charges for money transfers?

The cost of the International Money Transfer is £15.00.

Some banks use an intermediary bank to process transfers on their behalf and may charge an administration fee. All receiving banks make an administration charge for receiving transfers. We are unable to advise on these charges as they vary from bank to bank and country to country. It can also depend on the arrangement the recipient has with the bank.

Any additional bank charges are not OnlineFX charges and we are unable to accept responsibility for any amount deducted. Please check with the recipient, especially if the transfer is urgent, e.g. payment of bills, property purchase etc.

What are the legal requirements?

In order to conform to Money Laundering Regulations we require a certified copy of passport for ALL money transfers, regardless of the amount, as well as a recent utility bill.

The passport copy can be certified by a lawyer, accountant, postmaster/sub postmaster, teacher, minister of religion, or a bank cashier can provide certification. Please include the full name, address and contact number for the person who is certifying the I.D.

This information can be posted to us, sent via fax on 020 7224 5723 or scanned and emailed to payments@onlinefx.co.uk.

You will only need to provide this information to us once as it is not required per transfer. Please ignore this instruction if you have already given us your certified copies.

How do I pay for money transfers?

We will give you details of our OnlineFX bank account to send the money you wish to transfer, which can be paid by online banking transfer, BACS or chaps. If you're a regular money transfer customer, you can also pay for money transfers by debit card.

Are there any charges for money transfers?

International money transfers cost £15.00.

Your money transfer may also be subject to additional charges made by international banks for receipt or administration of your money transfer. Please note that these are not OnlineFX charges, and may depend upon the arrangement your money transfer reipient has with the bank.

Do you offer any benefits for new or existing money transfer customers?

If you're a new money transfer customer and your first order is more than £1,500, you will receive a free money transfer worth £15.00.

If you're an existing money transfer customer and you refer a friend who uses any OnlineFX foreign exchange services, you will receive a free money transfer for your next order.

How soon will my money transfer reach its destination?

OnlineFX money transfers work much faster than bank transfers, and reach recipients in Western Europe and North America within two working days once funds are cleared into our account. Money transfers elsewhere in the world can take up to four working days to arrive.

In some cases, our money transfer system will even clear funds on the same day; however, please note that we are not responsible for any delays that occur between the receiving banks. Again, please check with the recipient, especially if the transfer is urgent, e.g. payment of bills, property purchase etc.

Are there limits on money transfer amounts?

The minimum amount of money that can be transferred online is £100.

If you wish to transfer a large amount of money overseas, we may require additional information in accordance with money laundering compliance regulations.

What countries can I transfer money to?

OnlineFX offers money transfer and other foreign exchange services in more than 70 countries worldwide. See our foreign currency guides to find out which countries we transfer money to, or you can choose to view currency by country.

Are there any restrictions on money transfers?

We regret that we are unable to carry out money transfers in the same currency, such as sterling transfers or transfers between dollar accounts.

How is the money transfer exchange rate calculated?

OnlineFX international money transfers are based on currency dealing, and our dealers are committed to securing the most advantageous exchange rate for your money transfer based on the most recent exchange rates.

Do you offer international remittance for business transfers?

Complete our business transfer request form to obtain an international remittance to carry out larger money transfers for your business. As our money transfers are based on currency dealing, they can be particularly advantageous for businesses carrying out larger money transfers.

How do I find out more about money transfers?

Read more information about money transfers from OnlineFX. You can also contact us by completing our email form or calling our London office on 0207 224 5799.