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Kantox Money Transfer Review

Quick FactsPros and Cons
kantoxlogo

Established: 2011.


International Clients: Businesses Only.


Currencies Offered: 40


Minimum Transfer: €9,000 In annual trading (below that – pay €25 in fees per transfer)


Trading via: Online Platform or Telephone.


Offices In: UK


Regulation: ✓ Financial Conduct Authority (UK), Bank of Spain


Fees:  €25 if annual trading volume < €9,000; None above


Client Reviews: None


Client Rating: Unkonwn


Website: www.kantox.com

Awards
Deloitte 2014 Award for Innovation
European FinTech of the Year at the European ICT Spring Awards 2015/su_icon_text]

Our Rating: 80.4%

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Pros

Fixed Low Margins

A lot of industry recognition and media recognition

Already transacted over $2bn since inception

Advanced platform

Cons

Single UK Office

Short track record

Client feedback is hard to find


Our Rating: 80.4%

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Company Information and Credibility


Company size:  

Although Kantox is a newcomer to the Foreign Exchange market, established only in 2011 (whereas companies like Moneycorp have been around since the 70’s), it has already making an impact on the industry. In fact, Kantox which has announced it’s first $1bn in trading at the end of 2014, has already announced it has passed the 2bn mark in 2015.

Kantox positions itself from competitors using two key elements: its technology which enables companies to transact within one mouse click, and its pricing module which is completely transparent (more on that in the relevant section of this review).

Mainstream media, investors and Fintech magazines and events go crazy about the product. It has recently managed to secure $11m in its series B round from investors  as covered by the Guardian. Other publication that covered the company include Business Insider UK, and forex industry authority site Finance Magnets. It has also won several prestigious awards for its innovation.

 


Regulated By: 

Financial Conduct Authority (UK)


Awards: 

Deloitte 2014 Award for Innovation
European FinTech of the Year at the European ICT Spring Awards 2015/su_icon_text]

Conclusion: 

Kantox seem to be a great company that can help SME’s save money and manage their finances in a transparent way. It’s undoubtedly an up and coming company with great chances of fairing well and becomes a dominant force in the international fund transfer market.

It’s still hard to put it together with the industry leaders like World First, Currencies Direct, Moneycorp and even relatively new Transferwise.The trading history is much shorter, the volumes are still lower, their reach is more limited, and most importantly there are still no verified client testimonial to attest for their services.

Credibility Rating

Client Feedback


Research:

Besides the testimonials appearing on their website, which are unmistakably positive (as expected) we have not been able to locate client reviews from those who used Kantox. It makes a lot of sense, as they claim to have as little as 2,000 clients. In comparison, World First has tens of thousands of active clients every year since 2004, and these are retail clients which are more likely to share experiences than SME’s, and the overall number of reviews they have online is ~3,200.



Conclusion:

Kantox have small clientele and are new in the business, so as expected there are no client reviews to be found. On one hand it lowers our level of trust, and thus their rating in this category, and on the other hand, there are no complaints as well.

User Rating

 


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Exchange Rate & Fees


Research:

Fees: If a company is transferring over €9,000 annually, there’ll be no fixed fees per transfer. Below that, each transaction will incur €25 in fees (translated into local currency).

Exchange Rates: Kantox deserves all the props for having the most transparent and easiest to understand fee structure. To make a long story short – most businesses will pay 0.29% of each transfer, which a tight margin (representing saving of 35% against cheap rivals such as Transferwise, Azimo and Currencyfair).

Limits: The minimum transfer amount is £500 (or half of that for regular payments). The online system is able to handle transactions up to £250,000, and phone transfers are unlimited.  For travel money or currency cards there’s no minimum, though travel money delivery is only free above the £750 mark.


Conclusion:

Business trading below €9,000 a year should never use Kantox. These businesses will tend to send multiple small transfers – when each costs an additional €25 (on top of the spread), it makes transferring almost as expensive as a bank.

Most businesses would love Kantox for their pricing which are the lowest rates in the market, period. These businesses will probably be able to haggle the large firms into similar rate if their have sufficient trading volume, but with Kantox you know what you’ll get from the get-go and that’s a big advantage.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: UK
  • Ways to approach: Email, Telephone,  Online Platform.
  • Translations: English, Spanish, German, Italian and French
  • Accepts clients: Worldwide
  • Currencies Handled: 27
  • Client reviews: None located

Conclusion:

Kantox is by far not the most international company in the industry, with local offices only in the UK, but on the other hand they are trying with complete translations into the main European languages.

They do propose dedicated dealer services, but on the other hand, since there are no client reviews to be found, there’s no evidence it’s good or helpful.

We would say Kantox is just about average in that aspect.

Global Reach Score

Additional Functionalities


Hedging:

  • Forward Contracts
  • Rate Watch

The simple functionalities of forex hedging is available through Kantox’ platform. One one hand, it’s a fairly limited offering, but on the other hand, it’s the only “pure-online” platform that allows forward contracts (there are none at Transferwise).


Conclusion:

Kantox’ online platform is one of the most sophisticated online platforms in the industry, and the only one that allow hedging. On the other hand, with other companies you have a larger variety of options for hedging.

Special Features Score

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