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RationalFX Money Transfer Review

Quick FactsPros and Cons
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Established: 2005.


International Clients: ✗ Not specifically mentioned on website.


Currencies Offered: 42.


Minimum Transfer: None


Trading via: Online Platform, Telephone.


Offices In: London, Birmingham, France, Poland, and Spain.


Regulation: ✓ FCA (UK)


Fees: Unclear – FAQ Says “Low Fees”, Homepage Says No Fees


Promotional Code: None


Client Reviews: 200 in total.


Client Rating: 8.6 / 10 on TrustPilot (150+ Reviews), 2.5 / 5 on Facebook (10-20 Reviews), 3.5 / 5 on Review Centre (10-20 Reviews)



 Our Rating: 62%

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Pros

Since 2005

Multiple Languages

Cons

Mixed User Reviews

Sister Company to Xendpay  (Notoriously Bad Service)

Medium-sized, Not as large as our recommend firms

Fixed Transfer Fee (Unclear)

Poor Website

Not Mobile-Friendly


Our Rating: 62%

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Company Information and Credibility


Company size:  

RationalFX is sister-company to fellow currency transfer provider Xendpay. Both founded by entrepreneur Rajesh Agrawal, RationalFX was opened in 2005 and has grown to transfer more than £5 Billion around the globe.

That figure, divided by the number of years RationalFX has been operating, means that RationalFX is a fairly small, compared to its competitors in the field of money transfers. In comparison, Currencies Direct handle that amount every year.

In addition to that, the information provided on RationalFX’s website is rather vague. “Thousands of clients” are using their services. The number of traders working for RationalFX is not mentioned, the management team is not presented, and generally speaking the site doesn’t provide enough of the information we are looking for.

The amateurish Look & Feel doesn’t contribute to the credibility.


Regulated By: 

FCA, HM Revenue & Customs (UK)


Conclusion: 

RationalFX have been operating for some time in the UK,  and has the appropriate regulation. Beyond that, we can’t say much about  it. When we scanned for relevant media pieces in large publications, we couldn’t find much information besides the fact it used to sponsor Birmingham City F.C.

Overall,  it’s a medium sized plus currency dealing firm, and receives an average rating in this category.

Credibility Rating

Client Feedback


Research:

We have found overall ~200 reviews of RationalFX. That’s a fairly low amount, but sufficient for us to determine that the company is somewhat well known.

On TrustPilot , they get an average rating of 8.6 / 10, which is quite good, but a far cry from the 9.9 / 10 rating Currency Solutions have on TrustPilot (with nearly 1,500 reviews written).

On Facebook they get a ranking of 2.5 / 5, with only 13 reviews.

On ReviewCentre they get a ranking of 3.5 / 5 with only 12 reviews.


Positive:

Those who were happy with RationalFX’s services have complimented the company about the following aspects:

  • Good online platform
  • Good rates
  • Transfers go smooth
  • Transfers are prompt
Negative:

More than 10% of clients who submitted their review have complained about various aspects relation to service. What we found more bothersome than anything was the lack of response to some complaints, and the fact that some complaints which have been addressed, were updated by original submitter to let us know they have not been dealt with.

  • Transfers not arriving on time or at all (most common complaint)
  • Rude and unprofessional service
  • Trouble registers or making a transfer
  • Lack of transparency

Conclusion:

Some of the complaints that were made on the registration process aren’t valid. Due to regulatory requirements, it make be a bit of a hassle to sign up with any company.

The complaints about transfers not arriving, especially since they were not addressed by the company’s representative, are worrying. Though the majority of reviews are positive, there were still 35+ complaints out of 220 review, which is unacceptable by us.

User Rating

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Exchange Rate & Fees


Research:

Fees: Unclear. Though the site mentions free transfer in a locations, it mentions “low fees” on the FAQ. We see the number £4 per transfer is being advertised on some other websites, while other say £10. Some of the testimonials clearly mention a fee has been paid, while others mention their fees were waived because they are recurrent clients.

Exchange Rates: The majority of people were satisfied with the rates provided to them, so we can only assume their margins are around the average margins in this industry. The rule of thumb is that the more you transfer,

Limits: The minimum transfer amount is £100. The online transfer system can handle up to £50,000, and you can transfer more than that by phone. This is one area which is very clear, unlike the rest of the aspects.


Conclusion:

If there’s something we can’t stand, it’s lack of transparency and confusion. Exchange rates are fluid by nature, and are almost always fluid, with the exception of companies like TransferWise. When it comes to fees we expect to see very clear instructions – and of course that if transfers are not fee-free, we would recommend avoiding for smaller transfers.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: London, Birmingham, France, Poland, and Spain
  • Ways to approach: Quote via form on the site, or via UK-only phone number.
  • Translations: None.
  • Accepts clients: Not specifically mentioned.
  • Currencies Handled: 42
  • Client reviews: Generally positive but there are many complaints to be found online about the level fo service.

Conclusion:

Though RationalFX has several offices across the globe, it is lacking in other aspects. The site is only avialable in English. There’s only a UK phone number. There is no general inquiry form on the sire, or an email being published. Above all, there are too many unsatisfied clients who left their negative reviews, and were not addressed properly, by a representative of the company, in many occasions.

Global Reach Score

Additional Functionalities


Unclear.

There is a dedicated business FX team in RationalFX, but the offering is not published. We can assume they handle all the usual stuff like Forwards Contracts, Limit Orders, Market Watch, as all of these functionalities are available almost anywhere.


App:

No app.

Site is not friendly on mobile.


Conclusion:

We couldn’t put our hands on something unique offered by RationalFX. The way the site looks and the lack of information in it is a huge turn-off.

Special Features Score

Review Summary
  • Credibility Score - 70%
    70
  • Client Feedback - 60%
    60
  • Fees, Exchange Rates - 70%
    70
  • Global Reach, Availability, Service - 70%
    70
  • Added Values - 40%
    40

Bottom Line

RationalFX isn't necessarily the worst company to transfer money with. The majority of reviews are positive. Regulation is in place.

One the other hand, we couldn't find a single reason as for why it would be better to use their platform, rather than using any of our top-recommended companies. They don't have the longest track record, the most positive reviews, or any other "added values" in comparison.

62 %

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4 comments

  1. Allan B.

    Very good review, their website is indeed not intuitive, I eventually chose World’s First which had the easiest website. So far, so good.

    Posted on November 3, 2014
  2. GreatLandLord

    their site looks even worse than this site and that says a lot lol

    Posted on November 29, 2014
  3. Paul Stewart

    Never had any issues with these although it takes about 3 days for the transfer to go through.

    Posted on February 2, 2016
    • compare

      Thank you Paul. Could you elaborate on the type of transfers that take 3 days to go through? Any indication on the rates you were given?

      Posted on February 2, 2016

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