Corpay Review (formely known as CambridgeFX)

📝 In 2021, CambridgeFX rebranded as Corpay under the umbrella of its parent company, FLEETCOR Technologies, Inc. This move reflects the evolution of their corporate payments portfolio and gets together all the knowledge and power to provide an even better service moving forward.

Services Offered by Corpay

  • Send Money Overseas
  • Receive Money from Abroad
  • Transfer via Online Platform, Telephone and API
  • Hedging Options
  • Payables Software
  • Commercial Cards, Virtual Credit Cards and T&E Multi-Card

Is Corpay Safe to Use?

Safe, 8/10

Official Website:

Should I use Corpay for money transfers?

  • Global presence with many offices in 3 different continents
  • Broad range of services and integrations (API, hedging, automation)
  • Long-serving company in the market with ~500 employees
  • Website versions for multiple languages
  • Lacking in transparency
  • Lacking in online presence and reviews/testimonials
Overall ratingN/A
  • star-0
  • star-0
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Updated on Jun 06, 2022
Aggregated User Votes
thumbs-up6
thumbs-down5

Not Top 10 Ranked

🏆 5 Industry Awards (2017-2020)

Where is Corpay Available?

Our Top Rated Corpay Alternatives

On Money Transfer Comparison, we have reviewed 80+ money transfer services, 40+ of which could be considered direct Corpay competitors. View our best rated Corpay money transfer alternatives which have received higher ratings below:

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
TorFX
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
moneycorp
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance

Is Corpay safe?


Company size:

Corpay (formerly known as CambridgeFx) is a large company, which may come as a surprise given its lack of online presence. With over 25 years of experience, and having served over 14,000 global businesses for cross-border payment, Corpay has certainly proved itself as a strong competitor in this market. 

Corpay is also backed by FLEETCOR Technologies, its parent company, which is a Fortune 1000 company and a S& P 500 member with over $22 billion market capitalisation.

Regulated By:

With offices in the UK, Canada, Australia and the US, Corpay has extensive licensing and regulation that it complies with. Here are some of Corpay’s licensing information.

 

Canada

  • Ontario corporation: 1980873
  • FINTRAC Money Services Business license: M17163510
  • Quebec Money Services Business license: 900009
  • Global Markets Entity Identifier (GMEI): 5493007HHN4G8PA5MS11

 

United States

  1. Delaware corporation: 3359789
  2. FinCEN Money Services Business registration: 3100013907918
  3. Global Markets Entity Identifier (GMEI): 549300E6BD9BP1l0G794
  4. Licensed Money Transmitter

 

UK

  1. England & Wales company: 05271222
  2. Financial Conduct Authority: FRN 900702 – for the provision of electronic money and
  3. payment services
  4. Information Commissioner’s Office Registration Number: ZA031019

 

Australia

  • Australian business number: 85 126 642 448;
  • Australian Securities & Investment Commission (ASIC) 
  • AFSL: 351278

Awards:

  • Global Payroll Association Award: International Payroll Payments Provider of the Year (2019)
  • ITIJ Award: Specialist Provider of the Year (2018)
  • Canada’s Best Managed Companies Award (2017; two-time winner); 
  • Global Finance Magazine FX Product Innovation Award: Cambridge Link Mobile Application (2017)

Conclusion:

Corpay is a large, established company with a big-hitter as its parent company, along with a 25 year track record. The company has a decorated awards cabinet, along with being licensed and regulated in four separate countries. It is up to part with the biggest and most respectable money transfer companies like Moneycorp.



Corpay Customer reviews


Research:

Client feedback is almost non-existent. There are only a few reviews on TrustPilot or other large review sites. There are 5 reviews on Google (3.4/5), and 2 reviews on App Store (4.5/5)


Positive:

  • Strong service
  • Functional app
Negative:

  • Poor customer service (long waiting times to get through to call center)
  • Accusations of lying

Conclusion:

TrustPilot and other large review sites do not have a single review on Corpay — in fact, there’s not even a page dedicated to the company. You can see from Glassdoor that previous employees found their experience working there satisfactory, but it doesn’t tell much about the service they’re providing. The only glimpse of customer experience we can get seems to suggest that customer service is poor, but the app works as intended.



Corpay Exchange Rates & Fees


Fees: Fees are not disclosed by Corpay.

Exchange Rates: Whilst Corpay describe their exchange rates as “competitive”, they do not back this up by publicly stating the exchange spread that is taken.


Conclusion:

Corpay, like XE, tend to focus on delivering bespoke service through their dedicated account manager, which may explain why they do not state the fees (i.e. they may vary from each scenario). However, giving no indication of fees or exchange rate is concerning for the customer. You should be extremely skeptical and careful around their costs as they clearly are not making an effort to be transparent.



Corpay Global Reach & Service


Research:

  • Dedicated Dealer: Yes
  • Offices: United States, Canada (global headquarters), UK, Australia
  • Ways to approach: Telephone, email, 
  • Translations: English, French
  • Accepts clients: Global
  • Currencies Handled: 140
  • Client reviews: Non-existent

Conclusion:

The global reach of Corpay (CambridgeFX) is significant. With offices in Australia, UK, US and Canada, there is more room for support and accommodating global clients. Additionally, Corpay appears to have a focus on good service, which is why they have a dedicated account dealer. Lastly, perhaps due to their presence in the Canadian, the website can be translated to French. This all appears strong on paper, but the evidence of this in the form of reviews is lacking.



Additional Functionalities

As one would expect with a remittance company that has a dedicated dealer, hedging is very much supported. Structured options, Vanilla option, Exchange Swap and so on are all available. 

What’s more impressive is their AP automation solutions. Their payables software can connect to your bank account, as well as invoice data from different offices and departments. Many other tools are on offer here too, such as virtual credit cards, vendor networks, as well as a robust API. 

Corpay offers various business solutions too, such as payroll, eCommerce, partnership programs among others.

Conclusion:

Due to their longevity in the market, Corpay (formerly CambridgeFX) have developed a large network of services that all work together, meaning you can rely on a single entity for many solutions. 

Review Summary

Bottom Line

Corpay is a large company, which may come as a surprise given its lack of online presence. Their strongest point is their functionalities and service. They offer a dedicated dealer, an expert workforce and many solutions and integrations. Dealing with 140 currencies, you could feel although this is extremely useful for a business (Corpay is certainly not aimed at individuals). However, the degree to which they deliver on this is still up in the air. Ultimately, there is no substance to these claims without letting us know their fees, exchange rates or having testimonials. It is however safe to try use and see for yourself, given that it’s fully regulated and long-established.