Global Reach Money Transfer Review
Note: Global Reach has merged with its sister brand FC Exchange in October 2018. This is a joint review of both the Private and Corporate services of the merged firm.
Pros and Cons
- £5.5bn Traded Annually, Industry Leader
- Highly Satisfied Clients
- Operating for 15+ Years – Industry Veteran
- Quick Sign Up
- £0 Wire Fees
- Dealing with Private and Corporate Clients
- No App
- Not Accessible for USA-Based Clients
- No E-Tailer Services like World First
Review Table of Contents
| Is Global Reach Reliable? |
| Global Reach Promotions |
| Do Clients Global Reach? Reviews From Across the Web |
| Global Reachs Exchange Rate & Fees |
| Global Reach & Service |
| Additional Functionalities |
| The Overall |
| Comments |
Is Global Reach Reliable?
Global Reach (formerly: Global Reach Partners) was originally established in 2001 as 4 separate brand names Corporate FX, Private FX, Smart FX and Travel FX, which were merged into Global Reach in 2012. The original entrepreneurs that established the firm more than 15 years ago, Stewart Blake and Mark Smith-Halvorsen, still take an active role in its management.
The company started off focusing mainly on corporate clients, and we assume this is still their largest audience as their numbers reflect very high trading volumes per client (with 10,000 clients and 2bn in trading, each client is moving GBP 200,000 annually on average).
Global Reach is one of the companies that keep reinventing itself. By constantly expanding its offering and the currencies it can deal with, Global Reach Group attracts new prospective audiences every year, and demonstrates a strong corporate growth year by year (55% in 2015). Currently, there are 85 employees working for Global Reach, in an office in Coleman Street, at the heart of the City of London, and 170 employees in total post merger with FC Exchange which has been acquired in 2016 with the backing of private equity investor Inflexion.
Who is FC Exchange?
London-headquartered FC Exchange (FC stands for “foreign currency”) was established in 2005, and holds an 1A2 Credit Rating from D&B. The firm is currently trading more than £5bn annually combined with its parent company Global Reach.
The firms unique selling point is customer satisfaction. Unlike other companies in this industry which reward their dealers and account managers based on much profit they turned for the company, FC Exchange took a different approach. FC Exchange choose to measure their employees by the level of satisfaction and retention of the clients they are handling. FC Exchange has helped over 25,000 people move money since 2005.
Merged Company – Global Reach Group – from October, 2018
After the merge, it was decided that FC Exchange will handle all private clients, while Global Reach will be fully dedicated to corporate clients. This has been the situation up until October of 2018, when FC Exchange has rebranded itself as Global Reach Partner’s private clients desk. The two companies are now named simply Global Reach, and this Global Reach money transfer review entails both firms.
Global Reach is one of the top 10 largest money transfer firms in the UK, and in particular after their recent purchase of FC Exchange, and it had gained a high level of recognition in various categories:
Feefo 2019 Gold Service Award
Best Small Companies to Work For 2014 – The Sunday Times
Sunday Times Profit Fast Track 100 (2012)
Credit Level A2, Dun & Bradstreet
Best Accreditation Standard (b.co.uk): Best Company To Work For 2016
Global Reach Group is a highly reliable money transfer company. In fact, it is undeniably one of the top 10 firms of its kind in the UK. It has been in business for longer than the vast majority of other currency brokerages on the market, moving large volumes abroad each year, while maintaining great feedback across the board.
With FC Exchange’s acquisition, the company is growing at a staggering pace and increasing its presence in the private clients’ side. It is still less internationalised than some of the industry titans, with fewer offices abroad, less regulatory authorities supervising them and unable to take on American clients, but they are still up there at the top when it comes to reliability.
Located in Woolgate Exchange near Moorgate station, Global Reach’ (previously, FC Exchange’s) offices are right at the heart of The City of London. Here are some exclusive photos that were issued exclusively for MoneyTransferComparison.com showing the Global Reach Group dealers in action.
FCE offices – photos:*These images are exclusive to MoneyTransferComparison.com. If you wish to incorporate them in your website you may do so with attribution to this page.
- 1. Click on the button below, and sign up with Global Reach
- 2. Standard Transfer Fee will be waived
- Do I need a Promo Code? No, a promotional code is not needed for this benefit.
- What if I already have an account with FCE? Unfortunately, you will not be able to enjoy this offer.
- Will this affect the exchange rates I get? No, you will receive the same rates as any other clients, but won’t have to pay any fees.
- Is Global Reach any good? Yes. Read our Global Reach review to see why we have ranked them among the top 10 best companies for international money transfers.
- Who are you guys? We’re MoneyTransferComparison.com, a leading currency transfer review website which has serves tens of thousands of readers every month. You can read more about us here.
Do Clients Like Global Reach? Global Reach Reviews from Across The Web
The firms boast more than 1,000 online clients, under both Global Reach Partners and FC Exchange – the two companies forming the new Global Reach Group. You can find 500 Global Reach Partners reviews and 500 FC Exchange reviews at TrustPilot, more than 100 reviews on ReviewCentre, as well as 2 dozen of reviews on Facebook. This is a very impressive amount which indicates it is indeed a large and respected company. In each of the platforms, whether under Global Reach or under FC Exchange, there is at 95% satisfaction. Hence, less than 5% of the online reviews of the firm are complaints.
While these numbers are definitely impressive it is important to remember that some companies like Transferwise boasts 18,000 reviews on just on TrustPilot’s platform. This puts these still very impressive numbers into perspective.
The complaints are quite obsolete, as all foreign exchange firms are required to process a lot of paperwork before sending money for a client. It doesn’t matter if it’s FC Exchange or another firm, these are regulatory requirements are enforced by the Financial Conduct Authority. As far as not working with USA banks, it is simply a case of a mismatch between the company’s capabilities and the client’s requirements.
The positive reviews on Trust Pilot speak for themselves with a huge amount of customers finding the service extremely positive and recommending them highly. Many of the customers have said they would use FC Exchange again, or already utilise them for international money transfers on a regular basis.
Global Reach’s Exchange Rate & Fees
Fees: Global Reach pay £10 (or equivalent in currency used) for fixed wire fees, per transfer. Clients who have been referred by MoneyTransferComparison.com are eligible for an exclusive promotion and their fees are completely and utterly waived.
Exchange Rates: Global Reach are so confident in their rates that they offer a Best Exchange Rate Guarantee. That means that if someone founds any better rate at the same time period, they will match this rate – no questions asked. This is the strongest indication of truly low rates!
Limits: £1,000 per transfer, or equivalent in other currency.
Global Reach’ exchange rate and fees are as good as they come. Our clients don’t pay any fixed fees of any sort, and the rates you are offered with are among the best in the industry or else – Global Reach money transfer services will match it!
Global Reach & Service
Ways to approach: Phone (domestic and international numbers), Email, Online Form, or Online System.
Accepts Clients: Globally, aside from the USA (all states).
Currencies Handled: 138.
Client Reviews: Very content with the service throughout.
Global Reach is a service oriented firm which is glorified by 98% of the clients who left reviews about it online. It boasts a highly personalised service and highlights the fact they are happy to offer bespoke solutions to any inquiry.
They are also very international in terms of currency offering. Together with rival firm World First, Global Reach has one of the most impressive offerings of more than 140 currencies.
Global Reach Partner’s downside is the lack of offices and local bank settlements across the globe. That means transfers are likely to be slower and more expensive for clients outside the UK.
Call From UK
- Vanilla Forward.
- Window Forward Extra.
- Participating Forward.
- Risk Reversal.
Global Reach excels in this particular aspect of FX options. Since they deal mainly with corporate clients, they have bothered creating forms of FX options which are unavailable anywhere else like the Window Forward Extra.
An app is unavailable at this time. For companies that do have a mobile fx transfer apps click here.
Global Reach offers a wider variety of forex options than the vast majority of its competitors. This is a strong selling point for experts, treasury managers, and traders who look for upside on some of their deals.