IFX Payments Review

Should I Use IFX Payments?


  • Access to over 90 currencies in more than 120 different countries
  • Hedging functionality with forward contracts
  • Highly rated by customer reviews, 4.9 / 5 (TrustPilot)
  • Broad range of payment solutions


  • Non-transparent pricing and fees
  • No money transfer app
  • Website lacking depth
  • Ambiguity over which countries the service is available
  • Modest number of reviews despite the good score

Services Offered by IFX Payments

Transfer Money Abroad to a Bank Account (electronic bank to bank transfer)  + 6

Official Website:

IFX Payments Review: Executive Summary

IFX Payments is a rapidly growing fintech company specializing in international money transfers with access to over 90 currencies across more than 120 countries. Their services, including hedging functionality with forward contracts and virtual IBAN accounts, have earned high customer ratings. Despite some drawbacks such as non-transparent pricing and the absence of a money transfer app, IFX Payments maintains a strong reputation, particularly in the UK where they are regulated by the FCA.
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Updated on Aug 08, 2023
Aggregated User Votes

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🏆 No Industry Awards

Where is IFX Payments Available?

Our Top Rated IFX Payments Alternatives

At Money Transfer Comparison, we have reviewed over 80 money transfer providers, 40+ of which could be considered direct IFX Payments competitors. View our best rated IFX Payments competitors 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
  • 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
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance

In this IFX Payments review, we’ve provided a detailed overview of the payments firm, outlining the various features of their personal and business services. We comment on all available information about their exchange rates, transfer limits, and fees, in addition to identifying trends from customer feedback. This IFX Payments review also includes our trusted comparison service, where we look at how IFX Payments’ offering compares with other leading money transfer services.

Is IFX Payments Safe?

Company size:

IFX Payments is a fintech firm operating across Europe and the Middle East that has generated a multi-billion dollar turnover since its inception in 2005. They offer a number of services for both personal and business users including international payments, currency exchange, mass payments, and virtual IBANS.

Their flagship product, ‘ibanq’ integrates directly into IFX Payment’s foreign exchange services and global payments network. Ibanq is a multi currency, virtual IBAN account, that enables clients to manage and distribute funds from a single account, in up to 39 different currencies without any conversion costs. Partly thanks to the successful launch of ibanq in January 2020 and its continued success, IFX Payments has experienced rapid growth, doubling their client base since its launch. This was reflected by a staggering increase of 3000% in the number of payments handled monthly by IFX, resulting in turnover doubling in 2021 to £20 million.

IFX Payment’s foreign exchange services offer both personal and business customers spot contracts and forward contracts. Business customers are also offered a range of tools for active and ‘passive’ hedging of the currency markets. IFX’s passive hedging solutions are offered via API and allow customers to apply real-time multi-currency pricing of their goods, or perform ‘micro hedges’ on smaller transactions. Additionally, the company’s international mass payments system allows users to process bulk international payments without the need to open local currency accounts, providing access to more than 90 currencies in over 120 various countries globally. Overall IFX Payments has a broad service offering, and impressive reach regarding the currencies and countries it’s able to operate in.

Aside from a strong product offering, their success can likely be at least partly attributed to two other key factors; strong leadership and innovative marketing. IFX Payments boast a very experienced leadership team, three of their five most senior members have had a very long tenure and were part of IFX Payments during the company’s formative years. Co-founder, former CEO, and current Executive Chairman, Nick Williams, spearheaded the company’s growth to take them from a FX brokerage company to the fully fledged fintech they are today. In February 2021, Nick stepped down as CEO, appointing then COO, Will Marwick to step into the role. Since Will’s appointment the company has doubled its turnover, so it would appear that IFX Payments leadership restructure has set them up for great success and continued growth in the coming years.

One other point of note regarding IFX Payments’ team is the amount of females that they employ. They boast a 40:60 female:male split, which is significantly higher than the industry average. IFX Payments have leaned into this impressive stat, gaining some good spots of PR as a result, attributing their creativity and innovation partly down to the diversity of their workforce.

IFX Payments’ marketing team are also working hard to increase brand awareness, with a number of significant sponsorships in the sporting world. They are the official FX partner of English Premier League team Brentford FC and have just signed a new 3 year partnership deal, strengthening their relationship to become an Official Platinum Partner, including logo visibility and marketing activations across matchday and non-matchday assets. They’re also partnered with Scottish Premiership side Hibernian FC, English championship side Blackpool, and even have a leg of the PGA EuroPro golf tour named after them, the IFX Payments Championship. These prominent partnerships are fantastic for IFX Payments’ brand exposure, and the fact they’ve just strengthened their most prominent partnership, suggests this sponsorship strategy is proving beneficial for the company.

Another interesting find from our research for this IFX Payments review, is the listing of several separate term documents on their website footer. This is fairly unique and something we’ve not seen from many other firms in the space and is actually very useful, making the company’s terms much more accessible and digestible by splitting them up for different target users. They list terms for corporate, retail, ibanq, and perhaps most interestingly they have a dedicated addendum for Gaming & Gambling. The vast majority of FX companies do not accept gambling clients, so this is a definite unique selling point for IFX Payments, especially as they have such strong links to sporting audiences based on their sponsorships and partnerships.

Regarding IFX Payment’s security, as an EMI, they’re not covered by the Financial Services Compensation Scheme, therefore, they separate client funds from all other IFX assets, placing these in a safeguarding account at Barclays Bank PLC. Given they are regulated by the FCA in the UK, customers can also feel more comfortable regarding the safety of their funds, as the FCA is known for having closer scrutiny and higher operating standards compared to other regulatory bodies.

Regulated by:

✓  FCA,  (FRN 900517) – UK

✓  DFSA (Dubai Financial Services Authority) as a Representative (F001814)


Whilst IFX Payments is a company that has been around for a while, it’s within the last 2 years that the company’s growth has exploded and they’ve really started to garner some attention in the fintech space. Whilst this is largely due to their flagship product ‘ibanq’, which is a corporate solution, there is certainly still a reasonable offering available to personal users.

Their upward trajectory will likely be a positive sign for potential customers, and given they’re actively adding to their partnerships with major brands, this further goes to suggest they have a good reputation and will boost customer confidence. Their partnerships with the likes of premier league side Brentford FC will provide great exposure to a wider audience and may help contribute to sustaining the high growth period they’re currently enjoying.

Something else we found encouraging was IFX Payments recognising the surge in growth over the past two years to be a catalyst for a management restructure. Displaying the commercial awareness to set their team up for major growth is a reflection of the experience in their leadership team. Their current CEO, Will Marwick, has had a fantastic start to his tenure, and seemingly has ambitious plans to continue this period of high growth for the company.

IFX Payments has a well laid out and slick website, although the site does lack additional details and specific information in certain areas, which is highlighted in more detail later in this IFX Payments review.

A final point of consideration is IFX Payments operating their multi-currency accounts as ‘virtual IBANs’ all from one header account. This suggests their multi-currency accounts are run out of London, it’s likely that when making and receiving payments in foreign currencies, that these won’t be considered local payments.

IFX Payments Client Reviews


IFX Payments are in their 17th year of operation, so comparatively, they have a rather low number of reviews compared to some of the bigger players. TorFX, for example, launched at a similar time in 2004 and has over 5,500 reviews in the UK, netting the same 4.9 / 5 score. Rather dwarfing the 316 IFX Payments reviews on TrustPilot. Nonetheless, IFX have amassed an impressive score of 4.9 stars out of 5. This rating is above average for the industry and is worthy of recognition. Also of note is IFX’s flawless 5-star rating on google. Despite being based on just six reviews, potential customers are met with a good first impression if using the world’s leading search engine.

96% of IFX Payments reviews on Trustpilot have been rated 5 stars out of 5, with a further 3% scoring 4 out of 5 stars. Upon reviewing the positive customer feedback we’ve identified the following trends

  • Fast, efficient and friendly service
  • Competitive, bank beating rates
  • Reliable and consistent service over time
  • Quick and smooth transaction process

Only 1% of IFX Payments reviews are negative, which accounts for 3 reviews total. It is important to note that the following are not negative trends, just the summary of each individual user’s negative experience.

  • Concerns around the company’s handling of customer data
  • Dissatisfied with the service from their appointed representative
  • IFX held on to a client’s funds, which required a follow up for funds to be released


Whilst the reviews of IFX Payments are in the hundreds rather than thousands, it’s undeniable that they have a very good online reputation from the reviews they do have. Many users who left reviews state they are long term customers who have been happy with IFX Payments’ service for several years, which will provide additional confidence to customers looking for a long term payments partner.

With a near flawless rating across TrustPilot and Google, the few negative reviews will likely not cause too much concern to potential customers, as there are currently no themes or negative trends that point toward a specific aspect of IFX Payments’ service. However, customers looking for even more reassurance might consider larger players such as TorFX who enjoy the same trust score but based on a much more significant sample of reviews.

With that being said, a look back at recent IFX reviews provides mixed signals. The fact they have received 100% of 5-star reviews in 2022 is an encouraging sign but, despite the rapid rise in customer growth, the firm received just 18 reviews in 2022. This makes us wonder if only select customers are being invited to leave a review, as one would assume the rise in customers would naturally reflect in a higher number of reviews. The number of IFX reviews was actually below the average of previous years.

IFX Payments Rates & Fees


There is little detail on the IFX Payments website regarding fees, the most detail provided is in the company’s terms where it points to all fees being highlighted in the customer’s Pricing Schedule or as part of their Service Level Agreement. The only fee we can be sure IFX Payments charge for, is for customers wishing to make out-of-hours conversions, for which IFX Payments will charge a ‘reasonable extra percentage-based fee’. It’s stated that this fee may change depending on how frequently the customers are trading the currency in question, but no guidance is provided on what the percentage range is for this fee.

No other specifics are provided therefore potential customers will have to engage directly with IFX Payments for an understanding of their applicable fees for each service and transaction they wish to make.

Exchange Rates:

IFX Payments do not promote a standard mark-up on their exchanges, nor do they provide any general details to give any indication of what these fees might be. Whilst users have to reach out to an IFX Payments sales executive for a specific quote, there are a couple of encouraging signs to suggest their rates are competitive. IFX Payments include a very detailed ‘markets’ page placed very prominently on their website, that includes 20 live interbank rates with timestamps across GBP, EUR , and USD. This transparency from IFX Payments suggests that they want customers to be able to easily compare their offered rate to the live interbank rate, which we can assume is because they believe their rates are competitive. This is supported by a trend identified in our research of the customer reviews where many customers claimed to have been happy with the exchange rate they received.


The only insight we have into IFX Payments limits is their minimum transfer limits for private customers, which is £5,000 GBP or equivalent. Aside from that, there’s no mention of upper limits so we’d have to assume there are none. Their terms simply state that at time of client setup on the platform, the firm requests payment sizes, trades and no. of payments from the client so that IFX Payments can set the correct limits on the account.


IFX Payments are not as transparent as many of their competitors in the space. We certainly would have liked more transparency regarding their limits, as this is important information for potential customers to be able to assess whether or not IFX Payments can even facilitate their request, regardless of cost. Whilst IFX Payments do have a small FAQ section included on their page for ‘personal’ customers, we believe it would be advantageous to develop a dedicated FAQ page, to address important and common questions such as account limits. Given a lack of clarity on their upper limits, customers can turn to a provider who can guarantee handling larger transfers, such as the very credible and experienced moneycorp.

We would have to assume that payments are not fee-free like they are with other competitors like Currencies Direct, otherwise IFX would be keen to highlight this in their sales material. The fact that exchange rate markups are decided on a client-by-client basis is understandable as this is how the majority of currency providers offering a bespoke service operate. It means if you’re transferring large sums overseas or receiving large sums from overseas then you should be able to negotiate a better rate but if you’re transferring smaller volumes a fixed-rate provider like Wise might be better. Remember though, the cheapest way to send money internationally is not always the best and there are various other market factors that influence the exchange rate you achieve.

Global Reach & Services


  • Dedicated Dealer: Yes
  • Offices: 5 offices across UK (2 offices), Australia, Poland, UAE
  • Ways to approach: Contact Form, AI bot, Phone (08.30 – 17.30 UK)
  • Translations: Not specified
  • Accepts clients: UK + 19 other countries (not specified)
  • Currencies Handled: Pay out in >100 currencies, collect in 39
  • Client reviews: 99% of all reviews are positive


IFX Payments handles a good range of currencies, both for payments and collection. They also provide a dedicated currency consultant for all FX exchanges, regardless of whether you’re a private or corporate customer. Despite having a number of international offices, some ambiguity remains around their multi-currency account solution. From our research for this IFX Payments review, it appears that all of their virtual accounts are run from London, meaning users will receive a less competitive service using IFX Payments versus an alternative provider offering local, in-country accounts. For example, if you made sales to a US customer then that customer would have to transfer money from USA to UK if you used an IFX payments account. This is because the USD account is based out of London. Alternative multi currency account providers offer a USD account physically held in the US, meaning local US transfers can be made to/from the account. Reducing payment fees and providing a competitive edge for customers.

IFX Payments accepts clients from the UK and 19 other countries, however an extensive list of these countries does not feature anywhere across the firm’s website nor in any of their terms. Therefore, potential customers would need to make direct contact with the money service provider to understand if the service is available in their region. Regarding their reach, IFX Payments have permanent offices strategically placed across key markets, including Australia and UAE. This will help provide a more bespoke and responsive service and is likely a major contributor to their service frequently being praised in customer reviews. They also have an Arabic translation for their website which further reinforces that the UAE is a key market for the firm.

Regarding the company’s plans to expand their reach, CEO Will Marwick, has made his intention clear in wanting to continue the firm’s momentous growth. He has publicly stated that in the next 5 years, IFX Payments will look to establish themselves across new international markets and open more offices in their target geographies. This will undoubtedly result in the company expanding the number of currencies they handle, and they also seem open to expanding the range of services and features available to their customers.

Additional Functionalities


Yes – forward contracts and limit orders are available for both personal users and corporate customers.

For Business:

Yes – IFX Payments are arguably geared more toward corporate clients, despite offering a range of services to personal users. Corporate users have access to spot, forward, limit, stop loss contracts as well as their flagship product ‘ibanq’, a multi-currency virtual IBAN account. Corporate customers also have passive hedging options that support micro-hedging and multi-currency pricing, supported by integration with IFX’s APIs.


No – at the time of writing IFX Payments does not have a mobile app. Users who consider a mobile app an essential feature, might consider any of our best rated international money transfer apps.

IFX Payments Review

Bottom Line

Our IFX Payments review has outlined the range of services offered by the growing fintech firm. They have several international offices and operate using their own payments platform but their website lacks specific detail regarding the full list of countries they offer their services in. Whilst the range of services IFX Payments offer was clearly laid out on their website, we would like to have seen more detail with regards to how each service worked and a more extensive FAQs section to provide more details on key information such as maximum sending limits and fees.

We found IFX Payments to have a sterling online reputation, having amassed an impressive review score, as well as gaining some positive press. Being listed as a ‘Fintech Power 50’ member in 2021 is just one of many great press articles they’ve featured in. The concern remains however about the lack of customer reviews – with just 300 in total and 18 left in 2022 we think there are plenty of other competitors offering the same or better service that have amassed thousands of positive client experiences.

Overall, we believe IFX Payments is a secure and trustworthy option to consider. They have been in the industry a long time and continue to grow by innovating and meeting the ever changing needs of customers in this dynamic market. Ultimately, the only potentially off-putting factor for IFX Payments is their lack of reviews and their lack of transparency around exchange rates, fees and transfer limits. Those in search of a similar service but from a firm that provides greater transparency on their fees, and has received a greater number of customer reviews can consider some of our top rated currency brokerages.