Should I use PureFX for money transfers?
Pros:
Cons:
Services Offered by PureFX
Official Website:
PureFX Review: Executive Summary
PureFX was an online provider of foreign exchange services, offering individuals and businesses a range of solutions for their international money transfer needs. The company offered a number of advantages over traditional banks and other FX providers, including better rates, faster transfers, and more flexible payment options. In 2019 the company was acquired by Foreign Currency Direct. Nowadays, they have rebranded as to Lumon Pay. This review of PureFX has been left for informational purposes only.
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1Not Top 10 Ranked
Where is PureFX Available?
Our Top Rated PureFX Alternatives
On Money Transfer Comparison, we have reviewed 80+ money transfer services, 40+ of which could be considered direct PureFX competitors. View our best rated PureFX money transfer alternatives which have received higher ratings below:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
This review of PureFX was intended to highlight the pros and cons of PureFX when it was a standalone company. It focused on aspects like the fees and exchange rates offered by PureFX, the quality of their online trading platform, and the level of service provided. To view other companies that PureFX was like, check our best UK currency brokers list.
Is PureFX Safe?
Company size:
PureFX has been operating since 2006, as a currency broker, and international money transfer provider. There is little we can say about the company.
– There is no mainstream media coverage of it, in the UK, or elsewhere.
– It has not won any industry awards.
– There is little information about the company on its website (compared to larger companies like MoneyCorp, OFX, Currencies Direct, and World First, which are very comprehensive in their approach).
– In fact, if you are looking for more information about the company (in their own site or external site), you find results relating to other business with the same name like PureFX aromatherapy and massage, PureFX lightning, or the PureFX gym.
Regulated By:
FCA, HM Revenue & Customs (UK)
Conclusion:
Bottom line is that being an FCA-regulated payment service provider must mean PureFX complies with the legal requirements, and good client reviews make us believe it provides a solid service, but it’s a small firm and as such not as credible as some other companies in the market.
PureFX Customer reviews
Research:
PureFX have accumulated just over 800 client reviews on Feefo’s platform, a nice gradual increase from the first time we reviewed the company back in 2014. It’s not a whole lot of clients, but it’s a big enough number for us to determine that yes, there are clients out there, and they are satisfied with the service they have received.
Conclusion:
Glowingly positive reviews by over 800 users. Nothing to say about the complaint as it’s highly specific. Bottom line clients love it. We were still unable to give it the same rating as we did for Transferwise with tens of thousands of client reviews and superb media exposure.
PureFX Exchange Rates & Fees
Fees: Extremely high fees for transfers below the £50,000 mark, of £15, and an additional £10 if you want an invoice. Only Natwest bank was more expensive in fees than PureFX.
Exchange Rates: As with all Foreign Exchange firms, the exchange rates are not publicly displayed. We assume, based on the client reviews that we read that they are better than banks. The question is how they compare with other FX firms, and we assume that they can’t beat the rates of large companies with tons of liquidity when it comes to large transfers.
Limits: Not advertised.
Conclusion:
High fees, exchange rates that should be around average with other companies we tested, but since it’s a smaller firm we are doubtful they can operate on ultra-low margins like bigger companies do on larger transfers.
PureFX Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK.
- Ways to approach: Email, Telephone
- Translations: No
- Accepts clients: International clients accepted (not specified from which regions)
- Currencies Handled: 25
- Client reviews: Highly positive
Conclusion:
Not the most global company in the world, dealing the least amount of currencies out of almost all companies compared on our research, and with a single UK office, accepting only UK clients.
On the other hand service is, from what we read, extremely helpful.
Additional Functionalities
PureFX advertises some of the usual hedging tools: Forward Contract, Time Option, and Stop Loss. Industry leaders will offer a lot more options, and custom structures based on the needs of their clients.
App:
None and the site isn’t even mobile friendly. Not to mention there’s no online trading app at all.
You can read here about the best money transfer apps.
Conclusion:
Standard offering on hedging, poor functionality when it comes to technology offering no online platform, and no mobile app.
Pure FX Money Transfer Review Summary
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Credibility Score - 70%
70%
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Client Feedback - 90%
90%
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Fees, Exchange Rates - 60%
60%
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Global Reach, Availability, Service - 80%
80%
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Added Values - 50%
50%
Bottom Line
When it comes to large transfers, which is our main focus – we prefer other larger companies with better reputation and offering. We also prefer FX firms that don’t incur higher payment fees and spreads with the bank themselves. Still, PureFX is a worthwhile company with excellent client feedback and could be worth testing.