Shift Connect Money Transfer Review

Should I Use Shift Connect?

Pros:

  • Experienced account managers
  • Wide number of currencies and countries available
  • Partners with currency giant Oanda
  • Extensive range of payment capabilities and collection accounts possible through Currencycloud

Cons:

  • Not transparent at all about payment fees and FX spreads
  • No money transfer app
  • Payment limits fluctuate depending on currencies
  • Barely any client reviews

Services Offered by Shift Connect

Transfer Money Abroad For Both Individuals And Businesses  + 5

Official Website:

Shift Money Transfer Review: Executive Summary

Shift Money Transfer, commonly referred to as Shift Connect, stands as a notable contender in the realm of international currency transfers. With a strategic alliance with the esteemed fintech leader, Currencycloud, Shift Connect guarantees regulatory adherence and state-of-the-art trading infrastructure for its clientele. However, potential clients should note the limited transparency surrounding their fee structure and exchange rates. Despite these concerns, Shift Connect offers a promising blend of dedicated service and the technological prowess of a major platform, making it a worthy consideration for those navigating the global financial landscape.
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Updated on Aug 14, 2023
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Current Rates?

🏆 No Industry Awards

Where is Shift Connect?

Our Top Rated Shift Connect Alternatives

Are you sure you’ve found the best money transfer company? Discover Shift Connect competitors 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, 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

This review of Shift Money Transfer (registered name Shift Connect) will take an in-depth look at this Canadian headquartered currency broker. We’ll run through the history of Shift to get a feel for the size and credibility of the provider, we’ll take a look at what existing clients have had to say about their experiences, and we’ll analyse the technology used to drive the Shift Connect platform. To view the best-rated companies which are similar to Shift, check our top international money transfer companies list.

Is Shift Connect Safe?

Company size:

Shift Connect is a small to medium sized currency broker headquartered in Canada. Like Spartan FX, CurrencyWave and various other payment companies, Shift is powered by Currencycloud, a market-leading provider of international payment technology for banks and payment companies alike. By utilising the payment infrastructure supplied by an innovative but established company like Currencycloud, it enables Shift to provide a trusted and efficient payment service.

Founded in 2006, Shift Connect has been helping clients to move their money overseas for more than 15 years. CEO Dave Kelcher has plenty of experience in the industry, having previously been president of Axiom Foreign Exchange from 2005 – 2017. Managing Director Anthony Dunn similarly, with prior roles at Cambridge Financial and the Canadian-based Calforex. However, for a company which has been established for so long, it has a surprisingly small amount of client reviews.

With the majority of staff based in Calgary, Shift has team members around the globe. They process transactions for both private and corporate customers, allowing them to exchange funds in 130 currencies, hold funds on account in 60 of those currencies, and make local payments without sending wires in 30 countries including UK, Europe, US, and Canada.

In 2021 currency giant Oanda teamed up with Shift Connect to provide payment solutions for Canadian-based businesses. A partnership with Oanda, who have also worked with fintechs like WorldFirst and Wise, signals to us the growing reputation of Shift as a trusted payment provider in North America.

Regulated by:

✓ FCA, via Currency Cloud Limited (FRN: 900199)

✓ FINTRAC, (Registration M17886614)

✓ FinCEN (MSB registration number 331000206794359)

Awards:

None.

Conclusion:

Shift Connect is an experienced payment company that holds money transfer licences with some of the most established regulatory bodies around the world. It holds direct licensing in Canada and utilises Currencycloud’s licensing to onboard clients in the US, UK & Europe.

This heavy focus on compliance and digital security certainly indicates to us a safe and professional firm. The partnerships that Shift Money Transfer has with Currencycloud and Oanda helps to further demonstrate their credibility.

We don’t like the limited number of Shift Reviews available online (more on this below). Nor do we like the hazy information around exchange rates, but this doesn’t take away from the safety of the firm.

Shift Connect Client Reviews

Research:

Barely any Shift Connect reviews to be found online and absolutely zero that we can trust from an official review site like Feefo or TrustPilot who verify the reviews are legitimate. It’s surprising Shift hasn’t opted for either of these official platforms, especially given how long the firm has been in existence.

There are zero reviews of Shift Connect within the last two years.

Shift Connect reviews we could find online:

  • 13 Shift Reviews on Google – 4.4 / 5

Positive:

11 out of the 13 reviews of Shift on Google rate their experience as 5* and have the following to say:

  • Saved money vs banks
  • Helped to time trade to maximise returns
  • Proactive account managers
  • Suitable for older generation
  • Great business offering

Negative:

There are only two negative reviews of Shift, which pick up on:

  • Couldn’t register as a sole trader
  • Too many frequent calls

Conclusion:

It’s a shame that Shift does not work with a review platform like Feefo where all customers are invited to leave a review. One would assume there would be significantly more Shift Connect reviews available online if this was the case. 13 reviews is far too small a sample for us to recommend Shift based on existing customer experience, which is one of the most influential elements in our company rating. Having said that, from the small number of Shift reviews online (we’ve read through them all), the positive theme is evident – clients enjoy the benefit of having a dedicated account manager. We particularly like the fact that two of the Shift reviews speak of the proactive nature of the team – often contacting the client when the rate moves in their favour. This is excellent service and what we’ve come to expect from our best rated currency brokers like OFX and Global Reach who have thousands of positive reviews and are also available in Canada.

Shift Connect Rates & Fees

Research:

Fees: Payment fees vary depending on the currencies involved. Some of the most respected providers in the industry, like Currencies Direct, charge no payment fees at all.

Exchange rates: Like many brokers, Shift does not publish its exchange rate margin. The more you send, the better the rate you’ll achieve. If you’re sending a large amount it’s also probably going to be worthwhile trying to negotiate on the rate too.

More so than others, Shift is very hazy about the exchange rate spread it applies to currency conversion. On some pages of swiftconnect.com you can see them referencing a 2% saving vs banks which isn’t bad. However, other brokers will at least normally display the data/mystery shop details which verify how they are cheaper than banks.

Limits: Varies depending on both the currency sent and currency received, which makes life a little more complicated. The online system will inform you if it’s above their limits but could potentially mean you’ve wasted time registering.

Conclusion:

There is little information to be found about Shift’s exchange rate and fees. Generally, the less clear a provider is, the greater the amount they charge. Saying that, a handful of the 13 Shift reviews we could find do specifically attest to Shift being able to save them money. What’s more, a couple of clients talk of Shift helping them to time their trade at a favourable exchange rate and achieving a better rate than the one available to them when they first registered.

If the currency pair you’re trading is volatile, timing a trade correctly may prove more beneficial than simply finding the provider with the lowest spread. Thus, having currency experts who follow the market on your behalf is certainly beneficial. moneycorp is also very good at this. Alternatively, you could simply set up your own rate alert, which is a tool offered by virtually any money transfer company in existence today.

Global Reach & Services

Research:

  • Dedicated Dealer: Yes (for business clients – private clients still have access to a team of experts)
  • Offices: Calgary, Alberta
  • Ways to approach: Email, Telephone, Online
  • Translations: No
  • Accepts clients: UK, EU, US & Canada
  • Currencies Handled: 130
  • Client reviews: 13

Conclusion:

In addition to its own licensing in Canada, Shift leverages Currencycloud’s regulatory footprint, meaning it is also able to onboard clients in the US, UK and Europe. This makes Shift one of only a handful of brokers that can onboard US clients. Overall, their onboarding capabilities are genuinely impressive and better than 90% of other brokers in existence. They just lag behind the most impressive international brokers like OFX, who can onboard clients in the UK, EU, US, Canada, Australia, New Zealand, Singapore and Hong Kong.

Local payments are possible in 30 countries, which again is impressive, as are the 130 currencies available to trade. Telephone dealing is accessible to the majority of Shift clients with the firm holding local call details in Calgary, Edmonton, Vancouver, the UK and the US. There are no translations of the site or trading platform, which could pose a problem to European clients.

Additional Functionalities

  • Spot Transfers
  • Forward Contracts
  • Limit Orders
  • Stop Loss Orders

Shift works with clients to develop a customised hedging strategy that assesses the individual complexities of every business.

App:

None.

Collection Accounts:

Similar to other payment companies who utilise Currencycloud technology, Shift offers collection accounts in 30+ currencies, allowing businesses to collect overseas payments, hold balances, convert currencies and withdraw funds to their domestic account (collectively: multi-currency accounts). However, these accounts are all held in the UK and customers sending funds from outside of here will incur expensive international payment fees.

Conclusion:

The currency hedging tools – spot, forward and limit orders – are just what we would expect from a currency broker. Nothing unique here but more than enough functionality for most small businesses. More important is the quality of the team offering these hedging tools and how dedicated they are to assisting clients. We get the impression that Shift is committed to its customers and building a currency hedging strategy.

Collection accounts are a definite plus but information on Shift’s collection capabilities is pretty scarce. Generally, collection accounts powered by Currencycloud are less rich in functionality than WorldFirst and Wise as these providers offer in-country bank accounts across the globe.

Shift Connect Review

Bottom Line

Shift is a safe payment provider that has been handling international transfers since 2006. The partnerships the firm has with Currencycloud and Oanda further cements their credibility. Where Shift let themselves down is the lack of transparency around exchange rate and fees and lack of existing customer reviews. For a firm that transfers billions of dollars a year, it doesn’t add up that they have just 13 reviews. Given this tiny sample, we encourage readers to compare Shift with other recommended money transfer companies.