Is Sterling FX Safe?

Company size:

Sterling FX has been involved in the banknotes business since 1972 and was one of the first bureaus to be offered a licence to trade by the Bank of England. Being the first bureau de change on Edgware Road to operate as a money services business, the company was a pioneer in offering zero commission on all foreign exchange transactions to clients. It later incorporated into a limited company in 2006 known as Sterling Consortium Ltd. In 2010 Sterling’s branch operation began its online offering to provide excellent value to customers throughout the United Kingdom.

Based in central London and being a wholly owned subsidiary of Sterling Consortium Limited. Sterling Consortium Limited is authorised and regulated by the Financial Conduct Authority as an Authorised Payments Institution (API Firm reference number 987941).

The company is also governed by HM Revenue and Customs as a Money Service Business (MSB registration no. 12120971) for the provision of travel money. Keep in mind, the actual provision of travel money is not regulated by the FCA.

Importantly, Sterling FX has taken a positive step in becoming FCA regulated for bank transfers, moving beyond its previous registration-only status. This added level of oversight offers customers greater reassurance that their funds are being handled in line with the UK’s set regulatory standards.. See our guide to international money transfer regulations to learn more about the distinction between FCA regulated and FCA registered.

Sterling FX has a team of multilingual individuals with a strong expertise in foreign exchange. They are fully trained in all areas of compliance, customer service and currency exchange to ensure that customers have a reliable and a stress free experience.

Following many decades of success as a physical provider of travel money and bank notes, Sterling FX International Money Transfers launched in March 2020. With a simple interface, Sterling FX international payments offers clients a no-frills and easy approach to sending money internationally online. With both spot and forward contracts available, customers are also able to place an order over the telephone.

Regulated by:

Financial Conduct Authority (UK)

Awards:

None.

Conclusion: 

Established in 1972, Sterling FX has a long-standing history in the foreign exchange industry as a bank note and travel money provider. It has an excellent reputation in this field and is one of the best-rated travel money providers in the UK.

With over a 2,000 glowingly positive reviews, primarily relating to the travel money service, it’s evident that Sterling FX is a trusted and knowledgeable provider in the foreign exchange industry.

However, its bank transfer business still seems to be building up and annual transfer volumes remain quite modest.  Importantly, Sterling FX has become FCA regulated. This means Sterling is required to safeguard client money based on the current FCA guidelines under the Payment Services directive into segregated accounts (which are held with Lloyds Bank). Specifically, this relates to ‘relevant funds’ i.e. those required to fulfil payments. Funds held as a deposit on forward contracts are not held in safeguarded accounts, but this is how all authorised providers operate.

From FCA register :

Given that Sterling FX launched its international money transfer service in March 2020, it understandably began under the umbrella of a “small payment institution” (SPI), which generally handles up to €3 million in transfers per month and operates under simplified regulatory requirements. However, since then, Sterling FX has taken a significant step forward: it is now authorised and regulated by the FCA as an Authorised Payments Institution (API) with the firm reference number 98794, providing enhanced regulatory protection and oversight

SterlingFX Customer Reviews

Research:

Sterling FX has amassed over 2,250 reviews on TrustPilot, one of the most recognised review platforms across the world, amassing an impressive 4.6 / 5 review score.

On Google Reviews, the firm boasts a 4.8 / 5 score based on over 1,650 reviews.

*Valid as of August 2025.

Conclusion:

Overall, Sterling FX has excellent feedback. Attesting to the fact that Sterling provides a reliable and competitive service. The issue is that so much of it relates to Sterling FX international money transfers. Sterling FX appears a market leader for this particular area of the market and is known to provide some of the best ‘buy back’ rates out there for physical banknotes, i.e. converting foreign currency that you bring home on your return to the UK.

There are a small handful of reviews which specifically relate to Sterling FX money transfer, and to be fair, these are all positive. They explain how Sterling FX delivered just as it promised and successfully got the money to the beneficiary on time and with little fuss.

The overall impression of Sterling FX is positive but a handful of reviews specifically relating to Sterling FX international money transfers is just too little to go by. We aren’t able to establish a consistent track-record which specifically relates to online payments.

SterlingFX Exchange Rates & Fees

Research:

Fees: Payment fees for Sterling FX international transfers are described as transparent, in the sense that they are presented to you clearly before you confirm a payment. However, the exact rates and any associated charges are not publicly available and can only be viewed once you have registered an account and initiated a quote. This means that while customers can see all costs before committing to a transaction, there is no way to compare Sterling FX’s fees directly with other providers without signing up first.

Like most currency brokers Sterling FX also applies an exchange rate spread. However, while currency brokers like Currencies Direct and OFX charge an exchange rate spread, they offer fee-free international transfers. So you’re better off opting for them if you want to avoid fees.

Exchange rates: The size of this spread is not published, but in general, larger transfers tend to secure more competitive exchange rates. For customers sending higher-value payments, it’s worth remembering that percentage-based fees (whether from a spread or any applied payment cost) can add up quickly.Sterling FX is said to conduct a monthly exchange rate comparison against major high-street banks to prove it comes in cheaper. However, it doesn’t appear to be a particularly live comparison and the figures seem more estimated than anything. See our examples below.

Source: sterlingfx.co.uk/compare-exchange-rates (August 2025)

We’d certainly expect Sterling FX to provide cheaper international payments – with less overheads and a fairer policy compared to banks, they can offer a lower price to individuals and SMEs.

However, it is worth noting that the quoted £9.85 saving appears across multiple currencies and has remained unchanged in 2025 compared to figures shown back in 2022. This consistency suggests it may be a static marketing example rather than a live reflection of current exchange rate differences, so customers should treat it as illustrative rather than definitive. 

Limits: Not specified but they have transferred a total of £1.3bn in their total time trading which is significantly less than what the likes of moneycorp and Global Reach regularly handle every year. These companies regularly make one-off transactions which are multi-million pounds and have absolutely no maximum payment limits whatsoever.

Conclusion:

We don’t like that Sterling FX’s fees are only visible once you’ve registered an account, making it harder for prospective customers to compare costs with other providers before committing. While the company describes its pricing as transparent at the point of payment, the lack of publicly available fee details is less convenient for those shopping around. We also find it questionable that the site’s £9.85 “saving” comparison has remained unchanged since 2022 and appears identically across multiple currencies, suggesting it is more of a fixed marketing example than an up-to-date reflection of current rates. On top of this, Sterling FX applies an exchange rate spread in addition to any payment fee, meaning that on large transfers the total cost can quickly add up. Many leading brokers publish their fees upfront and offer fee-free transfers without sacrificing speed, making them easier to evaluate at a glance.

SterlingFX Global Reach & Service

Research:

• Dedicated Dealer: Yes
• Offices: London, UK
• Ways to approach: Telephone & Online platform
• Translations: No, but the staff does speak a few languages
• Accepts clients: UK
• Currencies Handled: 23
• Client reviews: Over 2,000 on TrustPilot (4.6 / 5), a leading review platform around the world

Conclusion:

Sterling FX is a UK-only foreign exchange company that has built on their success as a bureau de change to launch Sterling FX international money transfers. Thus, its target audience appears mainly to be individuals who are based in the UK and have had positive experience with Sterling FX for the provision of travel money. Businesses can also register and Sterling will even accept other companies working within financial services.

The firm is by no means as international as many of the largest providers on the market, such as OFX, who offer money transfer services in the UK, Europe, US, Canada, Australia and NZ.

With 23 currencies offered, the vast majority of major currencies are available through Sterling FX. However, for those looking to send money to more remote destinations, they may prefer the 100+ currencies offered by Moneycorp.

Additional Functionalities

• Spot Transfers
• Forward Contracts
• Mass Payments
• Risk Management

App:

No app functionality.

Collection Accounts:

None.

Conclusion:

Sterling FX international payments are offered through two main foreign exchange solutions; spot contracts (payments to be made now and settled within 2 days) and forward contracts (payments to be made in the future, i.e. 2 days+). In addition, Sterling FX provides mass payment capabilities for business clients and risk management tools to help hedge against currency fluctuations. This is better than online-only competitors like Wise and Currencyfair who simply provide spot contracts, however, this is a worse selection than the majority of money transfer companies like Currencies Direct and TorFX who offer these tools in addition to market orders and flexible forward contracts.

The ability to trade over the telephone is a definite plus, but the lack of an app works against Sterling FX in our rating. While this is understandable given the relatively small scale of its money transfer operation, individuals and SMEs that prefer to manage payments via an app may wish to consider providers in our guide to the best international money transfer apps.