About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Personal and business international money transfers

Transfers over £3,000 are fee-free

Regular transfers 

Risk management tools

Dedicated account managers

Payment options

Bank account transfers
 

Payout options

Bank accounts

Transfer options

Online

Over the phone
 

Regular transfers

Available

Send money from

Supports payments in more than 60 currencies.
 

Send money to

Supports transfers in more than 140 currencies.

Reliable customer service

Email - personal@globalreachgroup.com

Phone - International phone numbers location: https://www.globalreachgroup.com/contact


Personal Features

50

Global Reach provides money transfer services for personal customers from different parts of the world.
 

What Global Reach offers

  • International money transfers.
  • Dedicated account managers.
  • Forward contracts.
  • Stop loss and limit orders.
  • Regular transfers.

International money transfers - Get existing Global Reach exchange rates when you carry out Spot transfers.

Dedicated account managers - Speak with a dedicated currency dealer when you want to transfer funds or if you need expert forex-related advice.

Forward contracts - Lock existing Global Reach exchange rates for up to two years.

Stop loss and limit orders - Set maximum budget rates through stop loss orders. Use limit orders to target better than existing rates.

Regular transfers - Set up regular transfers according to your specific requirements.
 

What Global Reach doesn’t do

  • FX-optimised travel cards.
  • Digital wallets.
  • Cash pick up.

 

Global Reach score

The reason behind Global Reach's average score in this section is that it does not provide cash pick up, digital wallets, and travel cards.


Business Benefits

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Depending on the country in which your business is registered, you may sign up for a Global Reach business account.
 

What Global Reach offers

  • International money transfers.
  • Dedicated account managers.
  • Forward contracts.
  • Stop loss and limit orders.
  • Options.
  • Digital wallets.

International money transfers - Carry out Spot transfers that use existing Global Reach exchange rates.

Dedicated account managers - Benefit through bespoke strategies created by your account manager to meet your specific requirements.

Forward contracts - Use forward contracts to lock existing rates for transfers you wish to carry out in the future.

Stop loss and limit orders - Use stop loss orders to minimize your forex risk by setting lowest acceptable exchange rates. Target better than existing rates by using limit orders.

Options - Use option products provided by Global Reach Markets to further complement your hedging strategies.

Digital wallets - Buy currencies you wish to transfer later, and hold them as balances in a digital wallet.
 

What Global Reach doesn’t do

  • Unique multi-currency receiving accounts.
  • Business travel cards.
  • Solutions for online sellers.
  • Accounting integration.

 

Global Reach score

Offering travel cards, online seller solutions, accounting integration, and multi-currency accounts would improve the Global Reach score for its business services.


Fees & Exchange Rates

58

Global Reach fees

You might have to pay a Standard Telegraphic Transfer (TT) fee. It limits to a maximum of £20 for personal and business customers. However, there are no transfer fees if you send more than £3,000.
 

Global Reach exchange rates

Global Reach applies markups/margins on existing mid-market/interbank exchange rates. The margin can vary significantly based on your trading volume, the frequency of transfers, and the currencies involved.
 

Are there additional Global Reach fees?

You might incur intermediary bank fees if you are sending your payment to Global Reach from outside of the UK.
 

Global Reach score

The non-transparent exchange rate margins that Global Reach applies cause its score in this section to remain just above average.


Ease of Use

61

What Global Reach does well

ID verification - Tends to take place within two hours. Verifiable UK residents can expect straight through onboarding in minutes.

Phone transfers - Carry out over the phone transfers by speaking with your account manager.
 

Where Global Reach could improve

Signing up - Signing up with Global Reach could be made easier.

Payment methods - Global Reach currently accepts payments only via bank account transfers.

Speed - Transfers to some currencies process on the same day but most transfers take 1 - 2 business days.

Minimum fee-free transfer limit - You need to transfer more than £3,000 or its equivalent in another currency to qualify for fee-free transfers.

App for mobile devices - Global Reach has not launched apps for Android and Apple yet.
 

Global Reach score

Global Reach can improve its score in this section by offering apps for mobile devices, lowering the fee-free limit, simplifying the registration process, adding more payment methods and offering quick turnaround times for all transfers.


Support & Countries

69

What Global Reach does well

Supported currencies - Global Reach gives its customers access to more than 140 currencies.

Supported countries - You can register with Global Reach from most countries. Exceptions include Afghanistan, Cuba, Iran, Iraq, Libya, North Korea, Somalia, South Sudan, Syria and Zimbabwe.

Customer support - Provides customer service over the phone through its global offices, and also via email.
 

Where Global Reach could improve

Local settlement accounts - With its only local settlement account in the UK, international customers might have to pay intermediary bank fees when making payments.

More languages - Access to the Global Reach website is only in English.
 

Global Reach score

Global Reach can better its score in this section by making its website multilingual and by increasing its local settlement accounts.


Trust & Transparency

57

What Global Reach does well

Regulated - Global Reach Partners Limited is authorised by the UK Financial Conduct Authority (FCA).
 

Where Global Reach could improve

Exchange rate transparency - Customers don't find out how much margin Global Reach applies on exchange rates unless they do their own research.

Trustpilot - Global Reach rates as Great on Trustpilot, getting 8 out of 10, with around 650 reviews. However, there aren't many recent Global Reach reviews on this platform. On Feefo, Global Reach scores 9.6 out of 10. However, some reviews highlight concerns surrounding poor customer support, not getting the right trading advice and non-transparency in exchange rates.
 

Global Reach score

Making its exchange rates completely transparent as well as addressing customer concerns quickly and effectively would help increase Global Reach's score in this section.

FAQs

What is Global Reach

Global Reach is a specialized international money transfer company offering services to individuals and businesses. Global Reach provides online money transfer and currency exchange experts to transfer money internationally. Businesses can take advantage of Global Reach’s currency risk management solutions.

Summary

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Global Reach (previously known as FC Exchange) is a UK-based international money transfer company. It provides services for individual and business customers. Depending on how much money you wish to send, you might qualify for fee-free transfers. Global Reach has offices in several countries.

Pros

  • Personal and business money transfers
  • Extensive list of supported countries
  • No fees for transfers over £3,000
  • Regular transfers
  • Currency hedging tools
  • Dedicated account managers
  • Regulated by UK FCA

Cons

  • No digital wallets for personal customers
  • No travel cards
  • No card payments
  • No online seller solutions
  • No app for mobile devices
  • No multilingual website
  • No cash pick up