We recently had to send some money abroad and decided to try out Rutland FX, a currency broker based in London. Normally, I’d just use my bank, but I wanted to see if there was a better option. Here’s how it all went!

Who is Rutland FX?

Rutland FX is a white-label cross-border payment specialist that helps people send and receive money from different countries at competitive exchange rates. Based in London, they aim to provide better rates and faster service than traditional banks, making international money transfers easier and more affordable.

What They Offer

Rutland FX has a few different services that really cater to various needs:

• Spot FX: This is perfect for those who want to exchange currency at the current market rate and transfer the money right away.
• FX Forwards: If you’re worried about exchange rate fluctuations, you can lock in a rate for a future transfer.
• Market Orders: You can set a desired exchange rate, and your transfer will automatically happen when the market reaches that rate. Just be aware that if the rate never gets to your order level, you risk losing out if the rate drops.

They also provide an online account where you can see all your transactions in a clear and easy-to-understand way. This account is protected with two-factor authentication, ensuring your data and transactions are secure.

Competitive Exchange Rates

One of the first things I noticed was how fantastic their exchange rates were. They were so close to the mid-market rates, which was way better than what my bank offered. It was such a relief knowing I was getting a good deal.

Fast and Trackable Payments

Most of the payments sent by Rutland FX are on the SWIFT network, meaning they can be tracked in real-time. I was particularly impressed by the ability to track my payment in real-time on their portal. I could see the detailed path the payment took and the duration at each stage. Observing the transaction progress was a very informative experience, and the money reached the recipient’s account in approximately three minutes, which was remarkably fast and reassuring.

Awesome Customer Service

I had a few questions, so I called their customer service. They answered quickly and were incredibly helpful. It made the whole process feel so much easier and less stressful.

Easy Account Signup

Setting up an account was a breeze. The initial application form took just a few minutes, and my account was approved within an hour. This was for an individual account, though. According to their website, business accounts might take 1-2 business days to get approved.

Multi-Currency Accounts

Rutland FX offers UK-based multi-currency accounts in your own name, which is a fantastic feature. Each multi-currency account comes with its own IBAN and SWIFT code. For example, with a euro account, you get the option to have either a SEPA euro account or a SWIFT euro account. This flexibility makes it incredibly easy to manage and receive payments in different currencies. Adding a new currency account is just a click away, making managing different currencies really simple and convenient.

Transparent Exchange Rates and No Fees

When making a conversion, Rutland FX shows you exactly what rate you’re getting and how much it’s going to cost before you commit. No hidden fees, which was a pleasant surprise. Even though their website mentions there could be corresponding bank charges sometimes, which are out of their control, I didn’t experience any.

Savings Compared to My Bank

When I compared the rates with my bank, I was shocked at how much I saved using Rutland FX. For example, my bank was offering a rate of 1.14 to buy euros from pounds, meaning 1 pound would get me 1.14 euros. However, with Rutland FX, their platform rate was 1.172, which meant I was getting 0.032 more euros for each pound I spent. On a large amount like £10,000, that’s an extra 320 euros! The difference was significant, making Rutland FX a much better option for international transfers.

Trustpilot Reviews

At the time of writing this, Rutland FX has over 100 positive reviews on Trustpilot. They seem to work mostly with business customers, but they do accommodate individuals as well.

Final Thoughts

Overall, I’m really happy with Rutland FX. The great rates, super-fast transfers, and helpful customer service make it a fantastic choice for anyone needing to send money abroad. Of course, this is just my experience, and your experience may differ. If you’re looking for an alternative to your bank, give Rutland FX a try – you might be as pleasantly surprised as I was!