Regency FX Review

Regency FX vs banks for international transfers

Regency FX rates are a little higher than digital only providers for money transfers. This being said, they’re still significantly cheaper than using banks.

Cost Verdict:

When balancing service and cost, Regency FX is a great choice for large transfers abroad.

When using Regency FX against a bank, you can expect to pay around 3 to 5% on the total cost of a transfer.

For a property purchase of $300,000, this is a difference of $9,000 to $15,000 overall.

We’ve compared Regency FX to a popular bank in each country, but different banks have different fees. These can be found on our bank fees page.

For all transfers, we do recommend comparing live rates using the search function. This will also compare the transfer to banks for you. This way, it’s clear exactly how good the deal you are getting is.

Why are people choosing Regency FX?

Account management of international transfers is one selling points of Regency FX:

Here’s some of the reasons customers are picking them::

• Property purchases: Moving abroad is a complex, stressful process. Working with a company that keeps on top of the big numbers allows customers to focus on the logistics of the move.

• Retiring abroad: People retiring abroad can utilise Regency FX to aid in the emigration process. In particular the movement of a pension.

• Business transactions: As well as property, Regency FX has a specialism in complex business transactions. This includes working to ensure any tax needs are met and aids with big supplier payments.

• Currency risk generally: For those who need it, Regency FX is one of the better choices for ongoing currency risk management.

Why wouldn’t you choose them?

• If you want a multi-currency account: Regency FX do not offer access to multi-currency accounts or wallets for spending. Opt for Wise, or if you’re in the UK, Zing in this instance.

• If you need to make smaller transfers: While you could send small amounts through Regency FX, it probably isn’t worth the cost. Digital providers, Wise, WorldRemit or, even a hybrid company, like Xe will be better suited.

Features

Large transactions

Sending large amounts of money is a core feature you get when using Regency FX.

The entire platform is set up and operates to get you the best deal on moving money from A to B.

As mentioned, exchange rates are quoted per transfer. A key point here, as you are dealing with a currency broker, these are negotiable.

Initially, these will be agreed as spot contracts - so you will need to send within a day or so to keep the rate. If you need a longer lead in time, opt for forward contracts or even limit orders. These, in different ways, can help you save money in the long run.

There’s no fees, even on large transactions. The cost is built into the exchange rate. This is why the exchange is generally a little higher than digital platforms with fees.

Currency risk

We’ve mentioned currency risk with Regency FX, and here’s what it looks like:

Spot contracts

This is the process of sending pretty much straight away with Regency FX, once a rate is agreed. Similar to using digital platforms where you input and agree a rate ahead of sending.

These can be useful for urgent transactions, but it can be harder to negotiate a rate down.

Forward contracts

Regency FX offers forward contracts. Within this process, you will agree a rate to send the funds within 12 months.

The benefit to this is a little like a fixed gas bill. You may be agreeing to a slightly higher rate now, but it could be a lower rate in 6 months time. Also, for big transactions it locks in a rate. So you know whether you send the funds in 7 days, or 7 months, what the total cost will be.

Limit orders

A limit order with Regency FX will mean you can set a target rate, and if this is achieved, the transfer will take place. This in lets you set the price, although if the price is never reached the transaction will not take place. So, it's not recommended for things like a property purchases, where there may be hard cut off dates for transfers.

Market watch and rate alerts

Account managers will provide insight on how the market is changing. This will be ongoing and ahead of any transfer you might make.

The goal of this is to ensure you get the best deal for your transfer.

This is split into two halves. The market watch is provided by an account manager and is hands on advice on changes. This will include what the change means, and if it is going to impact on a potential transfer. The rate alerts are automated. You set desired rates and currencies, and you’ll get emails if and when these are hit.

Business payments

Business transfers can be carried out with Regency FX.

The benefits of this mirror the personal benefits of using the account. With the access to a business specific account manager being a nice selling point.

However, products like payment gateways, invoicing or expense management are not available. The focus is purely on moving your money. If you want a full service business provider, Airwallex is a provider that is specifically designed for this.

Receiving money

Regency FX will help you send money only. Receiving money is best done through a multi-currency account.

Our guide on receiving money from abroad will help decide on the best option available.

Limits

Regency FX offers big transfers at its core and there is no maximum limit.

Transfer speed

Transfer speeds aren’t always easy to predict with larger transfers. Any intermediary banks and holding accounts can have an impact on the cost.

For the most part, ‘core’ currencies like USD, CAD, AED, EUR, GBP, AUD etc are pretty fast.

Regency FX transfers are usually within 24 hours. It’s always best to double check with the account manager ahead of sending anyway.

Regulation and safety

Like all currency brokers, Regency FX has a wave of safety features:

Customer service

Customer service and account management is the core of the Regency FX product.

The team is available through the phone or email, generally across UK hours (where the office is based).

Against self managed options, this is a major difference and huge help in getting the most from a transfer. Wise, for example, offers customer support for those logged in, but most help and support is automated.

Not keen? There’s other options