RationalFX Review

Urgent Update on RationalFX (2023)

Recent Developments: RationalFX, a leading foreign exchange company founded in 2005 by Rajesh Agrawal, has recently faced significant operational changes. As reported, the firm has stopped accepting new customers and shuttered existing customer accounts. This abrupt move follows financial difficulties, evidenced by over £10 million in net current liabilities.

Customer Impact: The closure of accounts has left customers unable to withdraw funds, causing considerable concern. RationalFX's website confirms these restrictions, advising that they are not currently processing new or existing transactions.

Management and Regulatory Response: Agrawal, who distanced himself from the company's day-to-day operations in 2016 and left his directorial role in 2022, expressed regret over the situation. The current management, under Amir Karmacharya, Paresh Davdra, and Jigar Bipinchandra Shah, along with the Financial Conduct Authority, are yet to comment on the situation.

Advice to Customers: If you are associated with RationalFX, either as a current or potential customer, it is advised to stay updated on this evolving situation. For immediate foreign exchange needs, seeking alternative services is recommended.

Future Outlook: The future of RationalFX is currently uncertain. Customers and stakeholders should watch for updates from the company or regulatory authorities for resolutions and further information on the firm's status.

Choosing the right money transfer brokerage is an important decision. With numerous options available, it can be difficult to determine which company best fits your needs. Money transfer services provide a convenient way to transfer money to family and friends abroad or to make payments for online purchases. 

Before deciding on a company, it’s important to consider a few factors, such as fees, exchange rates, and transfer times. By looking at each of these criteria, you can determine which money transfer service company is the best for you. With the right research and comparison, you can find a reliable and cost-effective money transfer service to suit your needs.

In this article, we will discuss RationalFX as a money transfer service provider. As a part of our review, we will highlight its services, pros and cons, fees, and exchange rates to help you make an informed decision. 

Keep on reading to find out more.

RationalFX Overview

From its humble beginnings in 2005, Rational FX has become one of the most respected names in international money transfers. With 70 employees speaking different languages, it has a global team.

It is possible to make transfers for both private and corporate clients through Rational FX. With offices in London, Spain, Birmingham, and France, Rational FX now has a total of four places of business. 

It assists private individuals with sending money abroad in order to purchase properties or if they are moving abroad. Also, British expats living abroad who need to transfer money from the UK can benefit from the company’s Spanish and French offices. 

The company also owns Xendpay, a separate business entity that specializes in corporate transactions and business transactions.

RationalFX Individual Services

The personal transfer service is geared toward sending and receiving money internationally. There are solutions for purchasing a home overseas, moving abroad, importing valuables, paying tuition fees, repaying mortgages, and renting in another country.

RationalFX can be used for the following purposes when transferring money at the individual level:

  • A foreign home purchase
  • Importing valuables
  • Fees for education
  • Pension
  • Paying off mortgages
  • Rent from overseas

Rational FX will convert your overseas rent income at a guaranteed rate

RationalFX Business Services

International businesses need solutions that make it easy for them to manage payments internationally. By ensuring business planning is effective and tighter controls are in place, RationalFX is a leader in the industry. With the provided solutions, businesses can pay in bulk and process payroll internationally.

With RationalFX’s foreign exchange products, transactions for businesses and individuals are made as efficient as possible:

  • Payments on a regular basis – For people who are making international transfers, this solution is for them. There are no fees associated with such transfers at RationalFX.
  • Spot contract – The transfer of funds within two days or in real-time will benefit from this solution.
  • Forward contract – Using this contract, you can lock in a rate now and have it transferred at a later date. This way, individuals and businesses hedge their transfers from future fluctuations in exchange rates.
  • Limit order – You can set a preferred exchange rate for a currency pair and have the service execute the transfer when the rate is met.
  • Stop loss –  With this option, you can set the worst-case scenario rate for foreign exchange. When the rate reaches this level, the transfer triggers to prevent further declines.
  • A strategy for hedging – Unfavorable market conditions can be mitigated with this strategy. A dedicated currency team at RationalFX advises clients on the best approach based on their risk profile.

The bank account of the recipient is credited with all transfers. Cash pickup is not available at RationalFX.

With RationalFX, you can manage payments to overseas suppliers as a business involved in international trade. RationalFX can be used in a number of ways by businesses. 

Such as:

  • Overseas supplier payments
  • Receiving payments from international clients
  • Contractual and freelance payments to overseas workers
  • Payments on a recurring basis

RationalFX Accessibility

More than 170 countries and 50+ currencies are supported by RationalFX. Its top transfer countries include the United Kingdom, the United States, Canada, Australia, France, Spain, India, and Germany.

RationalFX Currencies Available

In addition to transfers to over 170 countries, RationalFX also supports transfers in the following currencies:

AED – United Arab Emirates Dirham

IDR – Indonesian Rupiah

PHP – Philippine Peso

AMD – Armenian Dram

ILS – Israeli New Shekel

PKR – Pakistani Rupee

AUD – Australian Dollar

INR – Indian Rupee

BRL – Brazilian Real

ZAR – South African Rand

PLN – Polish Zloty

BHD – Bahraini Dinar

JMD – Jamaican Dollar

QAR – Qatari Riyal

JOD – Jordanian Dinar

RON – Romanian Leu

BDT – Bangladeshi Taka

JPY – Japanese Yen

RUB – Russian Rouble

CAD – Canadian Dollar

KES – Kenyan Shilling

SAR – Saudi Riyal

CHF – Swiss Franc

KWD – Kuwaiti Dinar

SEK – Swedish Krona

CZK – Czech Koruna

LKR – Sri Lankan Rupee

SGD – Singapore Dollar

CNY – Chinese Yuan

MAD – Moroccan Dirham

THB – Thai Baht

TRY – Turkish Lira

DKK – Danish Krone

MKD – Macedonian Denar

TND – Tunisian Dinar

EUR – Euro

MUR – Mauritian Rupee

FJD – Fijian Dollar

MYR – Malaysian Ringgit

UGX – Ugandan Shilling

GBP – Pound Sterling

MXN – Mexican Peso

USD – United States Dollar

GHS – Ghanaian Cedi

NGN – Nigerian Naira

VND – Vietnamese Dong

HKD – Hong Kong Dollar

NOK – Norwegian Krone

XCD – East Caribbean Dollar

HRK – Croatian Kuna

NPR – Nepalese Rupee

HUF – Hungarian Forint

NZD – New Zealand Dollar

RationalFX Exchange Rates & Fees

RationalFX generates revenue through exchange rate margins and fees. Fees and exchange rates margins are minimal, however.

  • Transfer fees 

RationalFX offers affordable international payments. Compared to other transfer services, you will have to pay a fee of £4 if you transfer less than £4000. There is no transfer fee when using Regular Payment.

  • Exchange rate 

Currency converter widgets are available on the homepage of RationalFX, allowing you to get an instant rate for any currency pair. For transfers of less than £1000, RationalFX charges a 1.42% exchange rate margin. The margin is reduced to 1.03 percent when the transfer exceeds $100 000. The rates RationalFX offers are better than those of banks, which are as high as 5%.

  • Other fees

Depending on your payment method or credit card, the receiving bank may charge you landing fees. Transfer costs calculated by RationalFX do not include these fees.

How to Send Money With RationalFX

RationalFX is simple to use and sends money quickly. Creating an account, entering the recipient’s details, paying for the transfer, and sending it is just a few steps away!

Step 1: To sign up, click on RationalFX’s sign-up button, enter your e-mail address and password, and choose the type of account you wish to create. Business accounts come in different types. Private limited companies, sole traders, public limited companies, partnerships, trusts, charities, money service businesses, limited liability partnerships, and limited liability companies are among the types of companies.

Step 2: Provide your contact information, including name, date of birth, mobile number, address, and email address. Verifying your identity will require these details.

Step 3: You will be asked to verify your account once the details have been entered. An EEA/EU national resident permit or a photocard driving license can serve as proof of your identity. A bank statement or utility bill can be used as proof of address.

Step 4: At this point, you’ll need to include details about the recipient and the amount. A review of the details is conducted before moving forward.

Step 5: Upon receiving all details, RationalFX will request payment for the transfer.

Step 6: Online tracking is available once the transfer has been sent to the recipient.

Transfer Speed

When it comes to international money transfers, two factors influence the arrival time. The first aspect of this process is how long it takes for money from the sender’s account to be transferred to the provider’s account. After the provider has completed the transaction, the recipient’s bank must process it.

RationalFX accepts transfers through banks and debit and credit card payments. In comparison to bank transfers, RationalFX receives funds faster through debit and credit cards. The funds are delivered to the recipient within 24 hours from RationalFX.

Depending on the receiving bank’s regulations and time zone differences, the transfer may be delayed to complete. The funds are usually deposited into the chosen bank account within 1 to 2 days for most currencies.

Payment Methods

You can use three main payment methods to pay through RationalFX:

  • Transfers by bank
  • Debit card
  • Credit card

You pay slightly more with a credit or debit card, but your money will be delivered more quickly. The process of bank transfers requires a bank account and might take quite a while.

Mobile App

There is no mobile app for RationalFX. The website is the only way to make transfers.

Transfer Cancellation

Contact the customer support team via email or phone if you wish to cancel your order.

RationalFX Reviews

RationalFX has 2,245 reviews on Trustpilot, and 81% of the customers rate it either ‘Excellent’ or ‘Great.’ According to the customers, these features are the best:

  • Excellent rates – RationalFX charges low margins, thus resulting in high transfer rates.
  • Customer service – Both businesses and individuals can rely on RationalFX’s professional customer service department.
  • Comparable to banks, the company charges lower transfer fees
  • A website that is easy to use – Rational FX was rated ‘Bad’ or ‘Poor’ by some customers because of account suspensions and occasional delays in transfers.

RationalFX Pros

  • The regular transfer fee is zero – RationalFX charges no fees if you pay regular expenses such as utility payments, repayments on your mortgage, and student loans.
  • Better rates consistently – RationalFX has much better rates than those charged by banks by as much as 5%, giving you a greater percentage of the foreign currency you are buying.
  • Account Managers with expertise – Currency experts at RationalFX can assist you in deciding when to transfer money and how to secure the best exchange rates.
  • Options for transfer – With RationalFX, you will not only be able to send money to family members and business colleagues, you will also be given options. There are many options available, including limit orders, forward contracts, regularly scheduled payments, and so on.
  • Report on the market every day – An analysis of the market on a daily basis is available to RationalFX subscribers and customers alike. A preview of how currency movements are affected by global market performance is presented in this report.

RationalFX Cons

  • The minimum amount for transfer – RationalFX offers a minimum transfer amount of £100. By setting a limit on transfers, senders may feel excluded from making smaller payments to friends and family members.
  • Cash pickups are not available – Transfers can only be made via a bank account with RationalFX. The option to pick up cash is not available. RationalFX may not be the right channel to send money to rural residents without formal banking facilities.

Is RationalFX Safe?

RationalFX is regulated by the Financial Conduct Authority. The company is also a member of HMCR under the Money Laundering Regulation that has been in force in the UK since 2007. In the case of the fund’s transfer, Barclays holds them.

Regulatory requirements require RationalFX to separate client funds and place them in a safekeeping account at Barclays Bank PLC. If the firm goes bankrupt, client resources are protected due to the separation of funds.

By law, RationalFX is required to protect client data under the Data Protection Act 2018. RationalFX’s online platform utilizes bank-level security measures, including SSL encryption, to protect information on the site.

RationalFX Summary

A registered money transfer company with more than 180,000 customers, RationalFX provides international money transfer solutions for both individuals and businesses. Over $10 billion has been transferred in 51+ global currencies since RationalFX was founded in 2005.

There is no end of features offered by the company, all designed to make the transfer process as straightforward as possible. 

Compared to traditional banks, RationalFX offers a faster and cheaper money transfer service with a team of 100+ currency specialists. With RationalFX, you must deal with the fact that the only withdrawal option offered is bank transfers. Considering other money transfer companies may be a good idea if you’re looking for more payout options.

In conclusion, RationalFX is undoubtedly one of the best options for money transfer services and should definitely be considered when looking for one.


Categories Money Transfer