Halo Financial - Independent review

All you need to know before sending money with Halo Financial

Outstanding customer service Huge savings for high-value transactions Long track record and multiple awards

 


Halo Financial review by Monito

Halo Financial is a foreign exchange company based in the UK whose goal is to provide a better service to private individuals and businesses around the world making international payments. The company was founded in 2004, and currently exchanges over half a billion pounds a year between 35 different currencies.

With a minimum transaction amount of £10,000, Halo Financial is best for high-value transactions where their bank-beating exchange rates can make a huge difference to your bottom line. In addition, there are no fees for transactions above £5000.

Come for the great value for money, stay for the outstanding service: Halo Financial prides itself on offering a level of customer service which far exceeds what you’re likely to get from your bank. The company’s vision is to offer an industry-leading customer experience, and in fact, Halo Financial has won multiple awards recognizing its relentless focus on customer satisfaction.


PROS
  • Outstanding customer service
  • Huge savings for high-value transactions
  • Long track record and multiple awards
CONS
  • All accounts are held in the UK
  • Only available in English

 


Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



98% positive service rating on Feefo (based on 839 customer reviews)


04/08/2016
by Chris

"Easy, friendly FX service"

I transfer pay and bonuses from Saudi Arabia back to the UK and I invariably get a far better exhange rate than that offered by my bank.

01/08/2016
by Sandra

Superb, quick, effective service.

I have had several dealing with Halo and on every occasion I have found to their service to be excellent. Their staff are knowledgeable, helpful and good communicators.

30/07/2016
by Judith

Easy to use

Great easy to use service but did get emails from different people would prefer just one person to deal with my account rather than lots of different people.




Halo Financial is very highly rated by over 800 customers on review site Feefo. In fact, Halo Financial have an average rating of 4.8 out of 5, with 98% of reviews having a 4 or 5 star rating. This highlights the quality of Halo Financial’s service. Here’s what Halo Financial customers, some of whom have been using the company’s service for over 10 years, have to say:

Positive
  • Transactions are super quick and simple, from their set-up to their settlement into the recipient account
  • Halo Financial exchange rates are great
  • Dealers are very friendly and professional
Negative
  • A very low number of customers were dissatisfied with Halo Financial’s service, due to isolated issues such as emails going unanswered for a while, delays due to bank holidays, or miscommunication about fees.

More reviews


Can I trust Halo Financial?

Halo Financial Ltd is authorized by the Financial Conduct Authority (FCA) for the provision of payment services, and is registered as a Money Service Business with HM Revenue and Customs (HMRC). Halo Financial is required by current regulations to keep its clients’ money in ring fenced bank accounts. These accounts are completely separate from Halo’s own accounts, and cannot be used by Halo Financial for anything else than processing transactions (e.g. to pay for their own business expenses).

While Halo Financial is not among the largest companies in the foreign exchange industry, it has been around since 2006 and therefore has a solid track record. Halo Financial employees describe the staff as full of “great” and “lovely” people. The company exchanges over £500 million of foreign currencies every year, and has been awarded multiple times for its outstanding level of customer service. Halo Financial customers are extremely satisfied with the company’s services, as evidenced by the high number of 5 star customer reviews on Feefo. In fact, Halo has an average rating of 4.8 stars out of 5.

So, can you trust Halo Financial? Given the company’s authorized payment institution license, the strict regulations it must comply with, its long track record and multiple awards, and the large number of customer reviews, it’s safe to say that Halo Financial is completely trustworthy.


How Halo Financial works

1. Open a free Halo Financial account. You can do this online or over the phone.

2. Your dedicated Halo Financial account manager will call you to discuss your foreign exchange needs, answer any questions you may have, and provide you with an exchange rate quote.

3. After accepting the quote over the phone, you’ll receive an email with all the information you need to transfer your funds to Halo Financial.

4. Transfer your funds to Halo Financial using the information provided in the email. Halo Financial will send you another email upon reception of your funds.

5. Finally, Halo Financial will exchange your currency and then send it to your beneficiary’s account.


 

Halo Financial Exchange Rate & Fees

Halo Financial fees

Halo Financial doesn’t charge any fees for transfers above £5000. Below that amount, they charge a flat fee of £15 to cover the cost of the transfer. There are no other fees or commission of any kind charged by Halo Financial.

Note that since Halo Financial holds all its accounts in the UK, you might incur additional banking charges if you or your recipient do not have UK-based bank accounts. These could be charged by the sending bank and intermediary banks for making an international transfer to Halo Financial’s UK accounts, or by the receiving bank and intermediary banks during the international transfer of funds from the UK accounts of Halo Financial to your recipient’s account.


Halo Financial exchange rate

Halo Financial’s exchange rates are significantly better than the retail rates offered by the banks. In fact, the company estimates it can save its customers up to 4% on exchange rates compared to the banks.

The exchange rates of Halo Financial are based on the mid-market rate, from which a small margin is deducted. Halo’s margin is between 0.3% - 1% (compared to up to 5% or more in certain cases with banks) and is how the company makes its money and is able to survive. The margin is calculated based on the amount you are sending and the currencies you are exchanging.



 

Additional services

Regular payments

If you need to make regular payments, for example to pay your rent or mortgage, make monthly payments to your family abroad, or receive a pension or salary, you can set up a Regular Currency Transfer (RCT). After an initial set-up, this will then work completely automatically, and you won’t have to worry about forgetting anything. You can also remove any risk of unfavorable variations in exchange rates by fixing the send amount, the receive amount, or both.

Automated orders

Halo Financial automated orders include limit orders and stop loss orders. These contracts allow you to buy or sell currency only if the exchange rate reaches a predetermined level. A limit order will allow you to condition your transfer on the exchange rate reaching a particularly high value, whereas a stop loss order will allow you to cut your losses by transferring immediately if the exchange rate tumbles. Combining the two types of orders can allow you to better control the range within which you tolerate exchange rate variations.


Forward contract

A forward contract with Halo Financial allows you to lock in the current exchange rate while transferring your money at a later date up to 24 months in the future. This can be useful if you do not currently need or want to exchange money or are unable to do so, while wanting to be sure of the amount of currency you will be selling / buying in the future for budgeting reasons, or because you believe the prevailing exchange rate is particularly favorable.

Business customers

Halo Financial’s outstanding customer service and great exchange rates are also available to business customers. In addition to protecting businesses’ margins with attractive spot contracts, Halo Financial can also help its business customers manage FX risk with forward contracts and automated orders.


Daily Currency Analysis

Halo Financial provides a daily currency analysis in the form of short videos and emails sent directly to your inbox for free. This will help you keep track of the markets to make sure you never miss an opportunity.




The story behind Halo Financial

Halo Financial was founded in 2004 by Gavin Herridge and David Johnson. The two met while working at Moneycorp, where they set up the company’s corporate division after years of dealing in foreign exchange for both private and business customers at other firms. Disappointed by the lackluster customer service in the industry, they decided to create the absolute best foreign exchange brokerage, one which they would like to deal with themselves. And thus Halo Financial was born. Today, the company has 50 employees, and trades over £500 million every year.


Offices

 


United Kingdom

82 Silverthorne Road
London SW8 3HE
United Kingdom


 

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Key facts about Halo Financial

Service information

Time to open an account -
Minimum amount -
Maximum amount -
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents -

Company information

Type of service provider Foreign exchange companies
Active since 2005
Headquarter London
Regulated by FCA

Contact information

Contact support -
Service hour -


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