International FX (IFX) is headquartered in Mayfair, London with an office in Dubai, AE. Nicholas Williams and Thomas Greenwood share co-CEO status.
A small firm, IFX claims to be one of the world’s leading specialist foreign exchange consultancies, helping both private and corporate clients across the UK, Europe, the Middle East and Australasia.
IFX stands in sharp contrast to accepted foreign exchange practices: it makes no claim to give the best exchange rates, nor does IFX make it clear what rates they offer.
The company relies on clients telephoning or using their internet contact process to make inquiries regarding their rates. IFX re-names what the industry terms the mid-market rate as their own ‘wholesale rate’.
A dedicated consultant to assist with strategic trading
Spot contracts- immediate exchange, securing the best rate available at time of instruction, currency available for worldwide transfer after IFX has received cleared funds.
Forward Contracts-With overseas transactions involving payments made in future, and a series of payments made over time, forward contract protest clients from adverse market conditions. Rate can be fixed for 2 years in advance with the options to draws n the funds at any time.
Limit Orders- If client opts to wait for favourable market movements, a Market Order can be placed which nominates their target exchange rate. IFX monitors market movements, executing the trade once the desired rate has been reached.
Stop-Loss Oder- Acting as a safety net mechanism, it allows client to nominate a lower exchange rate in the event of a sudden fall in the market.
Private property purchase example of benefit of IFX forward contract service:
Suppose you find the perfect holiday home and agree to pay the vendor €300,000 to buy the property. On agreeing the price, the exchange rate is €1.20 to £1 and so you budget £250,000. But on completion the rate has dropped to €1.13 to £1 so you now need to find £265,486
IFX labels the mid-market rate as ‘their wholesale rate’, comparing their savings only to the banks’ higher rates.
Import wine to the UK from Bordeaux and pay suppliers €3M per annum. With IFX’s wholesale exchange rate of €1.26 to £1 compared to your bank’s €1.20 to £1., the cost with IFX is £2.38M, whereas the bank would charge £2.5M
By simply comparing a rate IFX might have offered on a good day for exchange, the company deduces that using IFX for international payments could save clients around £10,000 per month, for an annual savings of £120,000-compared to the highest rate banks would offer.
This is not a competitive rate for corporate clients, it’s the same, or less than the client would receive form any foreign exchange company.
A gorgeous aerial video of sunrise over the Thames plays- the best homepage image content in the industry, by far. As we realize, rather quickly this has to be a great page, because sadly there’s scant content on the rest of IFX’s website. This is a company that deliberately shrouds its service in utter mystery that drips with condescension.
If you must ask what it is IFX does, you obviously can’t afford whatever it is that IFX does.
‘IFX is one of the world’s leading and fastest-growing specialist foreign exchange consultancies, with an average 40% year-on-year increase in turnover.’
There is simply nothing to support this statement made on IFX’s website- nor can any information regarding the company be found through extensive searches.
Market page has not been updated. Twitter feed is dated- hasn’t been used in over a month- so it should just be removed.
Central Bank rates, also not up to date are listed, which would again suggest comparing their ‘wholesale rates’ to ones that aren’t mid-market rates. Interbank currency exchange rates are posted, although IFX doesn’t have a currency calculator which clients can use to compare rates.
The only news updated regularly is the Dow Jones newswire which doesn’t give the same UK market information offered by competitors providing daily news reports and videos.
IFX is devoid of the transparency normally expected in Forex exchange.
The very heart of currency exchange is customer service. Customers cannot be expected to know what IFX isn’t prepared to share. Compared to IFX’s UK competitors, this company‘s evasiveness makes them stand out for all the wrong reasons.
None on any review service. How long has IFX managed to stay hidden and also grow?
One commenter boasted: ‘It is a totally hands off approach for you!’, as if having no control of one’s financial matters was an advantage.
If you are looking for a broker where you just tell them what you need and they take care of the rest, International Foreign Exchange is perfect for you. There are no online platforms to mess around with, no paperwork that needs to be completed – just a simple phone call and a few simple steps is all it takes.
Without transparency, IFX isn’t a good fit for private, partner or business clients who would have to research the rates IFX offers and compare them to other foreign exchange company rates. This is a time waster. Money is likely to be wasted by simply turning over all control to IFX, but blocking clients who would prefer to partner with their foreign exchange firm. IFX offers nothing its competitors can’t provide except for up to date market rates and information.
The website’s homepage is dynamic and textural, but pages like the defunct market page are worse than useless. They confuse, rather than empower a client which goes along with the hand holding IFX insists clients need. Perhaps some elderly clients would like this cotton wool care, but far more would be suspicious of IFX’s excessive care.
Transparency lacking, IFX scores 3 out of 5 stars.
Posh website, suggesting bespoke service for clients wishing a ‘hands off’ exchange experience.
IFX’s discretion is off putting, giving the impression they are a boutique currency exchange company who manage clients’ financial affairs.