Universal Partners FX Review

Universal Partners FX, commonly known as UPFX or Universal Partners, is fast emerging as a leading provider of low-cost international money transfers. The company serves personal and business customers. Let’s take a look at the money transfer services that Universal Partners FX offers and examine the company’s pros and cons.

Pros and Cons of Universal Partners FX

Based on how it compares to competitors, and on reviews and feedback created by industry insiders and real customers, we’ve found a few pros and cons of choosing Universal Partners FX for your next international money transfer.

First, let’s start with the pros:

There are a couple of drawbacks:

Company Information

Universal Partners FX is a mid-size London-based company. Led by senior executives with more than a century of combined market experience, Universal Partners FX has attracted capital investments and partnerships with big-name financiers. Google Ventures recently completed an investment of £25 million (approximately US$34 million as of January 2021) with the company’s computing cloud service provider. Despite its status as a relative newcomer, Universal Partners FX has amassed some pretty impressive numbers. Its enterprise operations focus on large transactions, and the company has handled more than £20 billion (US$27.3 billion) in transfers through its cloud-based partners.

Universal Partners FX also offers a differentiated customer service experience. In addition to assistance with technical and administrative issues, the company’s service portal also includes knowledgeable advisors who can offer tips, strategies, and suggestions to customers looking to get the most out of their foreign exchange transactions.

How It Works

Customers follow an easy four-step process to initiate and send a personal money transfer with Universal Partners FX:

  1. Register for free and create a personal account. It only takes a few minutes to complete the entire sign-up process.
  2. Obtain a live rate quote for your proposed transaction by specifying the currencies you are looking to trade and the amount you wish to send. You can adjust both the original and destination currency to ensure your recipient gets the exact amount you intended.
  3. Book your payment to guarantee your rate. Universal Partners FX will then assign your transaction to a segregated, fully secure cloud-based account. This locks in your exchange rate.
  4. Track your transaction online. Your transfer will go out the same day your payment funds are received.

Personal transfers are handled through Universal Partners FX spot transaction services. As of January 2021, its spot transaction transfers are available in more than 120 countries and territories around the world.

Features and Performance

Universal Partners FX accepts payments via online banking, and for most transactions, it also accepts debit and credit card payments. The company states no minimum or maximum transfer amounts, but transaction fees may apply to smaller amounts, defined by the company as the equivalent of £1,000 or less as of 2020. Universal Partners FX has handled single transactions valued at £20 million, so you’ll find them willing to work with you no matter how much money you are looking to move.

Customers can also take advantage of the company’s “Target a Rate” feature, which uses the Currency Cloud to track exchange rates. If the rate hits your target on the international currency markets, you will automatically be notified. You can also deposit funds into your Universal Partners FX account and hold it there until the rate reaches your specified target, at which time it can be automatically converted to the supported currency of your choice.

Universal Partners FX offers very fast service. On its website, the company states that its average transfer completes in just 11 minutes. Your experience may vary, depending on where your transfer originates, where it is heading, and how you submit payment. Card-based payments usually resolve faster, since they do not need to clear administrative banking protocols the way online account-based payments do.

The number of currencies supported by Universal Partners FX is always growing. As of January 2021, the company enables trades originating in every major global currency. Customers can use the service to purchase both common and obscure currencies, but transactions that convert funds into rare currencies may take longer to complete.

Customers can transfer funds to recipient bank accounts in their local currencies. However, as of January 2021, Universal Partners FX does not support cash pickup options, meaning that your recipient must have a bank account capable of receiving third-party deposits.

Costs and Pricing

In most cases, Universal Partners FX does not charge transaction fees. Some sources report that the company may apply a small fee (£5 or the equivalent) to transfers valued at £1,000 or less, but even most smaller transactions qualify for no-fee service.

On its website, Universal Partners FX pledges that it delivers the “best possible rates,” but it does not publish statistics or specifics on its margins or markups. Customers must create an account or provide contact information to get a rate quote, and currency exchange markup rates appear to vary depending on which currency pair you are trading.

That said, Universal Partners FX appears to be the service of choice for high net-worth customers looking to transfer large sums of money. This suggests that the company does offer highly advantageous exchange rates, especially to customers making valuable transactions.

What Others Are Saying About Universal Partners FX

As of January 2021, Universal Partners FX has a 5-star rating on Feefo, a leading UK-based consumer research and consumer information portal. The company is still fairly new to the wider global market, and it does not yet have a sizable presence on Trustpilot.

The Bottom Line

Universal Partners FX is in the process of making a name for itself as a leading provider of personal international money transfers. Given its strong track record of success handling high-value transactions at the enterprise level, the company appears to be highly reputable. As you look into which money transfer service to use, Universal Partners FX could be a particularly good choice for people looking to send large sums of money to international recipients, and for customers seeking expert advice on navigating the notoriously volatile global currency markets.