Ace Money Transfer: Fees, rates and transfer times

Need to send money out of the UK? You won’t be short of options. In addition to banks that let you do this, there are many specialist providers that will gladly take your money and send it overseas for you.

One of those companies is Ace Money Transfer, based in north-west England. It’s been operating since 2002 and lets you send money to many countries around the world¹.

Here’s an introduction to the service Ace provides, as well as some notes on how it compares against some of the competition.

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A quick comparison between Ace money transfer and Wise. Read on after that for the full information.

Service	Ace money transfer	Wise
Fees	The fees with Ace depend on³: Where you’re sending from Where you’re sending to How you send Ace the money How the recipient receives the money	From GBP to EUR the fee is: 0.35% of the GBP amount + £0.80
Exchange rate	On their website Ace write that⁵ “You can be assured that we offer the best exchange rates”, but make sure to check the exchange rate against the one you can find on an independent source like Google, XE or Reuters.	The mid-market exchange rate
Supported currencies	Ace has 24 countries (UK and countries in Europe) you can send money from and 93 countries that you can send money to	Transfers to 49 currenciesTransfers from 21 currenciesMore information on the supported currencies page

Banks and money transfer providers often give you a bad exchange rate to make extra profits.

Wise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.

Check out how to make your first transfer with Wise. And give it a try.

Oh, and while you’re at it, check out Wise’s multi-currency account. Where you can manage and send dozens of currencies all from the same account.

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Now, back to what you came here to read.

How does an international transfer with Ace work?

If you choose to use Ace Money Transfer, you’ll encounter a system that looks a lot like most money transfer services. Via their website, you select your destination country, key in the amount you want to send, and then you’ll be able to see an estimate of how much money should be received, as well as what the transfer should cost you².

If you’re happy with that, then you can log in to your Ace account - you’ll need to register for one, of course - and then you can make the transfer for real, also selecting how your recipient should receive the money (in cash via pickup, or direct to a bank account) and how you want to pay³.

That’s the primary product that Ace offers, but there are other money transfer services, which can help you in a broader range of ways. Wise, for instance, not only offers transfers around the world at the mid-market rate, but also offers a multi-currency account - a way for you to store your money in 40+ international currencies and transfer them any time you like. Though there’s no monthly fee, a borderless account also gives you virtual account details in pounds, euros, and US and Australian dollars - a great option if you also need to receive money internationally that can really cut down on costs.

What are the fees when you want to transfer money overseas with Ace?

The fees with Ace depend on the following factors³:

• Where you’re sending from
• Where you’re sending to
• How you send Ace the money
• How the recipient receives the money

If you mock up a transaction on their website, Ace will tell you what the primary fee should be - although you do this before selecting how the money will be sent or received, so this figure does have the potential to change.

Is that the full picture? Not quite - it rarely is. You also need to check the exchange rate Ace offers. Unless they’re offering the same rate you find on a currency converter like XE, Google or Wise, there’s effectively another fee you’re paying too. Read on for some more information about this.

What are the currencies that Ace supports?

Ace says on its website that it has 24 countries you can send money from: their home in the UK, plus countries in Europe. It also boasts 93 payout countries - countries where you can send money to⁴.

As well as many European destinations, Ace also has many routes to Asia and Africa. At the time of writing, North and South America are covered that well yet, with only Canada supported, and other major destinations like Australia, New Zealand and Japan aren’t on the list either.

Wise, by contrast, is currently available in 59 countries with over 500 currency routes available. And transfers to and from Australia, New Zealand and Japan are all possible. With a borderless account, as mentioned, there are more than 40 currencies to choose from.

What is the exchange rate you get with Ace?

As already mentioned, this is one of the most important things to check whenever you look into converting or sending money in foreign currencies. Although there's such a thing as the mid-market rate - the average exchange rate between two currencies - most banks and services don’t offer this rate to customers. Instead, they mark the rate up, meaning that they can end up keeping more of your money and essentially charge you a hidden fee.

So, what’s Ace’s exchange rate? If you compare the exchange rate on their website to the one you can find on XE or Google, it suggests that whatever it is, it isn’t the mid-market rate.

Are there any limits to the amount that you can transfer with Ace?

Surprisingly, Ace claims that there’s no maximum limit at all³ - although it advises that you contact them for further details, so it’s worth checking before you sign off your life savings.

How long does an international transfer with Ace take?

This could depend on where you’re sending to, although cash pickup shouldn’t take very long at all. A bank deposit will likely be between 1 and 3 days, but you’ll need to check for your particular route³.

Don’t forget you’ll need to send the money to Ace in the first place, though. Doing this by credit or debit card is very fast, but via bank transfer it can take 1-2 working days³.

How can you contact Ace?

There are a few ways you can get in touch³:

• Send them an email
• Chat with them through their website
• Contact them on Skype or WhatsApp
• Give them a call - from the UK on +4416 1393 6999

Conclusion: Ace Money Transfer

With an impressive range of destination countries, Ace is especially worth considering if you need to send money somewhere other providers don’t cover. On the other hand, if you’re one of the many people looking to send money to the US or Australia, for instance, this isn’t the service for you.

On their website they write that⁵ “You can be assured that we offer the best exchange rates”, but they don’t in fact seem to offer the mid-market rates, as already discussed. That’s not unusual for a money transfer provider, but you don’t have to settle for it. Wise always offers the real mid-market exchange rate. And with a multi-currency account on offer too, it’s easier than ever to get the best exchange rates there are, whether you’re sending or receiving money, or just keeping it in a foreign currency for the next time you need it.

Sources:
1.https://acemoneytransfer.com/company-profile
2.https://acemoneytransfer.com/send?from=EE&to=GB
3.https://acemoneytransfer.com/faq
4.https://acemoneytransfer.com/company-profile
5.https://acemoneytransfer.com/
*All sources checked on November 6, 2018