Foreign exchange customers can currently take advantage of free money transfers when opening an account or referring a friend to OnlineFX foreign exchange services.

All new customers who register with OnlineFX are eligible for the free international money transfer, with the choice of 70 countries worldwide, if they send at least £1,500 on their first order.

Existing customers will similarly be granted their own free money transfer for any amount over £50 if someone they refer signs up with OnlineFX and uses any of its online foreign exchange services – including travel money or currency buy back, to sell off their leftover foreign notes once they return to the UK.

OnlineFX customers can benefit from an advantageous exchange rate when transferring money overseas as the service is based on currency dealing, making it particularly appealing to businesses or individuals transferring large amounts. International money transfers with OnlineFX are also faster than traditional bank transfers, typically taking up to two days to reach accounts in Western Europe and North America and only four days in the rest of the world.

These money transfers normally cost £15, but this fee is being waived to encourage more people to sign up and discover the range of foreign currency services on offer. After registering, customers can request a money transfer by completing the international money transfer request form and specifying the amount they wish to send.

To claim back their free money transfer, both new and existing customers can ring OnlineFX customer service advisors on 020 7224 5799 who will be ready to help. Although OnlineFX will not charge any fees for the money transfer, some international banks may make an administration charge for receipt or transfers or for using intermediary banks, and this is something customers can check with their international recipients.