Frequently Asked Questions

How does it work?
Sending money is easy and transparent with RationalFX. In just 3 steps, you can send money to more than 170 countries around the world.

How will you deliver the money to my recipient?

We offer a next working day service for all major currencies to anywhere in the world.

We will deliver the money on the bank account you have provided to us. Once your recipient bank details registered in our system, we'll be able to recur your payments without asking new information.

How long will my bank-to-bank transfer take?

Depending how long your funds take to reach us (Bank transfer/Debit or Credit card). Once your funds have been received and cleared, we will send out the required currency to the recipient’s bank account within the 24 hours. However, bear in mind different currencies and time zones vary the time for the funds to reach and be cleared by the designated bank.

Most currency transfers can take up 1 to 2 days to be cleared and arrive in the designated bank account. You will receive a confirmation when we have sent out your funds.

How do I pay for my transaction?

In order for us to process your transaction and send money to your beneficiary, we need to receive your payment first.

You can pay us with via these methods:

  • Bank Transfer
  • Debit or Credit card (only available on the online platform)

These payment methods must be registered under the name of the RationalFX account holder (personal or business.
Please note that we don’t have access to your bank account. Therefor we are not able to automatically charge your bank account.

Bank transfer:

When you choose to pay by bank transfer, we need to receive your funds in our account to process the payment to your beneficiary. You will receive the RationalFX bank details in your confirmation email. With these details, you can process your bank transfer from your internet banking or directly from your branch.

We have bank accounts in many European countries so you will need to process a “local bank transfer”. If you live in Europe, you can also process your payment to our UK bank account. In this case, you need to process a SEPA bank transfer.

Local bank transfer and SEPA transfer are free (moreover some banks can charge you to process a bank transfer). We advise you to process your bank transfer using your online banking platform.

We usually receive your deposit on the same day but it could take longer according to the currency sent. For instance, GBP transfers arrive within a few working hours, but Euro transfers can take 1-2 working days.You will receive an email once we have received your money.

Debit or credit card (only available on the online platform):

If you choose to pay by debit or credit card, you will need to process your payment online. We will ask some standard information about the card (card number, CVC, expiry date etc.). If the payment is successful, we confirm the transaction immediately.

Please note that some fees may apply if you pay by card, depending of the type of card and the country you are paying from. You'll be able to see the fees on the platform before to confirm your payment.

Why do I need to verify my account?

Like banks and other financial institutions, RationalFX follows anti-money laundering guidelines and regulations. We may need to ask for documents in order to process your transfer. Process and requirements are different either you are a private or a business client.

Please check the relevant sections below in order to know which documents to provide us.

I am a private customer. How to verify my account?

In order to verify your account, you must upload one Proof of ID and one Proof of address. Both proof of ID and address are required. You must send a separate document for both. ID documents that also have an address on (such as driving licences) can be used as ID or address documents, but in this case a second distinctly separate* ID or address document is also needed.

Valid documents can be:

In order to verify your ID, we need a full, readable and clear copy or high quality photo of your photo ID document clearly showing your details (name, date of birth etc.) and the expiry date (if this is on the rear of the document, we require a copy of both sides). The name and date of birth should match the ones provided on your RationalFX profile.

Valid proof of address can be:

In order to verify your address, we need a full, readable and clear copy or high quality photo of one of the documents listed above clearly showing your name, address, the expiry date if a driving licence, or the header and the date in the case of a letter. In the case of letters for proof or address, these should not be older than 3 months. Please note that both the name and address should match the ones provided on your RationalFX profile. If you need to change these, please contact support.

  • Passport
  • EEA National ID card
  • EU national resident permit
  • EEA or UK photo card driving licence
  • Bank statement or utility bill
  • Local authority tax bill
  • Correspondence from a regulated financial sector firm
  • Confirmation from the electoral register (UK only)
  • Solicitor's letter confirming recent house purchase
  • NIHE, Council or private rent card, tenancy agreement
  • Benefit book or correspondence from benefits agency
  • Correspondence from HM Revenue & Customs (UK only)

I am a business customer. How to verify my account?

Our business customers will not be able to make a transaction with a non-verified account. Verification requirements are different for each company type.

For all our business customers, we will call you and advise you what we need for your particular type of business and legal structure.

How does RationalFX save me money?

RationalFX is an Independent commercial foreign exchange provider. This means that we buy the currency in bulk from the market at "wholesale rates" and then pass on the price benefit to our clients. This could mean a saving from a hundred to several thousand pounds (depending on the amount you purchase). RationalFX provides you foreign exchange at "commercial rates" as opposed to "tourist rates" that you get from your high street banks.

Are there any transfer fees?

We charge you only low fees and no commission when you make your international money transfers via our Online service. Please refer to our fees section for more information. However, in some cases there may be a charge placed by your recipient’s bank to receive the money, which is out of our control.