How to start a currency exchange (FX) business online under your own brand
By SendPay Business · · 2 min read
People and businesses swap currencies every day: sending money home, paying overseas suppliers, getting paid by foreign clients. An online currency exchange app lets them hold several currencies and convert between them, and you earn a small margin on every conversion. This guide is about exchanging currencies for customers, not forex trading or speculating on prices.
How an FX business earns
You convert at the live rate plus a margin you set. On £100,000 a month of conversions, a 0.5% margin earns £500 a month. Many FX apps also charge a small fee on transfers abroad.
Your prices only need to beat what your customers pay today, which for many is their high-street bank's rate.
Who to sell to first
Pick one group, learn which currencies they swap most, and price those first.
- Families sending money home to another country.
- Small importers paying suppliers abroad.
- Freelancers paid in euros or dollars.
- Students paying fees in another currency.
Registration
In the UK, a business that exchanges currency must register with HMRC for money laundering supervision, and one that holds or sends customer money needs FCA authorisation or a licensed partner. Other countries have their own rules. The accounts and payments behind a SendPay Business platform are powered by licensed partners, and we introduce you to specialists who handle registration.
Launching
- Start with the money transfer platform.
- Add currency exchange so customers convert between GBP, EUR and USD at live rates.
- Set your margin and transfer fees.
- Preview, pay, and go live within 24 hours of confirmation.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
What would holding a currency balance save me?
See what converting every payment in and out costs a year, and what converting only the difference saves.
Multi-currency account savings calculator →Is this forex trading?
No. This is exchanging currency for customers who need it, not trading or speculating on exchange rates.
What does a transfer cost my customers?
The free money transfer cost calculator compares fees and exchange rates side by side.
Money transfer cost calculator →Can I call it a bank?
In most countries "bank" is a protected word you can only use with a banking licence. Call it an account, a wallet, an app or a platform. The accounts and payments behind a SendPay Business platform are powered by licensed partners.
How do I start?
Pick the money transfer template, name it and preview every page before you pay.
Build my platform →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.