Currency Solutions - Independent review

All you need to know before sending money with Currency Solutions

7.80/10 Good
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Currency Solutions review by Monito

Currency Solutions, which prides itself on its high quality customer service, has been trusted by over 150,000 clients to transfer £6 billion since its establishment in 2003. You can make single or regular transfers in 35 different currencies, and 95% of transfers are received within 24 hours. Currency Solutions charges no transfer fees and offers among the most competitive exchange rates in the market, which makes them an attractive provider of foreign currency solutions.

Transactions are set up over the phone with a Currency Solutions foreign exchange specialist, who will guide you step by step through the process to make sure all your questions are answered. What’s more, the company will soon be launching an online trading platform to make transactions even more convenient.


PROS
  • No transfer fees
  • Currency Solutions exchange rates are very competitive
  • High quality customer service
  • Excellent reviews on Trustpilot
CONS
  • Might not be the best option for low amounts
  • No online trading platform (yet)
  • Only available in English




Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



Currency Solutions has excellent customer reviews on Trustpilot, with 93% of the over 1500 customers who have given their feedback rating the company 5 stars. They are even in the Top 5 companies in each of Trustpilot’s Currency Exchange, Electronic Payment, and Money Transfer categories. Here’s a summary of what Currency Solutions customers have to say:

Positive
  • Excellent customer service: the dealers are helpful, friendly and professional
  • Simple and efficient process
  • Excellent exchange rates with no transfer fees
  • The money arrives quickly
Negative
  • Currency Solution’s verification process (which they must carry out by law)
  • Very few customers thought they could get a better price elsewhere


Can I trust Currency Solutions ?

Currency Solutions Ltd is a licensed Authorised Payment Institution, and are therefore regulated by the Financial Conduct Authority (FCA) and Her Majesty's Revenue and Customs (HMRC) in the United Kingdom. They offer institutional grade security for their service, including 256-bit SSL encryption with a 2048-bit signature.

As per FCA regulations, clients’ funds are held completely separate from Currency Solution’s own business accounts, in so-called segregated accounts. Should the company have any financial difficulties, your money will therefore be safe.

Currency Solutions employs over 60 people in its London office. Employees give the company a close to 5 star rating on the employer review site Glassdoor, and describe Currency Solutions as a “great company to work for”, a “hardworking pro-active business", and a “very reputable company growing at very fast pace” whose best feature is “the integrity of the staff and management”. The company is headquartered in London, right next to the famous London bridge and the City financial district.

Currency Solutions has served hundreds of thousands of clients and transacted billions of pounds along the years, with thousands of 5 star reviews and very few complaints. They process around half a million payments a year on average, and retain close to 99% of their customers.

Currency Solutions Ltd has been profitable since it was created, and is financially strong with over 3.3 million GBP of net assets. Since Currency Solutions is authorised to sell options, they are required to hold significantly high levels of cash within the company.

Our Currency Solutions review shows that they are a trustworthy provider of foreign currency solutions.


Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 630685

 







How Currency Solutions works


  1. Create an account in a few moments.
  2. Your personal account manager will assist you in setting up your money transfer over the phone.
  3. Transfer your money to Currency Solutions through a bank transfer or debit card (UK only).
  4. Notify Currency Solutions where to send the money to.
  5. Your money is sent to your recipient, and you are informed when it arrives.
Call Currency Solutions to get a free quote


+44 (0)20 7740 0000

 


 

Currency Solutions exchange rates and fees

Transfer fees: Unlike banks and most foreign exchange companies, Currency Solutions charges no transfer fees. This means the entire amount is converted at the agreed-upon exchange rate.

Exchange rates: Depending on the amount of your transfer, Currency Solutions will offer you a competitive exchange rate. The more you transfer, the lower the exchange rate margin they will be able to provide, typically less than 1%. Currency Solutions exchange rates are agreed upon in advance, so that you know exactly how much money will arrive.

Other fees: Since Currency Solution’s accounts are held in the UK, the sending bank might charge fees to transfer the money internationally from a non-UK account to Currency Solution’s accounts. Additionally, the receiving bank outside the UK might charge fees as well for receiving the international transfer. Since Currency Solutions has no control over this, it’s best to ask the sending and receiving banks beforehand to avoid bad surprises.


 

Currency Solutions supported currencies

AED Arab Emirate Dirham
AUD Australian Dollar
BBD Barbadian Dollar
BGN Bulgarian lev
BHD Bahraini Dinar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean peso
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP Great British Pound
HKD Hong Kong Dollar
HRK Croatian Kuna
HUF Hungarian Forint
ILS Israeli Sheqel
INR Indian Rupee
JPY Japanese Yen
KWD Kuwaiti Dinar
MAD Moroccan Dirham
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
OMR Omani Rial
PLN Polish Zloty
QAR Qatari Rial
SAR Saudi Riyal
SEK Swedish krona
SGD Singapore Dollar
THB Thai Baht
TND Tunisian Dinar
TRY Turkish Lira
USD United States Dollar
ZAR South African Rand

 

Additional services

Regular transfers

In addition to providing an immediate transfer service (so-called “spot contract”), Currency Solutions can also help you make regular transfers. This can be useful if, for example, you need to send your salary abroad or pay off an overseas mortgage.

Forward contracts

If you’d prefer not to be exposed to fluctuations in exchange rates, Currency Solutions will help you set up a forward contract. This will allow you to lock in the current exchange rate for up to 2 years, which can also be useful if you believe the current exchange rate is particularly favorable.


Limit and stop loss orders

A limit order or stop loss order will allow you to make a transfer only if the exchange rate reaches a predetermined level below (stop loss) or above (limit) the current exchange rate.

Options and structured products

Currency Solutions is also authorised by the FCA to sell FX derivatives such as options and structured products. These allow you to protect yourself from negative fluctuations in the exchange rate, while benefitting if rates move in your favor. Examples of options which Currency Solutions can offer include Forward Extra, Ratio and Knock Out options.


Business customers

Are you looking for foreign currency solutions for your business? Currency Solutions also counts many small and medium business customers, and can help you to pay salaries abroad, transfer money to a foreign subsidiary, or pay international suppliers and freelancers.

Useful tools

Finally, Currency Solutions offers a few useful tools on its website, such as the Currency Solutions converter to convert currency based on the interbank mid-market rate, the Currency Solutions IBAN Checker to verify that you have a valid account number, the Currency Solutions SWIFT Checker to ensure that you are sending your money to the right bank, and the Currency Solutions Sanctions Checker to see if there are sanctions on the countries you’re sending from and to.




Which documents will Currency Solutions require to verify my identity?

To comply with anti-money laundering (AML) and know your customer (KYC) regulations, Currency Solutions must verify your identity and address. If you have resided in the UK for at least 12 months and are not sending the money to a third party, they should be able to do this without having to ask you for documents. If not, you will be required to provide verification documents.


Identification Documents

It can be a valid passport or national identity card.

Proof of address

In order to verify your address, Currency Solutions will need a copy of a document from a reliable institution showing your name and your address. This document can be a utility bill, bank statement or driving licence.

Payment reason verification

You will need to inform Currency Solutions verbally of the reason of the transfer. Examples include: "Purchasing an overseas property", "Sending money back home to family" etc..


 


The story behind Currency Solutions

Currency Solutions Ltd was founded in 2003 by three friends - Tien Tran, Harry Enver and Robert-Lee Griffith - who wanted to create a foreign exchange company which would provide the best customer service and exchange rates in the industry. Their goal was to provide consumers and small and medium businesses with a better way to exchange currencies, as the banks offered very poor exchange rates. Since then, the company has helped over 150,000 clients trade £6 billion, now employs over 60 people, and is growing at close to 40% on a yearly basis.

 


Offices

 


United Kingdom

Hobbs Court
2 Jacob Street
London, SE1 2BG.
+44 (0)20 7740 0000

Cyprus

Office 101 Royal Business Center

Vasileos Constantinou

Ave No 89 8021
Paphos
+357 26 813 613

Call Currency Solutions to get a free quote


+44 (0)20 7740 0000

 



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Key facts about Currency Solutions

Service information

Time to open an account A few minutes
Minimum amount -
Maximum amount -
Can you transfer from your mobile? Yes
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents -

Company information

Type of service provider Foreign exchange companies
Active since 2003
Headquarter London, United Kingdom
Regulated by FCA

Contact information

Contact support -
Service hour -
Twitter @currencytrans
Facebook Currency-Solutions-Ltd-283996884686/