Money transfer is an essential part of everyday life, especially when dealing with international payments. Whether you’re sending money to family, friends, or a business abroad, it’s critical that you find a money transfer service you can trust.
Choosing the right money transfer company can be challenging, as there are a lot of options available, and they all have different fees, exchange rates, and processing times.
Currency Solutions is a leading international money transfer provider. Their services facilitate the transfer of money globally, quickly, and at competitive exchange rates. This article provides a comprehensive review of Currency Solutions, discussing the company’s services, fees, and customer support. It will also provide an overview of the pros and cons of using Currency Solutions.
Read on to learn more about Currency Solutions and how they can help you with your money transfer needs.
Table of Contents
Currency Solutions Overview
Founded in August 2003, Currency Solutions is a UK-based company. In addition to offering competitive exchange rates, it also provides innovative services for money transfers and electronic payments.
The pound, euro, and US dollar are three of the most popular currencies supported by the platform. In addition to the company’s good exchange rates, reviews by customers praise its transparency, speedy transfers, and level of service.
Over 150,000 clients were registered on Currency Solutions’ platform as of March 2019. A major player in the global money transfer market, the company has facilitated more than £1 billion in transfers.
Currency Solutions Individual Services
- Transferring money internationally – You can use a Spot Contract to transfer money quickly by taking advantage of the current exchange rate.
- Dealers specializing in foreign exchange – All your currency transfers will be handled by the same currency dealer.
- Transfer thresholds without fees – Transfers over £3,000 are free of charge. A fee of £10 is charged otherwise.
- Fixed forward contracts – With these contracts, you can lock up the exchange rates up to 12 months in advance.
- A regular transfer of funds – You can set this option by speaking with your dedicated currency dealer.
Currency Solutions Business Services
Tools for Hedging
Using these tools, you can take advantage of changes in currency exchange rates. These include:
- Forward contracts – A type of contract used to secure the current exchange rate for the foreseeable future.
- Market orders – A tool that allows you to set your preferred exchange rate.
- Spot contracts – A type of contract used to buy and sell currencies at predetermined prices on specific dates.
With Currency Solutions’ API, you can seamlessly integrate your accounting system with your company’s systems. Although this is awesome, it probably won’t be useful to small and medium businesses. A cloud accounting solution like Xero or MYOB may be more appealing to SMEs due to their ease of integration.
Currency Solutions Accessibility
Currency Solutions targets a variety of markets, including personal users, businesses, and online sellers. Currency Solutions doesn’t disclose its primary target market, however, it does provide information about the most sought-after currencies.
When you sign up for an account, you’ll see this list of the most popular countries:
- The United Kingdom
- United States
English is the only language supported by Currency Solutions, including its FAQs. The features are the same across all countries, and there are no variations in service.
Currency Solutions Currencies Available
Currency Solutions offers support for a wide range of popular and exotic foreign currencies, including:
- US Dollar (USD)
- Tunisian Dinar (TND)
- South African Rand (ZAR)
- Danish Krone (DKK)
- Hong Kong Dollar (HKD)
- Singapore Dollar (SGD)
- Turkish Lira (TRY)
- Brazilian Real (BRL)
- Croatian Kuna (HRK)
- Omani Real (OMR)
- New Zealand Dollar (NZD)
- Swedish Krona (SEK)
- Bulgarian Lev (BGN)
- Australian Dollar (AUD)
- Indian Rupee (INR)
- Bahraini Dinar (BHD)
- Qatari Rial (QAR)
- Swiss Franc (CHF)
- Saudi Riyal (SAR)
- Bermudian Dollar (BMD)
- Euro (EUR)
- Mexican Peso (MXN)
- Thai Baht (THB)
- Moroccan Dirham (MAD)
- Canadian Dollar (CAD)
- Czech Koruna (CZK)
- Japanese Yen (JPY)
- Pound Sterling (GBP)
- Hungarian Forint (HUF)
- Norwegian Krone (NOK)
- Israeli Shekel (ISL)
- Kuwaiti dinar (KWD)
- Kenyan Shilling (KES)
- Sri Lankan Rupee (LKR)
- United Arab Emirates Dirham (AED)
- Saudi Riyal (SAR)
Currency Solutions Exchange Rates & Fees
The fee structure at Currency Solutions can be negotiated, and a margin is added on top of the mid-market exchange rate. These charges cover operational costs, while profits are made from the balance. Here’s an overview of Currency Solutions’ money-sending prices.
Upon opening an account on Currency Solutions, the service assigns you a dealer. If you want to make an exchange, the dealer can help you negotiate the rate.
For example, let’s say that the mid-market rate of the sterling pound against the United States dollar is 1.2923. However, Currency Solutions offers 1.2803 for a £1,000 US transfer. The difference between the mid-market rate and this rate translates to 0.93%. When you deal with larger amounts, the margin rate tends to be lower.
Under £3,000, transfers are subject to a £10 fee, while those over £3,000 are free. Senders pay the fee when they send the transfer, and an exchange rate margin is added on top.
The UK is the home of Currency Solutions. As a result, your bank may charge you fees for your transfer, especially if you are transferring from outside the UK. Additionally, the receiving bank may charge landing fees, intermediary fees, and processing fees when you pay out to your beneficiary.
Before transferring funds, it would be best to inquire with your bank about these fees since Currency Solutions has no control over them.
How to Send Money With Currency Solutions
You need to create an account and then verify your documents before making any transfers.
You must select the type of account you want to create at this step. You can choose between accounts for businesses or individuals according to your needs. If you create a personal account, you’ll need to enter your password and email address.
Enter Your Details
Name, nationality, occupation, and title (Miss, Mr., Mrs., or Ms.) will be requested here. The next step requires you to input your birth date, postcode, and phone number after you click ‘Save and Continue.’
Your phone number will be used to send codes to access your account and to communicate with the Currency Solutions team.
Enter the Transfer Information
A dropdown list will ask you why you are making a transfer, how much money you are transferring, and how many transfers you will make a year. Aside from defining the recipient, you will also need to specify whether you want to transfer money to an account of your own, a family member’s account, a business entity’s account, or a third-party’s account.
Verify Your Documents
Currency Solutions requires two separate forms of identification and address proof when transferring money. Identity proof can be provided with a variety of documents, including:
- A valid passport
- A valid driving license with Photocard
- Id card with valid photo
Here are some documents that you will need to prove your address. It is essential that they are dated within a three-month period:
- Utility bill
- Bank account statement
- Credit card statement
- A government-issued document, such as one issued by the Home Office, HMRC, or NHS.
- A driver’s license
Using a secure online system, the company allows you to upload documents directly or via email to email@example.com. A Currency Solutions representative will contact you within 30 minutes to verify your information.
Transfer the Funds
A dealer will contact you after verifying your account to assist with the transfer. Your dealer can assist you in getting a good rate and timely transfer over the phone.
By using a bank transfer or debit card, you can make the payment once you are satisfied with the given rate. Once that’s done, go to your account, add the recipient, and specify how much will be transferred. Next, before you initiate the transfer, double-check all the details. Through the online platform, you will be able to track your transfer’s progress.
Receive the Money
Upon receiving the payment, Currency Solutions deposits it directly into the beneficiary’s account. In other words, the beneficiary needs only wait for the bank to notify them as soon as the funds have been delivered.
Payment methods accepted by Currency Solutions include:
- Debit cards
For payments, you can use a debit card from a Visa or Mastercard brand. Visa and Mastercard have made several investments to ensure that digital payments run smoothly and securely.
- Bank transfers
Customers can transfer money to Currency Solutions from their personal or business bank accounts. Your account will receive the money, which you can then transfer to another account.
You should be aware that payment limits may apply depending on how you pay. To see if they can process your transfer or if you have to lift the limits, make sure you contact your bank or credit card company first.
Your recipient’s bank account receives funds directly from Currency Solutions. Once they have access to them, they can access their cash as usual. The funds can be spent directly without withdrawing, depending on their needs.
There is no app available for Currency Solutions. On the other hand, the website is mobile-friendly, so users can add beneficiaries and track transfers wherever they are. It is similar to the experience of sending money within an app.
For Currency Solutions’ popular currency pairs, delivery time is as follows:
- GBP to EUR: SWIFT takes between 3 and 48 hours (SEPA 1-2 business days)
- GBP to USD: Within 3 hours to 48 hours
- EUR to GBP: Within 3 to 48 hours
- BRL to USD: Within 3 hours to 48 hours
- GBP to CAD: within 3 hours to 48 hours
- GBP to AUD: Within 3 to 48 hours
Funds must, however, be available by 15:00 GMT to meet these deadlines. Transfers are usually completed within one to three business days, according to user reviews.
Maximum and Minimum Transfer Amounts
The amount of money a customer can transfer to Currency Solutions includes both a minimum and a maximum amount. The minimum transfer amount is $1,000 or £1,000. The maximum amount you can send is £20,000 to a personal account or up to £50,000 to a business account.
No upper limit applies to phone transfers. For assistance with transfers, customers are advised to contact their assigned dealers or call 020 7740 0000.
The transfer can always be canceled if it hasn’t been picked up. You may, however, be charged for cancellations. A trade cancellation can be costly since they purchase the currency on your behalf.
It is necessary to contact the provider via telephone if you wish to cancel a transfer. You’ll then hear from your dealer about any charges associated with the cancellation.
Customer support at Currency Solutions is available from the moment you register an account to the moment you make a transfer.
There are several platforms through which support can be obtained:
- Using the live chat feature online
Non-customers and customers alike can chat 24 hours a day, 7 days a week.
- Support over the phone
You can use this service from 8 a.m. to 6 p.m., Monday through Thursday, whether you are a customer or not. The hours of operation on Friday are 8 a.m. to 5 p.m.
Customers can use the email support platform to communicate and/or submit detailed issues and documents to Currency Solutions.
Currency Solutions uses both a chatbot and a human support agent on the live chat. You may not receive a response for up to 30 minutes.
Currency Solutions Reviews
On Trustpilot, the company has 2540 reviews, 93% of which are 5 stars and 6% are 4 stars. On the review site, Currency Solutions has earned a TrustScore of 4.9/5 and appears in the top five in each category it appears in: money exchange, international transfers, and payment services.
Customers had the following to say:
- The safest and most efficient option – The user is guided throughout the entire transfer process by a dedicated dealer.
- An easy-to-use online platform – You can easily register for an account online, whether you’re using a computer or a mobile device.
- Low fees and competitive rates – Exchange dealers know the best times to transfer currency internationally because they are experts in currency movements. In other words, through their assistance, you will be able to take advantage of the lowest rates and fees possible.
- The verification process takes a long time – Creating an account and transferring money internationally are important to Currency Solutions. The authentication process can take up to a day or two to ensure all information is authentic.
Is Currency Solutions Safe?
Among the top brands in the market, Currency Solutions is trusted to help customers with foreign exchange and international payments. Customer reviews have been positive since the company was established, and the number of customers continues to grow.
The following are a few of the main reasons we feel confident in Currency Solutions’ reliability:
- Compliance with regulations
The Financial Conduct Authority (FCA) has authorized and regulated Currency Solutions Ltd.
Additionally, the company’s activities are governed by the Payment Services Regulations 2017, which became effective in January 2018.
Currency Solutions separates clients’ funds from all other funds in accordance with section 23 of these regulations. If the company faces financial difficulties, the client’s funds are still safe.
The headquarters of Currency Solutions are located on Hobbs Court, 4th Floor, 2 Jacob Street, right in the heart of London. Moreover, the company has international offices in Cyprus, the Netherlands, and Ireland as well as a corporate office in London at 21 Queen Elizabeth Street.
- Data encryption and customer privacy
As part of the process to verify your account, the provider will use private and public databases for Electronic Identity Verification (eIDV). Every time the user logs in, they receive a 4-digit verification code through their registered phone number.
After an extended period of inactivity, Currency Solutions may terminate a session. You will need to log in again in order to continue. Information entered on its platform, including transaction details, is protected with 256-bit SSL encryption.
Currency Solutions Pros
- Rates of exchange that are competitive
Generally, Currency Solutions charges under 1% exchange rate margins.
- Fees are low
You will not be charged any fees if you transfer amounts above £3000. Fees are just £10 even for transfers below £3000. No matter where the destination is, a maximum of 1% is charged.
- Dealer dedicated to the account
Currency Solutions assigns you a dealer as soon as you sign up for an account. You can count on your dealer to help you get the best rates and to ensure the transfer is smooth every time.
- Offers a variety of services
Individuals, businesses, and online sellers will find a variety of services and products tailored to their specific needs. In addition to forward contracts, spot contracts, market orders, and risk management products, businesses can enjoy a comprehensive suite of currency management solutions.
- Provides responsive customer service
Currency Solutions responds promptly to complaints lodged by customers on review sites like Trustpilot or social networks. Customer loyalty has been built as a result of the level of attention provided.
Currency Solutions Cons
- Small transfers are not available
The minimum transfer amount for Currency Solutions is £1,000. Sending smaller transfers to family members and friends could be restricted by this.
- There is no mobile app available
There is no mobile app for Currency Solutions, unlike other providers. The website is the only way to make transfers. Due to the website’s mobile-friendly design, accessing the Currency Solutions platform via a mobile device should be no problem.
- Sign-up process is lengthy
Customers are asked a series of questions when signing up for an account with Currency Solutions, which delays the process. As an example, they ask you why you’re transferring money, how many transfers you’ll make per year, who you’ll send money to, and some other questions.
Currency Solutions Summary
It is not just about money transfers or currency exchanges at Currency Solutions. In addition to this, it offers both businesses and individuals a variety of currency services. The company specializes in handling medium-sized and large transfers, with a minimum of £1,000.
For transfers below £3,000, there is a fee of just £10, and for transfers over this amount, there is no fee at all. Margin levels depend on the type of transfer but are often below 1%. Customer transfers are handled by dedicated dealers so the company can offer the best rates and timing possible.
Currency Solutions offers fast and reliable funds transfer services across 34 currencies and a global disbursing network. In addition to providing live chat and telephone support, the customer service team is available to answer most of your questions regardless of whether you have an account with the provider.
Choosing the right provider for your needs requires you to shop around. Currency Solutions, however, is competitively priced and offers a lot of great features, making it likely to be high on your list of options.
Matt is a veteran of the moving industry, a recognized moving expert and is the founder of Mover Focus. Matt holds a Bachelor of Commerce (BCom) majoring in Finance and Marketing and Bachelor of Arts (BA) majoring in Economics and History. He also has completed the EiM (Essentials in International Moving) course from the FIDI Academy. His advice has been featured in Reader’s Digest, Yahoo Finance, MSN Money, Business News Daily and The SpareFoot Blog Go. Read more.