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Currency Solutions Review

Currency Solutions has been a UK registered company since August 2003. Its mission is simple: to provide its customers with competitive exchange rates and innovative money transfer and electronic payment services. The platform supports 34 currencies with the Pound, Euro and US dollar being its most popular currencies. As well as the good exchange rates on offer, the company is praised for its transparency, quick transfer times and level of service across many of its user reviews.

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As of March 2019, Currency Solutions had 70 employees and more than 150,000 clients registered on its platform. In 2018, the company facilitated the transfer of more than £1 billion, making it one of the biggest players in the global money transfer market.

Currency Solutions exchange rates and fees

Currency Solutions offers negotiable fee structures and charges a margin on top of the mid-market exchange rate. These charges help to cover operating costs with the balance going to profits. Here’s a quick breakdown of how much it costs to send money with Currency Solutions.

Exchange rates

Currency Solutions assigns a dealer to every account opened on the platform. The dealer is responsible for helping you negotiate an exchange rate when making a transfer.

At the time of this writing, the sterling pound to the United States dollar mid-market rate was 1.2923. On the other hand, Currency Solutions’ dealers were giving a rate of 1.2803 for £1000 transfer to the US. This translates to a margin of 0.93% above the mid-market rate. Larger amounts are processed at lower margins, so it’s always good to see how much you’re being charged on top of the exchange rate.

Fees

All transfers under £3,000 attract a £10 fee, while those above £3000 are processed at no cost to the sender. The fee is paid by the sender at the time of making the transfer, and any fee is additional to the exchange rate margin.

Additional costs

Currency Solutions has its accounts in the UK. Therefore, when paying for your transfer, especially from outside the UK, your bank may charge you some fees. Also, when paying out to your beneficiary, the receiving bank may charge them landing fees, intermediary fees and processing fees.

Since these fees are outside the Currency Solutions control, the best approach would be to ask your bank before making the transfer.

Currency Solutions pros and cons

Currency Solutions certainly ticks most if not all boxes customers look for in international money transfer companies. The mix of personal transfer solutions such as forward contracts and tailor-made business solutions are a couple of things that make them particularly attractive.

With a forward contract, customers enter into an agreement with the provider to buy a certain amount of currency at a given exchange rate at a defined date in the future. This strategy locks in an exchange rate and eliminates unpredictability when planning for future funds transfers. 

However, it is worth noting if you are looking for a cross border money transfer provider for smaller amounts (less than £1,000 or $1,000) Currency Solutions won’t fit your profile, as their minimum transfer is £1,000. Let us look at the pros and cons in greater detail.

Pros
Competitive exchange rates: The exchange rate margins Currency Solutions charges are competitive, mostly falling under 1%.
Low fees: As long as you are transferring amounts above £3000, Currency Solutions won't charge you any fees. Even for people transferring amounts below £3000 down to £1000, the fees are just £10. This translates to a maximum of 1% irrespective of the destinations involved.
Dedicated account dealer: When you sign up for a Currency Solutions account, you are immediately assigned a dealer. Every time you want to make a transfer, the dealer will help you get a competitive rate and ensure the transfer goes through smoothly.
Wide range of services: Whether you are an individual, business or online seller, you’ll find a variety of products and services tailor-made for your needs. For instance, businesses can enjoy a comprehensive suite of currency management solutions such as forward contracts, market orders, spot contracts, and risk management products.
Responsive to complaints: Every time a customer lodges a complaint whether on a review site like Trustpilot or on social networking sites, the Currency Solutions team responds promptly. This level of attentiveness has helped them to build a loyal customer base.
Cons
Not suitable for small transfers: Currency Solutions cannot transfer funds below £1,000. This potentially locks out people intending to send smaller-sized transfers to their families and friends.
Lacks a mobile app: Unlike other providers, Currency Solutions doesn’t have a mobile app. This means transfers can only be done through the website. However, accessing the Currency Solutions platform through a mobile device shouldn't be a problem as the website is mobile optimized.
Lengthy Signup Process: When signing up for an account, Currency Solutions takes customers through a series of questions that lengthen the time it takes to set up. For instance, they ask you the reason for your transfer, the number of transfers you'll be making per year, the person you'll be sending money to, and a few other similar queries.

What kind of payments can I make with Currency Solutions?

Currency Solutions allows payments via debit card and bank transfers. However, it only supports transfers to beneficiaries’ bank accounts. 

To ensure the funds get to the right bank, Currency Solutions uses a tool known as Swift Checker to identify the beneficiary bank. The tool will ask you to input the recipient’s bank BIC (Bank Identifier Code) which is the other name for Swift Code.

Payment methods available

When paying for your transfer, Currency Solutions will accept only the following payments methods:

  •  Debit cards: You can link your Visa or Mastercard branded debit card to help you pay for your transfer. Both Visa and Mastercard payment networks have invested heavily in ensuring smooth and secure digital payments. 
  •  Bank transfers: Customers can transfer money from their personal or business bank accounts to the Currency Solutions account. Once the money is received by your account, you can transfer it elsewhere.

It is important to note that depending on your payment method, payment limits may apply. Always check with your bank or credit card company to see if they can process the amount you want to transfer or you have to ask them to lift the limits.

Withdrawal options available

Currency Solutions delivers funds directly to your recipient’s bank account. They can then access them in the normal way they get their cash from the bank. Depending on their needs, they may choose to spend the funds directly to pay for goods and services without withdrawing.

How to send and receive money with Currency Solutions

Currency Solutions has simplified the process of sending and receiving funds across borders. The dealer assigned to your account will help you make your transfer at the opportune time to take advantage of better exchange rates. Below are the processes involved.

How to send money with Currency Solutions

Sending money is a step-by-step process that begins with signing up for an account and ends with having your documents verified ready to make your first transfer.

1.     Sign up

For this, you’ll have to choose your account type. Depending on your needs, you can go for a business or personal account. For illustration purposes, let’s opt for a personal account. You will be required to input your email address and password for this.

2.     About you

Here, you’ll be asked to provide your title (Miss, Mr., Mrs., or Ms.), your name, nationality, and occupation. When you click on ‘Save and Continue’ it takes you to the next stage where you input your date of birth.

The system will require that you input your postcode and phone number. The team at Currency Solutions will use the phone number you provide to send account login codes and for communication.  

3.     About your transfer

You’ll be asked to pick from a dropdown list the reason for your transfer, the amount you’ll be transferring, and the number of transfers you’ll be making per year. You’ll also have to declare whether the transfer is to your own account, family member, business account, or a third party, along with the transfer destination.

4.     Document verification

There are two forms of documentation needed to transfer money with Currency Solutions: proof of identity and proof of address. Any of the following documents can serve as proof of identity:

  • Valid passport
  • Valid Photocard driving license
  •  Valid Photocard Identity card

For the proof of address, you’ll need one of the following documents. They must be dated within 3 months:

  •  Utility bill
  • Bank statement
  • Credit card statement
  • Document issued by a government department such as HMRC, Home Office, NHS etc.
  • Driving license

You can upload the documents directly using the provider’s secure Online Platform or email them to service@currencysolutions.com. In less than 30 minutes you’ll get a call from the Currency Solutions team to complete the verification process.

5.     Make your transfer

Once the account is verified, you’ll be assigned a dealer to help you initiate a transfer. Through the phone, the dealer comes in handy to get you the best rate and timing for your transfer.

Once you are happy with the rate given, you can go ahead to pay for your transfer through bank transfer or debit card. Thereafter, log into your account, add your recipient and specify the amount you want to transfer. Verify that all the details are correct before sending your transfer. Remember, you can track the progress of your transfer from the online platform.

How to receive money with Currency Solutions

Currency Solutions processes the transfer directly into the recipient’s account. This means that the beneficiary isn’t required to do anything but wait for the bank notification when the funds are delivered.

Does Currency Solutions have an app?

Currency Solutions doesn’t have a mobile application. However, the website is mobile responsive and users can add beneficiaries and track transfers on the go. The experience is similar to that of in-app transfers.

How fast are Currency Solution’s transfer speeds?

According to Currency Solutions, the following are the delivery times for its popular currency pairs:

  • GBP to EUR: between 3 hrs to 48 hrs with SWIFT (SEPA takes one business day)
  • GBP to USD: between 3hrs to 48 hrs
  •  EUR to GBP: between 3 hrs to 48 hrs
  • BRL to USD: between 3 hrs to 48 hrs 
  • GBP to CAD: between 3 hrs to 48 hrs
  • GBP to AUD: between 3 hrs to 48 hrs

However, for these times to be achieved, funds need to be made available by 15:00 GMT. Users on review sites such as Trustpilot have noted that on average it takes between 1 and 3 business days for a transfer to be completed.

Are there maximum and minimum transfer amounts?

Currency Solutions has both minimum and maximum amounts its customers can transfer. On the minimum end, customers can transfer anything from £1,000 or $1000. Amounts below this size cannot be processed.

If you are making a transfer through the Currency Solutions online trading platform, the sending limits are £20,000 and £50,000 for personal and business accounts respectively.

Transfers made over the phone have no upper limits. Customers are advised to call 020 7740 0000 for guidance on their transfers or get in touch with their assigned dealers. 

Can I trust Currency Solutions?

Currency Solutions is a strong brand in the market that customers trust to help them make international payments and currency exchanges. Since its establishment, the company has been growing in numbers with customers posting positive reviews of their experiences.

We’ve looked into the company, and here are the main reasons we can assure you that Currency Solutions is a reliable platform:

Regulatory compliance

Currency Solutions Ltd is an entity authorised and regulated by the Financial Conduct Authority (FCA). On the FCA’s Financial Services Register, the company is referenced as follows:

  • Reference Number: 602082-Permission to provide regulated products and services
  • Reference Number: 512130 – Provision of payments services including issuing credit cards and offering money transfer operations.

The company’s activities are also regulated by the Payment Services Regulations 2017 which came into force in January 2018. As mandated under section 23 of these regulations, Currency Solutions segregates clients’ funds from any other funds it holds. This ensures the safety of the client’s funds even in times when the company goes through financial difficulties.

Offices

Currency Solutions has its headquarters right at the heart of London on 4th Floor Hobbs Court, 2 Jacob Street. It also has a corporate office in London on Camera Press Building, 21 Queen Elizabeth St. In addition, the company has international offices in Cyprus, the Netherlands, and Ireland.

Encryption and customer data

The provider leverages private and public databases to conduct Electronic Identity Verification (eIDV) of its users. This process ensures that customers holding accounts are who they claim to be. Also, the provider sends users a 4-digit verification code to their registered number every time they access their accounts.

Currency Solutions may terminate a session if the system detects that the user has been idle for a while. To continue, you’ll have to log in again. Information entered on its platform including transaction details is secured through a 256-bit SSL encryption.

Customer satisfaction

The company has a great reputation on Trustpilot with 1954 ratings, 93% of which are 5-star and 6% 4-star. Currency Solutions’ TrustScore on the review site is 4.9/5 and is ranked in the top 5 in all the three categories under which they appear: currency exchange service, money transfer service, and payment service. Customers had the following to say:

Positives

  • Efficient and safe choice: Transfers are processed promptly and the user is guided all through by a dedicated dealer.
  •  Quick and easy online platform: The online platform is simple to navigate when registering for an account whether on a mobile device or on the computer.
  •  Low fees and competitive rates: Dealers are experts in currency movements and know the best timing for international transfers.

Negatives

  •  Lengthy verification processes: Currency Solutions take international money transfers and account sign up seriously. To ensure all the information is authenticated, they may take up to a day or two verifying the information.

Can I cancel my transfer?

As long as a transfer has not been picked, you can always cancel. However, cancellations may come at a cost to you. When you book a trade, Currency Solutions purchases the currency for you and cancellations can be costly to them.

If you would like to cancel a transfer you will need to contact the provider via telephone. Your dealer will then complete that cancellation for you and let you know the details of any charges.

Top destinations for using Currency Solutions

The provider targets personal users, business users and online sellers in a variety of markets. Currency Solutions doesn’t explicitly state which are its top markets but it gives an indication of its popular currency pairs.

When signing up for an account, the provider mentions as the top originating countries: 

  • The United Kingdom
  • United States
  • Ireland
  • France

Looking at the popular destinations for these countries, the following list completes the picture:

Currency Solutions only supports English as the language of communication, even in its FAQ section. There is no service variation per country, and all users enjoy the same features.

Customer support

Currency Solutions offers prompt customer support right from setting up an account to making the actual transfer. Support is available through any of the following platforms:

  • Online live chat: The chat is available 24/7 to both customers and non-customers
  • Phone support: This is available to both customers and non-customers Monday to Thursday between 8 am – 6 pm. On Friday you can call in between 8 am – 5 pm
  • Email: Customers with detailed issues and documents they would like to communicate and/or submit to Currency Solutions can use the email support platform

On the live chat, Currency Solutions use a combination of a chatbot and human support. There could be delays of up to 30 minutes before you get a response.

Summary

Currency Solutions is not just a money transfer or currency exchange service. It goes above and beyond this to offer a range of currency services for both businesses and individuals. Its services are predominantly designed to handle medium to large transfers with a minimum transfer size of £1000.

Transfer fees are also low, charging just £10 for transfers below £3000, and no fees at all for transfers over this amount. Exchange rates are similarly competitive with margins often below 1% – but these vary from transfer to transfer. The company assigns dedicated dealers to its customers to help them get the best rates and timing for their transfers.

In terms of payment options, you can use a debit card or a bank transfer. Once the funds reflect in the Currency Solutions’ account, the transfer is processed right away to the recipient’s bank account.

That being said, customers looking to transfer small amounts (less than £1000) or to have withdrawal options such as cash pickup points or mobile transfers, should look elsewhere for a suitable provider. Currency Solutions doesn’t support these transfer sizes or delivery options.

With a global disbursing network and support for up to 34 currencies, Currency Solutions ensures fast and reliable funds transfer services. Even if you don’t have an account with the provider, the customer service team available on live chat and phone can attend to most if not all of your queries.

As always, it is best to use our money transfer comparison tool to shop around for possible providers before selecting the best provider for your situation. However, with the competitiveness and great features offered by Currency Solutions, chances are high you will find it way up on our recommended list of possible options.

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