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On average, Foremost Currency Group processes international payments to the tune of £7.5 billion per year both online and over the phone. Its team of more than 500 currency experts - spread in over 20 offices - use specialist currency tools to give customers competitive quotes.
Among the clients who use Foremost Currency Group’s services are those buying properties abroad, transferring money abroad, or making corporate transfers.
Foremost Currency Group Exchange Rates and Fees
International money transfer companies typically earn their revenue from applying exchange rate margins and transaction fees. The fees may be variable, fixed or a hybrid of the two. Here's a look at what Foremost Currency Group charges in fees and margins.
Exchange Rates
Foremost Currency Group purchases currency directly from the market at wholesale prices. This allows them to give clients better exchange rates than what high street banks offer. On its website, the provider displays live interbank exchange rates to reflect price movements for select currency pairs.
When buying currency, you'll need to contact your dedicated currency broker on +44(0)1442892060 for the best exchange rates. Here are some indicative margins based on average trading activities:
Purchasing Euros: 5000 Euros will cost you £4,587.61. Going by the current rate of 1 GBP = 1.10480 EUR, the margin charged is 1.35%
Purchasing United States Dollars: 5000 United States dollars will cost you £4,116.48. At the live interbank rate of 1 GBP = 1.22715 USD, this translates to a margin of 1.02%
Purchasing Australian Dollars: 5000 Australian dollars will cost you £2,544.21. Based on the prevailing mid-market rates of 1 GBP = 1.98429 AUD;, this gives you a margin of 0.96%
It is clear from the three scenarios that the currency pair you are targeting determines the margin Foremost Currency Group will charge you.
To help you manage exchange rate movements and ensure accuracy of your transfers, the provider offers a range of transfer services, such as:
Spot contract: This service is for customers making immediate transfers. The currency specialists will help you get the best exchange rates and ensure the transfer is processed swiftly and securely.
Forward contract: Foremost Currency Group allows clients to lock in an exchange rate for up to two years to hedge against negative market movements.
Limit order: If you want to target a higher rate than is currently available, you can place a limit order. If the market moves to that level, your transfer will be executed automatically.
Stop-loss order: This is a worst-case rate that will trigger your transfer if the market falls to that level. As you hold out for a better rate, this strategy ensures you don't suffer unnecessary losses when the exchange rates take a dip.
Regular transfers: The Overseas Regular Payment Plan the provider offers, helps you to automate recurring payments and avoid common transfer errors by minimising human interaction.
Fees
Foremost Currency Group charges £10 for transfers under £50,000. However, any transfers above £50,000 are free of charge.
Additional Costs
Upon request, Foremost Currency Group will send you Proof of Payment in the form of a banking receipt by post, email, or fax to confirm that your funds have been sent. This service will cost you £10. If you request for confirmation by SMS text, you'll be charged £2.50.
Your beneficiary may also be charged some landing fees or processing charges by their bank. Even though the charges may be minimal, about £6.50, the recipient must clarify with the bank before you make the transfer.
Foremost Currency Group Pros and Cons
Foremost Currency Group is committed to helping its customers to buy currency and make international money transfers to their recipients overseas in a leaner, smarter and efficient way. Using specialist currency tools, their professional brokers take the hassle out of your transfer by getting you a better rate. To help you compare Foremost Currency Group’s services with alternatives, here is a look at the provider’s notable pros and cons.
- Dedicated currency specialists – Immediately you sign up for an account, Foremost Currency Group will assign you a personal currency expert. They will provide you with professional support and insight when making your transfer.
- Zero transfer fees and commission for large transfers – When you transfer funds above £50,000, you'll not pay any fees. Even for transfers below £50,000, the fee is only £10, making transfers way cheaper than most providers and banks.
- Competitive exchange rates – The provider offers clients bank-beating rates at margins below 1.5% on average. When sending large sums to purchase property, pay salaries or move funds across accounts during emigration, this gives you great savings.
- Global coverage – Foremost Currency Group supports transfers to more than 120 countries in over 40 currencies.
- No limit transfers – Most customers use this provider to transfer funds for property purchases and renovations in places like Spain and France or to move their money abroad. Having no transfer limits is a huge advantage to these and similar clients.
- Limited customer support time – The support centre is available Monday to Thursday from 8:30 am- 6:30 pm and on Friday from 8:30 am-5:30 pm UK time. If you want to make an enquiry or get your account approved outside these hours, you will have to wait or look for another provider.
- No transparency in exchange rates – If you want to transfer funds or simply compare rates, you'll have to either open an account or contact support. From the website, you can not get an upfront quote or indicative rate.
- No mobile app – Transfers are made through phone or from the website platform. The provider has not developed an app yet. However, the website is designed using the viewport meta tag and code that supports mobile viewing and interaction.
What Kind of Payments Can I Make With Foremost Currency Group?
International money transfer involves several processes such as purchasing the foreign currency you want and sending the funds to your recipient. How you pay for your transfer and the payout methods available determine the cost, convenience and speed of your transfer. Here’s a breakdown of your options with the Foremost Currency Group.
Payment methods available
You can pay for your transfer or currency purchase using any of the following options:
Bank Transfer: When making a transfer to your beneficiary you can pay using a bank transfer. At the last page of your transaction, the provider will display the account details you should use for the transfer depending on the currency you are paying with.
Debit Card: You can pay using a card you added before the transfer or you can add a new card as you make your transfer. Ensure the correct card is picked during the transfer.
Currency Wallet: If you had bought currency in advance and had it stored in your currency wallet; you can use it to pay for your transfer. Normally, when you want to take advantage of exchange rates, you can buy currency for later use.
Withdrawal Options Available
Foremost Currency Group only supports transfers directly into the recipient's bank account. If for whatever reason your beneficiary cannot receive money this way, you'll have to look for an alternative provider who supports your preferred options.
How to Send and Receive Money With Foremost Currency Group
The provider has simplified the process of making and receiving international payments. Your dedicated currency broker will take you through the transfer process online or over the phone and ensure that you get the best currency transfer solution.
How to Send Money Online With Foremost Currency Group
There are two main processes involved in sending money: signing up for an account and making the transfer to your recipient. Here are the steps in detail from start to finish. The whole process is straightforward and should take between 5-10 minutes.
Account Sign Up
Making Your Transfer
Make Payment
Confirm Transfer Details
How to Send Money Over the Phone With Foremost Currency Group
Once you register for an account with the Foremost Currency Group, you’ll receive your own personal currency expert. This makes it easy to transfer currency over the phone and discuss the best options. The whole process can take between 5-10 minutes depending on how straightforward your transaction is:
Account Sign Up
Call Foremost Currency Group
Confirm Money Transfer Details
Choose Payment Method
How to Receive Money With Foremost Currency Group
Foremost Currency Group only makes transfers directly into bank accounts, so receiving funds is straightforward. Transfers can take between one to three days depending on the currencies involved and the location of the recipient account. Simply follow these simple steps:
Provide Bank Details
Receive Funds
History
Foremost Currency Group has been around for 15 years, having been incorporated as The Foreign Currency Group Limited, a private limited company on August 24, 2005, under company number 5544575. The registered office was on 11 Murray street, Camden London Greater London NW1 9RE and the first two directors were Robin McEwen and Elliot McEwen each holding 100 shares. On September 5, 2005, the registered office changed to The Red House 10 Market Square Old Amersham Buckinghamshire HP7 0DQ.
On October 19, 2005, the company changed its name to The Foremost Currency Group Ltd through a special resolution. On the same day, its registered office changed to The Red & White House 113 High Street Berkhamsted Hertfordshire HP4 2DJ.
On June 4, 2008, the provider changed its address again to the current Sutton Court, Church Yard, Tring HP23 5BB. The company now has more than 20 offices from which it serves its customers.
Regulatory Compliance
Foremost Currency Group is licensed and authorised by the Financial Conduct Authority (FCA) to carry on business as an electronic money institution. Its reference number is 900204.
The Payment Services Regulations 2017 under which the provider operates, requires that it holds clients' funds in a segregated bank account. The provider uses Barclays plc as its banker.
Encryption and Customer Data
When you access the provider's online platform by registering or logging in, a secure connection is created. The Foremost Currency Group uses Secure Socket Layer (SSL) encryption to link your browser with its platform.
The company is also fully compliant with the recently brought in General Data Protection Regulation (GDPR) which ensures clients data is always protected.
Investors
The company is privately held by CD Topco Ltd; an entity incorporated in New Jersey and jointly controlled by Corsair Capital and Palamon Capital Partners.
Customer Satisfaction
Based on the abundance of positive reviews and a TrustScore of 4.9/5, clients seem happy with the services they get from Foremost Currency Group. Those who rated the provider 4 and 5-stars had the following experiences to share:
- Excellent service – The currency experts conducted themselves professionally while guiding customers through the transfer process
- Fast transfers – The provider moved money from France to the United Kingdom within 24 hours
- Superior exchange rate – Compared to high street banks, the provider's rates were the best
- Delayed transfer – A customer transferring money to Dubai saw his transfer delayed for over two weeks even after being promised that it would take a couple of days
Top Destinations for Using Foremost Currency Group
Out of the more than 125 countries that the provider sends money to, the following are the most frequented destinations.
France is number seventh in the list of countries that receive the most remittances worldwide. This is unusual for a developed country and makes up less than 1% of their GDP.
France-to-Spain is a popular remittance corridor with EUR 665 million sent in 2020.
In 2021, Australia received US 1.1 billion in remittances and sent US 4.3 billion abroad. Almost half of Australia’s outbound remittances flow to just 5 countries: China, India, Vietnam, the UK, and the Philippines.
Customer Support
The Foremost Currency Group support centre operates from Monday to Friday, but not over the weekends. Monday to Thursday, the operating hours are from 8:30 am-6:30 pm and on Friday, the centre operates from 8:30 am-5:3 pm. You can reach them through any of the following channels:
Phone: You can call +44 (0)1442 892060 from anywhere around the world. This is a toll number and you should check your international calling rates before placing a call.
Email: The customer support team can be reached on [email protected]. Alternatively, you can fill in the web form on the 'contact us' page and hit the 'send' button.
Physical Visit: If you want to visit the Foremost Currency Group in person, you should first call and make an appointment.
Summary
Foremost Currency Group has helped thousands of businesses and individuals take the hassle out of their international payment and currency exchange transactions. Since 2005, the provider has helped over 325,000 clients transfer funds to more than 125 countries in 40 currencies.
Sending money through Foremost Currency Group is simple, fast and cheap. Clients can either buy currency when the rates are good and send later or make direct transfers from their bank accounts or debit cards. Additionally, you’ll benefit from expert advice and support when making your transfer to ensure you’re getting a good deal.
Transfer services such as spot contract, forward contract, limit order, stop-loss order and Overseas Regular Payment Plan, help clients to minimise exchange rate risks and reduce the hassle of sending money and offer a flexible range of options not available with all money transfer providers.
Beneficiary payouts are made through direct bank deposits. If you are looking for a provider that can payout using mobile transfer or cash pickup, you'll have to shop around for an alternative.
To help you get the best deal, we have a money transfer comparison tool that can pull out a list of recommended providers. You can use this tool to evaluate if Foremost Currency Group is the best option for your transfer, but its strong track record and number of positive reviews means that you’ll likely see it among the best services available for most situations.
