Foremost Currency Group is a UK-based international money transfer and foreign exchange company. For 15 years, the provider has offered over 35,000 individual and corporate customers one of the fastest transfer services and cheap money transfers to more than 120 countries using over 40 currencies. In this review, we shall look at the provider’s exchange rates and fees, transfer payment and payout methods, how to send and receive funds among other things.
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.
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.
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:
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:
Foremost Currency Group charges £10 for transfers under £50,000. However, any transfers above £50,000 are free of charge.
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 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.
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.
You can pay for your transfer or currency purchase using any of the following options:
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.
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.
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.
1. Account signup
If you already have an account, you can simply log in and start your transfer. However, for new clients, you’ll have to follow the below steps to successfully sign up.
Once the compliance team has checked through the documents, your account will be approved, and you will be assigned a personal currency expert.
2. Making your transfer
Making a transfer through Foremost Currency Group is simple. Start by selecting ‘make a transfer’ on the home screen and follow the below steps.
If you wish, you can send your recipient a quick email notifying them that you have initiated a transfer. This is provided for through a custom page at the end of the transfer window.
The beneficiary will receive the funds directly into their bank account. There is nothing for them to do unless the authorities in the country demand that they declare the source and purpose of the funds.
No, the provider has no app. Online transfers are initiated through the website.
Transfers take 1-2 days to be delivered. However, on Trustpilot, several customers indicated that their transfers were completed within 24 hours.
On Foremost Currency Group’s online platform, the minimum amount you can transfer is £100 and the maximum is £25,000 per transaction. Over the phone, the minimum you can transfer is £1,000 but there is no maximum limit.
Foremost Currency Group is one of the most trusted international money transfer providers in the industry. Its dedication towards secure, efficient, and cheap money transfer services has seen it employ over 500 currency specialists and invest in innovative currency tools.
Below is a breakdown of what makes this provider a trusted brand in the currency exchange and cross border money transfer market.
Foremost Currency Group has been around for over a decade, 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.
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.
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.
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:
Yes, you can cancel. However, you’ll need to put it in writing to the Foremost Currency Group support team.
Out of the more than 120 countries that the provider sends money to, the following are the most frequented destinations.
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:
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 35,000 clients transfer funds to more than 120 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.