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The FX Company Review

The FX Company offers alternative services compared to typical money transfer companies and is a leading foreign currency dealer. Using The FX Company currency converter, UK customers can place an order, selling a specific amount of currency at competitive rates.

In this review we will take you through the exchange rates and fees charged by the platform, the payments supported, and the trust factors to consider before deciding if this is the right service for you.

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The FX Company currently supports 25 currencies and has over 14,382 clients registered on its platform, sending and receiving money worldwide. When arranging a transfer, users must select a currency they wish to exchange, before sending it to The FX Company in cash via secure mail. Upon receipt, the provider converts and deposits the value in pounds into the customer’s bank account.

Customers also have the option to buy currency and have the equivalent delivered in cash to their address. The FX Company offers this service as an affiliate of Travel FX.

Exchange rates and fees

The FX Company offers highly competitive exchange rates across the supported currencies. Here is a quick summary of the rates and fees to expect when exchanging money using their services.

Exchange rates

The FX Company charges an average of 1.15% above the mid-market rate for currency conversions. The precise exchange rate margin you will be charged will depend on the specific transfer you’re making.

Fees

The FX Company’s service attracts no fees or commissions for currency exchanges.

Additional costs

Currency sell orders below £700 incur a £5.00 handling fee. Also, depending on the country you’re in, the amount it will cost to post any currency you’re selling via secure mail will vary.

The FX Company pros and cons

The provider has simplified their currency buyback and selling processes through a dynamic and easy-to-use platform. Here are some pros and cons to factor in before using their service.

Pros
Low exchange rate margins: On average, The FX Company charges 1.15% above the mid-market rate for currency exchanges.
Zero fees: There are no fees or commission on transactions.
Reputable brand: The FX Company is a reputable brand and a trading name of Travel FX Ltd, another industry-leading currency specialist.
Cons
Limited coverage: The service is available to people in the United Kingdom only.
Cash delivery: Cash to be exchanged is delivered to The FX Company via mail. In the case of a buy transaction, The FX Company delivers hard cash to your address. This is riskier than bank transfers.

What kind of payments can I make with The FX Company?

The FX Company uses a unique currency buyback model. Here is a breakdown of the payments and withdrawal options available on the platform and how they work.

Payment methods available

This depends on if you’re buying or selling currency. If you’re exchanging pounds for another currency, you pay via bank transfer and the foreign currency is delivered to your house in cash. If you’re converting another currency into pounds, then the process is reversed: you send the currency in cash to The FX Company and they credit your bank account in pounds.

Withdrawal options available

Upon conversion into pounds, The FX Company deposits the money into your account via bank transfer. For buy transactions, the currency is delivered to your address in cash.

Does The FX Company have a mobile app?

No. All transactions are arranged through their mobile-optimised web platform.

How fast The FX Company’s transfer speeds?

After the bank notes are received by the provider, a bank transfer will be initiated to the customer’s account. The funds may take up to 3 working days to reach customers accounts, so all-in-all transfers can take about a week considering the combined time of postage and clearing the bank transfer.

Are there maximum and minimum transfer amounts?

The minimum order value in a currency buy transaction is £300 and the minimum amount customers can exchange per currency £100. There is no stated minimum and maximum on currency sell transactions.

Can I trust The FX Company?

More than 14,382 customers trust The FX Company to execute their transactions. However, it’s always good to do your research before trusting any company with your money, so here are a few factors you need to look at before you make any commitment.

History

The FX Company is a trading name of Travel FX Limited, a company incorporated in the UK in 2009. It has a reputation as one of the leading electronic money institutions.

Regulatory compliance

The activities of The FX Company are regulated by H.M Revenue & Customs. Also, client funds are held in a segregated account at Metro Bank PLC. Cash deliveries to customer locations are fully insured and guaranteed.

Encryption and customer data

Safety of customer information is prioritised and secured using SSL encryption technologies.

Can I cancel my transfer?

Once placed, orders cannot be cancelled. Under exceptional circumstances, The FX Company can waive this, but even in these cases a fee of £25.00 plus any other incidental costs incurred during the reversal process.

Customer support

Customers can contact The FX Company at any time using any of the following platforms:

  • Email: You can write an email to info@thefxcompany.co.uk.
  • Telephone: Customers can call the provider from within the UK on 0207 183 7926 during business hours which are Monday to Friday 9.30am to 4.30pm.

Summary

The FX Company is a UK based currency buyback service and a trading name for Travel FX Limited. Customers place an order online and send their currencies in cash using secure mail service. Upon receipt, the provider credits the respective customers’ accounts with the equivalent in pounds. Alternatively customers can also buy currencies through The FX Company by paying via bank transfer and having foreign currencies sent to them via the post.

While The FX Company’s services are a convenient way to get rid of leftover foreign currency or having different currencies delivered to your doorstep, it is always recommended that you shop around to see what alternative providers offer.

Using our money transfer comparison tool, you can quickly analyse alternative offerings and the competitiveness of their rates before deciding which company works best for your transfer.

Artiom
Written by
Artiom

Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.

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