Currency Solutions International Money Transfer Review

Currency Solutions International Money Transfer Review

Written by Caitlin Wood
Last Updated November 1, 2021

Currency Solutions is a UK based foreign exchange company that was founded in 2003 with the aim of providing the best customer service and exchange rates in the industry. Their mission is to offer a low-cost alternative to consumers and small to medium-sized businesses, as traditional banks tend to have higher fees to exchange and send money. The company currently employs over 60 people and has helped over 150,000 clients trade over £6 billion.

How Do You Send Money Through Currency Solutions?

To send a transfer with Currency Solutions, you will first need to register for an account which can be done online. Depositing funds into your account can only be done via bank transfer or debit card.

Transfers can be made online on the intuitive platform or over the phone with a currency expert. A personal dealer will be assigned to you to answer any questions that you may have and to provide advice on different ways to minimize currency risk.

Can I transfer money from my credit card to my bank account? Find out here.

What Type of Transfers Are Available Through Currency Solutions?

To reduce the effect of market fluctuations on currency exchange rates, Currency Solutions offers a number of different transfer options:

  • Spot Contract – Spot contracts allow you to send money for immediate payment and delivery using the current market rate.
  • Forward Contract – With a forward contract you can transfer money at a future point in time using an exchange rate that is set or fixed. 
  • Limit Order – A limit order allows the sender to purchase a specific currency automatically once the rate reaches a preset level.
  • Recurring Payments – For senders looking to transfer funds regularly, setting up recurring payment transfers can allow you to secure an exchange rate for up to 12 months.

Prefer cash-pick ups when transferring money? Click here

Currency Solutions Key Features

Transferable Amounts£1,000 Minimum; No maximum when sending over the phone
Transfer Channels Online, Phone
Types of TransfersBank deposit
Payment OptionsBank transfer, Mastercard debit card, Visa debit card
Service Coverage35 Countries

How Fast Can You Send Money Through Currency Solutions?

When sending major currencies such as USD, CAD, GBP, EUR and AUD, the transfer will typically be completed on the same or the next business day. Processing times may vary for more exotic currencies.

How Much Does It Cost to Send Money?

There are no fees for customers looking to send transfers of £3,000 or higher. Exchange rates fluctuate and the quoted rate will depend on the currency (how commonly traded it is) as well as the total amount being transferred. Similar to other online foreign exchange platforms, rates are not quoted upfront. Rather, they are provided upon request and a representative will contact you with an executable quote.

While there are no fees to transfer using Currency Solutions, there may be bank fees involved with uploading funds to your account. Additionally, if the receiving bank is based outside of the UK, the bank may charge fees for an incoming international transfer.

Is Currency Solutions Safe?

Currency Solutions is regulated by the Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs (HMRC) as they are a licensed Authorized Payment Institution in the United Kingdom. Client funds are held in accounts that are separate from Currency Solutions operational accounts, which means that your funds are safe even if the company runs into financial difficulties. As a financial institution that is licensed to sell options, they are also required to keep very high levels of cash on their books.

To provide peace of mind to their customers operating online, Currency Solutions uses institutional-grade security – 256-bit SSL encryption with a 2048-bit signature. The company has over £3.3 million in net assets and has facilitated over £6 billion in client transactions.

Is Currency Solutions the Right Transfer Service for You?

Web reviews for Currency Solutions are excellent, with the vast majority of customers giving them the highest score possible. The few complaints that were logged online were responded to thoroughly by a representative of the company.

The main advantages of using Currency Solutions to transfer funds internationally include the highly competitive rates and good customer service along with helpful advice for clients to save money. Additionally, clients are provided with full transparency and there is no upper limit for transfers.

Complaints or negative reviews regarding Currency Solutions are few and far in between. However, a minimum transfer amount of £3,000 may act as a barrier for those looking to transfer smaller amounts.

Check out more international money transfers providers here

Currency Solutions FAQs

Can I track my money transfer with Currency Solutions?

Those sending money will receive multiple emails throughout the process – when the funds are received by Currency Solutions, when the foreign exchange transaction has been executed, and when the funds have been sent off to the beneficiary account.

Does Currency Solutions have a reward system?

Currency Solutions does not currently offer a reward program.

How much money can I transfer through Currency Solutions?

When transferring money over the phone, there is no maximum. But, if you want to use the Currency Solutions online platform, for personal money transfers there is a maximum amount of £20,000 (GBP) and for business transfers, the maximum amount is £50,000.

Final Thoughts

Currency Solutions is a good option for most consumers looking to send money internationally. But it is particularly useless for those looking to send British Pounds or for those who live in the UK. Keep in mind that consumers who send over £3,000 will not be charges fees.

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

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