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.
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.
To reduce the effect of market fluctuations on currency exchange rates, Currency Solutions offers a number of different transfer options:
Prefer cash-pick ups when transferring money? Click here.
| Transferable Amounts | £1,000 Minimum; No maximum when sending over the phone |
| Transfer Channels | Online, Phone |
| Types of Transfers | Bank deposit |
| Payment Options | Bank transfer, Mastercard debit card, Visa debit card |
| Service Coverage | 35 Countries |
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.
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.
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.
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 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 Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. 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.
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