Currency Solutions Review

Having a Currency Solutions account makes it simple and cheap to exchange and transfer currencies across the world, both for individuals and businesses. With Currency Solutions, you can quickly move money to people in other countries using your currency. Not only are the conversion fees low, but the transfer is much faster than many banks.

Pros
  • Trusted by hundreds of thousands of customers
  • Best rate guarantee
  • 95% of all transfers happen within 24-hours
  • Simple to use service
Cons
  • Customer service can be slow
  • Registration checks can take some time
  • Exchanges in exotic currencies are slower because of extra paperwork requirements

How It Works

Using Currency Solutions to transfer money abroad is simple. The first stage is done online where you can fill out a few short forms to identify where the money is going to, how much and in what currency it should appear.

 

Once the forms have been received by their staff, they will review your transfer and call you to confirm the details and to offer advice on your transfer. They will also inform you about the current exchange rate and the fees that you are paying, giving you complete transparency into your trade so that you can feel entirely comfortable.

 

Finally, you will send the money to the company, and the recipient will receive a payment in their local currency, making the transaction simple for both parties.

How Safe Is It?

One of the reasons why many customers choose to pay huge fees to transfer money from their bank is because they are worried about the safety of small providers. In fact, many of these small providers, Currency Solutions included, meet the same safety standards of the large banks.

 

Currency Solutions is an FCA authorized company that is regulated by HMRC; this means that they never speculate with customer funds and they hold your cash safely. For this reason, they have been ranked No.1 on Trustpilot based on their reviews for the last 3-years.

 

For an added layer of security, they even hold client segregated accounts, meaning that not all of the money they are holding for customers is in a single account. This separation makes Currency Solutions a much safer option for you as a customer so that you can sleep soundly at night without worrying about your money.

How Much Does It Cost?

Unlike some other providers, there are no monthly fees associated with a Currency Solutions account. Instead, you will only pay a small fee for each transaction that is made, and because of their best rate guarantee and a team of experienced in-house dealers, you can be confident that you’re getting a fantastic exchange rate.

 

The guarantee of the best exchange rate makes the small transaction fee worth it, ensuring that you still save money when compared to the exorbitant fees that most banks charge. With Currency Solutions, you can be safe in the knowledge that you’re transferring cash abroad as cheaply as possible.

 

What Exchange Rate Will I Get?

The currency exchange rate that you get will depend on the exact price at which the currencies are trading at when you are making a transfer. However, Currency Solutions has the best rate guarantee which ensures that you are paying the lowest charge possible.

 

This assurance is fantastic for those who are looking to make a quick transfer, which can be done in less than 24-hours using Currency Solutions. But if you can wait longer then it’s possible for you to lock-in great rates ahead of time and to trade automatically for low prices.

 

This also means is you can periodically exchange more and more money, all of it being held by Currency Solutions. This ensures you get an incredible currency converter rate for the entire transfer. Not many companies do this, but because of Currency Solutions experienced in-house currency traders they can manage exchanges for you on the fly.

How Do I Send or Receive Money from Overseas?

Sending or receiving money from overseas with Currency Solutions is very simple, they act as an intermediary to exchange money between their bank accounts at the lowest rate.

 

If you are sending the money, then you must fill in a few short forms detailing where the money is going and how much the transfer will be. A member of staff will then call you back quickly to confirm the trade and the payment can appear in their account within 24-hours.

 

If you’re on the other side of the trade and you’re receiving the money, you will receive the funds from Currency Solutions directly into your bank account, in your local currency.

How Do I Pay?

All of the payments that can be done either through bank transfer or online banking systems including debit cards. This method makes it very quick and simple to make transfers, in as little as a few moments.

 

Can I Pay by Credit Card?

Paying by credit card is possible, but Currency Solutions would recommend using a debit card or bank transfer so that you can avoid the transaction fees that credit cards charge. These charges can be significant as they are usually between 1.5% and 3%, a considerable amount for large exchanges.

What Currencies Can I Transfer?

Currency Solutions offers a vast variety of options, and they claim that they can send payments to practically any country in the entire world. Some of the more popular currencies that they list include; USD, EUR, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, NZD, NOK, PLN, ZAR, and BRL.

 

They do offer other currencies, but these must be requested from your dealer and depending on international financial requirements they might need more paperwork from you. This paperwork will help to keep your international money transfers from bouncing and makes it safer for both parties.

What Services Do They Offer for Businesses?

For businesses, Currency Solutions offers Spot Trades which allow you to take advantage of market movements in currency prices. They also have Forward Contracts, ensuring that you can buy or sell currency against another at a fixed rate in the future, and they also allow you to make hedging bets.

Compare money transfer services like Currency Solutions

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,935.47Exchange Rate0.7209Transfer Fees$63.92Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,935.47Rate Updated less than 2 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7209 will cost you $13,935.47 which includes a fee of $63.92

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 2 mins ago
TorFXRead ReviewTotal (AUD)$13,941.26$5.79 more expensive Exchange Rate0.7173 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,941.26$5.79 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7173 will cost you $13,941.26 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,952.47$17.00 more expensive Exchange Rate0.7167 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,952.47$17.00 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7167 will cost you $13,952.47 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,955.28$19.81 more expensive Exchange Rate0.7166 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,955.28$19.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7166 will cost you $13,955.28 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,005.08$69.61 more expensive Exchange Rate0.7142 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,005.08$69.61 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7142 will cost you $14,005.08 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,062.72$127.25 more expensive Exchange Rate0.7111 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,062.72$127.25 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7111 will cost you $14,062.72 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,442.52$507.05 more expensive Exchange Rate0.6924 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,442.52$507.05 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6924 will cost you $14,442.52 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
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Commonwealth BankRead ReviewTotal (AUD)$14,638.30$702.83 more expensive Exchange Rate0.6837 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,638.30$702.83 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6837 will cost you $14,638.30 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates