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.
- Trusted by hundreds of thousands of customers
- Best rate guarantee
- 95% of all transfers happen within 24-hours
- Simple to use service
- 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.