Foremost Currency Group Review
Foremost Currency Group is one of the leading currency transfer and currency converters in the UK, helping consumers and businesses to move money abroad at the lowest cost. They are loved by their customers, and that’s why they have incredible reviews across the internet.
- Professional and helpful staff
- Excellent rates
- Fast transfers
- Salespeople might call you
- Require different forms of ID
- Don’t match rates of competitors
How It Works
Foremost Currency Group allows you to convert currency and send it abroad, both to your foreign bank accounts and to accounts owned by other people. Rather than going directly to your bank account you can save an estimated 5% on each transaction by using Foremost Currency Group instead.
All of their transactions are done either online or through a broker whom you can contact on the phone. To make a transfer you will need to let the company know which bank account you want to transfer funds to, what currency you are using, how much you are sending and who owns the bank account.
It’s also standard for currency conversion companies to request some form of basic identification from you. Not only does this help to prevent transaction errors but it also ensures that they are following the advice of government agencies so that any problems can be solved by the relevant law enforcement.
How Safe is It?
Unlike some less well-known and reputable agents, the Foremost Currency Group is registered and authorized by the Financial Conduct Authority (FCA). This government agency ensures that the business is operating safely and is protecting your money in the appropriate ways.
One of the rules that they must follow is to keep the money that you give them in a separate account from their funds which they use for business purposes. This rule prevents them from speculating with your funds or using them to run their own business.
Instead, they follow a strict code of conduct that ensures that your money is safe at all times and is transferred as quickly as possible to the recipient bank account.
How Much Does It Cost?
The cost of making a transaction with Foremost Currency Group is relatively low when compared to using most major banks. While these banks charge you a transaction fee, exchange fee and often a percentage fee on the amount that you are transferring, this isn’t the case with currency exchange companies.
Instead, they charge a small margin of around 2% on top of the exchange rate that they get from their trading partners. However, because they are buying currency in large amounts, they can still give you a competitive exchange rate even after adding a small margin for themselves.
Foremost Currency Group does have occasional charges depending on what you are interested in doing. For example; should you want some form of proof of payment you would need to pay an additional £10.
Similarly, if you are making a transfer that is less than £50,000, there is a charge of £10 for the transfer. The reason for this is because the Foremost Currency Group charges such a small margin on transfers they need a small fee to ensure they profit from doing business with smaller clients.
What Exchange Rate Will I Get?
Exchange rates fluctuate vastly every minute of the day, and therefore it’s impossible for us to tell you what rate you will get. However, because the Foremost Currency Group uses interbank rates to purchase their funds at the lowest possible price, they can pass those savings on to you as a customer.
They will take the basic exchange rate that they can buy currency at and add on a small profit margin for themselves before passing the still competitive exchange rate to you. By purchasing currency in bulk like this, they can save massive amounts of money, thereby being able to charge you less than your bank for transfers.
How Do I Send or Receive Money from Overseas?
To send or receive money from overseas you should first sign up for an account with the Foremost Currency Group either online or by calling one of their dealers. Once you have an account, you can quickly make transfers by filling in an online form and making the transaction on the phone.
Both of these options are incredibly simple and only require you to fill in a few short forms which will explain where the money is going, how much it’s for and in which currency.
On the other hand, if you are receiving currency from another party then the person sending the money should be the one who signs up for an account with Foremost Currency Group. They will then be able to input your bank account details and send money from their bank account and have you receive it in your local currency.
How Do I Pay?
To send your funds to Foremost Currency Group you have a few different options depending on how urgent the transfer is. For a quicker turnaround, you should arrange a telegraphic transfer via Chaps or Swift which you can do by contacting your bank.
Otherwise, you can use a BACS transfer which will usually take around three working days to clear and be received. Alternatively, you can always make a sterling payment via check, but this can take up to a full week.
Can I Pay by Credit Card?
Unfortunately, Foremost Currency Group doesn’t accept credit card payments because they are expensive for you as a customer and also for them as a business. Instead, you should try using a BACS transfer which is quick and simple to do from your online banking.
What Currencies Can I Transfer?
The Foremost Currency Group accepts the vast majority of currencies and will transfer and convert to most countries. Of course, this includes currencies like; EUR, USD, AED, AUD, CAD, CHF, HKD, HUF, JPY, SEK, ZAR, TRY and NZD.
What Services Do They Offer for Businesses?
Foremost Currency Group specializes in dealing with large clients and businesses. Not only do they offer spot contracts which allow you to quickly and easily swap between currencies, but you can also set up forwards contracts to lock-in current prices.
Not only that but if you choose to store currency with Foremost Currency Group you can set up stop loss orders which will automatically sell money when the exchange rate goes past a certain point.
All of these tools are designed to make them your go-to choice for everything related to FX trading and international money transfers.