Currency Solutions Review

Currency Solutions gives its customers a quick and cost-effective way to send money overseas.
 

What Currency Solutions offers

• International money transfers
• Dedicated currency dealers
• Fee-free transfer threshold
• Fixed forward contracts
• Regular transfers

International money transfers - Carry out a quick transfer through a Spot Contract, which makes use of the existing currency exchange rate.

Dedicated currency dealers - Get access to the same currency dealer for all your currency transfers.

Fee-free transfer threshold - Pay no fees when you transfer more than £3.000. Otherwise, a £10 fee applies.

Fixed forward contracts - Use these to lock in existing exchange rates for up to 12 months.

Regular transfers - Speak with your dedicated currency dealer to set up regular transfers.
 

What Currency Solutions doesn’t do

• Mobile app
• Mobile wallet
• Cash pick up and international bill payments
• Travel card

Currency Solutions Score

The Currency Solutions score falters a bit because of the unavailability of a mobile app, a mobile wallet, and a travel card. Otherwise, it rates well across most other areas for its personal services.

Currency Solutions offers various solutions aimed at reducing costs and saving time for its business customers.
 

What Currency Solutions offers

• Hedging tools
• API connectivity

Hedging tools

These tools help you make the most of fluctuations in currency exchange rates. They come in the form of:

Forward contracts - Use these to lock in existing exchange rates for the future.

Market orders - These let your target preferred upper and lower exchange rates.

Options - Choose to buy or sell currencies at specified exchange rates on or before specified dates.

API connectivity 

Connect your company's accounting systems with the Currency Solutions application programming interface (API) for seamless transfers. As cool as this is, it is probably not useful for the small to medium-sized business. SME’s probably prefer easy integration to online cloud accounting solutions like Xero or MYOB.
 

What Currency Solutions doesn't offer

• Business travel debit cards
• Unique multi-currency accounts
• Online seller solutions

Currency Solutions Score

The score for Currency Solutions' business services could be higher if they provided solutions to online sellers and if they provided unique multi-currency accounts or business travel cards optimized for FX.

What are the Currency Solutions fees?

Currency Solutions fees are mainly within the exchange rate offered. This is described as the exchange rate margin fee. Currency Solutions exchange rates offered to customers are usually less that 1%. This can change depending on the currencies being exchanged. 
 

Are there additional Currency Solutions fees?

Transfer fee - Currency Solutions fees follow a simple structure. Money transfers of over £3.000 are fee free. If your transfer amount is less than £3.000, you need to pay a £10 fee.

Intermediary bank fee - There are no other fees that the company charges. However, intermediary financial institutions involved in your transfer may charge their own fees. You might incur a fee if you make your payment from outside the UK or Europe because the company has local settlement accounts only in GBP and EUR.
 

Are Currency Solutions fees negotiable?

Yes, you may speak with your currency dealer to negotiate better rates, especially  if you plan to carry out regular or large-value transfers.
 

Currency Solutions Fees Score

The iCompareFX scoring of Currency Solution fees covers the non transparent margin fee and additional fee for smaller transactions.  They also do not offer a new customer fee free promotion. However the ability to negotiate the exchange rate margin fee improves their score.

What Currency Solutions does well

Easy registration process - You may sign up online in a quick and easy manner, by providing some basic information.

Initiate transfers online or over the phone - Initiate the transfer process by using the company's website or by speaking with your currency dealer over the phone.

No minimum or maximum transfer amounts - Transfer any amount you wish. Maximum limits apply for online transfers.

Currency Solution payments - Pay Currency Solutions for money transfers using your Visa or Mastercard debit card.
 

Where Currency Solutions could improve

ID verification - This legally required process can take more than a day.

Mobile app - Not having a mobile app for international money transfers is a potential loss to Currency Solution customers. Being able to pay suppliers or send money on the go, and receiving updates via a mobile app could improve customer experience.
 

Currency Solutions Score

The absence of a mobile app is what mainly affects Currency Solutions' Ease of Use score.

What Currency Solutions does well

Supported countries - The company supports around 40 send and receive currencies, covering most popular destinations.

Customer support - Online chat and Currency Solutions phone support is offered during business hours through its offices across the UK and Europe. Currency Solution reviews show that customers are impressed with their customer service and their customer support is highly rated.
 

Where Currency Solutions could improve

Languages - Website access is only in English.

Local settlement accounts - Adding more local settlement accounts in different countries would help reduce costs for customers.
 

Currency Solutions Score

Increasing the number of supported countries and adding more local settlement accounts will help boost the company's score in this section. Impressive Currency Solution customer service reviews added to their score.

What Currency Solutions does well

• Regulated by - The company is authorised and regulated by the UK Financial Conduct Authority (FCA).
• Safety of clients money - Client funds are held in segregated bank accounts.
• Currency Solutions reviews on TrustPilot - CurrencySolutions has over 2,300 reviews on TrustPilot with a rating of Excellent at 4.9 of 5. It is quick to address customers issues on this platform.
• Is Currency Solutions legit? - Yes. They transferred over £1 billion through its currency services in 2018.

Where Currency Solutions could improve

Currency Solutions and its customers could benefit if the company offered complete transparency in its pricing system. It can do this by making its margin more visible on existing market rates.
 

Currency Solutions Score

Currency Solutions scores well in this section and can do even better by making its exchange rates completely transparent. This will benefit customers and the company brand to clearly demonstrate that their hidden and overall fees are low and competitive.