About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

International money transfers for individuals

Business support

Dedicated portfolio manager for business

Regular transfers

Payment options

Visa debit

Bank transfer
 

Payout options

Bank transfers

Transfer options

Online

Phone
 

Regular transfers

Available

Send money from

AED, AUD, BBD, BGN, BHD, BRL, BMD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KWD, LKR, MAD, MXN, NOK, NZD, OMR, PLN, QAR, SAR, SEK, SGD, THB, TND, TRY, USD, ZAR
 

Send money to

AED, AUD, BBD, BGN, BHD, BRL, BMD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KWD, LKR, MAD, MXN, NOK, NZD, OMR, PLN, QAR, SAR, SEK, SGD, THB, TND, TRY, USD, ZAR

9am - 6pm Monday to Friday

Contact form: https://www.currencysolutions.co.uk/contact

Phone - +44 (0)20 7740 0000; +357 26 813 613; +353 1531 4811; +312 0800 6458


Personal Features

50

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.


Business Benefits

38

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.


Fees & Exchange Rates

33

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.


Ease of Use

64

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.


Support & Countries

63

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.


Trust & Transparency

75

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.

How to sign up to Currency Solutions

Step 1
Register with Currency Solutions

Online or over the phone

Register as an individual or a business

Provide personal / business information

Show proof of identification

Step 2
Create a transfer

Online or over the phone with Currency Solutions currency experts

Choose amount, source and destination currencies

Provide banking details for foreign recipient

Step 3
Payment

Receive payment instructions from Currency Solutions

Choose to pay by debit card or bank transfer

Step 4
Transfer Notifications

Email notification for receipt of payment

Email notification for currency exchange

Email notification for transfer of converted currency to recipient

FAQs

What is the minimum transfer amount with Currency Solutions

There is no minimum transfer amount. Currency Solutions charges a small fee for transfers under £3,000.

What is the maximum transfer amount with Currency Solutions

There is no maximum to the amount you can transfer with Currency Solutions. Transfer amounts larger than £20,000 for individuals £50,000 for businesses must be conducted over the phone.  There may be a maximum transfer amount in the destination country. It is best to talk with one of their currency experts to discuss your individual or business needs.

Is Currency Solutions safe

Yes. Currency Solutions Limited is safe with your funds. Currency Solutions are fully regulated with the FCA. Founded in 2003, they have nearly 20 years of satisfied customers. This is evident when reading Currency Solution reviews on TrustPilot. 

Summary

63

Currency Solutions Ltd provides a basic money transfer service to individuals and businesses. They offer a personalized service that is well received through Currency Solutions reviews on TrustPilot. Currency Solutions support major global currencies and have offices in multiple locations in Europe and the UK.

Pros

  • Personalized currency exchange and transfer solutions.
  • Individual and Business support.
  • Highly rated customer service.
  • Excellent rates offered transferring large amounts.

Cons

  • No risk management tools for businesses.
  • Additional fees apply to smaller money transfer amounts.
  • Many supported currencies have no local settlement accounts and therefore could incur intermediary bank fees.