Should I use Currency Solutions?
Is Currency Solutions Safe to Use?
Services Offered by Currency Solutions
Where is Currency Solutions?
Currency Solutions Review: Executive Summary
Is Currency Solutions Safe? Legit?
Currency Solutions is an establishedLondon-based Foreign Exchange firm that, unlike other companies who handle both smaller and larger payments, focuses primarily on large transfers.
The FX firm is arguably the epitome of the traditional currency broker model which emerged in the UK in the late 90’s and early 00’s. By specialising in only foreign exchange, Currency Solutions incurs significantly less overheads than multi-purpose banks and are thus able to offer foreign exchange services at a lower cost. By specialising only in FX, it also means the team is highly experienced in this field too.
The company’s focus is on service, and the positive reviews it has received really reflect that goal. In comparison to all other companies in this domain, it has received the least amount of complaints and has the joint-highest Trustscore alongside TorFX. Our personal impression of the company also matches that of Currency Solutions’ clients. Every enquiry we’ve had has been addressed in a professional and courteous manner within hours.
When a company has been operating for over 19 years, with 135,000 retail and personal clients, and there are at least 3,000 reviews online praising the quality of the service (with close to no complaints) we can feel confident in saying Currency Solutions is a safe money transfer service to use for small and large sum overseas transfers.
Highest ranked international money transfer provider by review mega-site TrustPilot.
Currency Solutions has successfully transitioned from a start-up to a leading independent FX and international payments company. The two co-founders Harry Enver and Robert-Lee Griffith have remained with the company since inception and are joined by other senior managers who have vast experience in foreign exchange.
When a company has been operating for over 18 years, with 135,000 retail and personal clients, and there are at least 2,500 reviews online praising the quality of the service (with close to no complaints) we can feel confident in saying it’s a trustworthy company.
We went to visit Currency Solutions’ London HQ in Hobbs court over at Jacob street (close to the financial district of the city and London Bridge). Our impression was highly positive. Everything is conducted in a professional manner and the team seems highly trained and efficient. It should be noted that Zoopay (zoopay.com) is part of the Currency Solutions group and is also run from Hobbs Court. This niche fintech for the travel industry provides an automated solution to take bookings in multiple currencies.
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Do Clients Like Currency Solutions? Currency Solutions Reviews from Across The Web
There are 3,000+ client reviews of Currency Solutions on TrustPilot, Facebook, Google Reviews and ReviewCentre.
TrustPilot has Currency Solutions rated at the very top of the money transfer category, with close to a perfect score of 4.9 / 5 (the same as TorFX and MoneyTransferComparison’s no.1 ranked provider Currencies Direct). There are just under 20 complaints, dating back to 2016, meaning the firm has received roughly four complaints every year over the last five years – quite a remarkable feat given some firms can receive more complaints in a day.. Importantly, all complaints have been thoroughly responded to by the company which is a positive sign. And it would appear that on a number of occasions the issue has resided with a beneficiary bank or compliance/AML procedure that Currency Solutions are required to adhere to.
The vast majority of the reviews are 5 star reviews describing the perfect experience. Members of the Currency Solutions’ team are often specifically mentioned, with many customers referring to the fact they’ve had the same contact for 5+ or 10+ years. Whenever guidance is required, it seems Currency Solutions is always just one phone call away. For individuals and businesses who prefer to do business over the phone, or at least know they have a contact to speak to should something go wrong, then Currency Solutions is a great choice.
On Facebook, Currency Solutions boasts a 4.9 / 5 score based on 135 reviews. On Google, the firm receives a 4.8 / 5 score based on 345 reviews. On ReviewCentre, Currency Solutions rating is 4.6 / 5 based on 64 reviews. There are three complaints we could identify, and 61 positive reviews (true as of 2022).
In total 99% of clients are recommending Currency Solutions, which is simply astonishing.
The single complaint we received directly about the firm was successfully resolved. We were in direct contact with the company’s directors, who later met the client and have said they are extremely pleased with the outcome. Read more about our FX mediation services here.
- Efficient service, delivering money on time
- Long-standing customers
- Excellent customer service, always happy to provide guidance over the phone
- Straightforward online platform
- Local support in Cyprus
- Slow to return funds when they haven’t been able to make payment for AML purposes
- One instance of the online platform being down
- One complaint about dishonest trader who did not honour a Forward Contract
It’s very easy to reach a conclusion in this case, since there are over 3,000 positive reviews, and under 20 complaints (just 2 complaints in 2021 and none so far in 2022). The conclusion is that Currency Solutions offers the best service bar none, and deserves a near-perfect score in this category.
Currency Solutions Exchange Rate & Fees
Fees: No fees for transfers above £3,000.
Exchange Rates: The exchange rate offered by Currency Solutions depends on the amount transferred and the currency involved. Similar to other brokers, there are no upfront quotes, and larger transfers can be negotiated. Users can apply freely for a quote online and receive contact from a staff member within hours. Providing your account is live and all necessary KYC checks have been passed, the exchange rate can then be agreed over the phone or you can agree to the exchange rate presented online.
There are many testimonials that suggest that the quote provided by CurrencySolutions can beat other companies. It makes sense as Currency Solutions is a very specialised company, with little overheads and relatively small staff, and it is probable that very large transfers would induce very tight margins.
We also know that with certain currencies like the Brazilian Real – they have a unique local partnership which allows them to quote much better exchange rates than competitors.
Limits: The minimum transfer amount is £1,000 which means the service is not accessible for those looking to transfer small payments or remittances. There are remittance-oriented companies that will happily take on clients sending smaller volumes.
There is no upper limit at all for phone transfers but online transfers are capped at £20,000 for private clients. Business clients can trade up to £50,000 online.
It is reasonable to believe that the no-fee (over £3,000) / tight margin combination will yield a competitive quote by industry standards. Though one should also expect to pay more for dedicated dealer guidance and the account management that Currency Solutions provide, compared to online-only services such as Wise. It’s possible that guidance from an account manager could actually net users a better exchange rate by timing the markets correctly, than simply looking for the provider with the lowest fees/tightest FX spreads.
One quite clear downside is that the platform is limited in the amount that can be sent and doesn’t allow larger transfers to be made. Given currency solutions focus on telephone transfers it’s possible, certainly for larger amounts, a better deal can be attained on the phone.
Global Reach & Service
Accepts Clients: UK & Europe.
Currencies Handled: 34 appearing on the Currency Solutions website, plus the recent launch of PHP and IDR. It’s possible to inquire about additional currencies on the telephone.
Client Reviews: 99% of the clients who submitted their reviews online praise the level of support and service. Our first-hand experience with them back this up.
Currency Solutions has offices in four different countries – UK, Ireland, Cyprus and Netherlands. Whilst it’s not clear whether the firm gets its EU financial passporting rights through its presence in Ireland or Netherlands, both countries have highly respected regulators that are up there with the FCA. By having a European presence, Currency Solutions has been able to seamlessly offer its services throughout the EU, as well as the UK, following Brexit.
Currency Solutions is the expert when it comes to service, a fact we have already established in this review. The only downside in this category is the fact there are no translations to the website. Even though it does accept clients from most countries, there’s a feeling it’s a tad UK-centric. Perfect for British expatriates particularly in Spain and Cyprus.
- Forward Contracts. (Not limited to 12 months)
- Participating Forwards.
- Custom Structures for Corporate clients.
- Protection Option.
- Risk Reversal.
- Contracts for precious metals.
- Corporate clients can integrate their account with Xero
- You can easily add new users to Corporate accounts and set permissions such as dual approval to make payments.
The site is mobile friendly and loads perfectly on every mobile device and tablet, but an app is not a part of their offering.
The online platform is good but has limits on the amount you are allowed to transfer and there is no currency solutions app – fortunately the website is mobile responsive. When we consider the actual forex products on offer though, with even option contracts available to corporate clients, it’s a very strong area for Currency Solutions. The firm will build custom offerings based on individual client needs.
Currency Solutions ScoreBoard
- Credibility Score - 90%90%
- Client Feedback Score - 95%95%
- Fees, Exchange Rates Score - 90%90%
- Global Reach, Availability, Service Score - 94%94%
- Added Values Score - 94%94%
Currency Solutions Review Summary
Our Currency Solutions review demonstrates how safe and easy to deal with this company is. Excellent service, extremely high user satisfaction, and competitive exchange rates for larger transfers make Currency Solutions one of our top recommendations. Just as it’s been for the last eight years.
Whether you are looking for a currency provider for your corporation, small business, or personal needs – if you have a significant requirement, Currency Solutions can fulfil it well. Particularly recommended for those who prefer their dealings over the phone and would prefer to be less reliant on an online platform – arguably a dying breed these days but still a substantial segment of the market that needs servicing and companies like Currency Solutions do so excellently.