Is CurrencyUK Safe?

Company size:  

CurrencyUK, formed in 2000, is a medium-cap currency transfer company. As  with similar companies, it’s headquartered in London, and employs several dozens of employees. There’s not a lot of information that can be found about the company as a whole, but everything that could be found shows it as reliable business partner.

Beyond the basics, like authorisation to operate as a payment provider in the UK, it also has an incredibly detailed website which showcases the company’s strong staff. With the website, it’s easy to understand the services, and process, as well as send complaints if you’re unhappy with the service. To further attest for the company’s service, there are 1275+ reviews on TrustPilot, describing almost nothing but pleasant experiences with the firm.

From our direct contact with the firm, it seemed highly responsive, and with high willingness to fix errors on their website which we have noted.

*Following its acquisition by Currencies Direct, CurrencyUK has been fully incorporated into one of the industry’s leaders in foreign exchange and international payments.

Regulated By: 

FCA, HM Revenue & Customs (UK)

Conclusion: 

We can’t grant CurrencyUK the highest score in the credibility rating criteria simply because it’s not large enough. Our most recommended firms like Currencies Direct or World First a  are a lot larger in size, trading billions annually, and frequently featured on mainstream media, while CurrencyUK simply isn’t.

On the flip side we deem it as a reliable firm that will handle its clients money respectfully. All the “positive signs” are there. They are transparent and open about their staff’s qualifications, their pricing, and their services, and clients are happy with the service they have been provided. The company is running for 15 years now, and has not been associated with anything even remotely negative.

CurrencyUK Customer Reviews

Research:

There are 1275+  CurrencyUK reviews to be found on TrustPilot, with an average rating of 9.6 / 10. Out of these reviews, there are absolutely 0 complaints.

Conclusion:

Clients are generally very satisfied with the service they have  received from CurrencyUK. An average rating of 9.7 / 10 is extremely high, and 1275 reviews is more than enough to determine it’s not accidental.

The complaints that were raised show CurrencyUK’s rate for smaller transfers (which includes a rather hefty fee) could be off, and that spreads can change over the course of time unless you fix them with your dealer (which is pretty common in this industry). Not the best indications but when you have isolated incidents you can’t really make a call.

All in all very good feedback.

CurrencyUK Exchange Rates & Fees

Fees: £15 fee per transfer below £5,000,  which is very high, almost “Bank High”. This is definitely a turn-off for anyone who will consider the company to make a transfer below this threshold.

Exchange Rates: CurrencyUK offers good rates, and to attest for that – there are 1275 happy clients who wrote their reviews on TrustPilot and many of them specifically mentioned the preferable pricing they have received. It’s difficult to compare it to other firms’ costs, though, as things are extremely case specific.

Larger corporates are able to compare their pricing with other brokers rather easily, though, as they have a pricing API.

Limits: No specified minimum amount to transfer, no a max limit.

Conclusion:

A £15  payment fee makes CurrencyUK a non-valid option for transfers below £5000 . Above it, they may offer a somewhat similar pricing to rival firms, and it’s advisable to compare between several providers in order to get the best quote.

CurrencyUK Global Reach & Service

Research:

• Dedicated Dealer: Yes.
• Offices: UK.
• Ways to approach: Email, Telephone (sign up is online).
• Translations: No.
• Accepts clients: Worldwide but not USA.
• Currencies Handled: 37.
• Client reviews: 96% positive.

Conclusion:

As CurrencyUK is highly associated with sending money abroad off one specific geographic region, we were pleased to find out they can take on international clients and trade 37 different currencies like some of the larger firms. The only country that they cannot accept clients from is the U.S, which is very typical for companies this size which don’t have the resources to pursue a FinCEN legislation.

They are obviously not the most international money transfer company with only a single office in the heart of London, but their offering is somewhat diverse and better than that of other small companies’ offering.

In terms of service, it seems clients are very happy with it, and the website itself also conveys these values. The company, which holds the Investing In People standard accreditation, is service-oriented as a whole and this is their main selling point.

Additional Functionalities

CurrencyUK has a strong business orientation, and offers all the basic hedging tools, and even some more:

• Forward Contracts
• Flexible Forwards
• Stop Loss Orders
• Limit Orders
• Bulk payments
• API integration (accounting and ERP)
• Automated hedging

As the firm is regulated to provide firms with FX Options, it gives businesses even more flexibility with their proposed hedging strategy. CurrencyUK’s certified corporate dealers are happy to build tailor-made FX strategies for each client.

CurrencyUK clearly advertises its service on the website, and there are some unique offers there like repatriation services for farmers from  The Basic Payment Scheme (BPS). It doesn’t mean other companies are not able to provide this service, it just means that they better describe and sell it (which is also important for the client).

The firm doesn’t have an app, although its website is now mobile friendly. The website as a whole is a lot more friendly than before.

Conclusion:

Good array of services and in particular corporate FX functionality Not only do these functions exist they are well described and easy to understand through CurrencyUK’s website.

Up until September 10, 2018, the company did not boast an online trading system for private clients. It now does.