Should I use Foremost Currency Group for money transfers?
Services Offered by Foremost Currency Group
Foremost Currency Group Review: Executive SummaryForemost Currency Group is a small-sized foreign exchange brokerage, offering international payments and risk management. The service is more geared towards higher-value transfers with a personalised touch. The maximum amount you can transfer online is £50,000. Foremost Currency offers fewer currencies than leading competitors but they seem to be liked by customers and have been around for a while (established 2005).We do not think of them as a bad choice - just that there are simply more established competitors who have a more complete offering.
Our Top Rated Foremost Currency Group Alternatives
On Money Transfer Comparison, we have reviewed 80+ money transfer services, 40+ of which could be considered direct Foremost Currency Group competitors. View our best rated currency brokers which have received higher ratings below:
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere and Competitive Rates
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- High Quality Bespoke Service
MoneyFact's Best Provider Award
Over 100 Years of FX Experience Across Its Trading Desk
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, USA, HK, and UAE.
- Our Rating : 92.8%
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Diverse Hedging Options and Excellent Guidance
This review for the Foremost Currency Group money transfer company is intended to explain the pros and cons of using it for your money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided.
Is Foremost Currency Group Safe?
Founded in 2005, Foremost Currency Group is a financial services firm that specialises in currency exchange. In addition to offering standard money transfers, they offer products like limit orders, forward contracts, and stop/loss orders.
Compared to competitors like moneycorp, they are a much smaller company. According to their 2022 annual report, they have a team of just 4 currency dealers and judging by the revenue made in 2022, they almost certainly trade less than £2bn annually which is roughly what a medium-sized firm in this space would trade.
Financial Conduct Authority (FCA)
Foremost Currency Group is a small currency brokerage with just a handful of currency dealers. Despite their modest size, the firm is authorised by the FCA as an electronic money institution and has been operating for 18 years. Foremost Currency Group is a credible and safe choice for international money transfers.
Foremost Currency Group Customer Reviews
Customer reviews for Foremost Currency Group can be found on Trustpilot.com. 1,009 customers have left reviews and only 6 reviewers reported a negative experience.
94% of respondents gave them five stars out of five. Overall, their Trust Score is 4.9/5 – an impressive achievement, given the sample size.
Overall, clients are happy with Foremost Currency’s service to date with (almost) no exceptions. There are over 1,000 positive reviews and a common theme is the professionalism of the small team and excellent service on offer. Of the six bad reviews, by far the most concerning is that of a customer who had a joint account with their partner and encountered difficulties accessing the account following a divorce. However, this is a highly bespoke case and it’s difficult to read too much into it.
Foremost Currency Group Exchange Rates & Fees
Fees: Generally, no fees. However, in some cases a small fee may be applicable.
Exchange Rates: Foremost Currency Group does not publicly post their exchange rates.
Limits: Foremost Currency Group has a minimum transfer limit of £100. There is no known maximum transfer limit over the phone (just a £50,000 maximum limit for the online platform).
Hard to say whether a large trade with Foremost Currency Group will be any cheaper or more expensive than with competitors like Currencies Direct or TorFX as they all operate on a similar basis, i.e. margins are not fixed and you get a better deal when you transfer more. Given this, it’s best to compare the rate you’re offered from at least two providers.
Foremost Currency Group Global Reach & Service
Dedicated Dealer: Yes
- Offices: London, UK
- Ways to approach: Online form, e-mail, phone
- Translations: English. Due to a lack of information, it is unclear if their staff speak other languages
- Accepts clients: Accepts domestic and international clients. Restrictions, if any, are not specified on website but since they have no presence in the USA we assume they are unable to take on American clients at all.
- Currencies Handled: 21
- Client reviews: 4.9/5 on Trustpilot (1,009 reviews)
As a small firm, Foremost Currency Group is able to offer the sort of personalised attention which bodes well with their clients.
However, its size hurts their global reach. Foremost only offers 21 currencies, and it is unclear whether their staff speak languages other than English. Most importantly, there are no offices outside the UK.
Foremost Currency Group offers all of the usual services one would expect from a currency broker:
- Spot contracts
- Forward contracts
- Regular transfers
- Market orders (limit + stop loss)
In this regard, it’s the bare minimum that we’d expect to see. More hedging tools than online solutions such as Wise, but less than established brokers like Global Reach Group, Currencies Direct & moneycorp who also offer options contracts.
In addition to international payments, prospective customers can also enquire about travel money.
Foremost Currency Group Review Summary
- Credibility Score - 85%85%
- Client Feedback - 94%94%
- Global Reach, Availability, Service - 83%83%
- Added Values - 40%40%
Bottom Line: Foremost Currency Group
Trading for over 18 years, Foremost Currency Group has now amassed over 1,000 customer reviews and has a glowingly positive 4.9/5 customer review score. Despite this, Foremost Currency Group continues to go under the radar and is still a relatively unknown provider in the industry. The firm seems quite happy with their place in the market and continues to turn a small profit, all whilst providing the overwhelming majority of customers with a positive experience.