Foremost Currency Group Review

 

Established: 2005.


International Clients: UK and Europe


Currencies Offered: 22


Minimum Transfer: £2,500


Trading via: Phone, Online


Offices In: Tring, Hertfordshire, UK


Regulation: ✓ FCA


Fees: £10 on transfers below £50,000


Promotional Code: None


Client Reviews: 689 reviews on Trustpilot.com


Client Rating: 9.8/10


Website: https://www.foremostcurrencygroup.co.uk

Pros and Cons

High Satisfaction Rates

Dedicated Dealers

 

Cons

High Fees on Small Transfers

Slower Registration Process
Limited Currency Selection
Small Firm

No International Offices


Our Rating: 78.6%

Status: Not In MTC’s Most Recommended List

Read full review


Our Top Rated Alternatives

Currencies Direct
  • 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

    96% Client Satisfaction
World First
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 121
  • Offices : UK, EU, Australia, HK, Singapore. USA-based clients not accepted
  • Our Rating : 95.4%
  • Easiest Sign Up Process

    Great Online Sellers Offering

    Best Rate Guarantee (UK)WorldFirst guarantees to beat any rate provided by a bank or a competing company. This offer is valid for British customers in the UK or abroad.
TorFX
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 40
  • Offices : UK and Australia + Bank Accounts Deployed Globally
  • Our Rating : 93.4%
  • Friendly, Professional Service

    Corporate FX Expertise

    Superb Rates, No Fees

Read More:

Company Information and Credibility


Company size:

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 World First, they are a smaller company. According to estimates, they have 10-50 employees on their payroll. Due to their size, it is challenging to estimate revenue figures, but they almost certainly trade less than £2bn annually which is what a medium-sized firm in this space would trade.

Regulated By:

Financial Conduct Authority (FCA)


Conclusion:

Foremost is a name you may not have heard before. Unlike World First or Currencies Direct, they aren’t listed on the FTSE, nor do they have flashy headquarters in the centre of London

Client Feedback


Research:

 

We could only find customer feedback for the Foremost Currency Group on Trustpilot.com. 689 customers left reviews – surprisingly, all reviewers were pleased with their experience. Not a single person rated Foremost three stars or less.

93% of respondents gave them five stars out of 5. Overall, their Trust Score is 9.8/10 – a stupendous achievement, given the sample size


Positive:

Those satisfied with Foremost Currency had the following to say:

– Transactions were quick and easy

– Exchange rates were excellent

– Customer service was friendly and helpful

Negative:

The few dissatisfied with Foremost had the following to say:

– The website was slightly tricky to navigate

– The registration process was rather long

– Rates not quite as low as some competitors


Conclusion:

Clients are happy with Foremost Currency’s service to date with (almost) no exceptions.


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Exchange Rate & Fees


Fees: £10 on transfers below £50,000

Exchange Rates: Foremost Currency Group does not publicly post their exchange rates.

Limits: Foremost Currency Group has a minimum transfer limit of £2,500. There is no known maximum transfer limit.


Conclusion:

Hard to say whether a large trade with Foremost Currency Group will be any cheaper or more expensive than with competitors but for certain, small transfers incurring a £10 fee will make them relatively expensive.

Global Reach & Service


Research:

Dedicated Dealer: Yes

  • Offices: Tring, Hertfordshire, UK
  • Ways to approach: Online form, e-mail, physical mail, phone, fax
  • Translations: English. Due to a lack of information, it is unclear if their staff speaks 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: 9.8/10 on Trustpilot (689 reviews)

Conclusion:

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 its staff speaks languages other than English in-office. Most importantly, there are no offices outside the UK.

Additional Functionalities

Foremost Currency Group offers services other than money transfer. According to their website, they also provide:

  • An online trading platform
  • An iPhone app
  • Overseas real estate via their sister company, the Foremost Property Group
  • In-depth currency news and analysis

Their website does not mention hedging tools for Forward Contracts which are extremely important for this type of business.

Bottom Line: Foremost Currency Group

On one end, very high fees on transfers up to £50,000 which can be done fee-free with any of their recommended competitors. On the other hand, 98% client satisfaction. On one hand, it’s a small relatively unknown firm with limited capabilities and reach, on the other hand – they may be more presonalised than others.

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