Should I use Foremost Currency Group for money transfers?
Pros:
Cons:
Services Offered by Foremost Currency Group
Official Website:
Foremost Currency Group Review: Executive Summary
Foremost 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.
949
23Not Top 10 Ranked
Where is Foremost Currency Group Available?
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:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
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?
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 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.
Regulated By:
Financial Conduct Authority (FCA)
Conclusion:
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
Research:
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.
Conclusion:
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).
Conclusion:
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
Research:
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)
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 their staff speak languages other than English. Most importantly, there are no offices outside the UK.
Additional Functionalities
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
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Credibility Score - 85%
85%
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Client Feedback - 94%
94%
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Global Reach, Availability, Service - 83%
83%
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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.