Currency Solutions Money Transfer Review

Currency Solutions Fees and Rates

Currency Solutions’ rates vary significantly depending on the currency pair and amount being transferred. To see an exact quote for a specific currency pair and amount, customers must first register and provide personal details.

Currency Solutions’ rates and fees comprise a small transaction fee and exchange rate markup (also known as conversion fee). There is no transaction for transfers of more than £3,000. The markup is highly variable and is determined by currency and amount, hence why Currency Solutions doesn’t advertise any rates on its website. As a general rule, smaller amounts are marked up by several percent and are therefore not cost-effective. Five-figure amounts are the most cost-effective, with markups of less than 1%.

Unlike the banks, Currency Solutions doesn’t charge any hidden fees. The amount it quotes is the exact amount the recipients gets in their bank account. According to customer feedback, the rates are significantly lower than with local banks and credit unions. Customers have reported being particularly satisfied after making high-value transfers.

How Does It Work?

To begin making transfers with Currency Solutions, follow these steps:

• Start by completing the online registration form. You’ll be asked to provide a username and password, email address, phone number, home address, and to enter details about how many transfers you’re likely to make each year and the size of these transfers.
• A dedicated account executive will contact you by phone shortly afterwards. They will offer you an estimate of trading in your currency pair and answer any questions. They might require you to show proof of ID or address, such as a passport or driving licence. 
• Once your account is open, you’re free to use the Currency Solutions online platform to check live rates and to send money abroad at any time (e.g. pounds into another currency, or another currency into pounds).
• You’ll receive email notification when Currency Solutions receives your funds, when the funds are processed and converted, and when the funds are sent to your recipient.

How Long Does It Take?

Unfortunately, Currency Solutions doesn’t give specifics about processing times, perhaps because of the unpredictability of dealing with such a high number of currencies and countries. According to Currency Solutions, you can pay immediately to have the funds sent out the same day. However, the length of time it takes to land in the recipient’s bank account depends on the currencies involved and on other factors such as local holidays.

Currency Solutions Top Highlights

Like other money transfer companies, Currency Solutions offers regular spot contracts for exchanging and converting funds at current exchange rates (minus conversion fee). However, it really stands out for its other features, which include:

• Forward contracts, locking in the current rate for you to use at any time in the next 2 years.
• Regular transfers, allowing you to sit back and allow payments to go ahead automatically at a pre-set time of the month or week.
• Borderless accounts, designed to help people who sell through marketplaces like Amazon and eBay. Essentially lets you collects sales revenue in multiple currencies without having to open local bank accounts or pay expensive conversion fees. 
• Daily market reports from Currency Solutions’ team of specialists, helping you decide whether to transfer money today or at a future date.
• Free tools to verify IBAN and SWIFT number, to help ensure that you enter your recipient’s details correctly. SWIFT identifies the beneficiary’s bank and IBAN identifies their bank account. Both numbers are commonly used when transferring money abroad.

Customer Support

Currency Solutions enjoys an impressive Trustpilot rating of 9.6/10, with 93% of the almost 2,000 reviewers rating its service as excellent. To get a quote or ask questions, call the customer support team any time between 8.30 am to 6 pm Monday to Thursday or 8.30 am to 5 pm Friday. It doesn’t offer live chat.

Privacy and Security

Currency Solutions Ltd is authorised and regulated by the Financial Conduct Authority, the British regulator that oversees businesses in the banking and finance sector. It is also registered with Her Majesty’s Revenue and Customers, which ensures members comply with money laundering regulations. Based on customer feedback, it’s clear Currency Solutions runs a trustworthy and reliable business and that it delivers funds to its customers promptly and securely.

Bottom Line

Currency Solutions helps people transfer money around the world quicker and cheaper than the banks. Like other online transfer companies, it offers to convert and send your money to a recipient in another country for just a small margin or conversion fee. Where it really stands out is with its services to people and businesses that make regular, high-level transactions. If you’re looking to send 4-figure or 5-figure sums abroad on a regular basis, if you sell products or services online to multiple countries, or if you’re simply worried about future exchange-rate fluctuations, then Currency Solutions offers tools that can help you.