CurrencyUK Review 86

Currencies: 30+
Regulation: FCA (UK)
Speed: 2-3 Days
Transfer Method: Bank transfer

Company Information

Currency UK was founded in 2000, and is regulated by the Financial Conduct Authority (FCA) as a financial services firm, with registration #602052. It also operates is a payment service firm with license #504592. This UK broker offers a full range of currency payment services for local and international transfers. The company caters to businesses and individuals with a range of personalized services and bank-beating rates. The company is registered in Wales and England as a limited company, with its headquarters in London, England. The company has been accredited with the Investors in People Standard, for excellence in management and corporate policy.

How Does Currency UK Work?

Currency UK is designed for individuals and businesses. It allows for regular payments, purchasing overseas property, selling homes abroad, transferring pensions or incomes abroad, and various other expatriate resources. It is possible to make multiple overseas payments, transfer money across international borders, pay mortgages, conduct all financial aspects of immigration, and lock in affordable exchange rates. The process of opening a personal account requires individuals to complete an online form with personal information. Once the information has been verified, clients will be able to transfer money.

Businesses can also register for an account at Currency UK, and easily pay foreign suppliers, get better Forex rates, make same-day payments and repatriate foreign profits etc. The process for opening a business account requires the completion of an online form, verification of data and approval for trading. The 7 steps in the process require the following: Call Currency UK for a quote, Advise the account manager of the amount to be exchanged, Agree to the rate and confirm, Receive email confirmation, Confirm the onward payment details, Transfer the agreed-upon amount, and Wait for the money to be collected.

Who Should Use Currency UK?

Currency UK is designed for use by individuals and businesses. It is an international money transfer service that is ideal for making overseas payments. For individuals, it is possible to sell homes abroad, purchase overseas property, pay overseas mortgages, transfer pensions, conduct financial aspects of emigration with little concern. Businesses also benefit from using the services offered by Currency UK, with reduced costs for transfers, improved foreign exchange rates, same-day payments, repatriation of foreign profits, hedging against foreign exchange rate risk and so forth.

Multiple currencies are supported, including the majors, minors and exotic currencies. There are many benefits to using the currency transfer services at Currency UK, including no fees on transfers greater than £5,000, with savings between £20 and £40 accordingly. Additionally, there are better exchange rates offered than traditional banks with savings of up to 4%. Personalized support is available to clients with dedicated account managers, same-day transfers and multilingual support.

Exchange Rate & Fees

According to Currency UK, the minimum amount they can be exchanged is £5000 for a one-off transaction. However, Currency UK deals with smaller amounts for customers who trade frequently with them. When a regular payments service is provided for pension payments, monthly mortgages and regular transfers, the minimum monthly amount for that can be as low as £500. There are no maximums for payments. Typically, payments will be received in EUR, CAD, USD or GBP within 2 days and payments to Currency UK are done via electronic bank transfer. The exchange rate and fees simply state that clients can save up to 4% versus the bank charges, and transfers can be completed on the same day. The precise rates that clients qualify for will be determined during the 7-step transfer process.

Is Currency UK Safe and Reliable?

Currency UK is designated safe and secure, since it is licensed and authorized by the FCA (Financial Conduct Authority). It is London-based, and sports the following credentials: Financial Services Firm registration (FRN 602052), Payment Service Firm (FRN 504592) and HMRC Certificate of Registration for money service businesses #12120036. It also holds a UK Consumer Credit License registration #536155.

How Much Does It Cost to Use Currency UK?

Business clients and individuals can use the services offered by currency UK provided they meet the minimum transfer amount criteria. These details are listed under the exchange rate & fees. Typically, Currency UK transfers a minimum amount of £5000 with no maximum. The costs of transferring funds depend upon the regularity of money transfers, the size of the money transfers, the exchange rate that is locked in, and figures calculated during the 7-step transfer process. Savings of 4% are possible over what banks charge. According to currency UK, their rates were 1.27% better than the lowest rates offered at High Street Banks. Overall, Currency UK does not charge for its services, its profits are derived from the margin between the offered rate and the exchange rate.

How Long Does It Take?

Whether you are opening a personal account as an individual, or a business account, the typical turnaround time is 2 working days for the major currency pairs. It is possible for transfers to be completed within 1 working day.

Currency UK Customer Support

The customer support telephone number is listed at the top of the page for quick and easy access. Individuals and business clients can access support by dialing + 44 02077380777. The FAQ page provides stock solutions to common questions such as what the service offers, charges and so forth. Live chat functionality is available by clicking on the right side of the screen, and professional agents are standing by to assist at regular hours.

Special Features

The Currency UK brochure provides interesting information about bonuses and friend referral options. For example, clients who refer a friend will receive Marks & Spencer vouchers or bottled wine as thanks for their efforts.

Client Feedback

Currency UK has an overall rating of 9.7/10 from 722 reviews on TrustPilot. 88.4% of clients have rated it with 5 stars, indicating that it is a trustworthy and credible international money payments service.

Bottom Line

Currency UK is fully licensed and regulated to offer credible and secure money transfers. It is based in the United Kingdom, and is an established company with 17 years in the industry. The security of funds is assured, courtesy of FCA regulation, segregated accounts for clients, stringent solvency tests, compliance with consumer-based policies and full coverage by the financial ombudsman. These are important guarantees for individuals and businesses looking to transfer money abroad.

Pros

  • Personal account manager
  • Hedging tools for business clients
  • Extremely competitive exchange rates
  • Great support and guidance

Cons

  • No online platform
  • High fixed fees
  • Narrowed currency choice