Currency Solutions is an international payment provider for personal and business customers, based in London, with offices around the world. Founded in 2003, Currency Solutions now supports customers moving over £1billion a year.
If you’re looking for a provider to help you send money abroad, it pays to do some research to find the best service for your specific needs. This review of Currency Solutions will help you choose.
Currency Solutions Reviews
Currency Solutions offers payment services via their team of dealers (also known as brokers). You can send money online or by phone, for personal or business purposes. Payments are made directly into the bank account of your recipient – there is no option for the recipient to collect cash, and you’ll need to cover the cost of the transfer using a card or bank transfer. Cheques and cash are not accepted.
If you’re sending money online you can send up to £20,000 per transfer, or up to £50,000 per transfer if you’re a business customer. You’ll be able to make up to 3 transfers a day. There is no limit to the amount of money you can transfer by phone.
To get started you’ll need to set up an account, and then get a quote for the transfer you want to make, online or by phone, from one of the team’s dedicated brokers. When you create your account you’ll be assigned a dealer who will work with you on all future transfers, so you get a personal service.
How to send money with Currency Solutions
To make a transfer with Currency Solutions you’ll first need to set up an account. If you’re in the UK, this could take just a few minutes, as your details can be quickly verified. However, if you’re not based in the UK – or if the automatic verification process fails for some reason – you will have to provide the following documents to get started:
- Proof of ID, such as a passport, driving licence or national ID card
- Proof of residence, such as a utility bill in your name, from within the last 3 months
Once your account is set up, you’ll be assigned a dealer and can get a quote for the transfer you want to make. Just get in touch by phone or online, to get a quote which will show the exchange rate and fee for your payment. More on the fees and rates available from Currency Solutions, later.
If you choose to go ahead with the payment, you’ll need to fund the transfer using your credit or debit card, or by bank transfer. The transfer will be processed once your payment is received, and should take between 3 and 48 hours to be delivered directly into your recipient’s bank account.
Currency Solutions fees
Currency Solutions charges £10 for personal online payments under the value of £3,000. There is no upfront fee for transfers above £3,000. If you’re arranging the payment on the phone, your broker will confirm the fee when you receive your quote.
The fees for business payments depend on the circumstances. A £10 fee may be levied, although for regular or large payments, these upfront fees may be waived.
It’s important to note that the upfront fees charged by currency service providers aren’t the only costs you’re likely to encounter. You may also be charged a markup on the exchange rate – covered below – or third party fees.
Third party fees typically arise when payments are made using the SWIFT system. The SWIFT system is an established way of moving money across borders, and involves up to 3 banks working together to process a payment. Each bank can deduct a service charge as they handle the transfer, which can mean that your recipient gets less than you expect.
Currency Solutions suggest you make them aware if you need your recipient to receive a set amount, so the brokers can help you assess how much extra to include in your transfer to cover any third party fees.
Currency Solutions exchange rate
We mentioned above that you may pay a fee included in the exchange rate offered by a currency provider. You’ll see this when banks or currency services add a markup to the mid-market exchange rate. They can then keep this extra profit for themselves.
Adding a markup is common practise among international payment providers, but can mean you pay more than you expect for your transfer. Here’s what Currency Solutions Say about their exchange rates:
“For foreign exchange contracts, the rate we offer you is different from the rate we get from the wholesale market. We make a profit from selling you currency.”
It’s smart to look up the mid-market exchange rate before you choose a currency service, so you can check whether a markup has been added to the rate you’re offered. This makes it easier to see the full fee you’ll pay for your transaction.
Get the mid-market rate for your currency pairing using a simple Google search, or online currency converter.
Currency Solutions Pros & Cons
Let’s take a look at some of the advantages and disadvantages of using Currency Solutions for your international payment.
- Personal service from your dedicated broker
- Convenient payments direct from your bank account to your recipient
- Arrange transfers online 24/7
- An exchange rate markup will be added, which can push up the price of the transfer
- You may pay third party fees, which can be unpredictable and expensive
- If you want to arrange payments by phone, you’ll need to call within the service hours
- No cash payment option
There are many different ways you can arrange your international transfer. You have a number of choices, from your regular bank, a walk in service at a cross border payment provider, or an online payment service. To make sure you’re getting the best deal for your needs, you’ll want to do some research. Make sure you look at all the fees involved, including upfront fees, third party charges, and any exchange rate markup added, to see the real price of your payment.