Currency index claims to be an award-winning overseas payment service that provides individuals and business with exemplary service and competitive exchange rates. The firm is known as the best rated small brokerage with a vision to provide better service than banks and any other currency provider.

Read this review to learn more about how Currency Index works and the services they offer. You can find all the important details that you must know about this company, should you need to compare it with the other money transfer service provider.

Currency Index Company Information

Currency Index became the first currency broker that is licensed as an Authorised Payment Institution under the FSA regulations. The company is owned privately and only employs the most talented and skilled individuals. Below is the detailed information pertaining to the Currency Index as a company.

Company Size:

The company was established in 2008 with the vision to provide a better service in terms of currency exchange industry. As of the moment, they have less than 20 employees. However, this did not hinder the firm to excel among its competitors. They focus on a particular pool of clients and gave then a personalized service along with the opportunity to save on taxes.

Regulatory Compliance:

Financial Conduct Authority

HM Revenue & Customs (UK)

Awards And Recognition:

       

 

Currency Index Global Reach And Coverage

Currency Index is not as global as the other money transfer provider, yet the service they provide are exceptional, professional and convey an implication that they handle their services optimally. Their offices are in the UK and Portugal. Clients can get in touch with their customer support via email, or telephone. They accept clients generally but with the exception in the USA.

Exchange Rates And Fees

Fees

Currency Index is operating to assist individuals and businesses in transferring large funds internationally. If your transfer is lower than £30,000, you’ll pay a transfer fee of £12, discounted to £7 for Eurozone SEPA payments. Proof of payments is also available at request for £8.

These are possibly beyond the average for individual clients but granted Currency Index has fewer payments each day compared to their larger competitors. Besides, they will probably impose higher fees themselves with the banks.

Exchange Rates

If your transfers are below £50,000, you won’t get any fixed margin for your transfer. Just like the other companies, it would depend on the amount of your transfer and the currencies you’ll transfer. It may not be the best solution for clients who prefer recurring payments under £50,000. Moreover, for large transfer above the margin, you’ll get a fixed rate of 0.495% when using the registration link.

This is said to be the cheapest in the market. This is even cheaper than competitors like TransferWise, which does not offer devoted dealers or hedging services. This means a savings of as much as 95% in some instances that apply for currency pairings.

Additional Costs

There are no specified limits when transferring through Currency Index.

Currency Index Pros and Cons

Pros

  • It has good client feedback
  • Skilled Currency Transfer Staff
  • Earned most prestigious awards
  • Fixed and low rates on the large transfer of 0.495%

Cons

  • Unavailable in the USA
  • No platform online

Products and Services

The different products they offer for private clients are further explained here.

Spot Contracts

This the most common way to buy currency from the Currency Index. This can be a payment to your own bank account overseas or a third party such as a solicitor for an estate purchase.

Forward Contracts

If you have to pay something in the future but are concerned about the rates, you can take advantage of a forwards contract.

It allows you to exchange rate for up to 2 years in advance. This can be useful when your buying an asset overseas and prefer to have fixed costs in the sterling currency for instance. There are no additional charges on this service and you can secure a rate from the live market.

Stop Loss and Limit Orders

This allows you to determine a worst or best exchange rate offer through a stop loss and limit orders. If you think that the rate might improve, you can place a limit order which will instantly buy your currency at the rate that your favour when it becomes available. These orders are monitored 24/7, so even when the rate spike up during American or Asian trading, your rate will be feasible.

Regular Payments

If you have a mortgage abroad or a UK income to send overseas regularly, this could be suitable for you.

You can easily set up an account through a standing order at any interval that you wish. This automatically converts and send the funds each time payment is received. You can also stop and start the other at any time with no fees involved.

How Does It Works?

Whether you want to send €500,000 to buy a new estate in France or €500 for your monthly mortgage payment, Currency Index offers a special transfer service.

Personal Currency Transfer Services

There are 3 simple ways to utilise the service of Currency Index. These are as follows:

REGISTER FOR AN ACCOUNT. Account registration if for free and allows you access to bank-beating exchange rates.

REQUEST A QUOTE. You can book for a rate via email or phone and have that rate fixed on your account.

SETTLE ORDER. You can send the currency to a client account and they will initiate the transfer of the currency that you’re buying at your instruction.

Additionally, you don’t have to remember your password, you will be assigned with an account manager that will handle and manage your account. Besides, they will not pass your details to anyone else.

Clients’ Satisfaction

Positive

  • Convenient Pricing
  • Helpful Staff
  • High-Level Communication
  • Flexibility of Service

Negative

There are some reviews regarding the site and still fewer complaints.

  • Unavailable online platform

Other Money Transfer Provider To Consider

TorFX

TorFX - Competitor of Foreign Currency Direct for international money transfer ServicesTorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. However, they do not have cash pickups and multilingual website.

 

TransferWise

TransferWise - Competitor of Foreign Currency Direct for international money transfer Services

They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. However, the cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.

CurrencyFair

CurrencyFair - Competitor of Foreign Currency Direct for international money transfer ServicesYou can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8; however, the transfer fee includes €3 plus 0.35% of the transfer amount

 

WorldRemit

WorldRemit logo for Currencies Direct Money Transfer alternatives by iCompareFX
WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.

 

Frontierpay

FrontierPay - Competitor of Foreign Currency Direct for international money transfer Services

The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge. However, the minimum amount you can transfer is at £500.

 

XE

XE - Competitor of Foreign Currency Direct for international money transfer Services

XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.

 

Currencies Supported: 120Currencies Supported: 121Currencies Supported: 59
Accessibility: Online, via Telephone, or In App.Accessibility: Via Telephone, Online or In PersonAccessibility: Online, via Telephone, or In Person.
Offices: UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and RomaniaOffices: All 5 Continents, but not catering to businesses based in the USOffices: United Kingdom, Australia
Rating:
4.6 /5 on Feefo
93.4% o Editorial
Rating:
9.8 /10 on Feefo
95.4% on Editorial
Rating:
9.4 / 10 on TrustPilot
93.2% on Editorial

FAQS on Currency Index

Why choose Currency Index?

You will be trading with one of the good currency brokers in the UK, as a multi-award winning company with an excellent record of customer service. These are important when transferring amounts across the globe.

Is it safe to use the Currency Index?

Currency Index has been in business since 2008. They work in safeguarding clients account under their regulations.

What are your charges and commissions?

They have no charges on commission. They’re working on making small margin between the buy and sell rate for each order you transact with them. This means the exchange rate being quoted is what the same exchange rate they got.

There is a small charge of £7 for Eurozone (SEPA) payments or £12 for other currencies or same-day Euro payments, to cover our banking costs, but that is waived for all payments over £30,000 equivalent.

Moreover, there is no need to pay anything to register for a trading facility. Upon registration, you do not have any obligation to use the Currency Index until you decide to utilise it.

Can Currency Index, help me out in deciding for options?

Currency Index offers a personal service, with a committed account manager to assist you as much or as small as you like, and guarantee you have all the opportunities to make best choices when it comes to purchasing and sending your currency payments.


Company Details
  • Company Name: HOWARD ATKINS LIMITED
  • Registration Number: 03804595
  • Incorporation Date: 1999-07-09
  • Status: Active
Contact Currency Index Review
  • via Phone: +44 1923 725 725 Call
  • via Email:sales@currencyindex.co.uk Email
  • via Post: 49 The Drive, Rickmansworth, Hertfordshire, WD3 4EA