Currency UK as a money transfer provider caters to both individual and global corporations by providing exemplary personal service and better exchange rates. The company has previously opened its doors to private customers who are seeking an alternative to a bank’s exchange rates. Later of the company was able to cater and serve corporate customers as well.

This review will show you the pros and cons as well as the services and products the Currency UK offers. Read through this review to find out more about this company.

Company Information and Background

In conclusion, Currency UK can’t be the top one in terms of credibility rating criteria since the company is not large enough. The most suggested companies like Currencies Direct or World Frist are larger and is trading billions in a year. These companies are also featured on mainstream media as compare to Currency UK.

However, it is a reliable firm that handles its client’s funds with care.
The company is also transparent and open about its employee’s qualification, pricing, and services.

Company Size

Currency UK, established in 2000, is a medium-cap currency exchange transfer company. The company’s headquarters is situated in London with dozens of employees. Currency UK offers a full range of currency payment services for local and international transfers. They cater to both personal and business clients with ranges of options, products and services available.

Regulatory Compliance:

Currency UK is regulated by the FCA, HM Revenue & Customs (UK)

Currency UK Global Reach And Coverage

As CurrencyUK is deeply connected with sending money overseas off one particular geographic area, the company can take on international clients and trade in 37 distinct currencies similar to the larger companies. The single country that they stir to accept is U.S clients, which is very common for firms.

They’re not the greatest international money transfer company with solely a single office in the middle of London, but their offers and services are somewhat distinct and more reliable than that of other small businesses.

Exchange Rates And Fees

Fees

If you transfer below £5,000, you’ll have to pay a £15 transfer fee, which is closely similar to bank fees. This can be the downside of using CurrencyUK. Anyone would rather prefer to consider another company that allows fee-free transfers.

Exchange Rates

CurrencyUK offers a good ratest as what is perceived from client reviews. However, it can be hard to compare it to the other companies in terms of costs, and other features.

Moreover, larger firms could easily compare pricing with other brokers with the aid of pricing API.

Limits

The minimum amount to transfer is not specified as well as the maximum limit.

Currency UK Services

Personal Services

ONE-OFF PAYMENTS. Transferring currency overseas can be inconvenient, particularly when the purpose is much more complex like buying an estate overseas. Currency UK will make your transfer smooth and convenient despite the circumstances.

As well as saving you money, Currency UK will make your overseas payments as smooth and efficient as possible whatever the circumstance. They have trained staff that can guide you every step of the way.

REGULAR PAYMENTS. If you need to make regular monthly, or any frequency, in fact, currency transfers abroad, CurrencyUK can also help.

They have specified automated service that can help with foreign mortgage payments, pension transfers, tuition fees and more.

1. Fixed-rate regular payments. Lock in rates for all of your monthly transfers up to one year in advance.

2. Variable-rate regular payments. Choose to take advantage of an improving market by simply choosing to get alerts.

3. Fixed foreign currency amount. If you require a specific foreign currency amount to be received.

Charges

  • Euro Regular Payments are £5.00 per month/occurrence
  • Non-Euro Regular payments vary in cost – please contact us to find out more.
  • The minimum monthly transfer is GBP 500.00 (or equivalent) and above.

FORWARD CONTRACTS. Currency pairs like Sterling and Euro are evolving every other day or even second.

Currency UK’s forward contracts shield you from this endless change by:

  • A contract to buy a set amount of currency at a set price, no ifs, no buts.
  • A contract to which sets strict upper and lower limits on the range you can purchase a currency in, keeping you firmly in control of your funds.

Business Services

International payments

 

  • SPOT CONTRACT. Make immediate or urgent international payments.
  • FORWARD CONTRACT. Guarantee a rate for a future date, take advantage of favourable rates, protect your forecast costs/revenue, lock in bottom line profits.
  • FLEXIBLE FORWARD CONTRACT. For the purchase or sale of currency between a range of future dates, this product allows you to draw down from the contract as and when required. Perfect when buying goods or services with long and uncertain lead times.
  • MASS INTERNATIONAL PAYMENTS. When you need to manage large payment volumes, simply upload single files with payments for multiple countries and currencies and automatically create the payments and transact the relevant FX.
  • PAYMENTS API. API allows you to seamlessly integrate your Currency//UK account into your business. Use it to automate international business payments, send payments to clients or employees and monitor transactions timely.
Risk Management

This allows you to keep your cash flow predictable and protected from volatile markets with a proactive approach to risk.

MARKET ORDERS. Products designed to automatically execute if certain conditions are meant. They monitor the markets so you don’t have to.

RATE ALERTS. A proactive service that allows you to make an informed decision when a particular price has been achieved.

TREASURY MANAGEMENT. They offer a suite of treasury management services to suit companies from small to large and complex requirements. 

HEDGING. Currency UK platform can formulate hedging programmes that help you maintain, mitigate and manage your currency risk.

MULTI-CURRENCY E-COMMERCE. The ability to sell in many different local currencies and offer a variety of payment methods that appeal to customers worldwide.

Currency UK Direct Pros and Cons

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

How Currency UK Works?

Currency UK is intended for individuals and businesses. It supports for regular payments, buying assets abroad, selling homes overseas, transferring pensions or incomes elsewhere, and several other refugee resources.

Moreover, you can make multiple overseas payments, carry money transfer across international borders, pay leases, manage all financial viewpoints of immigration, and lock in exchange rates.

Businesses can also open for an account at Currency UK, and easily pay foreign suppliers, get better Forex rates, make same-day payments and repatriate foreign profits and many more.
The process for starting a business account requires you to complete an online form and verify the information entered.

Clients’ Feedback

Positive

  • The firm is reliable
  • Professional FX advisory services
  • The staff is helpful and polite
  • The process is quick and easy to do
  • Regular transfers are sent on a schedule

Negative

  • High spreads on small transfers 
  • No answer on email so had to pick up the phone to call the firm
  • Spreads doubled between transfers

Alternatives To Currency UK

TorFX

TorFX 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

 

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

You 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 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

 

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 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.

 

FAQS on Currency UK

How long does the process take?

Typical turnaround time is two working days, and in USD, GBP, EUR and CAD same day trades and payments are possible. Some currencies cannot be sent same day.

How do I get my funds to Currency UK?

Payments are made by electronic bank transfer. They do not accept any cash payments.

What happens if I book a payment and I want to cancel?

You must contact your account manager immediately. Once a deal is booked it is legally binding. It may be possible for us to cancel the payment free of charge, but it is likely that you will incur additional costs.

How do I change my details?

Simply contact your account manager and they will take care of the rest.

What is the smallest and largest amount I can exchange through a currency broker?

Currency UK’s minimum amount is usually £5,000 for a one-off transaction, though they cater smaller amounts for customers who trade frequently and also provide a Regular Payment Service for those sending monthly mortgage and pension payments etc. The minimum monthly amount for this service is £500.