Currency Solutions Review:
With a client base of 50,000+ and 6 billion pounds in transaction till date, Currency Solutions is a service that has been attracting a large number of customers. This company was founded in 2003 by three friends Harry Enver, Robert Griffith, and DR Tien Tran who wanted to create a currency exchange firm that provided the best service and customer care to its clients. They wanted to provide a competitive exchange rate to small and medium businesses to help them escape the higher exchange rates offered by the banks. Their firm has been growing by 25% every year. This currency solutions review will help you decide whether you should use their service or not.
What services do they offer?
Currency Solutions is a fund transfer specialist based in the UK. They also have an office in Cyprus and have other virtual locations. They have been generating profits every year, so they have garnered a lot of trust reviews from their clients. Any individual can register with this company to transfer money to overseas accounts or get funds when emigrating. For business owners, there are several benefits such as forward contracts, spot contracts and other features such as knockout and forward extra.
With the help of Currency Solutions, users can regularly make payments to about 35 countries, and most of the transactions are done within a day. The best feature of this company is that they do not charge any transaction fee. Moreover, they offer some of the best exchange rates as compared to other similar services and banks. They also offer some of the best services which are comparable to older and experienced companies in this market. However, using their services will definitely lead to more savings and a hassle-free transfer of funds.
Licenses of Currency Solutions:
They are a registered company in England. Being a licensed Authorized Payment Institution, Currency Solutions is, therefore, regulated by the Her Majesty’s Revenue and Customs and the Financial Conduct Authority in the UK. They are supervised under the Money Laundering Regulations since they are regulated by the HMRC. Currency Solutions operate and safeguard the client’s money in accordance with the regulation 19 of the Payments Services Regulations 2009.
Creating an account:
To be able to transfer money users need to create an account by providing all details. Clients also need to verify their address and identity by providing the relevant document, though in UK officials might verify the credentials manually. Once it is done, users will be able to transfer money. Transactions are set up through phone, and an expert foreign exchange specialist guides the user through the process while answering all questions. The client needs to specify the currency in which to transfer and then select the amount that is to be paid. Then they will have to select the currency in which the recipient will receive. After it is done, the client will get an agreeable quote. Once it is received, they need to fill in the details of the recipient which includes name, address and account information of the recipient. The last step is to pay for the transfer using any of the several payment methods.
Currency Solutions have become popular due to its variety of features and services offered to the clients. The service is divided into two parts, one is for personal transfers, and the other is for business transfers. In the personal category, the clients get an online account which helps in monitoring the details and activities. Apart from online accounts, clients also get a personalized account manager who can assist in using and maintaining the accounts. Business owners also get an online account for monitoring payments and transfers. Apart from that, they can also avail of several features such as spot payments, forward contracts, multiple payments and market orders. Moreover, they also get a dedicated account manager similar to the personal account holders. Business owners will also be able to get market insights and expertise. Currency Solutions also provides risk management by assisting the clients in developing and implementing hedging strategies. They will also assist the clients in understanding FX risks and monitoring hedging policies on an ongoing basis. Currency Solutions also provides bespoke products such as Vanilla, Collar, Window Forward Extra and Participating Forward. They are tailored according to the requirements of the business.
Currency Solutions is a very easy to use service that anyone can handle. Using it does not require any expertise in finance. Moreover, the team at Currency Solutions will be able to clarify all the client’s queries and will assist in troubleshooting. Sometimes currency transfers can take longer than expected. They are easy to get in touch with, and their expertise will help the clients see through all the complications if any. Even though Currency Solutions offers several services and features, they are easy to operate which is a positive point for them.
The team at Currency Solutions consists of experts in the field of finance and is trained to serve the main goal of the company which is to provide unparalleled customer service. Getting in touch with the specialists is quite easy since you will not be put on hold for fifteen minutes. The officials are friendly and are willing to listen to you and solve all your problems. They will ensure that before you keep the phone down, all your queries are answered and solved.
Security is something everyone is concerned with today. Currency Solutions offer industry standard security to its clients. They are regulated by the HMRC and the FCA. Currency Solutions keeps the client’s money separate from the company’s funds, according to the FCA regulations. For encryption they use institutional grade security which includes 256-bit SSL encryption and a 2048-bit signature. They process more than half a million transactions every year and clients trust them to keep their transactions and money safe. They also have a net asset value of over 3.3 million GBP, and so they are financially strong.
Additional staff information:
Harry Enver – CEO
Robert Griffith – Co-Founder and CEO of ZooPay
DR Tien Tran – IT Director
Ekin Enver – Private Currency Director
Roshel Patel – Corporate Currency Director
Currency Solutions is yet to get on the same level with other big players. However, they have laid a strong foundation and have offered a considerable number of services in the years since their inception. The only drawback is the minimum amount for a transaction which is £3000. Another drawback is that the only way to book a transaction and get a quote is through a phone call. They have planned on launching an online platform to do so in the near future. The only way to receive money is through a bank transfer which would be inconvenient in certain cases. Apart from these drawbacks, Currency Solutions offers several features, and their service is praiseworthy. Their focus on customer support has made them a favorite among a lot of clients.
Currency Solutions also have a broker academy to help train young brokers into fully fledged currency brokers, but it this their downfall? Recent reviews from customers are initially good, but it seems they don’t value their staff. Many complaints from previous employees suggest that the owner’s don’t value their expertise.