Key Data

cslogoCompany Name: Currency Solutions
Established: 2003
Ownership: Dr Tien Tran, Harry Enver and Robert-Lee Griffith
Status: Privately Owned By Original Founders
Services : Online Money Transfer, Telephone Money Transfer, Corporate FX  (To Learn More View Money Transfer Service Guide)


Reliability Level: High Medium (Several complaints on the comment area)

Very user-friendly company with excellent reviews by clients, which has been in business for over 10 years. Over 145,000 clients from around the world served over the years. Authorised Payment Provider by the Financial Conduct Authority, with offices both in the UK and the EU. 


Fees: £0 On All Transfers (£3,000 Minimum Transfer)    | Anticipated Spreads: 0.5-1.5%

Free Quote From Currency Solutions
2 Jacob St, London SE1 2BG, United Kingdom

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Overview

Currency Solutions is a top International money transfer firm based in the UK. Its services are tailored specifically to individuals sending large transfers locally and abroad. In terms of what is offered, Currency Solutions is the top-rated firm, with almost 100% client satisfaction, and close to no complaints.

Background

Currency Solutions was started in 2003 by 3 friends, who recognised the scarcity of options for Forex transfers. Banks and travel bureaus were unnecessarily charging high fees and offering unfavourable exchange rates. There was ample opportunity to offer a specialised, affordable service, while still making profits.

Currency Solutions charges no fees on transfers. Since they focus solely on Forex, they can make their profits by offsetting the market exchange rate by a nominal margin. This margin is far less than that used by the banks.

Their service specifically caters to clients sending high amounts. Their minimum sending limit is £3 000. They have features which cater to clients who need to transfer money on a regular basis. Forward contracts allow you to fix a current exchange rate for up to 12 months in the future. This is highly useful for individuals and businesses who work or operate internationally, and do not want fluctuating exchange rates to deter them from meeting targets.

Currency Solutions is now 12 years old, and has over 145 000 customers. They’ve executed almost 250 000 trades, sending just under £6 billion.

The management team

Currency Solutions’ management team consists of the 3 founders/owners of the company.

Dr Tien Tran serves as IT Director. He holds a BEng in Aerospace Systems, a PhD in Artificial Intelligence and was a Consultant for the Ministry of Defence and a Researcher for the University of Southampton, prior to starting Currency Solutions. His role is in the strategic enhancement and innovation of company infrastructure and technology.

Harry Enver is currently Managing Director. He holds a BA Honours in Accounting, and was previously employed at Simpson Wreford & Co. His role includes managing the Currency Solutions Group of Companies, and handling financial matters.

Robert-Lee Griffith is currently Sales Director. He holds a BA in Business, Sport and Leisure Education. His role includes acquiring and developing new business streams.

Performance reports

Size and reach

Currency Solutions has over 145 000 customers around the world. They accept clients from all locations excluding the US. However, they maintain offices only in the UK and Cyprus. Their website has no translations available, indicative of their UK-centric approach.

Financial reports

Financial reports for Currency Solutions are difficult to locate. Company Check indicates that in 2014, Currency Solutions’ net worth equalled £2.3 million, up from just £1 million in 2013. Their total assets amounted to £8.5 million, with liabilities at £7.6 million.

Public stock performance

Currency Solutions is not a publicly listed company.

Licensing

Currency Solutions is authorised and regulated by the FCA and HMRC.

Reputation

Currency Solutions has a high reputation, due to their commitment to great service and zero fees. On TrustPilot, they have a client rating of 9.9/10, the highest of any money transfer company. There have also been no scandals or controversies to mar their good name. However, there is very limited information available on Currency Solutions, outside of their own website and customer reviews. This may lead skeptics to choose a better known firm, despite receiving inferior service and higher fees.

There are two negative reviews about the company up to date below. One has been resolved to the full satisfaction of the client, and the other one was left unattended here on the site with no further information provided by the client.

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4 thoughts on “Currency Solutions Review

  1. Update – The matter has been resolved to the satisfaction of Mr Shortt whom we have been in contact with. (From TheFXView.com on October 4 2016)

    Currency Solutions approached Intamarque to open a New Account for Foreign Exchange Services. Intamarque 17/05/2016 booked currency trade deal for the value of $230,000.00 to be used August 19th August for the payment of a suppliers Invoice in Australia. Intamarque emailed 22/06/2016 re-confirming the trade deal. 08/07/2016 Emailed received from Currency Solutions closing our account leaving Intamarque exposed to currency loss of £18,338.39.

  2. Currency Solutions stood in the way of my pursuit of happiness
    Once in receipt of my USD$40,000 Currency Solutions, without a second thought, rejected my trade.

    I was paying for a Performance Bond on a contract of a lifetime, Currency Solutions verbally agreed the trade, they had my money in their account and they decided not to do my trade. They refused to give me a reason and it took them 14 days to return my money. I chased them for 9 days seeking their cooperation and the return of my funds, It was one of the most frustrating weeks of my life.

    This company markets itself on good customer service but when it came to it the customer service was one of the worst I’ve ever experienced.

    They refused to trade, they refused to return my money back to me in good time and they refused to give me any reason as to why they would not perform the trade.

    I searched for a reason why and was refused an answer. I wrote to all the directors, and not one replied.

    THIS IN NOT GOOD CUSTOMER SERVICE

    I searched for their terms and conditions only to find they weren’t readily available. I had to start the sign up procedure and get to the last stage before I could obtain their terms and conditions.

    They reserve the right to charge an undisclosed admin fee:
    3.1. “Administration Fee” is a reasonable fee charged to the Client for providing information or materials requested by the Client which are not part of the Terms. If the law specifies a maximum amount that can be charged for providing any such information or materials, then the Administration Fee will not exceed such maximum amount.

    8.1. CSL may terminate or refuse to perform all or any part of any Contract, without incurring any liability to the Client for losses or damages that may be sustained as a result and without giving notice to the Client,

    9.4. If the Client requests information or materials which are not part of the Terms, CSL may accept, or decline the request and may charge an Administration Fee to fulfil such request.

    1. Thank you for your valuable feedback. Could you elaborate more on the trade? Did you lost anything besides a 14 day interest on your money while witheldas a result of their rejection?

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