Currency UK charges a flat fee of £15 for all transfers less than £5,000. However, they don’t charge any fees for those who want to transfer over £5,000.
There is a Regular Payment Service available allowing customers to make transfer monthly for their foreign mortgages, pensions, salaries, rental incomes and more. For these clients, Currency UK requires a min transfer amount of £500 per month. And the transfer fee is very reasonable, only at £5 per month per occurrence.
Currency UK claims to offer you better exchange rates than your bank or other providers. This could be varied depending on volume and currencies they trade. Typically, they can save you up to 1.27% more than the best rates at banks you can get.
Transfer speed is as fast as some giants like Western Union or MoneyGram, not in minutes though. Same day delivery is available for major currencies (USD, CAD, EUR). For most popular currencies, you can expect to get paid the next day. In short, most transfers can be completed in 1 to 2 days.
Currency UK uses a very strict verification system before you can trade with them. Besides 1 proof of identity, they require 2 proofs of address from different sources. On the right corner of homepage, they feature a live exchange rate calculator for anyone to use without register. This is significantly convenient to check rates before you start a transaction. The help pages and FAQs located in both header and footer are very helpful, answering all the relevant questions. If you have any unclear questions and need for help, you can reach them by live chat, email and telephone. One major drawback is that they don’t provide dashboard for individual account, which means you can only trade with them by phone or email. The other is they don’t have mobile app.