fc exchange 2018-01-21T02:43:04+00:00

fc exchange

fcexchange-review

FC exchange is a foreign exchange company regulated by Financial Conduct Authority (FCA) and is situated in the UK. It has been operating since 2005 and was acquired in 2016 by Global Reach Partners, one of the top 10 companies in the foreign exchange industry. FC exchange manages the private customers while Global Reach Partners caters to all the corporate customers. Together they transfer over £5.5 billion annually worldwide.

FC exchange deals with over 43 currencies and has a minimum transaction limit of £3,000 without any transaction fee. You can place your trade orders with them via telephone or online. For orders via FC exchange online you cannot place an order amounting more than £10,000 per transaction unless you already have an approval to do so. They accept payments only via bank transfers, no cash or cheques accepted. You can keep a track and view the latest inter-bank exchange rates for free on their website without registering.

They have built their name over the past 12 years with 98% of customers recommending them and a score of 9.7/10 on Trustpilot by 600+ customers. To add on their credibility they have been awarded the Credit Level A2 by Dun & Bradstreet. All in all, it’s a trustworthy firm to deal with.

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www.fcexchange.com
Founded: 2005
Headquarters: London, UK
Offices: UK, Cyprus, South Africa
Regulated by: FCA
Trading channels: website, telephone

reviews on TRUSTPILOT

5-trustpilot

9.7/10 Excellent

fc exchange Key Features

Pay-in Options bank transfer, debit card, credit card
Recipient’s Options bank account only
Min Transfer Amount £3,000
Max Transfer Amount £300,000 via bank transfer
Speed most transfers are completed in 1-4 days
Transfer Fees no fees on all transfers
Exchange Rate HiFX claims a bank-beating exchange rate
Currencies Available 142 currencies

fc exchange Review

Transfer Fees

HiFX claims they charge no transfer fees on all transfers.

However, you still have to be aware some other fees which HiFX are not liable for when sending money to them.  HiFX encourages you to pay by bank transfer or debit card. But before you start to fund HiFX, you need to check with your sending bank and the receiving bank, as they may charge some fees. Credit card transactions will cost you an additional fee of 1.6% of total amount.

Exchange Rate

HiFX offers bank beating exchange rate which is very competitive. This rate varies by type of currency. Therefore, the markup from NZD to USD, for instance, is 1% more than mid-market rate. The average markup on exchange rate tends to be 1.5%.

Speed

HiFX advises you 1-4 working days for the money to be delivered to recipient’s account. The method you use to pay HiFX will affect the whole processing time. Funding via credit or debit card results your money to reach HiFX immediately. Bank transfer usually takes up to 3 days for them to receive your money.

User Experience

HiFX’s customer service is 24/7 either by phone or email. Customers can complete their transfers on website or over phone. However, lack of mobile app makes HiFX far behind most competitors.

It is also un-convenient for clients when it comes to comparing transfer costs. You’re allowed to check exchange rate only after you logged into their website. That means you have to sign up for a free account first before you can compare and transfer. From our experience, it only takes a couple of minutes to finish register. But you’ll need to upload the following documents to be approved,

1 x Proof of Identity: passport, national ID card, or driver license.

1 x Proof of Address: recent utility bill or bank statement.

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fc exchange Pros and Cons

  • zero transfer fees on all transfers

  • 142 currencies and 170+ countries available

  • small limitation of £50 minimum transfer amount

  • 24/7 friendly UK based telephone support

  • website only, without mobile app

  • only registered clients are able to compare exchange rate

  • money account only for recipient, without cash pick-up

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