This review for the Foremost Currency Group money transfer company is intended to explain the pros and cons of using it for your money transfer needs. We focus on the important aspects like fees and exchange rates, the quality of the online trading platform, and the level of service provided.
|🌎 International Clients||✓ UK and Europe|
|💱 Currencies Offered||45|
|💷 Minimum Transfer||£2,500|
|📲 Trading via||Phone, Online|
|🏢 Offices In||Tring, Hertfordshire, UK|
|⚖️ Regulation||✓ FCA|
|🤯 Fees||No Fees|
|👨👩👧👦 Client Reviews||689 reviews on Trustpilot.com|
|⭐ Client Rating||9.8/10|
|👍 Advantages||High Satisfaction Rates
|👎 Disadvantages||Smaller Firm
No International Offices
Company Information and Credibility
Founded in 2005, Foremost Currency Group is a financial services firm that specialises in currency exchange. In addition to offering standard money transfers, they offer products like limit orders, forward contracts, and stop/loss orders.
Compared to competitors like World First, they are a smaller company. According to estimates, they have 10-50 employees on their payroll. Due to their size, it is challenging to estimate revenue figures, but they almost certainly trade less than £2bn annually which is what a medium-sized firm in this space would trade.
Financial Conduct Authority (FCA)
Foremost is a name you may not have heard before. Unlike World First or Currencies Direct, they aren’t listed on the FTSE, nor do they have flashy headquarters in the centre of London
We could only find customer feedback for the Foremost Currency Group on Trustpilot.com. 689 customers left reviews – surprisingly, all reviewers were pleased with their experience. Not a single person rated Foremost three stars or less.
93% of respondents gave them five stars out of 5. Overall, their Trust Score is 9.8/10 – a stupendous achievement, given the sample size
Clients are happy with Foremost Currency’s service to date with (almost) no exceptions.
Exchange Rate & Fees
£10 on transfers below £50,000 No fees
Exchange Rates: Foremost Currency Group does not publicly post their exchange rates.
Limits: Foremost Currency Group has a minimum transfer limit of £2,500. There is no known maximum transfer limit.
Hard to say whether a large trade with Foremost Currency Group will be any cheaper or more expensive than with competitors like Currencies Direct or TorFX but we can definitely say WorldFirst’s 0.15% to 0.5% transparent margins sounds like a more attractive deal if you are hunting for the best rate.
Global Reach & Service
Dedicated Dealer: Yes
- Offices: Tring, Hertfordshire, UK
- Ways to approach: Online form, e-mail, physical mail, phone, fax
- Translations: English. Due to a lack of information, it is unclear if their staff speaks other languages
- Accepts clients: Accepts domestic and international clients. Restrictions, if any, are not specified on website but since they have no presence in the USA we assume they are unable to take on American clients at all.
- Currencies Handled: 21
- Client reviews: 9.8/10 on Trustpilot (689 reviews)
As a small firm, Foremost Currency Group is able to offer the sort of personalised attention which bodes well with their clients.
However, its size hurts their global reach. Foremost only offers 21 currencies, and it is unclear whether its staff speaks languages other than English in-office. Most importantly, there are no offices outside the UK.
Foremost Currency Group offers services other than money transfer. According to their website, they also provide:
- An online trading platform
- An iPhone app
- Overseas real estate via their sister company, the Foremost Property Group
- In-depth currency news and analysis
Their website does not mention hedging tools for Forward Contracts which are extremely important for this type of business.
Foremost Currency Group Review Summary
- Credibility Score – 85%
- Client Feedback – 94%
- Fees, Exchange Rates – 89%
- Global Reach, Availability, Service – 83%
- Added Values – 40%
Bottom Line: Foremost Currency Group
On one end, very high fees on transfers up to £50,000 which can be done fee-free with any of their recommended competitors. On the other hand, 98% client satisfaction. On one hand, it’s a small relatively unknown firm with limited capabilities and reach, on the other hand – they may be more presonalised than others.