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Foremost Currency Group Summary
Foremost Currency Group is an online money transfer service that supports more than 40 currencies and 120 countries. The platform offers quickspot transfers, forward contracts, and limit orders so you can always get the exchange rate that’s right for you. There are no transfer fees or commissions, and no maximum transfer limit for transactions made over the phone. Most transfers are completed on the same day.
Foremost Currency Group Pros & Cons
Pros
No transfer fees or commissions
Transfer any amount by phone
24/7 transfers available online
Cons
Must open an account to view exchange rates
£50,000 maximum for online transfers
Foremost Currency Group at a glance
8.4
Editorial scoreFees?
No transfer fees
10.0
Transfer time
Within 2 working days
8.0
Customer service
Award winning, personalized customer service with phone transfers available
10.0
Security
Regulated and encrypted secure transfers
8.0
Online and mobile experience
User friendly site, no app
6.0
Foremost Currency Group Fees and Rates
Foremost Currency Group doesn’t charge any fees or commissions for most transfers. Instead of charging fees, Foremost Currency Group makes money by offering an exchange rate slightly below the market exchange rate for your transaction. We found that this generally comes out to around a 1% fee, although it varies slightly based on what currencies you’re exchanging. For example, transferring Pounds to Euros incurs an exchange fee of around 1.35%.
How Does It Work?
Foremost Currency Group offers several ways to exchange and transfer money. A simple option is a spot exchange, in which you change one currency for another at the current market rate. You can also set up recurring transfers on a daily, weekly, or monthly schedule.
The service also gives you several ways to maximize your exchange rate based on market conditions. You can use forward contracts to lock in the current exchange rate for up to 2 years, and just put 10% down at the time you purchase the contract. Foremost Currency Group also offers limit and stop-loss orders, which are triggered when the exchange rate rises or falls to a predetermined level.
You can request a quote from Foremost Currency Group at any time using the company’s website. However, you’ll have to create an account in order to view your exchange rate offer online. If you don’t have an account, a representative from the company will call you to deliver your offer. You can make transfers online 24/7 or over the phone 5 days a week.
Here’s how to send money with Foremost Currency Group:
- Request a quote for your transfer online
- Create an account to view your exchange rate
- Complete your transfer online or over the phone
How Long Does It Take?
Most money transfers with Foremost Currency Group take 1-3 business days to complete, depending on the countries you are sending money to and from. Tracking isn’t included with your transfer, but you can request an SMS confirmation or proof of payment for an extra fee.
Foremost Currency Group Top Highlights
- No transfer fees or commissions
- Supports 40+ currencies and 120 countries
- Low 1% exchange margin
- No transfer limit over the phone
- Transfers completed in 1-3 business days
- Set up recurring transfers
- Use forward contracts, limit orders, and stop-loss orders
Customer Support
Customer support from Foremost Currency Group is available by phone and email from 8:30 AM to 6:00 PM Monday-Thursday and from 8:30 AM to 5:30 PM Friday GMT. If you want to initiate a transfer outside of these hours, you can do so by creating an online account.
Phone: 01 442 892 060
Email: info@fcgworld.co.uk
Privacy and Security
Foremost Currency Group is regulated by the UK’s Financial Conduct Authority and holds all client funds in a segregated bank account. The company uses SSL encryption to protect your account information when initiating a money transfer online and offers tips on how to keep your accounts secure. In addition, Foremost Currency Group complies fully with the General Data Protection Regulation (GDPR).
Summary
Foremost Currency Group is an online money transfer service that supports more than 40 different currencies. This platform charges no fees or commissions, and the exchange rate margin is just 1% for most transfers. Importantly, Foremost Currency Group doesn’t limit how much money you can transfer over the phone. This company also stands out for offering spot transfers, forward contracts, and limit and stop-loss orders to take advantage of variable exchange rates.
Written byMichael Graw
Michael Graw is a personal finance expert at BestMoney.com, specializing in online banking and insurance. His work has appeared in print magazines and on high-impact websites. With a passion for clarity and practicality, Michael helps readers navigate today’s financial landscape.