Global Reach summary
- Opportunity to fix exchange rates for up to 2 years
- Customer service via live chat as well as telephone and email
- Best Exchange Rate Guarantee
- Only bank transfers available
- Customer service is only available on weekdays
FC Exchange Fees and Rates
FC Exchange offers fee-free currency transfers over the minimum transaction value of £3,000, which your dealer can explain to you. Because FC Exchange is a broker, it can offer incredibly competitive exchange rates, getting you closer to the Interbank rate—the rate at which financial institutions buy and sell currency at. FC Exchange is confident in its exchange rates and so offers the backing of its Best Exchange Rate Guarantee*.
FC Exchange offers you the opportunity to utilise a forward contract, meaning that you can lock-in a favourable exchange rate for up to two years in advance. This protects your funds if you know that you'll need to make a large money transfer in the near future (e.g., buying a home abroad) but you fear that the currency market will adversely change before you need to make the transfer. There’s no fee for this service, but you do need to make a deposit of a certain percentage of your transfer amount. You can also set up free rate alerts to be notified when exchange rates reach a level you’re interested in.
FC Exchange makes its money on the small margin between the rate at which it trades and the rate which it charges you. All transfers over the minimum transaction value of £3,000 are free of charge. Should you need to transfer below this amount, there may be a small fee. If you need to make multiple payments for one transfer, there may be an additional charge which your dealer can explain.
One thing to remember is that once you've booked a money transfer, you can't just cancel it. FC Exchange buys the currency you want on your behalf, so if you cancel, they'll have to sell the currency back to the market, which could incur losses that you'd need to pay for. Terms and conditions apply.
How Does It Work?
1. Open an account with FC Exchange:
- Give your name, date of birth, and contact details
- Tell FC Exchange your home currency
- Select which currencies you’ll want as your destination currency
- Choose the approximate amount that you'll be transferring every year, e.g., £10,000 to £24,999
- Your account will be open quickly
2. You’ll be assigned a personal foreign exchange dealer:
- When you’re ready to make a transfer, call or email your dealer to discuss your currency requirement
- You can also ask your dealer to set up a profile for you on the FC Exchange online platform so you can book a trade yourself online
3. Book your transfer:
- Tell your dealer the currency you want to buy
- Provide all of the recipient’s details such as their full name, bank account number, bank name, SWIFT code, and bank code
- Agree on an exchange rate for your transfer. You can book a transfer up to two years ahead, or use a spot contract to secure a rate at the time
4. Send the payment to FC Exchange:
You’ll be sent the full bank details when you book the transfer
5. Track your transfer:
You’ll get a confirmation email when your payment arrives at FC Exchange, and another one when your transfer goes through
How Long Does It Take?
The length of time it takes for making a transfer with FC Exchange depends on what currency your transfer is in Transfers made in Pounds, US Dollars, Canadian Dollars, and Euros could arrive on the same business day; however, this is highly dependent on bank cut off times. Other currencies can take a few working days. Your transfer won't be completed until FC Exchange receives your payment, but once your funds are through, most payments are processed on the same day. If you make your order after 2pm, it won’t go through until the next working day.
Once you book a trade you’ll need to send payment on to FC Exchange. You can also book a forward contract to lock-in an exchange rate for up to two years, meaning you can transfer your funds at a date in the future. Just send an email authorising the payment whenever you’re ready.
FC Exchange Top Highlights
FC Exchange stands out for the range of money transfer options it offers. You can book a forward contract up to two years ahead, ideal for anyone buying a house overseas, or arrange an immediate transfer to send your money quickly. FC Exchange offers money orders for currency trading, and lets you set up regular money transfers. The excellent rates are the main attraction. FC Exchange offers rates very close to the Interbank rate. With the FC Exchange Best Rate Guarantee, you can even bring the rate you were quoted by another money transfer service and see if FC Exchange can match or beat it. FC Exchange offers various tools to track exchange rates, including rate alerts, market orders, and the latest market news. FC Exchange offers fee-free transfers over £3,000 and you’ll benefit from a great exchange rate too.
Finally, FC Exchange boasts extensive educational resources for understanding currency transfers, such as currency news, exchange rate guides, country guides, quarterly forecasts, and a blog full of valuable content.
FC Exchange has multiple avenues for customer support – over the phone, via email, or through live chat. All of these are manned from 7.30am Mondays to Fridays, until 7pm Monday to Thursday, and until 6pm on Fridays, GMT. There’s no customer service support on the weekends or on bank holidays, but you can still access the wide range of resources about currency exchange and use the tools to check up on exchange rates. The online platform also allows you to look at your trade history.
There’s a free number to call from France, Spain, Australia, or Cyprus and a local call number for within the UK. FC Exchange prides itself on the level of service it provides to its customers, maintaining a five-star rating on TrustPilot.
Privacy and Security
FC Exchange takes your security seriously. It’s regulated and authorised by the Financial Conduct Authority (FCA) in the UK and the FSB in South Africa, and always keeps clients’ funds in segregated bank accounts according to regulations. FC Exchange complies with GDPR and is transparent about how it collects and uses your data.
FC Exchange is a highly professional money transfer service. The rates and fees are very competitive in comparison to its competitors and comparing well to Interbank rates. The predominant transfer type is a SWIFT bank transfer, although you can request a SEPA transfer too. You can set up immediate payments, regular ongoing payments, and book a forward payment up to two years in advance. It’s ideal for anyone who is trying to buy a property overseas, living abroad, or getting paid in a foreign currency, although it’s probably not the best choice if you just want to send small amounts of money to friends or family, especially if they don’t have access to a bank account.
FC Exchange provides a very personalised service, thanks to the dedicated personal dealer and extensive customer service options. It's among the most secure and cost-effective options for transferring large amounts of money since there's no fee for transactions over £3,000. FC Exchange also provides wraparound money transfer support through its extensive educational resources and exchange rate tools.