Smart Currency Exchange Review - Money Transfer Costs and FXcompared’s rating

3.3/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange
Rating based on expert reviews by FXcompared
Last updated | June 16th, 2020

About Smart Currency Exchange

Smart Currency Exchange is a UK-based financial company specialising in helping customers make efficient, economical and secure international payments.

Smart Currency Exchange was founded in the UK in 2004 and is regulated by the Financial Conduct Authority (FCA). Since 2004, the company has grown, maintaining a solid balance and having no debts. It supports segregated customer accounts, and its services now span over 30 currencies.

The founders of Smart Currency Exchange have experience in accounting, finance and real estate, and a significant part of the firm’s transactions are related to real estate.

The company has a policy according to which traders are paid salaries at the set rate, and not commissions, which guarantees customers the best recommendations when making international payments.

Smart Currency Exchange trades all major currency pairs with fully established private and corporate client tables. There are no fees applied on transfers over £3,000. Smart Currency Exchange is one of the leaders in providing free educational resources, reports, brochures and manuals on the terms of currency transactions.

Each client has access to a special Smart Currency trader, while customer reviews show that customers can use one touch to make payments after opening a real trading account.

Smart Currency Exchange Transfer Fees and Costs

1.9/5
Fair
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Smart Currency Exchange Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
There is a fee of £10 for low value transfers
2/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
At £3,000 the £10 fee is waived which makes mid value transfers more competitive
2/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Smart Currency Exchange is competitive for high value transfers
1/5
Does FXcompared have direct access to the pricing
The pricing for customers is not directly available
1/2
Is it possible to lock in future exchange rates
This service is not available
1/1

Transfer fees are charged for transfers of less than £3,000, but the website does not clearly indicate how much, which is makes it difficult to fully commit to this broker. Based on the information provided to us by the company, it charges a flat fee of £10 for transfers of less than £3,000.

However, there are also customer reviewers who paid up to €20 for a transfer, which is comparable to bank expenses. In any case, in the brave new world of money transfers where the vast majority of competitors offer a policy without a commission, it is simply not ‘smart’ to charge it.

Since customer reviews are very positive, it is suggested that the rates offered by Smart Currency Exchange are much better than rates offered by banks. As with most good companies, its margin fluctuates around 1% – that’s all we can say. It should be added that Smart Currency Exchange has no transfer limits.

Smart Currency Exchange will offer you

 

  • Fast, convenient transfers from your mobile device
  • A choice of payment methods
  • An exchange rate locked in at the time of the transfer order

 

Usability

3.5/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Usability

Easy to understand website
The website is relatively standard and user friendly
1/2
Simple sign up process (number of steps)
Click the register button, enter all of the relevant information and then an employee from Smart Currency Exchange will be in touch
1/2
Easy to setup a transfer once registered
It is a simple task to set up a transfer
2/2
Provider offers a service that our users often sign up to
FXcompared users often sign up to Smart Currency Exchange
1/2
Mobile notifications available on completed transfers
There is no app available to set this up
2/2

To start using Smart Currency Exchange’s services, you must first open an account. To open an account, you will need to provide your name, contact information and transfer requirements. After you have provided your basic data, it is necessary to enter the data on the transfer, the amount of the shipment, the currency of the transfer and where the money will be sent.

You can also make a one-time transfer or use a forward contract or limit order to get the desired exchange rate. There is then is the opportunity to familiarise yourself with the exchange rate and the commission that will be applied to the transaction. If you are satisfied with the full transaction cost, then the money will be transferred.

Mobile product

4.0/5
Outstanding
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Mobile product

Easy to use mobile website
The Smart Currency Exchange mobile website is fluid and easy to navigate
2/2
Easy to use mobile app
There is no app on offer
2/2
Can transact in the app
No app currently available
1/2
Range of in-app product offering
Traders do not have access to an app
2/2
App store rating
No rating available
1/2

The site is adapted for mobile devices and is very practical in terms of user convenience. Smart Currency Exchange offers an application that is nothing more than a placeholder that prevents customers from doing anything other than checking exchange rates.

Trustworthiness & Reliability

3.6/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Trustworthiness & Reliability

Fully licensed and authorised
The FCA provides a licence to Smart Currency Exchange
4/4
Total amount transferred for their customers
Almost £1bn per year
3/3
Business revenue
Revenue of over £5m per year
1/3
Year on year growth
Almost 50,000 customers and steadily rising
0/1
Number of employees
Currently has 100 employees
1/1
Head office location
Head office is in England, but there are also offices in Europe
1/1
Branded search performance
Smart Currency Exchange has excellent results for branded searches
0/1
How long has the company been a partner of FXcompared
Smart Currency Exchange has been a trusted partner for more than three years
2/2
How long has the company been established?
Smart Currency Exchange was established in 2004
2/3
Quality of financial backers
There is no information about this available
2/2
Private or public company
Smart Currency Exchange is a private company
0/1

Customer funds and data are protected. Smart Currency Exchange is authorised by the FCA in accordance with the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services. Smart Currency Exchange is also one of the market leaders in currency exchange and money transfer to Trustpilot.

Business product offering

2.5/5
Acceptable
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Business product offering

Distinct offering for business
There is a business account available to customers
2/4
Broader product set for business
Smart Currency Exchange offers customers some extra services
2/3
Specialised team to support businesses
There is a specialised team in place for business customers
2/2
Receivables product options
This is not on offer
0/1
Marketplace seller product offering
Unavailable to customers
0/2

Smart Currency Exchange offers similar payment options for enterprises to help protect corporate customers from major losses in forex transactions. Forward contracts allow companies to fix current exchange rates for several months in advance, which is a good option at favourable rates. Smart Currency Exchange offers a flexible forward contract, especially for enterprises, which allows companies to extend the terms for which forward exchange rates were reserved. For companies that will have to make international payments in the future, the maximum order will set a specific rate at which Smart Currency Exchange will buy on behalf of the company.

Product Coverage & Service

3.5/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Product Coverage & Service

Number of sending and receiving countries
Only the UK, US and Eurozone can send and receive, although other currencies can be sent
3/4
Number of available languages
English is the only language on offer
1/2
Pay in options
Bank transfers are available to customers
2/4
Pay out options
Bank transfers are available to customers
1/2
Additional services
There are no extra services on offer
1/2
Minimum send amount
There is no minimum transfer amount
2/2
Maximum send amount
There is no maximum transfer amount
2/2
Speed and options for speed of transfer
Smart Currency Exchange attempts to complete transfers within three working days
2/2

Smart Currency Exchange is extremely strong thanks to the exchange of smart currencies. It is true that it does not have the same volumes as some of its largest competitors or a comparable number of offices around the world with them, but it offers specialised services and deals with almost all currencies on the planet.

Customer reviews show that customers are satisfied with the level of professionalism demonstrated by Smart Currency Exchange dealers. In addition to this, the company told us that its service is kept friendly and unassuming, without offering incentives to dealers – this means that dealers are not ‘chasing’ customers and are not interested in making excessive profits.

Customer Feedback & Satisfaction

4.1/5
Outstanding
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Customer Feedback & Satisfaction

Customer help including onboarding
It is very easy to set up with Smart Currency Exchange
1/2
Ease of transfer
It is easy to set up and send transfers
2/2
Exchange rates
The exchange rates are on the whole competitive
2/2
Fees
The fees are large for low value transfers
2/2
Solving issues
The customer service is fast and helpful
1/2
Online/mobile experience
Mobile site is well designed and easy to use
2/2
Customer service
Customers give good reviews for Smart Currency Exchange for customer support
2/2
Overall experience
The customer reviews for Smart Currency Exchange are high across the board
1/2

Smart Currency Exchange has an almost perfect score on both Trustpilot (9.9 with almost 1,200 reviews) and Review Centre (4.9 with less than 40 reviews). In addition, there are many (very positive) reviews on its Facebook page.

The vast majority of customers are extremely satisfied with the services they received at Smart Currency Exchange. In fact, it would be difficult to find a company that has a higher percentage of satisfied customers than Smart Currency Exchange. The only thing that may bother you is the relatively small number of reviews compared to some competing companies in this area, which have up to 20,000 different reviews.

Customer Help & Assistance

3.5/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Customer Help & Assistance

How good is the help section on the website?
There is no specific help section, but the site is very detailed about what is on offer
1/2
Is there live online support?
There is no live chat option available
0/1
Is there email support - and to customers and non customers?
Customers and non-customers can get in touch with Smart Currency Exchange via email
1/1
Is there phone support ?
There is a phone number on offer for customers and non-customers
1/2
Is the company easy to contact?
It is very easy to get in touch with Smart Currency Exchange
1/1
Are FAQs and support available in more than one language?
No, the website is only offered in English
1/1
Is there an FX dealer to support customers
There is no FX dealer available to offer support
2/2

In addition to its headquarters in London, Smart Currency Exchange has several offices in Costa Blanca, Spain; Costa del Sol, Spain; and Vilamoura, Portugal. This is the only way to ensure that such a company can truly offer access to its services to customers around the world.

Customers can also contact the Smart Currency Exchange hotline by phone, or they can write an email. Judging by the reviews, many Smart Currency Exchange customers are satisfied with the service level of the hotline.

Pricing Transparency

3.1/5
Very Good
Smart Currency Exchange
Rating based on expert reviews by FXcompared
Go to Smart Currency Exchange

Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
There is not an explicit rate in place
2/2
Are the fees easy to understand?
The transfer fee is easy to understand, but the margin fees are not
1/2
Does the company combine fees and exchange rate or clearly broken out?
They do charge a margin
2/2
Is a real time quote available without registering?
No, you cannot get a real time quote without registering
0/2

Smart Currency Exchange has a transparent policy towards customers. It should also be noted that one of the great advantages of this currency exchange and the factor that makes it unique is that it does not pay any fees to traders.

Smart Currency Exchange will help you save money using the experience of traders, which means that you can save up to 4% compared to your bank on the main street. Another advantage of this service is that you will not be subject to fluctuations in rates if you take a loan with a fixed rate, which means that your money will not be at risk of loss of value. This service is also regulated by HM Revenue & Customs, which means that the security of the service is incredibly thorough. You will receive an offer without obligations, and if you decide to continue working with the account, you will have access to a large number of advantages, including fast international payments and no commissions.

Alternatives to Smart Currency Exchange

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TorFX
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Compare Other Currency Rates

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Other International Money Transfer Quotes

TorFX

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Currencies Direct

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OFX (UK)

Est. 1998

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Moneycorp

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WorldFirst

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USD $12,901.17
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RationalFX

Est. 2005
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Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $12,539.16
No saving vs. banks

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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FXcompared Rating
Amount Received
USD $12,480.26
No saving vs. banks

How can I get in touch with Smart Currency Exchange?

Youcan get in touch with Smart Currency Exchange by using a telephone hotline orby writing an email.

How do Smart Currency Exchange’s money transfers work?

Makingan international transfer with Smart Currency Exchange is very simple. You mustlog in by filling out the details of the transaction and then make a payment.At this time, fees, exchange rates and any sending limit will be displayed.

Is there a Smart Currency Exchange app?

No.Smart Currency Exchange does not have mobile applications. However, the companyhas a convenient site that is adapted for mobile devices.

Is Smart Currency Exchange reliable?

SmartCurrency Exchange is a legitimate money transfer service. It is regulated bythe FCA in London. Customer reviews show a high level of satisfaction with thereliability of the service.

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with Smart Currency Exchange for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like Smart Currency Exchange help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.