London-based FC Exchange was founded in 2005 by entrepreneurs Nick Fullerton and Martin Steenkamp. The fast growing foreign exchange company has grown by 230% in the last three years as FC Exchange expands its global reach, including capturing payment flows in Asia. Global offices are located in South Africa, Australia, Spain, France and Cyprus.
FC Exchange is now in the midst of robust growth plans, involving strengthening its position in the UK where FC Exchange has offices in Berkhamsted and Cornwall. With more than 25,000 clients, FC Exchange transfers approximately £100 million monthly. The firm seeks to expand its e-commerce business sector in 2016, employing their e-money licence in a bid to offer services that challenge the existing e-merchant service payment providers. FC Exchange was awarded a UK Best Company Award in 2016.
On 12th August 2016, FC Exchange was acquired by Global Reach Partners with the backing of private equity investor Inflexion.
For clients moving abroad, buying overseas property and returning to the UK:
• Best rate guarantee – often up to 5% better than banks
• Dedicated currency broker for each customer
• One-off ‘spot transfers’
• Regular payments scheduled
• Travel money
• £50 Amazon voucher for referring a friend
Business Payment Services:
Industry experts work with business clients to develop Industry Solutions for key issues faced in aerospace, agricultural and manufacturing sectors as well as:
• Spot transfers
• Forward contracts
• Market orders
• Regular payments scheduled
• Bulk payments
Partnership options allow companies to directly refer another firm to FC Exchange or direct them to FC Exchange’s website through widgets installed on their websites. The benefits of tailored partnership agreements include enhancing client offerings, sales and marketing support and a new revenue stream as commissions are shared.
Rich with content, FC Exchange really seems to empathise with both personal and business clients. Noting that 14% of people migrating to the UK are actually citizens who had been living abroad, FC Exchange is prepared to assist clients with a service few other FX companies had anticipated. This insight doesn’t carry through to other website details which offer such a broad brushstroke of services that it becomes difficult to focus on anything of substance. Blog posts are likewise vague and unsubstantial. Currency hub provides a currency calculator and a sampling of live exchange rates. A quarterly forecast can be downloaded.
FC Exchange has a 9.7 rating on TRUSTPILOT with just 370 reviewers. Most clients enjoy good customer service and compliment their dedicated accounts managers for giving them clear information regarding their transfers. One complaint, however, involved a client who hadn’t been informed of compliance measures which hadn’t been completed prior to his transfer – with the result that he expected to lose the foreign property he’d hoped to buy with his temporarily unavailable funds.
FC Exchange does many things very well. They offer clients a dedicated customer service representative which gives them more support than any online platform could. They offer a best rate guarantee which is a fairly standard promise made in the foreign exchange industry. FC Exchange has good business support and has expanded e-commerce support by offering receiving accounts for foreign exchange delivery. Although they have a good rating on TRUSTPILOT, they have not had many reviews considering they have been in business for more than ten years which is surprising. Are their clients not that enthusiastic about FC Exchange?
4 out of 5 stars
A dedicated currency broker is the best way to provide clients with a good customer service relationship in personal or business transfers.
Although expanding, FC Exchange hasn’t yet established global licencing. Transfers to or from the UK and FC Exchange locations are available but FC Exchange’s hopes to shake up eCommerce services is an idea not yet realized.