London based FC Exchange was founded in 2005 by entrepreneurs Nick Fullerton and Martin Steenkamp. The expanding foreign exchange company has grown by 230% in the last three years as FC Exchange extends its global reach, in a bid to capture payment flows in Asia. The firm seeks to expand its e-commerce business sector in 2016 by employing their newly acquired e-money licence in order to challenge the existing eMerchant service payment providers. Global offices are located in South Africa, Australia, Spain, France and Cyprus.
FC Exchange is currently 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. FC Exchange was awarded a UK Best Company Award in 2016.
For clients moving abroad, buying overseas property and repatriating to the UK:
• A 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 for UK residents
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
International receiving accounts for online sellers, although not able to offer US services
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 FC exchange commissions are shared.
With dynamic graphics, FC Exchange breaks down its services into categories for personal, business and online sellers clarifying the tools and options for each in rich content. Few companies custom tailor to each catagory as well, although when it comes to business content the specifics begin to grow fuzzy and less engaging. Some of the least engaging blog posts are seen that neither inform nor are regularly updated and -especially given the move to expand to online sellers, it’s disappointing more content isn’t specifically introduced for business clients. Currency hub provides a currency calculator and very lean daily Sterling updates on a single line. A quarterly forecast can be downloaded.
TRUSTPILOT rates FC Exchange at 9.6 with just 274 reviewers. Clearly the majority of clients enjoy good customer service and compliment their dedicated accounts managers for their assistance in making and tracking their transfers. A tedious transfer process put off one client and an avoidable delay annoyed another while a third reported setting up a rate watch only to find that the rate she received on a very large sum was not the rate she had been quoted. When she redressed FC Exchange she was told she needed to have re-negotiated the rate again, which isn’t how a rate watch should work. One client had assumed he’d completed security checks when registering only to find that his funds were delayed and as he required them for a deposit on property he was purchasing abroad, he risked losing the property whilst his funds weren’t available to him.
FC Exchange follows best practices by giving clients a dedicated customer service representative, which is good for both personal and corporate transfers. FC Exchange’s ambitions to expand their eCommerce services are seen in their fledgling services which offer International receiving accounts for online sellers. A best rate guarantee is a fairly standard promise made in the foreign exchange industry, what’s not usually seen is that clients have to continually negotiate to keep the rate they had been quoted.
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.