Clear Currency Review: Rates, Fees & Safety 2024
Clear Currency, established in 2010, has quickly risen to become a trusted name in the international money transfer industry.
Headquartered in London and operating under the trading name of Clear Treasury (UK Trading) Ltd, this company is regulated by the Financial Conduct Authority (FCA), ensuring that clients' funds are managed with the utmost care and security.
HOW DID WE REVIEW CLEAR CURRENCY?
Clear Currency, established in 2010, is a leading provider of currency brokerage services based in London, UK. The company operates under the trading name of Clear Treasury (UK Trading) Ltd and is regulated by the Financial Conduct Authority (FCA).
Clear Currency offers a wide range of services including Spot Payments, Forward Contracts, Limit Orders, and Virtual IBANs, catering to both individual and business clients. Their services are designed to be fast, simple, and secure, with same-day transfers and highly competitive exchange rates.
The company maintains a strong presence with offices in both London and Dublin. Clear Currency is committed to transparency, with no hidden fees, and offers personalised support through dedicated account managers. Their reputation for excellent customer service is reflected in their high Trustpilot rating of 4.9/5.
Clear Currency is dedicated to safeguarding client funds, ensuring security through robust regulatory compliance and using tier one banking partners like Barclays. They support transactions in over 35 currencies and serve customers in more than 130 countries.
Benefits of Using Clear Currency
- Excellent Reputation: Rated 4.9/5 on Trustpilot, reflecting high customer satisfaction.
- No Transfer Fees: Clear Currency does not charge transfer fees, which helps reduce the overall cost of transactions.
- Competitive Exchange Rates: Provides highly competitive exchange rates, typically ranging from 0.2% to 0.6% margin.
- Comprehensive Service Offering: Offers a wide range of services including Spot Payments, Forward Contracts, Limit Orders, and Virtual IBANs.
- Security and Regulation: FCA-regulated, ensuring that funds are safeguarded in separate accounts, providing security in the event of insolvency.
- Dedicated Support: Provides dedicated account managers for personalised service and support.
Disadvantages of Using Clear Currency
- No Cash Transactions: Only electronic transfers are available, with no option for handling cash.
- Higher Fees for Small Transfers: While generally no transfer fees, smaller transfers might incur relatively higher costs compared to larger transactions.
How Trustworthy and Secure is Clear Currency?
From the outset, Clear Currency places a strong emphasis on trust and security.
Being FCA regulated, they adhere to stringent standards that protect client funds, providing peace of mind to users.
The company utilises tier one banking partners like Barclays, employing robust security protocols including two-factor authentication and encryption standards.
This commitment to security is a cornerstone of their operations.
Why Client Funds are More Secure with Clear Currency Compared to a Bank
What Services and Features Does Clear Currency Offer?
Clear Currency offers an impressive array of services tailored to meet diverse client needs.
Whether you are an individual or a business, their offerings include Spot Payments, Forward Contracts, Limit Orders, and Virtual IBANs.
These services are designed to be both comprehensive and flexible, allowing clients to manage their foreign exchange requirements effectively.
The user-friendly platform supports 24/7 online management, complemented by dedicated account managers who provide personalised service and support.
Additionally, Clear Currency provides tools such as rate alerts, daily and quarterly market insights and currency conversion tools to help users make informed decisions.
How Competitive are Clear Currency’s Fees and Exchange Rates?
One of Clear Currency's standout features is its competitive fee structure.
The company does not charge transfer fees for most transactions, significantly reducing the overall cost for users.
Their exchange rates are highly competitive, often close to mid-market rates, which can be more favourable than those offered by traditional banks.
However, it's worth noting that smaller transfers might incur relatively higher costs, a consideration for users making infrequent or low value transfers. I
Intermediary banks may also charge their own fees, which are outside of Clear Currency's control.
What Do Customers Say About Clear Currency?
Clear Currency enjoys a stellar reputation among its users, boasting a Trustpilot rating of 4.9/5.
This high score reflects the satisfaction of clients who appreciate the company's competitive rates, secure transactions, and the personalised service provided by dedicated account managers.
The positive reviews highlight Clear Currency's commitment to delivering excellent customer experiences.
How Easy is it to Use Clear Currency?
The ease of use is another area where Clear Currency excels.
The platform is designed to be intuitive and user-friendly, making it simple for clients to navigate and manage their transfers.
Clear has one of the most streamlined onboarding processes in the industry, allowing new users to set up their accounts in a matter of minutes.
The transfer process is straightforward, with instant rate offerings and same-day transfers, ensuring that users can manage their transfers quickly.
How Does Clear Currency Work?
Using Clear Currency is straightforward:
Which Countries and Currencies Does Clear Currency Support?
Clear Currency supports transactions in over 35 currencies and serves customers in more than 130 countries, making it a versatile choice for international money transfers.
What Payment Options Does Clear Currency Offer?
The primary method for transferring funds is through bank transfers.
What Kind of Customer Support Does Clear Currency Provide?
Customer support is a strong suit for Clear Currency.
They provide dedicated account managers who offer personalised assistance, and their support team is available via phone and email.
Clear Currency Contact Details
Our Verdict
Clear Currency is a reliable and efficient provider of international money transfer services.
With competitive rates, a variety of transfer options, and robust security measures, it caters well to both individuals and businesses.
The company's commitment to transparency and customer satisfaction is evident in its high user ratings and comprehensive support services.
Recommendation
Highly recommended for those seeking cost-effective, secure, and fast international money transfer services. Ideal for businesses and individuals looking for personalised support and competitive rates.
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Matt Woodley is the founder of InternationalMoneyTransfer.com, with degrees in Finance, Marketing, Economics, and History from the University of Auckland. Leveraging his expertise and experience in the international relocation industry, Matt has built a platform that simplifies global money transfers. His work focuses on efficiency, transparency, and making international currency accessible, driven by a passion for innovation and simplicity.
