Regulatory Controls

    Your money in safe hands

    You can be safe in the knowledge that Optimal Currency will prioritise the safety and security of your International Transfers. We are fully Authorised and Regulated by the Financial Conduct Authority (FCA) for the provision of payment services and for compliance with the Anti Money Laundering (AML) regulations. As an Authorised Payment Institution (API) we hold the highest level of authorisation in the UK for making your payments. It also means we comply with strict rules on how we conduct our business, treat our customers and secure and protect our customers funds and sensitive data. Optimal Currency’s Firm Registration Number (FRN) with the FCA is 830790 and you can find us and information about us on the FCA Register

    FCA Register

    Safeguarding your funds

    As an API, Optimal Currency operates safeguarded client accounts. The currency you buy from us is always kept separate from our business funds and assets. We safeguard relevant client funds in strict adherence to FCA safeguarding regulations. Safeguarded client funds can be returned quickly and easily should an API cease trading. You can read more about safeguarding on the FCA website and within our Terms and Conditions.

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    Well capitalised company

    Vitally, Optimal Currency is authorised under permission 5 (issuing payment services) as well as permission 6 (money remittance) of the Payment Services Regulations meaning Optimal Currency has capital adequacy requirements over six times higher than those firms authorised for money remittance only.

    The Capital Adequacy requirements are minimum levels of the firm’s own capital that must be held in order to ensure the safe running of the firm.


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    Compliance and Operations

    Optimal Currency’s team have a combined industry experience of over 85 years and have assisted in successful international transfers of over £1Bn.

    Optimal Currency has an independent Money Laundering Reporting Officer (MLRO) who has over a decade’s worth of experience as an MLRO in this sector and holds an ICA Diploma in Anti Money Laundering.

    We have in house Compliance and Operations departments. Unlike many companies we have chosen not to outsource these functions overseas to reduce overhead costs. We believe the best outcome for our customers is a fast and compliant service where our dedicated brokers, compliance staff and operations team are all able to efficiently serve our customers’ needs with no chance of an international communications breakdown.

    Your payments and transfers are screened thoroughly and efficiently by our in-house compliance team to ensure each and every transfer is verified prior to processing. This approach allows Optimal Currency to maintain the highest regulatory standards and gives you peace of mind that your transactions are being handled by a responsible payments service provider.


    Years Experience

    Customer Charter

    Our customer charter is here to inform you, our customers, about the level of service you can expect when doing business with us and what to do if you’re unhappy and feel the need to complain. It’s really important to us that any problems are identified and rectified quickly.

    Our customer charter consists of four key undertakings:

    1. We seek to ensure the well-being and success of our customers at all times.
    2. We will optimise the process of exchanging currency so that it is easy and efficient for our customers.
    3. We promise always to listen to our customers, record feedback and seek to improve our processes as a result of customer feedback.
    4. If a customer is unhappy for any reason we will do everything that we can to rectify the situation to the customer’s satisfaction.

    Frequently asked questions

    Is Optimal Currency Regulated?2021-02-03T11:20:46+00:00

    Yes. Optimal Currency is an Authorised Payments Institution under the Payment Services Regulations 2017. If you want to find more information please visit the FCA’s website, they’re the UK regulator for currency brokers.

    Is my money safe with Optimal Currency?2021-02-03T11:20:46+00:00

    As mentioned, your peace of mind is our priority, which is why we operate in a compliant manner in accordance with strict FCA regulations. In most cases, client payments are made on the same or next day that the funds are received, and you will have email confirmation when your currency is on the way. In cases where we must hold your funds for longer, such as the margin deposit for a Forward Contract, then your funds are held in a separate client account that is designated for margin only.

    Can I pay you from someone else’s bank account?2021-02-03T11:20:46+00:00

    Payments from third parties are generally not acceptable due to the strict regulations we adhere to. There are several circumstances such as receiving the proceeds of a property sale from Solicitors or Notary’s that are absolutely fine. Be sure to chat with your dedicated broker before you send funds to us just be on the safe side, we don’t want to delay your payments unnecessarily.

    A Limited Company in England and Wales Company Number 11627191

    Authorised & Regulated by the FCA, FRN 830790

    Registered with the ICO for Data Protection, Reference number: ZA482625

    A member of AFEP, the Association of Foreign Exchange Providers

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