CurrencyFair is one of the top peer-to-peer international money transfer services with a solid reputation in the industry. One of the major disadvantages of CurrencyFair is that it supports only 22 sending currencies. This means that when sending to the 157 countries and territories the provider supports, you'll not enjoy the full benefits of using the destinations' local currencies as you would with some of the other money transfer companies.This review looks into this and many other features of CurrencyFair such as security, trust, fees and exchange rates, to help you make the best decision when sending money across borders.
About CurrencyFair
Whether you are sending £10,000 to Europe or $200 to your family and friends in South Africa, you can always rely on CurrencyFair to get your money across.
In 2014, CurrencyFair became the first-ever global money transfer company to break the $1 billion transfer matching barrier, thanks to its consistent investment in staff numbers and technology infrastructure. CurrencyFair is known for its bank-beating exchange rates which the provider claims are 8x cheaper. This simple concept has developed into a global money transfer platform that has exchanged over €11.6 billion for customers around the world, saving them over €260 million to date. CurrencyFair employs dedicated support staff in English, German and French languages for a swift and personal customer service experience, and at the time of writing has been scored 4.6 out of 5 stars by nearly 5,000 users on Trustpilot.
CurrencyFair exchange rates and fees
CurrencyFair has some of the best rates and transfer fees in the industry. You can always check your transfer details using the onsite calculator to work out how much you will be charged in total fees, as well as the exchange rate pricing for your currency pair.
Exchange Rates
To get a clear picture of the exchange rate markup that CurrencyFair charges, consider the following transfer scenarios.
| 100 USD to: | Live rate ( XE) | CurrencyFair rate | Difference | %Markup |
| Australian Dollar (AUD) | 144.93 | 144.16 | 0.77 | 0.5313 |
| British Pounds (GBP) | 76.54 | 76.15 | 0.39 | 0.5095 |
| United Arab Emirates (AED) | 367.25 | 365.00 | 2.25 | 0.6127 |
The percentage markup is therefore so minimal to the point of being negligible for some transfers.
Transfer Fees
On average, CurrencyFair charges a small fixed fee of €3 (or its currency equivalent) no matter how much money is being transferred: this only applies once the new customer offer of free transfers expires. The provider states on its website that the average transfer fees for each transaction amounts to 0.45%.
Additional costs
Apart from the exchange rate markup and transfer fee, you may be charged cash advance fees by the card-issuing company if you use a credit card to pay for your transfer.
With banks charging an average of 4-6% in exchange rate markup and up to $40 in transfer fees, CurrencyFair gives you a huge advantage, especially when transferring large amounts.
If you're just getting started with international money transfers, we've prepared a simple guide to help you find the fastest ways to send money abroad.
Top destinations for sending money with CurrencyFair
With CurrencyFair, you cantransfer money to 157 countries in the world. However, the markets the provider categorises as top corridors are:
Australia
United Kingdom
Canada
France
Germany
India
Ireland
Netherlands
Poland
United States
Cameroon
In November 2019, CurrencyFair entered into a strategic partnership with Buy-World to offer payment solutions to the factory to business to consumer market segment that currently has more than 2.3 million global buyers.
Pros and cons of using CurrencyFair
CurrencyFair has a 150,000 user community comprising both business and individual customers. Below are some of the reasons why the provider continues attracting users and potential areas of improvement it needs to consider
Pros
Low exchange rate margins making the provider competitive
Low transaction fees with most transactions processed at a flat fee of 2.50 GBP
An interactive cross-platform mobile app
A wide disbursing network coverage totalling 157 countries
Cons
Users in Africa, the Middle East and Asia with the exception of Singapore, Hong Kong, and South Africa, cannot open accounts with CurrencyFair.
The provider supports only 20 currencies which means most transfers are made to currencies other than the local currencies for the respective destinations.
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What type of transfers can you make with CurrencyFair?
CurrencyFair only supports bank transfers. When initiating the transfer, the provider will ask you for the bank account and code for instant verification. If the code doesn't return a valid bank, the transfer won't proceed to the next step.
How long will it take to receive money using CurrencyFair?
The length of time it takes CurrencyFair to process your transfer is the sum total of the time taken during 'Send In' and 'Transfer Out'. On average, it takes 0-1 days for the money to get to CurrencyFair (Send In). For the transfer out, it takes anywhere between 1-2 business days. In total, your transfer may take 1-3 days to be processed.
For the best outcome, ensure your transfer gets to CurrencyFair before 13:30 Dublin/London time. When making your transfer, CurrencyFair will give you an estimated arrival time.
What payment methods can I use when sending money with CurrencyFair?
When sending money to CurrencyFair for onward transfer to your recipient, you can pay for your transfer using online bank transfer.
Your debit card must be registered on the 3D secure programme to avoid payment delays and cancellations. Every time you make a payment to CurrencyFair, ensure you quote your CurrencyFair ID which is in the format CF1234567 so that your funds can be applied to your account.
What are the best reasons to use CurrencyFair?
CurrencyFair can be used for lots of business and personal money transfer needs including:
Investment, divestment and dividends payment
Inheritance, redundancy, insurance payout
Donation to charities
One-off and regular payments for services, raw materials and supplies
Education and tuition fees
Goods and service purchase
Property sale and purchase
Family support
Investment in financial products
Loan and mortgage repayments
Rent and bills payments
Salary wages and pension payouts
Remittance for sale of shares
Travel expenses and many other payments.
When transferring funds, CurrencyFair requires that you fill in the purpose of the transfer from a prepopulated list. In case you don't see your use case on the list, you can simply select 'Other' and specify the reason in the slot provided below.
However, if CurrencyFair doesn't fit your needs, we've created a list of top 10 money transfer companies and a guide to find the best way to send money overseas.
Can I trust CurrencyFair?
CurrencyFair was founded in April 2009 by Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. The company has offices in Ireland, Australia, Singapore, the UK and Hong Kong. By March 2020, CurrencyFair had cumulatively traded over €11.6 billion.
Since its launch, the company has secured several rounds of financing from investors such as:
Frontline Ventures investment of $2.5 million in 2013
Octopus Investments and others invested €8 million in 2016
Standard Chartered ventures in 2020
(Video) 3 Do's and 3 Don'ts - International Money Transfers
In April 2020 the company announced its merger with Assembly Payments in Australia, bringing the combined workforce to over 150, with plans to add several hundred new jobs in the coming years. The company has also received numerous awards including the IIA Dot IE Net Visionary Awards and the Best of Show Award at the FinovateAsia conference held in Singapore, among other prominent mentions.
CurrencyFair is fully regulated in every territory they operate in. Customer funds are ring-fenced and held in Tier 1 international banks, so your money is always safe and secure.
CurrencyFair is fully regulated in Australia by the Australian Securities and Investments Commission and in Europe by the Central Bank of Ireland. CurrencyFair is also fully regulated in Singapore by the Monetary Authority of Singapore (MAS) under the Money-Changing and Remittance Businesses Act (Cap. 187) and is a licensed Money Service Operator in Hong Kong.
Among the requirements for authorisation and licensing are
Protection of client funds
Highest standards for systems and procedures
Minimum capital requirements
Management vetting
Detection of financial crime
CurrencyFair has put in place several security measures to safeguard its clients' funds, information and privacy. Among the measures in place include:
Segregation of client and business funds
Two-factor authentication for account security
256-bit encryption via SSL from VeriSign for secure connection
Secure data centre
Tracked deposits & transfers
Identify verification, automatic session logout after a period of inactivity
CurrencyFair ID for further identification before transacting
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What do users have to say about CurrencyFair?
The provider boasts a high rating on Trustpilot with almost 5,000 customer reviews and a TrustScore of 4.6. Below is a summary of the positive and the negative customer perceptions about CurrencyFair.
Pros
Reliable in delivering funds
An easy to use platform and fewer steps to send money
Affordable for all transfer sizes
Simple and transparent fees and rates
Safe due to government regulation and security investments
Faster transfers
Cons
Lengthy account verification time
Limited to 20 currencies compared to other providers with 70+ currencies
How to get started with CurrencyFair to send & receive money?
Getting started on CurrencyFair is very simple. In just a few easy steps, you are on your way to saving lots of money in transfer fees and exchange rate markups.
1.Step 1 Create your free account
2.Step 2 Account Verification
3.Step 3 Set up your transaction
4.Step 4 Recipient Information
5.Step 5 Transfer your money
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Does CurrencyFair have a mobile app?
CurrencyFair unveiled its currency exchange app in September 2015. The mobile app is available on both Android and iOS platforms. Among the app functionalities are:
Ability to capture and upload your photo identification for identity verification
Quick currency transfer
Display of live exchange rates and real exchange rate margin
Transfer tracking
Check historical transactions
Manage your bank accounts. You can easily add, edit or delete your bank accounts.
Can I cancel my CurrencyFair transfer?
Yes, you can cancel or amend a transaction to the extent that it has not been matched. To do this, head over to the Transaction Overview tab on your account and proceed to cancel the transaction. Once a transaction is picked, you cannot cancel it.
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Other Money Transfer Providers
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FAQs
How much does CurrencyFair charge for exchange rate? ›
Low cost, secure transfers
On average, CurrencyFair only adds 0.45% to the mid-market currency exchange rate, whereas traditional banks can add markups of between 3% and 6%.
There's quite an overlap in the services on offer between CurrencyFair and TransferWise. If you want to set your own exchange rate, you'll probably prefer CurrencyFair, while for simple, fast international payments, Wise came out marginally better on our cost comparisons.
How do I receive money from CurrencyFair? ›- Set up your transaction. Tell us the amount and currency you will transfer in to be exchanged - see accepted currencies.
- Add recipient details. Fill in the banks details for new recipients or select your recipient.
- Choose your deposit method. ...
- Transfer in money to your account.
The minimum amount you can transfer with CurrencyFair is 8 Euros (or equivalent), and there is no maximum amount.
How do I avoid exchange fees? ›You can also avoid foreign transaction fees by making purchases online only with international merchants that work with American credit cards and accept US dollars. When shopping online, make sure that their business is based in the US or that they accept a range of payment options that include US currency.
What is the cheapest way to exchange foreign currency? ›Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees.
How do I receive instant money? ›- Register for Instant Money by dialling *120*212#, enter your ID number and create a unique Instant Money Wallet PIN.
- Access your Instant Money Wallet through Internet Banking, Cellphone Banking, on the app or at our ATMs and retail partners, and load money into it.
Yes. CurrencyFair is very safe and a legitimate money transfer business. CurrencyFair is regulated and authorized by the Central Bank of Ireland under the European Communities (Payment Services) Regulations 2009. It is regulated by ASIC and their Australian Financial Services Licence number is 402709.
Does CurrencyFair work in us? ›CurrencyFair does not provide domestic transfers within the US. However, you can send money internationally from the US at rates up to eight times cheaper than a traditional bank, with no hidden fees.
Which credit card has best foreign exchange rate? ›- Chase Sapphire Preferred® Card: Best Overall No Foreign Transaction Fee Credit Card.
- Chase Sapphire Reserve®: Runner-Up No Foreign Transaction Fee Credit Card.
- Capital One Venture X Rewards Credit Card: Best Flat-Rate No-Foreign-Transaction Fee Credit Card.
How can I transfer USD without fees? ›
New apps like Paypal and Zelle make it easy to send money to friends and family in a matter of minutes, with no fees. Western Union and MoneyGram can be used to send money to a different city, state, or country for a fee.
Is it better to use debit or credit card abroad? ›Credit card transaction fees are typically higher than debit cards. Most banks charge an average conversion fee of 2% for a credit card payment, that's 1% more than for a debit card payment. Outside the euro countries, shops may also charge a payment fee. In that case, they're obliged to notify the customer in advance.
Is it cheaper to buy euros in the US or in Europe? ›If buying euros in advance, whatever you do, don't overdo it! In almost every case, euros you can get abroad from an ATM will be cheaper than those you can get back in the States.
Is it better to go to bank or currency exchange? ›Key Takeaways. Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges.
Is it better to exchange money at a bank or currency exchange? ›Bank rates can be better, but they can also be worse. As with many purchases, it's "buyer beware." Currency exchanges post rates for buying or selling a currency. Consumers want to exchange at a rate that's close to the midpoint of those buy-and-sell rates.
What is the most accurate exchange rate website? ›- XE.
- TransferWise.
- Oanda.
- Travelex.
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.
Where is the best place to exchange your money? ›The best place to exchange foreign currency in the U.S. is at your local bank or credit union before you leave for your trip.
Which forex card is best in USA? ›Best Travel Card for the USA
IndusInd Forex card offers superior convenience to the users. You can use this travel card to carry out cashless transactions. Be it for paying bills at restaurants, shops, hotels, petrol pumps or for buying tickets; you can use it for any purpose. This card is completely safe.
- Charles Schwab Bank: Best for using ATMs.
- Capital One 360: Best on foreign transaction fees.
- HSBC Bank: Best for expats with high balances.
- Citibank: Best for wiring money.
- Revolut: Best for nonbank multicurrency account.
How long does CurrencyFair take to transfer? ›
The entire process from sending in to transferring out your money should take between 1 - 5 working days to complete. This depends on the deposit method, currencies involved as well as weekends and bank holidays in the sending and beneficiary countries.
What is the limit for currency transfer? ›How much money can be transferred abroad annually? The Reserve Bank of India (RBI) has a limit of $2,50,000 (INR 2,04,50,250) per financial year for foreign remittances. This includes both personal and business-related transactions.
How much is the daily transaction limit? ›As per the National Payments Corporation of India (NPCI), an individual can transfer up to Rs 1 lakh via UPI in a single day.
What is the daily amount limit? ›Daily Transaction Limit means the daily maximum amount you can withdraw and make purchases through the Online Banking Service or Point of Sale (POS) machines using a Card or payment through Channels.
What are the transaction limits? ›A transaction limit is an amount limit you set on your personal credit card or an Additional Cardholder's card to make sure individual transactions over the set amount limit won't go through. This limit only applies to in-person and online purchases for each transaction.