A simple and competitive way to exchange currencies.
CurrencyFair is a peer-to-peer currency exchange service which offers a cheaper alternative to exchanging currencies at a bank or other similar service. CurrencyFair estimates that they can save consumers up to 90% on a currency exchange because of their unique peer-to-peer model, which sees your funds traded to other users without the high fees.
5 Free transfers after your first transfer
If you sign up using finder.com.au and make your first transfer, CurrencyFair will give you 5 free transfers.
|Product Name||Exclusive: CurrencyFair International Money Transfers|
|Min. Transfer Amount||AUD 5|
|Max. Transfer Amount||AUD 10,000,000|
|Transfer Options||One off payments|
Minimum transfer time
|1 - 2 days|
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, NOK, NZD, PLN, SEK, SGD, USD, XAF, ZAR|
|Online Transfer Fee||EUR 3|
- Competitive exchange rates
- Branches located in Ireland, Australia and the UK
- Low fees
- Only a small number of currencies available
CurrencyFair’s exchange rates
As mentioned above, CurrencyFair utilises a system where your currency is traded to others who want it. In exchange for this more transparent system CurrencyFair adds a small fee and margin to each transfer, which is still much smaller than what other banks and exchange brokers might charge.
What currencies are available?
CurrencyFair has a large range of currencies available for trade. These include:
- Australian dollars
- UAE dirham
- Canadian dollars
- Swiss franc
- Czech koruna
- Danish krone
- Pound sterling
- Israeli shekel
- Japanese yen
- Thai baht
- Singapore dollar
- Hong Kong dollar
- Hungarian forint
- Norwegian krone
- New Zealand dollar
- Polish zloty
- Swedish krona
- United States dollar
- South African rand
Who can use CurrencyFair?
CurrencyFair is available for both businesses and personal clients. CurrencyFair can be helpful to many people, including:
- International students - Living and studying abroad is expensive without having to factor in expensive currency exchange fees and poor rates.
- Property owners - Owning an overseas property means you have to regularly make repayments. CurrencyFair can save you money over the course of your home loan. Considering most home loans are paid out over 20 - 30 years this can be a large saving.
- Retired expat - If you’re retired and living overseas, it’s wise to seek cheap currency conversion so you better preserve your retirement funds.
- Overseas workers - If you work overseas and regularly send money back to your family a service like CurrencyFair can see you save plenty in fees over the duration of your working life abroad.
How do I use CurrencyFair?
To use CurrencyFair you’ll need to open an account. This is free and takes five minutes to do. Once your account is open you can exchange currencies.
You’ll then have to send your funds to the client account. Next, you convert your funds into your chosen currency, and then you give CurrencyFair the account details to receive your funds.
CurrencyFair has short processing times. When transferring Australian dollars to Euros, it will take 1 - 2 business days for CurrencyFair to receive your funds and another 1 - 2 business days to receive the funds. This type of transaction would come with a EUR 3 fee. There’s also the option for a priority transfer which would only take 0 - 1 business days and cost EUR 8.
Real questions from our users
Is CurrencyFair Safe?
CurrencyFair is a fully regulated Payment Services Provider. They ensure your funds are held with top shelf global institutions which are separate from their own bank accounts.
Will I need to identify myself?
If CurrencyFair can’t verify your identity online you’ll need to send in some identification documents which they’ll verify manually. In most cases, CurrencyFair will you to supply at least one of the following:
- Driver’s licence
- Identity card
You’ll also need to supply some identification for your address:
- Bank statement
- Credit card statement
- Utility bills
- Insurance notices
Is there a minimum or maximum transfer amount?
You must exchange a minimum of 8 EUR (or the equivalent in your currency)and there is no limit for maximum transfer amount.
Are there ongoing fees when using CurrencyFair?
There are no ongoing fees with a CurrencyFair account.