Peer-to-peer transfers in 19 currencies, with better exchange rates and lower fees than the banks.
Good for competitive exchange rates and fees.
Not so great if you want to pay with cash or card. The percentage-based fee can add up on larger transfers.
AUD 5
Min. Transfer Amount
AUD 10,000,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
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Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
CurrencyFair is a peer-to-peer currency exchange service. This means you're able to set the exchange rate you want and then wait for it to be matched by someone looking to exchange currencies in the opposite direction. However, if there are no other customers available to match your rate, CurrencyFair will match with you instead.
There are two transfer fees you'll need to be aware of:
A flat fee. This varies depending on the currency you send but is the equivalent of €3.
A fee calculated as a percentage of your transaction amount. If you're matched with another customer directly, CurrencyFair charges a fee of 0.25-0.3% of your transaction amount. If CurrencyFair matches with you, this fee rises to 0.4-0.6% depending on the currency pair.
If you sign up for a CurrencyFair account through Finder though, your first five transfers are free.
Calculate how much sending money overseas would cost with CurrencyFair by using our tool below. You can also check out the real-time exchange rate CurrencyFair offers and if there are any additional fees.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What types of transfers can you make with CurrencyFair?
CurrencyFair only offers bank account transfers. If you want to send an instant cash transfer, you'll need to consider other providers.
How long does a transfer with CurrencyFair take?
CurrencyFair transfer times depend on two factors:
Deposit time. The time it takes for the AUD you deposit to arrive in your CurrencyFair account is typically 1-2 business days.
Transaction time. This varies between currencies. The most common processing time is 1-2 business days, but some currencies (such as GBP and INR) can be sent within 0-1 business days.
Transfers typically take
1 - 2 days
What payment methods does CurrencyFair accept?
You can deposit funds into your CurrencyFair account via two methods:
Online bank transfer
BPAY
Is CurrencyFair safe to use?
Regulation: Regulated in Australia by ASIC.
Established: 2009.
Security: Client funds held in segregated accounts with tier 1 international banks.
Reviews: TrustScore of 9.4/10* from 3,200+ reviews on Trustpilot.
*According to CurrencyFair and Trustpilot on 20 May 2019.
CurrencyFair is based in Ireland and regulated by the Central Bank of Ireland. Its Australian branch, CurrencyFair Australia Pty Ltd, is regulated by the Australian Securities & Investments Commission and listed on AUSTRAC's Remittance Sector Register.
As part of the regulatory process, the Irish Central Bank requires CurrencyFair to maintain a minimum level of assets at all times. The company also keeps client funds in segregated accounts with major financial institutions, and requires two-factor authentication for specific actions, such as sending a transfer.
Finally, CurrencyFair claims that all customer information is stored in a secure facility which is safeguarded around the clock.
Country
Regulated by
Australia
Australian Securities & Investments Commission (ASIC)
Ireland
Central Bank of Ireland
How does CurrencyFair make money?
CurrencyFair makes money by charging two fees:
A flat fee that applies to all transfers.
A fee calculated as a small percentage of your transaction amount.
How to register an account
Before you can send a transfer, you'll need to sign up for a CurrencyFair account by completing the following steps.
Click through to the CurrencyFair website and click the "Sign Up" link.
Choose the type of account you want to open (personal or business), enter your email address and create a password.
Enter your name, country of residence and why you're signing up for a CurrencyFair account. You'll also need to read the Terms and Conditions and other essential documents provided. Click "Create Account" when you're done.
You'll then need to provide your date of birth, phone number, address, nationality and occupation.
The final step is to verify your identity. You'll need to upload a copy of your driver's licence or passport, as well as provide proof of address.
How do I make an international money transfer with CurrencyFair?
You can send a transfer by completing the following steps:
Log in to your Internet banking account and deposit funds to your CurrencyFair account.
Once the deposit has cleared, log in to your CurrencyFair account and click the "Exchange" menu.
Enter the amount you wish to exchange and select the currency you want to acquire.
Choose whether you want to accept the best exchange rate currently available, or set your desired rate and wait for it to be matched by other users. The former is the default and quickest option.
Click "Exchange Now" to complete the currency exchange.
You can then click on "Transfer Now".
Enter your recipient's bank account details and specify the amount you want to transfer.
Review the transfer fee and estimated arrival time.
If you're ready to finalise your transfer, click "Submit".
What is CurrencyFair?
CurrencyFair is a peer-to-peer currency exchange marketplace that offers bank-beating exchange rates and fees. Founded in 2009, CurrencyFair is headquartered in Dublin, Ireland, but also has offices in the UK and Australia. Since its inception, the company has exchanged more than €8 billion worth of currency.
In a nutshell
Pros:
Competitive exchange rates and fees. CurrencyFair claims that, on average, the cost of sending a transfer is around 0.45% of the transaction amount. This is much less than you would pay to send funds overseas using your bank.
Easy online transfer process. While the peer-to-peer exchange process might sound complicated at first, sending money online with CurrencyFair is simple and straightforward.
Mobile transfer app available. If you need to send money on the go, CurrencyFair offers a mobile transfer app for Android and Apple devices.
Five fee-free transfers. If you sign up for a CurrencyFair account through Finder, the first five transfers you make with CurrencyFair are free.
Cons:
Only supports major currencies. While CurrencyFair does support a decent range of currencies, you'll need to look elsewhere if you want to send money overseas in a rare currency.
Not ideal for larger transfers. If you're sending a large transfer, for example $50,000 or more, the average 0.45% transfer fee can start to get quite expensive.
No credit card or cash payment. Credit card and cash payments are not accepted.
Check out the table below to find out how the fees and transaction times of CurrencyFair compare to those offered by a range of other international money transfer services.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Want to compare CurrencyFair with other services side-by-side?
Yes, business transfers are also available. To open a business transfers account, select the business account option when registering with CurrencyFair.
No. CurrencyFair does not charge any fees on deposits.
Yes, you can set up a recurring transaction to send regular payments overseas, for example to pay rent or utilities. This can be done via the "Recurring Transactions" menu in your account.
No. Unfortunately, CurrencyFair cannot notify you when your transfer arrives. However, it can provide you with an estimated time of arrival.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Better exchange rates for Finder customers. WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Hi, I am about to move to Micronesia (currency USD). I plan to open a local bank account, but will still need to transfer money from my Australian bank account to the Micronesian one. Is this possible with currencyFair and how much would I likely be charged in fees for a $1000 AUD transfer?
Thanks.
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, it is possible for you to send money from Australia to Micronesia. The only fee you need to worry about is 3 Euros for each transfer. Please remember as well that CurrencyFair adds a small margin to each transfer when converting currencies. CurrencyFair doesn’t have any limit maximum transfer amount.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Generally, you open an account with the service, deposit the money you want to send via your local bank account so you’re not charged any fees. Then, you indicate what country you want to send the funds to by providing the recipient’s IBAN/SWIFT number, BSB and account number. The service then processes the transaction for you usually at a better exchange and lower fees due to economies of scale. Also, you may read this article as your reference guide before you do the money transfer.
You will need to first open a CurrencyFair account then 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. You can open an account with CurrencyFair direct from our site by clicking the ‘Go to site’ button. You will be taken to the CurrencyFair website where you can select the currency you will be sending and the currency your recipient will receive.
Unfortunately, sending money from Kenya to Norway through Currency Fair is not possible. But you can send through Western Union, Worldremit and Moneygram.
The sender must be a member of Currency Fair in order to transfer money to a third party. The recipient does not need to have a Currency Fair account. You may need to provide Currency Fair with information regarding the third party and why you are sending money to them.
HI,
How do I get th free transaction? I’ve followed the link to the CurrencyFair website from finder.com.au, but they re still wanting to apply to transaction charge.
Michael
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