CurrencyFair International Money Transfers
More info
Peer-to-peer transfers in 19 currencies, with better exchange rates and lower fees than the banks.
Quick verdict
Good for
- Competitive exchange rates.
- Low fees.
- Simple and straightforward to use.
- Plenty of positive customer reviews.
Not so great for
- Credit card or cash transfers.
- Urgent transfers.
- Transfers of $50,000 or more.
| Product Name | CurrencyFair International Money Transfers |
|---|---|
| Min. Transfer Amount | AUD 5 |
| Max. Transfer Amount | AUD 10,000,000 |
| Transfer Methods | Online |
| Transfer Options | One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | Phone, Email |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, NOK, NZD, PLN, SEK, SGD, USD, ZAR |
| Online Transfer Fee | EUR 3 |
|---|
CurrencyFair
Get 5 FREE transfers when you sign up through Finder
Sign up today and pay zero fees on your first five transfers. T&Cs apply.
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CurrencyFair exchange rates and fees
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.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
Take a look at whether there are any active promo codes from CurrencyFair at the moment
Available currencies
CurrencyFair allows you to send money overseas in 19 currencies, including:
- CAD Canadian dollar
- CHF Swiss franc
- GBP British pound
- EUR Euro
- INR Indian rupee
- SGD Singapore dollar
- USD US dollar
- ZAR South African rand
You can check out the full list of supported currencies above.
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.
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.
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.
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.
How does CurrencyFair compare to other providers?
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.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
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.
Hi Nina,
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.
Have a wonderful day!
Cheers,
Joshua
hi
I would like to transfer $17350 American dollars from Egypt to Australia , same currency , how can I do that
thank you
Hello Caroline,
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.
I hope this information has helped.
Cheers,
Harold
Please can you tell me how I can transfer British Pounds to a Bank account in Kenya that is in US dollars? I have a currency fair account. Thank you
Hi Carol,
Thanks for your question.
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.
Hope this has helped.
Regards,
Clarizza
can I send money from Kenya to Norway and how do I go about it
Hi Alic,
Thanks for your inquiry.
Unfortunately, sending money from Kenya to Norway through Currency Fair is not possible. But you can send through Western Union, Worldremit and Moneygram.
Cheers,
May
Can i send from Singapore dollars in Singapore bank to Canadian dollars in Vancouver
Hi Sunny,
Thanks for your question.
You can send money from Singapore to Canada with CurrencyFair, though you can only conduct this online and not through a Singaporean bank.
When you open a CurrencyFair account you’ll be asked to deposit funds.
If you conduct it through your bank it’s likely to be a bank international money transfer instead.
Do both parties/people have to be members of Currency Fair to transfer money to each other?
Hi Mike,
Thanks for your question.
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.
I hope this helps,
Harry
Hi,
Is it possible to transfer money from AED to INR (India) through Currency Fair?
Regards,
Ajay
Hi Ajay,
Thanks for your question.
Unfortunately CurrencyFair can’t support that transfer. TorFX, Currency Solutions, World First or Compass Markets can help.
how much in $aus to ensure 2511 NZ arrives in NZ bank a/c please
Hi Mark,
Thanks for your question.
At the time of writing, AUD$ 250.10032 will need to be sent.
Hope this helps.
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
Hi Michael,
Thanks for your question.
Your account will be credited with €15 after your first transfer. We apologise for any inconvenience caused.
Cheers,
Shirley
i have a currency fair account, can i us it to transfer funds from my linked account in Australia to a friend bank account in the UK?
Hi Lisa,
Thanks for your question.
Yes this should be possible with your current CurrencyFair account.
Cheers,
Shirley