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CurrencyFair review
Peer-to-peer transfers in 20 currencies, with better exchange rates and lower fees than 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.
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Details
| Product Name | CurrencyFair |
|---|---|
| Pay By | Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Phone, Email |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR |
| Bank Account Required? | Yes |
| Personal Account Manager? | No |
CurrencyFair is a peer-to-peer currency exchange marketplace that offers bank-beating exchange rates and fees. Founded in Ireland in 2010, CurrencyFair is headquartered in Dublin, but also has offices in the UK and Australia. Since its inception, it has onboarded over 150,000 customers and supports international money transfers to over 150 countries.*According to CurrencyFair and Trustpilot on May 20, 2022.
Go to site
Why should I consider CurrencyFair?
- 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 app available. If you need to send money on the go, CurrencyFair offers a mobile app for Android and Apple devices.
- Three fee-free transfers. If you sign up for a CurrencyFair account through Finder, the first five transfers you make with CurrencyFair are free.
What to be aware of
- 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 large 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.
- Limited payment methods. Credit card and cash payments are not accepted.
How much are CurrencyFair's transfer fees?
When it comes to making an international money transfer with CurrencyFair, 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 three transfers are free.
What your transfer with CurrencyFair could look like
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Check if there are any CurrencyFair promo codes available
How are CurrencyFair's exchange rates?
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.
What are the ways I can send money abroad 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 to create an account with CurrencyFair
To make an online money transfer with CurrencyFair, you first need to register an account. It's free to do, just complete the following steps:
How to make an international money transfer with CurrencyFair
Once your account is set up you can send a transfer by completing the following steps:
- Log in and select "Send money".
- Enter the amount and choose the currency you wish to transfer.
- Provide any personal details or documentation that is needed.
- Select the bank account you would like the funds to be transferred to.
- Choose your deposit method - for most transfers this will be a bank transfer.
- If bank transfer is the only deposit method available, CurrencyFair will automatically provide you with the specific bank details to send you money - including your unique CurrencyFair reference.
- Send your money to CurrencyFair.
- CurrencyFair will exchange your funds and transfer them to your selected recipient.
- Receive email confirmation that your money has been processed.
What are CurrencyFair's payment options?
You can deposit funds into your CurrencyFair account via two methods:
- Online bank transfer
- BPAY
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
Within minutes
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 4.6/5* from 5,725 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 compare to other providers?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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{"niche":"AUFMT"}
August 21, 2018
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.
August 27, 2018
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
November 16, 2016
hi
I would like to transfer $17350 American dollars from Egypt to Australia , same currency , how can I do that
thank you
November 16, 2016
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 want to check our international money transfer guide for your reference.
I hope this information has helped.
Cheers,
Harold
October 20, 2016
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
October 24, 2016
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
August 1, 2016
can I send money from Kenya to Norway and how do I go about it
August 1, 2016
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
April 17, 2016
Can i send from Singapore dollars in Singapore bank to Canadian dollars in Vancouver
April 19, 2016
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.