In this guide

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  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question
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Our verdict

Peer-to-peer transfers in 20 currencies, with better exchange rates and lower fees than banks.

CurrencyFair bypasses poor exchange rates to help you save up to 90% on transfers, thanks to its peer-to-peer currency exchange marketplace model and uncomplicated online transfer process. It offers one-off or recurring transfers and the opportunity to choose your own rate, which becomes live once there's a match from someone else.

But the percentage-based fee can really make larger transfer fees snowball out of control. Deposits are also limited to bank transfers although customers with Irish debit cards can use these and Australian customers can use BPAY. And check any rare currencies you plan to trade as CurrencyFair doesn't support all of them.

As of December 2023, CurrencyFair now offers a fixed exchange rate for 48 hours, providing peace of mind and certainty in customer transactions. However, they will only process customers' transactions if the exchange rate is within 3% of their chosen rate.

  • 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.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name CurrencyFair
Pay By Bank transfer
Receiving Options Bank account
Customer Service Phone, Live chat, Email
Maximum Transfer Amount $10,000,000
Number of Currencies 23

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.
  • 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

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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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:

  1. Log in and select "Send money".
  2. Enter the amount and choose the currency you wish to transfer.
  3. Provide any personal details or documentation that is needed.
  4. Select the bank account you would like the funds to be transferred to.
  5. Choose your deposit method - for most transfers this will be a bank transfer.
  6. 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.
  7. Send your money to CurrencyFair.
  8. CurrencyFair will exchange your funds and transfer them to your selected recipient.
  9. 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 takeClock icon for transfer speed

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.
*According to CurrencyFair and Trustpilot on May 20, 2022.

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.

Go to site

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.
1 - 25 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
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.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Want to compare CurrencyFair with other services side-by-side?

Frequently asked questions

  1. CurrencyFair official website, accessed January 2024

Your reviews

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Avatar

Nina

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.


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Joshua Finder

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


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Caroline

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


Avatar

Harold Jacob Finder

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


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Carol Miers

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


Avatar

Clarizza Fernandez Finder

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


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alic

July 31, 2016

can I send money from Kenya to Norway and how do I go about it


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May Finder

July 31, 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


Avatar

Sunny

April 17, 2016

Can i send from Singapore dollars in Singapore bank to Canadian dollars in Vancouver


Avatar

Shirley Liu Finder

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.


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