CurrencyFair review
- Fastest Transfer Speed
- 24 hours
- Minimum Transfer Amount
- $10
- Maximum Transfer Amount
- $10,000,000
Summary
Peer-to-peer transfers in 20 currencies, with better exchange rates and lower fees than banks.
CurrencyFair is a peer-to-peer currency exchange service that offers a cheaper alternative to exchanging currencies at a bank or other similar service. CurrencyFair estimates you can save up to 90% on an international money transfer because of its unique peer-to-peer model without the poor exchange rates.
Sign up using finder.com to make your first transfer and CurrencyFair will give you 10 free transfers.
Pros
-
First ten transfers free when you sign up through Finder
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Find the best rate on the CurrencyFair marketplace
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App available for both Apple and Andriod users
Our Verdict
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.
Why should I consider CurrencyFair?
- Competitive exchange rates and fees. CurrencyFair offers strong exchange rates through its peer-to-peer marketplace.
- 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 10 transfers you make with CurrencyFair are free.
What to be aware of
- Bank fees. If you deposit USD into CurrencyFair’s US account held with Barclays in the UK, you will be charged an international transfer fee by your bank.
- 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.
- Limited payment methods. Credit card and cash payments are not accepted.
How much are CurrencyFair’s transfer fees?
CurrencyFair has two different fees for sending money in and transferring money out. This is because you first need to send money to your CurrencyFair account before paying your overseas recipient.
- Send in. There are no fees attached to sending money in. However, customers depositing USD into the USD account held with Barclays in the UK will incur an international transfer fee from their bank.
- Transfer out. If you are transferring USD out, then CurrencyFair’s fee stands at $4. Transfers are sent via ACH, so if the beneficiary account is not compatible funds may be sent by Wire and incur an intermediary fee.
How are CurrencyFair’s exchange rates?
If you’re able to wait, you can save money on the exchange rate. Because CurrencyFair is a marketplace, the users set the exchange rate. CurrencyFair changes only 0.25%-0.3% of the total amount exchanged when customers match each other. (This fee is included in the rate you see.)
However, if there are no customers providing a competitive rate for your exchange, CurrencyFair will step in and match you. This results in a higher charge of around 0.4% to 0.6% of the amount exchanged. So if you can wait for a matching customer, you’ll save money.
What are the ways I can send money abroad with CurrencyFair?
CurrencyFair has a few different transfer options available:
- One-off transfers. Make an immediate, one-time transfer.
- Recurring transfers. Set up recurring transactions.
- Choose your own rate. Choose your desired rate and wait for others to match you.
How to make an international money transfer with CurrencyFair
To get started with CurrencyFair, follow these quick steps:
What are CurrencyFair’s payment options?
CurrencyFair only allows payments via bank transfer. You will need to send funds to your CurrencyFair account, before these can then be used to transfer money to your beneficiary.
How long does a transfer with CurrencyFair take?
CurrencyFair transfer times depend on two factors:
- Deposit time. The time it takes for the USD 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 day
Is CurrencyFair safe to use?
- Regulation: Regulated by the Central Bank of Ireland
- Established: 2009
- Security: Client funds held in segregated accounts with tier 1 international banks
- Reviews: TrustScore of 4.4/5* from 6,128 reviews on Trustpilot
CurrencyFair is based in Ireland and regulated by the Central Bank of Ireland. 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 money transfer services?
Compare CurrencyFair to other providers
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Kate Finder
Editor
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