CurrencyFair international money transfers
- Minimum Transfer Amount
- $10
- Fastest Transfer Speed
- 2 days
- Receiving Options
- Bank account
- Available Currencies
- AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, MXN, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR
Our verdict
Peer-to-peer transfers in 19 currencies, with better exchange rates and lower fees than the 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.
Pros
-
Good for competitive exchange rates and fees.
Cons
-
Not so great if you want to pay with cash or card. The percentage-based fee can add up on larger transfers.
Details
Product details
| Product Name | CurrencyFair |
| Pay By | Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Live chat, Email |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, MXN, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR |
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 $4 CAD.
- 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.
Available currencies
CurrencyFair allows you to send money overseas in 19 currencies, including:
- AUD Australian dollar
- CHF Swiss franc
- GBP British pound
- EUR Euro
- INR Indian rupee
- SGD Singapore dollar
- USD US dollar
- HKD Hong Kong dollar
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 CAD 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
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 the the Australian Securities & Investments Commission (ASIC).
- Established: 2009.
- Security: Client funds held in segregated accounts with tier 1 international banks.
- Reviews: TrustScore of 9.4/10* from 3,300+ reviews on Trustpilot.
CurrencyFair Ltd. is based in Ireland and regulated by the Central Bank of Ireland. It’s an authorized representative of CurrencyFair Australia Pty Ltd, which is regulated by the Australian Securities & Investments Commission (ASIC) and is 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.
Residents of Canada can contact CurrencyFair directly to resolve disputes or to report fraudulent activity, but they should also contact the Financial Consumer Agency of Canada or the consumer affairs offices of the province or territory in which they reside.
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 finalize 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 (over $13.5 billion CAD).
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.
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?
Frequently asked questions
Your reviews
Tim Finder
Writer
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Shirley Liu
January 04, 2016
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
lisa
December 02, 2015
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?
Shirley Liu
December 02, 2015
Hi Lisa,
Thanks for your question.
Yes this should be possible with your current CurrencyFair account.
Cheers,
Shirley
Kevin
November 03, 2015
Can I send money from a Chinese bank in China to Ireland?
Shirley Liu
November 03, 2015
Hi Kevin,
Thanks for your question.
Unfortunately this isn’t possible with CurrencyFair.
Cheers,
Shirley
sadira
August 27, 2015
i want to know the currency exchange rate of south eastern asian moneys that add up to 90… what is the equivalent to US dollars?
Marc Terrano
August 27, 2015
Hi Sadira,
thanks for the question.
Unfortunately Currency Fair doesn’t offer the ability to send money from or to South East Asian countries at the present time. You might want to read more about which providers allow this in our South East Asian money transfer guide.
I hope this helps,
Marc.
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John
August 22, 2015
i want to send 11000 AUD to the USA. Do you hold AUD account in Australia for me to pay my funds to? It is very difficult to get the verification every time from my bank to send AUD out of Australia without allowing them to perform the conversion. They also charge me $35 as a ‘sending fee’. They did say that local transfers would be fee free though. i have a lot of smaller payment to make and $35 fee from my bank just to send money to you will add up over a year.
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Belinda Punshon
August 24, 2015
Hi John,
Thanks for your enquiry.
finder.com is an online comparison website so we’re not an international money transfer provider, but rather we provide general information about providers to help you choose a service that’s right for you.
You might be interested to compare the rates and fees offered by a range of global money transfer providers on this page and here you can read our review about how to send funds from Australia to the United States.
Generally, a specialised money transfer service will offer more competitive exchange rates than a bank.
Thanks,
Belinda
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Michael
January 02, 2016
HI,
How do I get th free transaction? I’ve followed the link to the CurrencyFair website from finder.com , but they re still wanting to apply to transaction charge.
Michael