Review: CurrencyFair currency exchange for businesses
Near mid-market rates and transparent fees help you save on international business.
Not available for US customers
This provider does not offer money transfers from clients in the US. Although CurrencyFair does allow you to transfer to the US.
Compare similar services to CurrencyFair to transfer money internationally.
CurrencyFair wants to empower your business to change currencies on your terms. If you own a company that transfer money internationally, you can now take advantage of this peer-to-peer marketplace to save on business payments.
Learn more about CurrencyFair’s business options, fees, rates and more.
Min. Transfer Amount
Max. Transfer Amount
3 - 5 days
|Product Name||CurrencyFair Currency Exchange Business|
|Min. Transfer Amount||$10|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account|
|Transfer Options||Regular payments, One off payments|
Minimum transfer time
|3 - 5 days|
|Available Currencies||AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, NOK, NZD, PLN, SEK, SGD, USD, ZAR|
|Online Transfer Fee||EUR 3|
Competitive exchange rates with peer-to-peer money transfers for your business.
A peer-to-peer currency exchange, CurrencyFair has established itself as a cheaper online alternative to your bank and similar providers.
For personal transfers, it offers the same reputation on fees and strong rates. Unfortunately, you can get in on the action only if your residence is outside the United States.
With extended services specifically for international businesses, CurrencyFair can help you automate salaries and invoices, receive payments and transfer money among countries. Regulated by the Central Bank of Ireland, CurrencyFair provides secure services without the typically high costs of your local bank.
- Peer-to-peer. Save on exchange rates by matching up with another CurrencyFair client looking to exchange your desired currency.
- You’re in control. CurrencyFair’s online platform helps you manage transfers on any device from any place to keep you on top of your your international cash flow.
How much will my business pay to send money with CurrencyFair?
Because of how this peer-to-peer provider works, it’s hard to pin down the currency rate spread you could see. CurrencyFair claims it can save you up to 90% off your bank’s rates by matching you with another customer looking to transfer the same currency pair, only in the opposite direction.
You can trade at CurrencyFair’s posted rate — called a “quick trade” — or specify in its marketplace a rate you’re interested in and wait for a potential match.
The fee you’ll pay to transfer the funds depends on the currency you transfer into your CurrencyFair account and the currency that you ultimately send to your recipient.
Let’s assume you’re transferring US dollars to your CurrencyFair account. You’ll pay the following transfer fees, expressed in that currency:
- AED 15
- AUD 4
- CAD 4
- CHF 4
- CZK 75
- DKK 25
- EUR 3
- GBP 2.50
- HKD 25
- HUF 1,000
- IDR 20,000
- ILS 40
- INR 0
- NOK 25
- NZD 5
- PHP 80
- PLN 10
- SEK 30
- SGD 5
- THB 125
- USD 4
- ZAR 25
What types of services does CurrencyFair offer for my business?
CurrencyFair provides a full suite of services specifically tailored to your business needs in more than 150 countries:
- Pay overseas salaries. Set up your business account to pay freelancers and consultants worldwide.
- Schedule recurring payments. Easily set up regular overseas money transfers to pay suppliers, clients or others businesses abroad.
- Collect on worldwide payments. Skip the hassle by invoicing clients and customers in their own currencies, receiving payments into your CurrencyFair account.
- Move money among accounts. Improve your cash flow with seamless transfers among international banks — or even office accounts.
Pros and cons
CurrencyFair’s business services are not available for US business accounts . But if your international business holds even one account outside the States, you can use it to set up your business payments.
- Low transfer minimums.Transfer as little as €8 or its equivalent in another currency.
- Bid for your preferred rates. Use CurrencyFair’s marketplace to find another user willing to accept your transfer.
- Flexible business payments. Support your cash flow by scheduling recurring payments — both into and out of your business.
- Small one-time fees. CurrencyFair strives to charge a low 3€ or its equivalent for most transactions.
- Not available to US business accounts. This is a huge roadblock: If you aren’t in the US, you may need to look elsewhere.
- One-off or schedules transfers only. You can’t take advantage of forward contracts or limit orders as a business.
- Strict ID and paperwork required. Depending on your business, you may be required to submit statements and other documents for approval, potentially delaying account approval.
- Limited currencies for business. You can send money to your CurrencyFair account in 15 supported currencies. For exchanging money with other customers, you have a choice of 18 currencies.
How do I use CurrencyFair?
To begin, you’ll need to first set up a CurrencyFair business account. How much info you’ll need to provide depends on your company and the countries you operate in. You’re also required to speak with a CurrencyFair representative to complete the registration process.
Once approved, it’s just a matter of setting up your payments:
1. Add your bank accounts. Include details for your own account and any destination bank accounts you’ll be sending money to — clients, customers, freelancers and more.
2. Send money to CurrencyFair. Set up a transaction to transfer money to one of CurrencyFair’s local banks.
3. Transfer money to a destination account. After CurrencyFair receives your money, move it to one of your registered accounts.
What specific business documents will I need to submit?
CurrencyFair is regulated by the Central Bank of Ireland. And like other banks, it follows worldwide guidelines that protect financial institutions against money laundering, among other problems. You may need to submit financial documents and a government-issued ID for you and any shareholders of more than 25% of your company.
What happens next?
- Track the progress of your payments. Sign in to your account to keep an eye on your business cash flow.
- Download the app. Easily manage your business payments in the palm of your hand.
- Get support. Visit CurrencyFair’s extensive support page or send a secure query online.
Your international business could save money with CurrencyFair’s transparent fees and low rates — and big headaches when it comes to managing international invoices and payments.
But if you don’t already conduct business outside the United States, sign up may be tricky. Take the time compare other money transfer specialists offering business options.