CurrencyFair business transfers review February 2018 | finder.com

Review: CurrencyFair currency exchange for businesses — February 2018

Near mid-market rates and transparent fees help you save on international business.

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.

Product NameCurrencyFair Currency Exchange Business
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer Methods
Online
Transfer Options
Regular paymentsOne off payments
Transfer Speed
Minimum transfer time
3 - 5 days
Banking PartnerCurrencyFair Ltd
Customer Service
Email
Available CurrenciesAED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, NOK, NZD, PLN, SEK, SGD, USD, ZAR
Online Transfer FeeEUR 3

Choose from CurrencyFair’s business services

CurrencyFair is a peer-to-peer specialist with a reputation for and strong rates. But if you do business outside the United States, you may be able to get in on the action for business payments.

With extended services specifically for international businesses, you can 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.

Highlights

  • Peer-to-peer. Save on exchange rates when you are matched up with another CurrencyFair client looking to exchange your desired currency.
  • Stay in control. CurrencyFair’s online platform helps you to manage transfers on any device from any place. Stay in control of your international cash flow.

How much does CurrencyFair cost?

Exchange rate

Because of how this peer-to-peer provider works, it’s hard to pin down the currency rate spread you could see. CurrencyFair “matches” you with another customer looking to transfer the same currency pair you’re interested in, only in the opposite direction.

Choose to either 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.

Transfer fees

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. Assuming you will be transferring USD to your CurrencyFair account, the following fees apply for the indicated currency exchange:

  • AED 15
  • AUD 4
  • CAD 4
  • CHF 4
  • CZK 75
  • DKK 25
  • EUR 3
  • GBP 2.50
  • HKD 25
  • HUF 1,000
  • ILS 40
  • NOK 25
  • NZD 5
  • PLN 10
  • SEK 30
  • SGD 5
  • USD 4
  • ZAR 25

What types of services does CurrencyFair offer for my business?

CurrencyFair provides a full suite of services to specifically serve business needs:

  • 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 or others abroad.
  • Collect on worldwide payments. Skip the hassle by invoicing clients and customers in their own currencies.
  • Move money among accounts. Improve your cash flow with seamless transfers between international banks — or even office accounts.

Pros and Cons

CurrencyFair’s business services are not available for business accounts in the US. But if your international business holds even one account outside the States, you can use it to set up your business payments.

Pros

  • 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.

Cons

  • One-off or schedule transfers only. You can’t take advantage of forward contracts or limit orders as a business.
  • Not available to US business accounts. If you aren’t an international business, you may need to look elsewhere.
  • May require paperwork to sign up. Depending on your business, you may be required to submit statements and other documents for approval.

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. Once CurrencyFair receives your money, move it to one of your registered accounts.

Next steps

  • Register a business account. Get started by visiting CurrencyFair’s site. Look for the For Business tab at the top of the homepage.
  • 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.

Bottom line

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 too tricky. Take the time compare other money transfer specialists offering business options.

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