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CurrencyFair review
Last updated:
$8
Min. Transfer Amount
No limit
Max. Transfer Amount
1 - 2 days
Transfer Speed
Details
| Product Name | CurrencyFair Currency Exchange |
|---|---|
| Min. Transfer Amount | $8 |
| Max. Transfer Amount | No limit |
| Transfer Methods | Online |
| Transfer Options | Regular payments, One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR |
| Online Transfer Fee | EUR 3 |
|---|
CurrencyFair is best for:
- International students. Living and studying abroad is expensive without having to factor in expensive currency exchange fees and poor rates.
- Property owners. Owning an overseas property means you have to make regular payments. CurrencyFair can save you money over the course of your home loan. Considering most home loans are paid out over 30 years, this can mean rather large savings.
- Retired expats. If you’re retired and living overseas it’s wise to seek cheap currency conversion so you better preserve your retirement funds.
- Overseas workers. If you work overseas and regularly send money back to your family, a service like CurrencyFair can save you plenty in fees over the duration of your time abroad.
- Non-emergency transfers. Depending on where you are transferring the money, it can take up to seven business days.
- Business solutions. Pay overseas salaries, receive international payments and transfer money between banks using CurrencyFair’s business specific services.
How much will I pay to send money with CurrencyFair?
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
- IDR 20,000
- ILS 40
- INR Free transfer
- NOK 25
- NZD 5
- PHP 80
- PLN 10
- SEK 30
- SGD 5
- USD 4
- ZAR 25
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. In addition to the exchange rate, CurrencyFair charges 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 types of transfers can I make?
- 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.
Benefits and drawbacks
Pros
- Competitive exchange rates. Get a favorable exchange rate with CurrencyFair’s unique peer-to-peer exchange service.
- App. Send money on the go with CurrencyFair’s mobile app.
Cons
- Potentially slow transfer times. Transfers with CurrencyFair can take up to seven business days depending on where the money is being sent.
Compare CurrencyFair to other money transfer services
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I transfer money with CurrencyFair?
- Open a free account in about five minutes.
- Transfer money from your bank account to your CurrencyFair account.
- Convert your funds into your chosen currency.
- Enter the bank account details of where you want the funds to be transferred to.
- Review the details of your transfer and confirm the transfer if you are happy with the transaction.
CurrencyFair processing times aren’t the quickest. When transferring US dollars to euros, it will take one or two business days for CurrencyFair to receive your funds and another one or two business days to exchange and transfer out the funds. Transactions like this would typically come with a 3 euro fee.
There’s also the option for a priority transfer, which takes less than a business day and costs 8 euros. Your bank might also charge extra fees for your transfer.
What do I need to sign up?
If CurrencyFair can’t verify your identity online, you’ll need to send in some identification documents, which they’ll verify manually. In most cases, CurrencyFair will require you to supply at least one of the following forms of identification:
- Passport
- Driver’s license
- ID card
You’ll also need to supply some identification for your address.
- Bank statement
- Credit card statement
- Utility bill
- Insurance notice
Bottom line
CurrencyFair is a solid option if you’re making a bank account transfer to one of the supported currencies and your recipient can wait a few days. You can also save on exchange rates when matched with another CurrencyFair customer with your desired currency.
If you need a faster, more flexible option, compare the top money transfer services to find the best option for you.
CurrencyFair reviews and complaints
CurrencyFair has a TrustScore of 4.7 out 5 at TrustPilot as of October 8, 2020, with an overwhelming majority of the reviews falling into the “excellent” category.
Customer support
You can contact CurrencyFair with any questions by filling out an online contact form on its website.