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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.
24 hours
Fastest Transfer Speed
€8
Minimum Transfer Amount
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.
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.
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.
CurrencyFair has a few different transfer options available:
To get started with CurrencyFair, follow these quick steps:
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.
CurrencyFair transfer times depend on two factors:
Transfers typically take
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.