Easy, competitive money exchange with three free transfers
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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 three free transfers.
| Product Name | CurrencyFair Currency Exchange |
|---|---|
| Min. Transfer Amount | $8 |
| Max. Transfer Amount | No limit |
| Transfer Methods | |
| Transfer Options | |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Banking Partner | CurrencyFair Ltd |
| Customer Service | |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, NOK, NZD, PLN, SEK, SGD, USD, ZAR |
| Online Transfer Fee | EUR 3 |
|---|
Simple online transfers with low fees for common currencies
Banks and exchange brokers often charge fees and don’t offer you the best exchange rate. With CurrencyFair, more of your money gets to your recipient instead of the bank, so you’ll get more for each transfer.
After your first transfer with CurrencyFair, enjoy three free transfers when you sign up with finder.com.
Highlights
- Peer-to-peer. Save on exchange rates when you are matched up with another CurrencyFair customer looking to exchange your desired currency.
- Available anywhere. Make transfers at any time from your web browser or on your phone with the CurrencyFair app.
How much does CurrencyFair cost?
Exchange rate
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.
Transfer fee
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
Calculate your fees and exchange rate
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.
Pros & cons
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.
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 take 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 other money transfer services to find the best option for you.