CurrencyFair for business – review

CurrencyFair is a foreign exchange provider that provides a low-cost way for your business to move money between countries.

CurrencyFair works by matching senders of a given currency with users sending in the opposite direction. The exchange itself takes place on the CurrencyFair Exchange, and as domestic transfers are used in place of overseas money transfers, the overall costs of the transaction are reduced.


Min. Transfer Amount

NZD 10,000,000

Max. Transfer Amount

1 - 2 days

Transfer Speed


Product NameCurrencyFair International Money Transfers
Min. Transfer AmountNZD 5
Max. Transfer AmountNZD 10,000,000
Transfer MethodsOnline
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Email
Online Transfer FeeUSD 4

What are CurrencyFair’s exchange rates?

CurrencyFair charges 0.25% or 0.3% for a peer-to-peer exchange – the exact amount depends on the currency pair being exchanged. For matches against CurrencyFair the amount is 0.4% to 0.6%. Again, this depends on the specific currency match.

CurrencyFair customers are currently paying an average of 0.4%, but that rate will decrease as more people use CurrencyFair.

There is also a flat fee of NZD5 for each exchange.

The CurrencyFair website has a page that helps you compare its rates against those of other foreign exchange providers.

For example, if you sent GBP9000 to a European account through WorldFirst, you’d receive EUR12,705.66. With CurrencyFair, you’d receive EUR12,798.69 – EUR93.03 more.

CurrencyFair prides itself on being much cheaper than banks.

Because you are using a peer-to-peer match, it’s hard to pin down an exact currency rate. You can choose to trade at CurrencyFair’s posted rate, known as QuickTrade, or you can specify a rate you’re interested in and wait for a potential match.

CurrencyFair has a live conversion rate on its website. You can sign up to receive a daily exchange rate alert via email, or you have the option of being notified when a currency hits a certain rate.

How much does it cost to transfer money with CurrencyFair?

Transferring funds out of New Zealand? Below is a list of fees for the currencies that CurrencyFair transfers.

Australian Dollar – AUD4Hong Kong Dollar – HKD25Singapore Dollar – SGD5
Canadian Dollar – CAD4Hungarian Forint – HUF1000South African Rand – ZAR25
Czech Koruna – CZK75Norwegian Krone – NOK25Swedish Krona – SEK30
Danish Krone – DKK25Polish Zloty – PLN10UAE Dirham – AED15
Euro – EUR3Pound Sterling – GBP2.50US Dollar – USD4

Minimum transfer amounts and available countries

For business transactions, you can transfer a minimum of EUR8 (approximately NZD13) through CurrencyFair. There is no upper limit.

Please note that if you are a resident of the United States, and living in the United States, you cannot use CurrencyFair. Non-US residents can send and receive US dollars through CurrencyFair.

You can’t send funds to the following countries:

AfghanistanKenyaRepublic of Congo
AlgeriaLaosSierra Leone
Bosnia-HerzegovinaLiberiaSouth Sudan
Democratic Republic of CongoMyanmarSyria
IraqNorth KoreaZimbabwe

CurrencyFair allows you to transfer into 18 different currencies, and send into three other currencies. The transfer currencies are:

New Zealand DollarNorwegian Krone
Australian DollarPolish Zloty
Canadian DollarPound Sterling
Czech KorunaSingapore Dollar
Danish KroneSouth African Rand
EuroSwedish Krona
Hong Kong DollarUAE Dirham
Hungarian ForintUS Dollar

Users can also send Japanese Yen, Israeli Shekel and Thai Bah through CurrencyFair.

What types of transfers can you carry out with CurrencyFair?

CurrencyFair provides a wide range of service to suit your business needs. If you do business overseas, CurrencyFair provides secure services but without the high costs of your bank.

Here’s what CurrencyFair offers business clients:

  • Make regular, schedule payments to pay suppliers or consultants overseas.
  • One-off transfers.
  • Invoice clients and customers worldwide.
  • Move money between your accounts to ensure cash flow overseas.
  • Minimum transfer amount is EUR8 (approximately NZD13; no upper limit.)
  • Transfer online or over the phone.

But you can’t make a transfer through CurrencyFair using:

  • Cash
  • Credit Card
  • Cheque
  • Bank draft
  • They don’t offer forward contracts or limit orders

If you need assistance with transfers, there is an email form to fill out on their website.

Registration and transfer process

You need to open an account to use CurrencyFair. New customers can choose between a business or personal account.

Opening either type of account is free. Documentation is required for a business account. The exact documentation needed will depend on where you are based and what type of business you own. Generally, you will need to provide the following:

  • A business registration number
  • A copy of the company registration document, confirmation of current directors and shareholders, and the most recent annual returns
  • Full name, date of birth and residential address of two company directors
  • Full name, date of birth and residential address of all shareholders who own 25% or more of the company
  • Nature of the business including activities, countries transferring to, transaction size and frequency of transaction

Once you have provided all the documentation needed, CurrencyFair will contact you by phone to complete the registration process.

Transfers take place either by phone or online.

The transfer process depends on which type of transaction you choose. QuickTransfer is the quickest way to transfer money through CurrencyFair, but you may not get the best rate.

Peer-to-peer transfers can take longer because they require a matching currency, but in most cases you will get a better rate.

How to transfer money globally using CurrencyFair:

  1. Go to the Transfer Out menu on your account.
  2. Choose the bank account you wish to complete a transfer to.
  3. Enter the amount you wish to transfer, then click Next.
  4. Review the transfer summary.
  5. Submit your transfer for processing.

Transfer times using CurrencyFair:

  • NZD to USD: 1-2 business days
  • NZD to AUD: 1-2 business days
  • NZD to EURO: 1-2 business days
  • NZD to GBP: up to 1 business day

Pros and cons of using CurrencyFair


  • Better exchange rates than those offered by banks
  • Very small transfer amounts are allowed – from as little as EUR8 (approximately NZD13)
  • Three free transfers after your first transfer
  • Peer-to-peer match can give you a very low exchange rate margin


  • CurrencyFair does not offer forward contracts or limit orders as a business
  • You cannot transfer using cash, credit cards or cheques.

What other products and services does CurrencyFair offer?

  • Mobile app: Allows you to exchange money on the go. It’s available for both iPhone and Android phones.
  • Rate alert: If you want to keep your eye on a particular currency, you can sign up for CurrencyFair’s daily exchange rate email.
  • Scheduled or one-off payments: Make regular payments or send a single payment.
  • Referral programme: CurrencyFair offers users a reward for inviting non-users to register and use CurrencyFair.

Frequently asked questions

CurrencyFair is an easy, low-cost way for your business to transfer money overseas. Save on bank fees and choose between a peer-to-peer match rate or CurrencyFair’s posted rate. Sign up for a free business account, and use CurrencyFair’s app to transfer between 18 different currencies.


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