Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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CurrencyFair review
Peer-to-peer transfers in 20 currencies, with better exchange rates and lower fees than the banks.
- Good for competitive exchange rates and fees.
- Not so great if you want to pay with cash or card. The percentage-based fee can add up on larger transfers.
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Our Verdict
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.
Why should I consider CurrencyFair?
- Competitive exchange rates and fees. CurrencyFair claims that, on average, the cost of sending a transfer is around 0.45% of the transaction amount. This is much less than you would pay to send funds overseas using your bank.
- Easy online transfer process. While the peer-to-peer exchange process might sound complicated at first, sending money online with CurrencyFair is simple and straightforward.
- Mobile app available. If you need to send money on the go, CurrencyFair offers a mobile app for Android and Apple devices.
- Fee-free transfers. If you sign up for a CurrencyFair account through Finder, you can benefit from fee-free transfers for the first three months.
What to be aware of
- Only supports major currencies. While CurrencyFair does support a decent range of currencies, you’ll need to look elsewhere if you want to send money overseas in a rare currency.
- Not ideal for large transfers. If you’re sending a large transfer, the average 0.45% transfer fee can start to get quite expensive.
- Limited payment methods. Credit card and cash payments are not accepted.
How much are CurrencyFair’s transfer fees?
When it comes to making an international money transfer with CurrencyFair, there are two transfer fees you’ll need to be aware of:
- A flat fee. This varies depending on the currency you send but is the equivalent of €3.
- A fee calculated as a percentage of your transaction amount. If you’re matched with another customer directly, CurrencyFair charges a fee of 0.25-0.3% of your transaction amount. If CurrencyFair matches with you, this fee rises to 0.4-0.6% depending on the currency pair.
If you sign up for a CurrencyFair account through Finder though, you can benefit from fee-free transfers for the first three months.
What your transfer with CurrencyFair could look like
Take a look at whether there are any active promo codes from CurrencyFair at the moment
How are CurrencyFair’s exchange rates?
CurrencyFair is a peer-to-peer currency exchange service. This means you’re able to set the exchange rate you want and then wait for it to be matched by someone looking to exchange currencies in the opposite direction. However, if there are no other customers available to match your rate, CurrencyFair will match with you instead.
What are the ways I can send money abroad with CurrencyFair?
CurrencyFair only offers bank account transfers. If you want to send an instant cash transfer, you’ll need to consider other providers.
How to create an account with CurrencyFair
To make an online money transfer with CurrencyFair, you first need to register an account. It’s free to do, just complete the following steps:
How to make an international money transfer with CurrencyFair
Once your account is set up you can send a transfer by completing the following steps:
- Log in and select “Send money”.
- Enter the amount and choose the currency you wish to transfer.
- Provide any personal details or documentation that is needed.
- Select the bank account you would like the funds to be transferred to.
- Choose your deposit method – for most transfers this will be a bank transfer.
- If bank transfer is the only deposit method available, CurrencyFair will automatically provide you with the specific bank details to send you money – including your unique CurrencyFair reference.
- Send your money to CurrencyFair.
- CurrencyFair will exchange your funds and transfer them to your selected recipient.
- Receive email confirmation that your money has been processed.
What are CurrencyFair’s payment options?
You can deposit funds into your CurrencyFair account via two methods:
- Fast And Secure Transfers (FAST)
- Telegraphic Transfer
How long does a transfer with CurrencyFair take?
CurrencyFair transfer times depend on two factors:
- Deposit time. The time it takes for the SGD you deposit to arrive in your CurrencyFair account is typically 1 business day.
- Transaction time. This varies between currencies. The most common processing time is 1-2 business days, but some currencies (such as GBP and INR) can be sent within 0-1 business days.
Transfers typically take
1 - 2 days
Is CurrencyFair safe to use?
- Regulation: Regulated in Singapore by the Monetary Authority of Singapore
- Established: 2009.
- Security: Client funds held in segregated accounts with tier 1 international banks.
- Reviews: TrustScore of 4.6/5* from 5,800 reviews on Trustpilot.
CurrencyFair is based in Ireland and regulated by the Central Bank of Ireland. Its Singapore branch, CurrencyFair Singapore Pte Ltd, is regulated by the Monetary Authority of Singapore under the Money-Changing and Remittance Businesses Act.
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.
How does CurrencyFair compare to other providers?
Check out the table below to find out how the fees and transaction times of CurrencyFair compare to those offered by a range of other international money transfer services.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
