Log in Join
CurrencyFair - UK

CurrencyFair international money transfers

Peer-to-peer transfers in 20 currencies, with better exchange rates and lower fees than the banks.

Avatar

By

Tim Falk

Updated

Fact checked
Go to CurrencyFair
No reviews yet. Write a review
Finder rating
★★★★★
Expert analysis
Competitive exchange rates
Limited payment methods

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.

CurrencyFair calculator

Enter the amount you want to send and the currency you want to send to, then click Calculate to see up-to-date CurrencyFair rates.

1 - 1 of 1
Updated regularly
Name Product Fastest transfer Fee Key benefits Amount received
CurrencyFair
OFFER
CurrencyFair
Within minutes
From £1.20
New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
N/A
Go to site
View details
loading

Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.

Check competitor rates

CurrencyFair pros and cons

Pros

  • 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 is available. If you need to send money on the go, CurrencyFair offers a mobile app for Android and Apple devices.
  • Three fee-free transfers. If you sign up for a CurrencyFair account through Finder, the first five transfers you make with CurrencyFair are free.

Cons

  • 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 in the UK, 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, your first three transfers are free.

Check if there are any CurrencyFair promo codes available

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 in the UK. 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 in the UK, 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 in the UK by completing the following steps:

  1. Log in and select “Send money”.
  2. Enter the amount and choose the currency you wish to transfer.
  3. Provide any personal details or documentation that is needed.
  4. Select the bank account you would like the funds to be transferred to.
  5. Choose your deposit method – for most transfers this will be a bank transfer.
  6. 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.
  7. Send your money to CurrencyFair.
  8. CurrencyFair will exchange your funds and transfer them to your selected recipient.
  9. 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 in the UK:

  • Online bank transfer
  • BPAY

How long does a transfer with CurrencyFair take?

CurrencyFair transfer times depend on two factors:

  • Deposit time. The time it takes for the GBP you deposit to arrive in your CurrencyFair account is typically 1-2 business days.
  • 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 takeClock icon for transfer speed

Within minutes

Is CurrencyFair safe to use?

  • Regulation: Regulated by the Central Bank of Ireland.
  • Established: 2009.
  • Security: Client funds are held in segregated accounts with tier 1 international banks.
  • Reviews: TrustScore of 4.6/5* from 5,760 reviews on Trustpilot.

*According to CurrencyFair and Trustpilot on 11 June 2022.

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.

Frequently asked questions

  1. CurrencyFair in the Financial Services Register
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

2 Responses

    Default Gravatar
    DavidApril 8, 2017

    Does currency fair help with transfers from Qatar to Ireland

    Reply
      AvatarFinder
      AnndyJuly 30, 2017Finder

      Hi David,

      Thanks for your question.

      CurrencyFair is not yet available in Qatar.

      If you are sending money from Qatar to Ireland, the money transfer companies here may help.

      Cheers,
      Anndy

      Reply
Go to site