CurrencyFair is an online international money transfer service founded in 2010 in Dublin, Ireland.
Through an innovative peer-to-peer currency exchange model, it allows you to send money abroad at an exchange rate you choose yourself.
In this review, I will asses CurrencyFair’s features, strengths and weaknesses to help you determine if it is the right provider for you.
» MORE Read our full article on The Best Money Transfer Providers
CurrencyFair – My Verdict
CurrencyFair stands out as an efficient and user-friendly platform for personal and business international money transfers. It’s a great choice if you prioritise simplicity, reliability, and affordability over absolute lowest fees.
With competitive rates and reasonable fees, CurrencyFair is particularly suitable for regular smaller transfers, albeit somewhat slower than some competitors.
CurrencyFair’s peer-to-peer marketplace enables you to choose your own exchange rates. With 24/7 availability online and through mobile apps, it ensures accessibility and convenience.
However, CurrencyFair has limitations as well. With access to only 20 major currencies and no cash pick-up options, it may not fit all needs. It is also not ideal for larger transfers.
I would recommend you using CurrencyFair if you make regular small transfers, don’t need extreme speed and are looking for simplicity and ease of use.
Who Should Use CurrencyFair?
CurrencyFair is an excellent choice for those looking for a friendly, hassle-free money transfer provider. This goes for private individuals and businesses alike who need a reliable means to send money abroad, or receive funds from international locations.
If you’re looking for simplicity and clarity, CurrencyFair is the way to go. Whether you are transferring money to pay for an overseas property, supporting a family member studying abroad, or making international payments for your business, CurrencyFair is a convenient and straightforward solution.
Although their fees are not always the absolute lowest in the industry, they are consistently affordable, which makes it a great option if you’re looking for a cheap, reliable provider.
CurrencyFair strikes a careful balance between cost and value by offering competitive rates and reasonable fees.
CurrencyFair Pros & Cons
- Peer-to-peer – CurrencyFair’s peer-to-peer marketplace allows for competitive exchange rates.
- Low Fees – Transfer fees average 3 EUR equivalent per transfer
- Accessible – Available 24/7 online and through iOS and Android apps
- Good for Day-to-Day – CurrencyFair is a great option for regular smaller bank transfers.
- Safe – CurrencyFair is fully secure and regulated.
- Limited Number of Currencies – CurrencyFair only offers access to 20 major currencies, which might be limited for certain usages.
- Virtual Only – CurrencyFair doesn’t offer any cash pick-up options.
- Less adapted to large transfers – CurrencyFair is not ideal for transfers above $7000 USD equivalent.
- It may be slow – It can take 1-3 business days to process transactions.
How Does CurrencyFair Work?
Here’s a simplified step-by-step guide that explains how the CurrencyFair money transfer platform works.
- Register on CurrencyFair – Go to the CurrencyFair website, download the mobile app, and click the ‘Sign Up’ button. Follow the prompts to enter your personal information. You’ll be required to verify your identity for security purposes, which may involve uploading certain documents.
- Add Money to Your Account – The next step is to deposit the funds you want to exchange. This is done via a bank transfer. Ensure that the name on the bank account matches your CurrencyFair account to avoid any issues. Wait for the funds to appear in your CurrencyFair account, which can take a few business days, depending on your bank.
- Exchange Your Currency – Once the funds are in your CurrencyFair account, you can begin the currency exchange process. Choose the currency pair you want to exchange and enter the amount. You will see the current exchange rate and the amount you will receive after the exchange.
- Choose Your Exchange Method – CurrencyFair offers two primary currency exchange methods: QuickTrade and MarketPlace.
- QuickTrade – CurrencyFair will instantly match your currency exchange request with the best available rate. This method is the fastest but may not always get you the best possible rate.
- MarketPlace – This is the peer-to-peer part of CurrencyFair. You can set your desired exchange rate and wait for another user to match it. This can potentially get you a better rate than QuickTrade, but it may take longer as you have to wait for a matching offer.
- Transfer the Funds – After exchanging your currency, you can now transfer it to a bank account. Add the recipient’s bank details and confirm the transfer. The recipient can be yourself or someone else. The transfer duration can vary depending on the countries and banks involved but typically takes 1-2 business days.
- Track Your Transaction After initiating the transfer, you can track its status from your account dashboard. You will be notified when the transfer is complete.
CurrencyFair’s Fees and Exchange Rates: How Much Does it Cost to Transfer Money With CurrencyFair?
When using CurrencyFair’s peer-to-peer marketplace, you can choose your own exchange rate. However, you will need to wait for another user to agree to this rate for the transaction to happen.
If you can’t find a match, you can still exchange at CurrencyFair’s rates which are based on wholesale market rates with a small markup. On average, their exchange rates are much lower than banks.
CurrencyFair implements a fixed fee of €3.00. If your CurrencyFair account holds various currencies, you may select the currency in which you’d like to incur the fees, allowing you to select the most advantageous option.
An additional commission between 0.10% and 0.60% of the total amount exchanged may also apply.
CurrencyFair’s Security and Customer Service: How Safe is it to Use CurrencyFair?
- Client Funds Protection – CurrencyFair is required to separate customer accounts to protect their funds in case of insolvency, safeguarding them from claims by other creditors.
- High Standards for Systems and Procedures – CurrencyFair must maintain systems and protocols that reduce the risk of customer fund loss due to fraud, misuse, negligence, or poor administration. It also needs to have effective risk management procedures, adequate internal control mechanisms, and maintain relevant records.
- Minimum Capital Requirements – CurrencyFair must maintain a minimum level of assets determined by the Central Bank of Ireland and hold sufficiently liquid assets to meet its working capital needs.
- 2FA – CurrencyFair implements two-factor authentication, which requires a password (something the user knows) and a unique code sent to the user’s mobile phone (something the user has).
- SSL – CurrencyFair ensures a secure connection to its website through the use of 256-bit encryption via SSL from VeriSign, which means users’ data is secure during transmission.
- Secure Data Centre – CurrencyFair securely stores all account information in a data centre that is safeguarded 24/7. Access to the servers storing this information is granted only through biometric security measures.
CurrencyFair’s APP: How user-friendly is CurrencyFair’s Platform?
CurrencyFair cuts through the saturated money transfer market with an incredibly user-friendly interface and simple yet effective functionality.
What differentiates the CurrencyFair app is its highly intuitive dashboard, which provides a crystal-clear view of your currency balances, enabling you to effortlessly scroll through and manage your financial resources.
You can quickly and easily view all your past transactions in chronological order, thereby simplifying the process of tracking financial history. This level of transparency brings forth a sense of trust and reliability towards the application, making it an ideal tool for those who value simplicity and effectiveness in managing their finances.
The CurrencyFair app truly shines in its transaction process. The ability to create a new transaction in just a single click saves time and energy and streamlines the entire process of currency transfer.
Adding to the list of features that make this app remarkably user-friendly is the seamless account management system. With the CurrencyFair app, managing your account feels as simple as it could possibly be. From updating personal details to setting up security measures, each process is straightforward.
One might argue that the simplicity of the CurrencyFair app might compromise its functionality. It is extremely simple, but that is the greatest part about it. It adopts a “no fuss” approach that efficiently dispenses with unnecessary complexities, allowing users to focus on what matters the most – managing their finances without any hassle.
CurrencyFair’s Customer Reviews – What do Other Customers say About CurrencyFair?
CurrencyFair has 6.734 reviews on Trustpilot, with an overall rating of 4.4 out of 5 stars.
- Positive reviews: Many customers praise CurrencyFair for its intuitiveness, affordability and reliability.
- Negative reviews: Some customers have complained about the time it takes for CurrencyFair to process transactions and provide customers with their funds.
CurrencyFair’s alternatives – What other money transfer companies are similar to CurrencyFair?
|Wise (formerly TransferWise)||Low-cost transfers, fast delivery, available in over 80 countries||Highly competitive exchange rates, intuitive interface, responsive customer service||Transfer times may be longer compared to competitors, service not accessible in all countries|
|TransferGo||Cost-effective, quick transfers, operates in over 200 countries||Offers competitive exchange rates, user-friendly platform, dependable customer assistance||Transfers might be slower compared to other services, limited availability in certain regions|
|Remitly||Low fees, speedy transfers, accessible in over 150 countries||Attractive exchange rates, seamless user experience, excellent customer support||Transfer durations could be longer relative to other services, not provided in every country|
|WorldRemit||Affordable transfers, prompt service, present in over 140 countries||Provides appealing exchange rates, easy-to-navigate platform, dedicated customer support||Delivery times may exceed those of some competitors, not universally available|
|Revolut||No fee transfers, instant global transfers, available in 37 countries||Interbank exchange rates, sleek and modern interface, versatile financial services||Only available in a limited number of countries, customer support may be lacking at times|
|CurrencyFair||Competitive fees, fast transfers, available in over 150 countries||Peer-to-peer exchange allows for potential savings, straightforward to use, commendable customer service||Not available in the US, may be slower than some other providers|
|OFX||No maximum transfer limit, operates in over 80 countries||Better rates for larger amounts, 24/7 customer service, secure transfers||Minimum transfer limit may be high for some users, transfers may not be instant|
|PayPal (Xoom)||Operates in over 130 countries, offers fast transfers||Familiar interface, backed by PayPal’s security, can pay directly from PayPal account||Higher fees compared to other services, exchange rates may not be as competitive|
|Azimo||Offers transfers to over 200 countries, fast transfer times||Competitive fees and rates, user-friendly platform, good customer service||Transfers to some countries may take longer, not available in the USA|
|Skrill||Instant transfers, operates in over 200 countries||Supports a wide range of currencies, intuitive platform, provides a prepaid Mastercard||Fees can be high depending on transfer details, customer service may be inconsistent|
How long does it take to send money with CurrencyFair?
The duration of the transfer largely depends on the currencies involved, the transfer method selected, and the time it takes for funds to reach CurrencyFair’s accounts. Typically, most transfers are completed within 1-2 business days, but some transfers may take longer, especially if additional verification is required.
Can I cancel a transfer?
Yes, you can cancel a transfer with CurrencyFair, but there are certain conditions to be aware of. If your transfer has not yet been matched with another customer’s transfer, you can cancel it and receive a full refund. However, once the transfer has been matched, you won’t be able to cancel it.
Does CurrencyFair accept Credit Cards?
CurrencyFair does not accept credit card payments for money transfers. However, they offer various other payment methods, including bank transfers and debit cards.
What Languages does CurrencyFair support?
CurrencyFair supports transfers in more than 20 countries, including France, Germany, Ireland and Italy, and employs a multilingual staff who speak English, german and French.