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CurrencyFair Reviews, Features & Alternatives

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Fees: 10/10
Rates: 10/10
Currency available: 7.5/10
Transparency: 10/10
Transfer speed: 9/10
Ease of use: 10/10
Customer service: 10/10

Updated: July, 25, 2022

Pros

  • Low fees and rates
  • Plenty of security features
  • Strict regulation protocols
  • Fast transfers
  • Mobile app
  • Business account available
  • P2P market
  • Cons

  • Limited payment methods
  • Only 20 currencies available
  • No debit card
  • CurrencyFair is an online money transferring service that offers great exchange rates and affordable fees. 

    But how safe is this business, what does it offer, how many countries and currencies does it cover, and what do CurrencyFair reviews have to say about it?

    Let’s find out.

    What Is CurrencyFair?

    Launched in Dublin, Ireland in 2010, CurrencyFair is an online payment and foreign exchange service that offers quick money transfers on a global level.

    So far, there are a total of 20+ CurrencyFair supported currencies, covering more than 150 countries.

    Worth noting: OFX, Remitly and PaySend support more countries and currencies.

    How Does CurrencyFair Work?

    Currencyfair allows both private and business customers to make international money transfers at lower exchange rates and fees than most banks, including some of the best digital-only banks in the country

    This is so because the company has local bank accounts in different countries, so it treats international money transfers as domestic transfers, which are both quicker and cheaper. 

    Private individuals can pay overseas taxes, receive pensions, and even buy overseas property. Businesses, on the other hand, can use CurrencyFair to pay their employees and suppliers, as well as receive payments.
    Keep in mind that the CurrencyFair charges a flat transfer fee, while similar platforms provide a fee-free exchange.

    How To Set Up a CurrencyFair Account

    To create a CurrencyFair account you need to follow the steps outlined below and enter some personal information. Bear in mind that the process is very fast and does not require as many extensive details as bank transfers abroad would.

     1. Go to CurrencyFair’s website and click the ‘Sign Up’ button.

    2. Choose the type of account you want to open.

    3. Enter your email address and set a password.

    4. You’ll then need to enter your name, and country of residence, and state your reason for creating a CurrencyFair account. 

    5. Click on ‘Create Account’.

    4. Verify your account: CurrencyFair will ask you to provide ID verification (ID, passport, or a driver’s license) and proof of your address (no older than 3 months). You can upload any of the following documents:

    • Utility bills
    • Bank or credit card statements
    • Revenue notices
    • Council notices
    • Car registration documents
    • Lease/Tenancy Agreement
    • House insurance/ Renewal notice

    How Do You Transfer Money Through CurrencyFair?

    Once the company has verified your information, you can send in money to your CurrencyFair account.

    To send in money:

    1. Log into your account and select ‘Send Money’.
    2. Enter the amount and choose the currency you want to transfer.
    3. Provider personal details and necessary documentation.
    4. Select the bank account where you would like to transfer the funds. CurrencyFair might ask for bank account details.
    5. Choose one of the available CurrencyFair of your deposit methods.
    6. Send your money to CurrencyFair.
    7. CurrenfyFair will exchange the money at the best available rate and notify you when the transfer is processed.

    Worth noting: You can use CurrencyFair’s calculator to get a rough estimate of the exchange rates and CurrencyFair transfer fees before you proceed.

    How Do I Withdraw Money From CurrencyFair?

    To transfer money out of your CurrencyFair account, you must complete an exchange first.

    1. Log into your account.
    2. Go to the ‘Transfer Out’.
    3. Choose the bank account you wish to make a transfer to.
    4. Enter the amount you want to withdraw.
    5. Click ‘Next’. 
    6. Review the ‘Transfer Out’ summary.
    7. Press ‘Submit’.

    How Long Does It Take To Transfer Money With CurrencyFair?

    The process of transferring out your money takes between 1 to 5 business days

    The CurrencyFair transfer time depends on a variety of factors, including the deposit method, the currency, and the bank’s opening hours (most banks don’t process payments on weekends and holidays).

    The following table lists the type of currencies CurrencyFair supports and how long each takes to be transferred out from your CurrencyFair account.

    For example, if you want to transfer money from the UK to the USA, it will take around 1-2 days for the money to arrive in the recipient’s account. 

    CurrencyDays
    AED4-5
    AUD0-2
    CAD2-3
    CHF1-3
    CZK1-3
    DKK1-2
    EUR1-2
    GBP0-1
    HKD0-1
    HUF1
    NOK1-3
    NZD1-2
    PLN1-2
    SEK1-2
    SGD0-1
    USD1-2
    ZAR1-2

    Note: If you want to delete your account, you’ll need to contact CurrencyFair’s customer support via email or phone. 

    Related:

    • How to send money from the UK to Australia
    • How to send money from the UK to India

    Features

    Here’s what CurrencyFair offers:

    Personal and business option

    CurrencyFair offers both personal and business accounts. 

    With a personal account, you can make international money transfers, pay tuition fees and overseas taxes, and receive an overseas pension, among other things, in different currencies. Business accounts are a good idea for companies that operate internationally and need to pay employees and suppliers.

    Worth noting: There are money exchange platforms that deal with businesses exclusively. If this is what you’re after, take a look at WorldFirst.

    Fast and reliable transfers

    Transfers with CurrencyFair are simple and it only takes a few days (sometimes no more than one) for the money to appear in the recipient’s account. That said, there could be potential delays if your application form is missing information, or if there are some hold-ups with overseas banks.

    Multi-currency accounts

    Since CurrencyFair is a currency exchange market, all accounts that it offers are multi-currency accounts

    Unlike Wise’s multi-currency account, CurrencyFair’s multi-account doesn’t come with a debit card for easier access to funds.

    Unlike Wise’s multi-currency account, CurrencyFair’s multi-account doesn’t come with a debit card for easier access to funds.

    Rate alerts

    The company sends out alerts to customers via email about the available CurrencyFair exchange rates. 

    The exchange rates are live and adjust to current market fluctuations. You can select whether you want daily, weekly, or custom alerts.

    Peer-to-peer marketplace

    The peer-to-peer marketplace is a place where you can set your own CurrencyFair exchange rate and match up with other users who want to buy the currency you are selling at the rate you have picked.

    Referral rewards

    CurrencyFair users can refer a friend to the service and earn €50 per referral. 

    To receive a reward, your friend or family member needs to sign up through the unique referral link that you can give them via your account. Once they create an account and transfer a qualifying amount of money back to you, you’ll both get €50 each.

    Mobile app

    With the CurrencyFair mobile app, you can make fast transfers, set up rate alerts, view live exchange rates, track transfers, check history transactions, and manage your bank account. The app is available for both Android and iOS users.

    Pricing

    CurrencyFair doesn’t have any hidden fees.

     There are two Currencyfair transfer fees that you should be aware of:

    • A flat transfer fee: It varies from currency to currency but it’s equivalent to £2.50.
    • A fee calculated as a percentage of your transaction amount: On average, CurrencyFair customers pay a 0.45% interest on the exchange rate.

    Note: Looking for a fee-free alternative? Check out TorFX.

    What Are The Best Reasons For Using CurrencyFair?

    In addition to international money transfers, you can use CurrencyFair to pay (or receive):

    • Insurance payout
    • Donations
    • Education and tuition fees
    • Buy overseas property
    • Receive overseas pension/salary
    • Overseas taxes
    • Proceeds from selling shares
    • Loan and mortgage payment
    • Traveling payments

    Customer Support

    Customers can contact CurrencyFair’s customer support team via:

    Note: CurrencyFair says that if a customer support representative cannot help a customer resolve their problem, it directs them to a Customer Experience Team Leader / Manager in the company.

    CurrencyFair Reviews

    CurrencyFair has a 4.6-star rating on Trustpilot, based on reviews from around 5,700 customers. 

    Most users said they were impressed by the fast service, low fees, and the company’s commitment to transparency. Here’s what they said:

    “I use this platform regularly to send family support overseas.  Very quick, cheap, and good rate of exchange compared to other providers. My recipients were very satisfied as well.  Wish I had come across it earlier. Feels good to have this combination of good value, transparency and slick efficiency.” – Dominic.

    “Using CurrencyFair to transfer money from your U/K bank account to a Spanish bank account is very fast, and the cheapest way to change British Pounds to Euros.” – Paul.

    “With online scams everywhere these days it takes a lot of nerve to hand over all your personal information, but the positive experience of friends encouraged me enough to give currencyfair a go.First transaction was easy and worked flawlessly…looking forward to using these guys more.” –Thomas.

    “I have converted and transferred my UK pension into Canadian dollars every month for about 10 years. The exchange rates have been good and the costs low, with the dollars arriving in a relatively short time, with no problems.” – Frank.

    Is CurrencyFair Safe To Use?

    CurrencyFair is an FCA-registered company that’s regulated and fully authorised by the Central Bank of Ireland.

    The company also has a number of security features in place to ensure the protection of customers’ data and funds, including: 

    • 256-bit encryption via SSL from VeriSign.
    • Segregated Customer Accounts: All funds are held in separate client accounts.
    • Two-factor Authentication: CurrencyFair requires customers to enter a code they get on their mobile phone when they log in or try to carry out certain actions.
    • Secure Data Center: The company uses biometric security to protect customers’ information, which is safeguarded 24/7.
    • Tracking Deposits & Transfers: All deposits and transactions are fully documented and customers always have access to them.

    Bottom Line

    CurrencyFair is an excellent alternative to traditional bank multi-currency transfers for both personal and business use. It may not be the cheapest way to send money abroad, but it offers competitive exchange rates, low fees, and comes with some great features, like a peer-to-peer market where customers can choose their own rates.

    FAQ

    Can I trust CurrencyFair?

    CurrencyFair is an FCA-registered company and it’s fully authorised by the Central Bank of Ireland.

    How much can I transfer with CurrencyFair?

    CurrencyFair has a minimum transfer limit of £8 and caps transfers at £10,000,000.

    Where is CurrencyFair based?

    CurrencyFair is headquartered in Ireland. It also has offices in Newcastle, NSW, Australia, Singapore, and Hong Kong.

    How do I set up a CurrencyFair account?

    To set up a personal or business account, head over to the CurrencyFair website. CurrencyFair requires users to upload some documents, like ID and proof of address. After CurrencyFair reviews all your information and confirms your identity, you can start using its services.

    My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.