CurrencyFair Detailed ReviewRates, Fees, Limits, Safety and More
CurrencyFair - founded by expats - lets individuals sell currency in exchange for buying another currency from someone else. Think of it as peer-to-peer transfers. It allows people to either exchange immediately using the best rate currently available, or offer your funds at a rate of your choosing and wait for another customer to match you.
By cutting out the middleman, customers can save up to 8 times versus their banks.
Since 2010, CurrencyFair has been providing expats worldwide access to fast, low-cost currency transfers. With EUR 8 billion already exchanged between members, customers have to date saved an estimated EUR 200 million in unfair bank fees.
Sending money abroad with CurrencyFair
There are many options when it comes to sending money abroad. The different exchange rates and fees quoted by different banks can be confusing, but does it really make a difference which company you choose when transferring your money internationally?
CurrencyFair prides itself on being transparent and fair. Unlike many banks, CurrencyFair does not hide their fees in their exchange rate or charge a different rate depending on the amount you wish to transfer.
Get Started
Exchanging funds with CurrencyFair is simple, just three easy steps:
Deposit, exchange and transfer.
1. Deposit. Transfer in the funds you need to exchange from your bank account into CurrencyFair's client bank account. CurrencyFair operates local accounts in most currencies so this is simple to do using internet or phone banking. As soon as CurrencyFair receives your funds, they credit them to your CurrencyFair account and send you an email to let you know you are ready for step two. In addition to bank transfers, CurrencyFair also supports Debit Cards as a deposit method to fund money transfers.
2. Exchange. There are two ways to exchange with CurrencyFair: Auto-Transaction or via the Exchange. Use 'Create an Auto-Transaction' to exchange any amount straight away at the best rates currently available. If you are not in a hurry, you can use the Exchange. Choose your own better rate and hope for other customers to take up your offer. As soon as your funds have been exchanged, you are ready for step three.
3. Transfer. Simply enter your beneficiary account details and CurrencyFair does the rest. You can transfer to your own account or that of a third party, such as family or friends, a supplier or a merchant.
Additional Information
Legal and Regulatory Compliance
CurrencyFair is a regulated Payment Institution fully authorised by the Central Bank of Ireland pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018. CurrencyFair Ltd is a Corporate Authorised Representative (No.419450) of CurrencyFair Australia Pty Ltd, regulated in Australia by ASIC (AFS License No. 402709). Data on CurrencyFair website(s) (including pricing data) is protected by database rights. Registered Office: Colm House, 91 Pembroke Road, Ballsbridge, Dublin 4, Ireland. CurrencyFair Ltd CRO: 469391 (Incorporated in Ireland).
Helpful Links
RemitFinder blog about how CurrencyFair works
How CurrencyFair secures your data and money
Australian Banks vs CurrencyFair to exchange AUD to GBP
CurrencyFair completes 7 Billion Euros in trades
CurrencyFair vs Irish Banks
Awards, Prizes and News
2019: CurrencyFair was awarded Canstar's 5-Star Rating for Outstanding Value International Money Transfer 2019
2018: Of the 28 international money transfer providers licensed to operate in Australia, CurrencyFair was one of the three providers that made the Mozo.com.au 2018 Mozo Experts Choice Awards winners list
2018: CurrencyFair was listed in the Silicon Republic's list of the Top 100 Startups to watch in 2018
2017: CurrencyFair was listed in the Top 20 Fintech Companies in Ireland by Irish Tech News
2017: CurrencyFair was listed in a list of the Fintech Startups in Europe to watch in 2018
2013: CurrencyFair won the IIA Dot IE Net Visionary Awards for Most Insightful and Intriguing Internet Innovation
2012: CurrencyFair was one of four companies to be named Best of Show at the inaugural FinovateAsia conference in Singapore
