Send money with CurrencyFair: All you need to know
CurrencyFair Review - Introduction
CurrencyFair is an online P2P money transfer service based in Ireland with offices in Australia, UK and Poland. One of the best user experience, no maximum amount, possibility to settle recurrent transactions. Good choice for sending large amounts of money.
Currencyfair Ltd is regulated as Authorised Payment Institution by the Central Bank of Ireland. CurrencyFair Australia is regulated by the Australian Securities and Investments Commission.
The company was founded by former experienced bankers who believed that people and businesses should have access to the same exchange rates for international currency transfers normally reserved for banks and market professionals.
- 2010:** Website live
- 2015:** Mobile app live
- Firm type: money transfer operator
- Geographical presence: Services with 18 currencies – around 160 countries
- Payment options: Bank transfer
- Delivery options: Bank deposit
- Size: around 100 employees
- Trustpilot rating
An operator is reviewed taking into account many criteria that we classify into 6 categories:
- Pricing: you can transfer both small and large amounts of money with CurrencyFair.
- Transfer time: The average transfer delay is two business days.
- User experience: the service is easy to use.
- Market coverage: CurrencyFair doesn’t have a wide market coverage but covers the core currencies. Both for small and large transfers
- Services: some additional services offered (set regular transactions, use an express service). Limited ways to send and receive the money (only bank-to-bank transfer)
- Customer review
CurrencyFair Exchange Rate & Fees
You can transfer both small and large amounts of money with CurrencyFair. Where the service might be competitive in pricing is for transfers of around $10’000.
CurrencyFair Market Coverage
CurrencyFair currently offers 18 currencies. You can send/receive Euro, UAE Dirham, Australian Dollar, Canadian Dollar, Swiss Franc, Czech Koruna, Danish Krone, Pound Sterling, Hungarian Forint, Norwegian Krone, New Zealand Dollar, Polish Zloty, Swedish Krona, United States Dollar and South African Rand.
Using CurrencyFair you can also buy Israeli Shekel, Hong Kong Dollar and Singapore Dollar.
CurrencyFair allows the user to set regular transactions, so that you don’t forget to transfer if you are transferring on a regular basis.
If an urgent transfer is needed, Currencyfair offers an express service (1 working day): to speed up the transfer (for an additional fee).
CurrencyFair Pros & Cons
- Cheap solution with low fees
- Account registration and online platform is easy to use and convenient
- Great for sending large amounts of money
- Service for both individuals and businesses
- Very secured: they send a code by sms when connecting from a different location
- Not a big market coverage
- The ways to transfer money are limited: only bank-to-bank transfers
- The speed of transfer can be a bit long: between 2-4 days for a bank-to-bank transfer. But if you’re in a hurry and willing to pay more CurrencyFair provides an express service (transfer in one working day).
How CurrencyFair Works
Steps: on the road of a transfer with CurrencyFair
- enter your personal information
- they send a code by sms for verification
- enter bank details Holder and Beneficiary
- then they give you the CurrencyFair bank account details to be credited. You can select ‘send money later’ or do the transfer now
- once they receive the money they’ll ask for your documents (an ID and a proof of address) and the transfer will process