CuurencyFair Review: Fast and Secure Money Transfer 2020

5 stars based on 4038 reviews

CurrencyFair Review by Exchange Rate IQ

Overall rating
9 /10

Is CurrencyFair reliable to send money abroad? This is the first question hits our mind when we were trying the company to provide best CurrencyFair review to our users. And indeed it is which provides the best services to its customers with 24*7 customer assistance. The company has a competitive exchange rate which is providing services in over 150 countries.

CurrencyFair is an online peer-to-peer currency exchange and money remittance company with headquarter in Dublin, Ireland. It offers money transfer services to individuals and businesses in 18 currencies. At CurrencyFair, customers can match with another customer by using Auto-Transaction or can set the desired rate and exchange with the one who is going to opposite currency direction. It offers free multi-currency CurrencyFair wallet which has bank level security for your currency and keeps money always ready for exchange. Benefits of using CurrencyFair are:

  • Best Exchange Rate or you Can Choose Your Own Rate.
  • Low Transfer Fees.
  • Can Transfer Money for Multiple Purposes.
  • Choice of Payment Options.

Review of CurrencyFair :

CurrencyFair is an Ireland based fintech startup with offices in Australia and the UK. Recently it has been named as one of Irish Tech News’ Top 20 Companies. It was launched in the year 2009, and in the past 9 years, over 8 billion Euros are exchanged by the customers using its services.

CurrencyFair fee charge is approximately $4 or €3 for its money transferring services. It offers remittance services from the USA, Europe, Canada, Australia and New Zealand to 50+ countries. It has only one payout option, and that is the bank account. You can transfer the funds from it by associating the bank account, no matters if it is personal or business transfer. It does not have any maximum limit to transfer funds, and you can send the amount as much as you want to but have a minimum limit of $8.

It has provided a support form, where customers can post their queries, and the support staff will connect with them within 24 hours. It does not provide any contact details so customers cannot connect them directly.

It employs world-class security, so customers can stay worry free with their personal data.

Overall, we rate CurrencyFair 9 out of 10.

Pricing : How much does CurrencyFair cost?

8 /10

CurrencyFair Transfer Fees

The rates offered by CurrencyFair are highly competitive. You can choose the rate offered by it or can set your own rates and wait to be matched with other customers exchanging the opposite currency.

CurrencyFair has a fix transfer fee of €3 and on an average one needs to pay approximately 0.4% of amount exchanged. It charges 0.25% to 0.3% (depending on the currency exchanged) of the total amount when customers match each other. In case, when there is no customer matched, it makes a match for you by itself and charges approximately 0.4% to 0.6% of the amount, depending on the currency exchanged. So, overall one needs to pay in between 0.1% to 0.6% of the total amount with a fixed transfer fee. Although CurrencyFair regular transfer fees are the currency equivalent of €3, that if a new customer signs up they get 3 free transfers. You can also calculate the rates with CurrencyFair calculator which shows the live rates one will get for making the immediate transfer.

CurrencyFair Personal and Business Transfers

It offers personal and business transfer, whose details are provided under:

Description Personal Transfer Business Transfer
Minimum Amount of Transfer $8 $8
Transfer Methods Online Online, Bank account to Bank account
Transfer Speed 1-2 days 3-5 days
Transfer Fees EUR 3 EUR 3

These transfer services of CurrencyFair are not available in the US. So the residents here cannot use its facilities for making the online transfer.

CurrencyFair Exchange Rates

CurrencyFair offers competitive exchange rates where you can select a better exchange rate according to your choice and charges 0.25% or 0.3% (depending on the currency pair being exchanged) of the total amount exchanged on each side when customers match each other.

Transparency: Does CurrencyFair have any hidden fees?

8 /10

CurrencyFair Hidden Fees

There is no hidden fee when you use the services of CurrencyFair money transfer. Once you choose the currency and country, it will provide you with the details of approximate fees. The further fee will get updated as you enter the amount and other details. The total amount you need to pay will be shown on the transaction page and not a single penny more.

CurrencyFair Transfer Tracking Details

When it comes to transparency, CurrencyFair peer to peer transfer has not provided ant tracking transaction page. One needs to ask with the support team on their query page regarding the same. But you should note that CurrencyFair provides email services for transaction tracking.


Transfer Speed: How long does it take to send money through CurrencyFair?

8/10

CurrencyFair money transfer has a variable transaction speed depending on the currency and country. You can also check the CurrencyFair Process Time here. The company tries to send the money as fast as possible but it sometimes also depends on the banks through which the customer is sending funds. If customers need to send money quickest, they should transact in the morning, as most of the banks have a cut-off time in the afternoon. So the transfers done after the cut-off time will take place on the following day.

Before commencing transfer, one should note that personal transfer takes approximately 1-2 days while business transfers take more time with up to 3-5 working days. There is a single pay-in option available in the company, and that is the bank account. Click here for CurrencyFair login and start your transactions now.

Coverage: How many Countries & Currencies does CurrencyFair support?

8/10

With CurrencyFair, one can send money from Australia, Europe, Canada and New Zealand to more than 50 countries in the 19 currencies. Following are the currencies in which CurrencyFair supports transactions:

Currencies Supported by CurrencyFair

Australian Dollar Canadian Dollar New Zealand Dollar
Polish Zloty Czech Koruna South African Rand
Danish Krone Swedish Krona Euro
Swiss Franc Great Britain Pound UAE Dirham
Hungarian Forint US Dollars Norwegian Krone

Recently, it has launched its transfer services in Singaporean Dollar (SGD), so, customers can send money from Singapore also now with CurrencyFair. The recipients can receive money from Singapore to Australia, United Arab Emirates, South Africa, Hong Kong, UK, USA, Canada, etc.

Countries having CurrencyFair Facilities

Some of the major countries where you can transfer money through CurrencyFair in the above-listed currencies are provided in the table below:

United Kingdom United States UAE Thailand Switzerland
Qatar Spain Sri Lanka South Africa India
China Canada Brazil Costa Rica Bhutan
Australia Ireland Sweden Saudi Arabia Oman and more

CurrencyFair also allows currency transfer for the following purposes:

  • Inexpensive transfer for international students.
  • Property owners who want to paid loans.
  • Overseas workers who want to send money regularly to the family.
  • Non-emergency transfers, which can take up to 7 working days.
  • Business transfers, paying overseas salaries, receiving payments, etc.

Besides all these transfer services, there are many areas in which CurrencyFair can grow. It has recently started providing its services from the US and one can send USD to 50+ countries. This will help it to become one of the major player in the money remittance industry.

CurrencyFair Promo Codes & Offers

All Countries
3 Free Transfers for New Customers
Hong Kong to All Countries
3 Months Unlimited Free Transfer From Hong-Kong

CurrencyFair Transfer Process

How does CurrencyFair Work?

  1. Go to the website of CurrencyFair and click on “Get Started Now” in the mid of home page.

  2. Select the type of account, either Personal or Business.

  3. If you have a personal account, you can also signup with your Facebook account. If you have a business account, enter the email and create a password.

  4. Provide all your personal and contact details.

  5. You need to prove your identity by submitting any of your legal documents.

  6. Enter the bank details.

  7. Enter the bank and personal details of the recipient.

  8. Enter the amount you want to send through CurrencyFair.

  9. Double-check the details of the recipient and send the money.

  10. It will provide you with a reference number through which you can track your transaction.

User experience of CurrencyFair

8/10

CurrencyFair is a highly responsive website. Once you enter the amount that you want to send at CurrencyFair Rate convert, you will get the details of currency in which you want to convert without a click. User sign up is also very easy, and one can also make an account through Facebook login. All you need to do is to select if the transfer is for personal purpose or business purpose. It also offers Android App and iOS App to its users, which will help them to transfer money from wherever they are. You can compare the CurrencyFair rates and bank rates for money transfer without login or sign up into the app. This helps the customers to know which company is offering them the best rates and they need not make an account on every website. You can download CurrencyFair app here:

When it comes to customer satisfaction, then CurrencyFair limits to online assistance only, where you need to fill their contact form.

They have 24/7 assistance as they have an office in Australia that handles queries when their Dublin office is closed.

CurrencyFair contact number:
Dublin: +353 (0) 1 526 8411 (11 pm Sun - 6 pm Fri IST)
Australia: +61 (0) 282 798 642 (8 am Mon - 3 am Sat EST)
UK: +44 (0) 203 3089353 (11 pm Sun - 6 pm Fri GMT)

When we talk about the payment convenience, CurrencyFair doesn’t accept debit or credit card, and it takes funds from bank account only. So, those who hold crypto currencies, money market securities, etc., could not transfer money through CurrencyFair. Currently, CurrencyFair accepts debit cards which are issued by the banks in the Republic of Ireland and in the name of an Irish resident.

For user experience, we rate CurrencyFair 8 out of 10. We would have given higher score to CurrencyFair if customers have a clear knowledge of their transaction with it and review process.

Security : Is CurrencyFair Safe?

10/10

The Central Bank of Ireland is regulating the company for its business in Ireland. The Australian Securities and Investments Commission (ASIC) regulates the business of CurrencyFair in Australia. It uses 256-bit encryption via SSL from VeriSign for providing a secure connection.

It held all the customers’ accounts separately and increased security by Two-Factor Authentication. It will combine the password of your account with any of the things whose possession is only with you, for example, mobile phone. It will send a code on the mobile number whenever you try to login or send money.

It also provides 6-digit CurrencyFair PIN which customers need to enter when they want to login or to start any transaction. We believe this security is equivalent to many banks and it deserves 10 out of 10 in this category.


Transfer Type And Modes

Pay In Options

Bank

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed

CurrencyFair FAQ's

CurrencyFair Vs TransferWise: Which is better?

CurrencyFair and TransferWise both offer competitive exchange rates to the users which is significantly better than big banks. TransferWise offers real mid-market exchange rates while CurrencyFair offers 'peer-to-peer' exchange rates and many times help customers to beat existing exchange rates. 

On the basis of ease of use, you can transfer money from a bank account, debit and credit card from TransferWise while CurrencyFair only accepts bank account transfers. You can use a debit card in CurrencyFair which are issued by the Irish government. On the basis of security, CurrencyFair and TransferWise both are secured by SSL security certificates to encrypt your login credentials and all other communications.

Discuss this question

Can I transfer funds using debit and credit card on CurrencyFair?

The company does not accept any type of credit card. You can transfer funds using debit card, but that must have been issued by the banks in the Republic of Ireland and in the name of an Irish resident. So, there is only one payout option available with CurrencyFair and that is bank account.

Discuss this question

How does CurrencyFair Works?

If you make transfer through CurrencyFair, then your amount will first transfer to a local company account, where it will try to find you a best match available in the opposite currency. When it will find the match, your amount will be transferred to the recipient’s account. It offer two types of exchange, these are, “Quick Trade” and “Market Place”.

In quick trade, you transfer the funds at the available price and the amount will available to the recipient in next 1-2 working days, while in market place transfer, it takes longer time as you can select the rate you want to transfer the funds. And when the match is available in opposite currency, your amount will be transferred.

It charges a small amount of flat fee on the transfers, i.e., about €3 from your Currencyfair account to a bank account. But if you have multiple currencies in your CurrencyFair account, you can select the currency which is offering the best deal.

Discuss this question

In CurrencyFair how long do transfers take?

It may take 1-2 days if you are transferring funds to developing countries for CurrencyFair. However, if you are transferring funds to any underdeveloped country, it might take approximately 5-7 working days.

Discuss this question

Alternatives to CurrencyFair

CurrencyFair User Reviews and Ratings

reviews powered by trustpilot

Will use again

Review published ago

The initial set up was a little unclear but after that the communication was brilliant

by Jon Whitty

Will use again

Review published ago

The initial set up was a little unclear but after that the communication was brilliant

by Jon Whitty

Took a while to get the account set up…

Review published ago

Took a while to get the account set up but once set up the money was transferred quickly and at the promised rate, so in the end a very good outcome I would definitely recommend them.

by thomas hand

Took a while to get the account set up…

Review published ago

Took a while to get the account set up but once set up the money was transferred quickly and at the promised rate, so in the end a very good outcome I would definitely recommend them.

by thomas hand

Works great

Review published ago

Works great! Fast, easy and straight forward. I was skeptical at first because I looked at a lot of different options but this seemed to be the best and I'm super happy. Best to look for a deal they offer on first set of transfers free, saves you some money!

by Ryan DeCarsky

Works great

Review published ago

Works great! Fast, easy and straight forward. I was skeptical at first because I looked at a lot of different options but this seemed to be the best and I'm super happy. Best to look for a deal they offer on first set of transfers free, saves you some money!

by Ryan DeCarsky

Simple system

Review published ago

Simple system, rapid transfers, reliable and excellent exchange rates. Use them regularly on extended travel trips.

by AndyB

Simple system

Review published ago

Simple system, rapid transfers, reliable and excellent exchange rates. Use them regularly on extended travel trips.

by AndyB

I have switched to CurrencyFair from…

Review published ago

I have switched to CurrencyFair from other providers because of their flexible workflow for transactions, very good actual rates which are better than the indicative rates by other providers which have poor spreads. Also, sending funds to countries in Africa that have currencies that are not very liquid is easy and transparent and still a good rate can be had. While I am not a trader, compare the spreads from others and you might be pleasantly surprised.

by David

Very trustworthy

Review published ago

Very trustworthy. Great exchange rates!

by Ewa

UrrencyFair is the best and easiest way…

Review published ago

UrrencyFair is the best and easiest way to transfer money to international bank accounts. It has the best competitive exchange rates and transfers are instant once money is cleared in the CurrencyFair account.

by Alan De Beer

Solid solution

Review published ago

Solid solution. I use it regularly and it works well for me. Most like players, not that great a rate on smaller currency conversions.

by Jonathan Gould

Currency transaction

Review published ago

Excellent service

by June Haslam

Catastrophic Customer service !! Be careful

Review published ago

Catastrophic customer service, I made a transfer soon 1 month ago now, which came out of my main account to my currency fair account, it still hasn't arrived, Here is the answer I get at every time : We have forwarded your request to our banking partner for further investigation. And now I don't have a response from customer service? I wonder if there are people who work there ???

by Hsn

Excellent service

Review published ago

Excellent service. Using Currency Fair here in the UAE and would highly recommend it. So easy to use and very safe.

by Niamh McDermott

Money back payments could be much…

Review published ago

Money back payments could be much faster. I can't see any reason that it takes 3 days for transferring fund from a UK bank to another UK bank, after they receive the fund.

by Mahdi

Great service

Review published ago

Great service. Easy to use.

by Conor Fennessey

I have used them for a few years now

Review published ago

I have used them for a few years now, in this time their service has gone from good to bad. I do not know if it is the banking regulations or what but they seem to think that every transaction is a criminal enterprise. They have frozen my account twice, required personal account statements to my bank account I am sending to.Totally NOT user friendly, and will soon close my account. Listen I would understand if I was moving large amounts all the time , this is $1500 once in a while! Give me a break. I would try another service. Too bureaucratic, and their customer service is by email only and not effective. They say you can talk to customer service but I have found that not quite true. The real customer service that can actually do something about anything is "only available via email". I find it interesting that their whole deal is about being "committed to improving their customer experience" direct quote every time you call. Well you must have had someone tell you the same thing I am , or you wouldn't even need to say anything about "improving customer service" Lately the wait times are so long they ask o leave your ID # and phone #. I did this 12 hours ago and still no call back, that would be one long wait on hold!

by Richard

Straightforward

Review published ago

Straightforward , hassle free, rate was good (don't know if it was the best available,) certainly a better deal than doing a direct transfer from my UK account to my Polish account.

by Owen Polana

Very very deceitful promotion stunt…

Review published ago

Very very deceitful promotion stunt with their referral bonus. Stay away from a financial institution that practises such methods!For some time, my relative had been using this bank for exchanging money and international transfers. I was sceptical, being from the old school. I change and transfer a lot as well but with my own traditional bank and I get good special exchange rates. So, I had no interest in CurrencyFair. About 7 weeks ago, I had been urged by my relative to at least try it because he would then receive 50 euro referral bonus and I as a new client as well. The minimum amount to transfer to receive that bonus was 2000 euro.We started the whole process second half of March - beginning of April. It was very slow and time consuming. Each time there were delays, I had to contact the bank each time myself to ask what was going on and then yet another proof of document was required which had not been mentioned before.At that stage, I certainly would have given up out of distrust if there had been no recommendation. I finally had an account and I transferred first a minimum of 8 euro to see if it worked. The amount was immediately on the account. I then transferred 2000 euro. I was planning to exchange larger amounts in future, but I wanted to test out the service first. So I exchanged the majority with my traditional bank and sent only €2000 to CurrencyFair. Luckily!! Because while I was waiting for the verification process to end, the exchange rate had worsened by 10% in my disadvantage.   The 2000 euro finally arrived in the new account 27th April, nearly a month after we started the whole process of sending documents (I have phoned my own Bank several times to find out if the new bank really did exist as my money had gone off my account but had not arrived in the new one).  After my enquiries, it appeared that the reference number had not been added. I could finally exchange beginning of May, but no bonus followed. After contacting customer services, they told us that 1) the promotion was only valid for the month of April (but let us not forget that they stretched the process for weeks, that was not our fault) and 2) that exchanging 2004 euro was not enough as due to changing exchange rates, that amount had slightly changed by the time it was transferred internationally (exchange and transfer was done by me in the same transaction!)They happen to calculate the amount in euro again by what the valuta is worth at that slightly delayed moment.  The delaying of the process of creating an account is a very devious way of having to pay less to the new client and the person who referred. The complicated way of calculating the minimum of 2000 euro (and many clients who want to try out the reliability of the bank will first try with a min amount), is deceitful. They could very well take your changed amount as a basis (as anybody expects) or raise the min slightly to avoid disappointed clients. A bank with such practises that refuses to rectify 'misunderstandings' deserves no confidence. I still gave them a chance by contacting customer service with all the bank proofs but 'they understand but have no power to do anything as all is automatic' . Rubbish. What I cannot understand is what this bank actually gains by such practises. They now lose two clients.The person who recommended this bank to me was happy in the past, but no longer. He says he realises things have changed there and will leave if that is how they treat clients. I wish I had read the above comments before I started but it is precisely their promotion of referral that makes a potential client trust them and not do the necessary research. Even 3 and 4 star recent comments mention complaints about never having received this bonus, for similar reasons as my own. It is therefore common practise by this bank and they have no intention to change this. The one star reviews are very recent. We are talking about a financial institution where often huge amounts are transferred, not a common shop. Can one trust such a bank? I also question the reliability or strength of a bank that has to stoop to such practises to gain new clients. Are they in trouble that they cannot even solve repetitive misunderstandings with customers and consent to a 'commercial gesture' (although in this case, I have my doubts about the correctness of this term as it is too positive')? I must take this matter further as there is such a thing as deceptive advertising: "The amount transferred out from your CurrencyFair account must be 2000 EUR minimum or the equivalent of 2000 EUR in the relevant currency at the time of transfer out". A lot can be said about the deliberate lack of transparency in this sentence. Many new clients 'misunderstand', yet they do not change anything. They will suggest to change again 2000 euro or find a new client yourself.

by Gerda Sonck

Worse of its kind, never will I recommend your service to anyone.

Review published ago

So bad, today makes it three weeks since my 15,250 pounds is been held by your poor and reckless financial institute for reasons i can not phantom. Customer support line is the worst of it kind, I have equally written uncountable emails request your stupid bank to return the fund to my partner no way. I can get hold why your useless bank kept tormenting my family for no just cause, I have begin to reason in line your bank is out to scam people. I promise to chase my money till justice is served.

by Solomon Anyanwu

Best currency exchange

Review published ago

Easy to set up and use, transfer times shorter than quoted, good job currency fair

by Barry Callaghan

Straight forward very easy process

Review published ago

Straight forward very easy process to transfer funds, best rates I found anywhere. First class service - will use again for sure.

by Scrumpyhunter

simple

Review published ago

simple, easy to use, good exchange rate. But receiving payments to my currency fair account is a little bit slow. Also, it would be nice to get my currency fair account in PDF or copied ready to share on the app.

by Bek
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Compare CurrencyFair With Other Money Transfer Companies

CurrencyFair Company & Contact Info

Address:- Colm House, 91 Pembroke Rd, Ballsbridge, Co. Dublin, Ireland
Email:- [email protected]
Phone:- +353 1 526 8411
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