CuurencyFair Reviews: Fast and Secure Money Transfer 2019

All the useful information that you need to know before sending money with CurrencyFair!

5 stars based on 3094 reviews

Overview

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. 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.

Exchange Rate IQ’s Review of CurrencyFair

Overall rating
9 /10

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 7 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 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

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. You can also calculate the rates with CurrencyFair calculator which shows the live rates one will get for making the immediate transfer.

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.


Transparency: Does CurrencyFair have any hidden fees?

8 /10

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.

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.

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.


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 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 apps here: Android App or iOS App.

When it comes to customer satisfaction, then CurrencyFair limits to online assistance only, where you need to fill their contact form. They do not offer 24/7 assistance which is need of the time, and it should work on it.

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, the company 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.


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 18 currencies. Following are the currencies in which CurrencyFair supports transactions:

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 Indian Rupee (INR), so, customers can send to India also now with CurrencyFair. It is also offering free transfer of INR till March 31, 2019.

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 also not got the license to provide services in the US yet, which can help CurrencyFair to become one of the largest money remittance and foreign exchange companies.

CurrencyFair User Reviews and Ratings

reviews powered by trustpilot

A simple and safe way to tranfer money…

Review published ago

A simple and safe way to tranfer money with very good rates

by Robert Samuels

A simple and safe way to tranfer money…

Review published ago

A simple and safe way to tranfer money with very good rates

by Robert Samuels

Quick, Transparent and Easy to use

Review published ago

Excellent. Quick, transparent and easy to use. $50,000 to GBP no problem at all and completed within a few days with minimal effort.

by Jamie Gough

Quick, Transparent and Easy to use

Review published ago

Excellent. Quick, transparent and easy to use. $50,000 to GBP no problem at all and completed within a few days with minimal effort.

by Jamie Gough

Excellent

Review published ago

Currency Fair is a simple app to use when you need to do foreign exchange transactions. I know of no others who provide such an excellent service with good exchange rates & minimal charges for transactions. I would recommend this service to anyone.

by Chrissie King

Excellent

Review published ago

Currency Fair is a simple app to use when you need to do foreign exchange transactions. I know of no others who provide such an excellent service with good exchange rates & minimal charges for transactions. I would recommend this service to anyone.

by Chrissie King

It works for me!

Review published ago

It works for me!

by Susan Jane Brailey

It works for me!

Review published ago

It works for me!

by Susan Jane Brailey

painlessI

Review published ago

I have used CF for several years no for the simple purpose of transferring my UK pension into my Spanish account. It has been relatively painless and seems to work efficiently and relatively cost-effectively. Of course you could always increase your exchange rates and charge less for each transfer!

by john

I've been using CurrencyFair for five years.

Review published ago

I've been using CurrencyFair for several years. I have found the service to be fast, efficient and cost effective. Great Customer Support.

by Liam Mac Cobb

Quick, Easy and Painless!

Review published ago

The process was quick, easy and painless. Exactly what I was looking for. While the initial setup and verification took a couple of days, the transfers took the exact amount of time as expected. I look forward to using CurrencyFair in the future and will recommend to everyone I know!

by Monica

Simple to use

Review published ago

I have been using CurrencyFair now for a few years, never had a problem and very easy to use.

by Eileen

I've been using CurrencyFair for years…

Review published ago

I've been using CurrencyFair for years to move money from Australia to the UK. The customer service has always been fantastic. In addition to their competitive rates, a huge benefit is that they allow you to use 2-factor authentication using the Authy app. This is great due to all of the security breaches and hacks going on in all manner of online services. Even all of the Australian banks don't offer 2FA which should be illegal in my personal opinion.

by SSP

Excellent customer service

Review published ago

Excellent customer service. Simple and easy to use website. Never had any delays with transfers and great rates. Highly recommend Currencyfair, I wouldn't use any other exchange service.

by Jdevine

CurrencyFair is by far the best…

Review published ago

CurrencyFair is by far the best currency exchange/transfer provider I have used. Their website is user friendly, with experienced and responsive customer service. Rates for exchange are very competitive with a small transaction fee. I would definitely recommend over banks and other exchange companies. I have been using CF for over 5 yrs on a monthly basis with exchange between UK and US, all hassle free. Please keep up the great work!

by Kate Calland

Currencyfair exchange rates are imossible to beat.

Review published ago

Currencyfair exchange rates are so competitive they are impossible to beat anywhere unless you do what we once did which was to stick a sign up at our business saying we were happy to change pounds for aussie dollars at the spot rate. We had a taker, thus our honeymoon spending money was acquired. I had a payment from abroad through currencyfair which due to an error on the part of a secretary came in at 25,000 Euros too much. Currencyfair staff were so helpful in answering calls and in following my instructions to fend off a worried and irate foreign bank while I sent the money back, that I was able to turn the money around before the weekend and probably saved that girl her job. They were just a new company then, and the service has only got better over the years.

by Jamie Shepherd, the Book Bungalow

Very happy with CF

Review published ago

I've been using CF for a few years to transfer my pensions from my sterling account to Ireland. Great rates, easy to exchange and transfer money and above all really excellent customer service. I rang them at 7.15 one morning - for what turned out to be a router issue our end - and they picked up the phone and were keen to help! I always set my own rate (you don't have to, you can just accept the current rate) and get a notification as soon as it's been matched. All steps of the transaction are signalled by email or text. It can take a while to find your way round the whole online process comfortably but it's worth the effort imo.

by Clare Thornley

Great support team, good amount of money saved

Review published ago

Great support team. Each time I needed to contact the CurrencyFair support because my bank only allows 10 digits in the reference line instead of the 12 digits required to identify the deposit, they answered me back quickly and nicely. I always save a good amount of money in the exchange rate. It is quick and easy to use the service. I will use it in the future and recommend it to anyone who needs such type of service.

by Teresa Silva

Never had a problem in 5 years and…

Review published ago

Never had a problem in 5 years and saved unknown $ from greedy banks

by Jeff

CurrencyFair has alwys been very fair…

Review published ago

CurrencyFair has alwys been very fair in handling my transfers

by Sasha Shearer

Have had absolutely no problems moving…

Review published ago

Have had absolutely no problems moving money between UK and Europe.

by Hugh

Very good experience

Review published ago

I have not found a company that will exchange currency for a lower fee. The exchange rate was very good and once the account was funded the exchange occurred quickly.

by Mike

Happy with the service

Review published ago

Easy and quick. I think it was great.

by CHAHIRA moussa

Excellent service and exchange rate

Review published ago

Excellent service and exchange rate. I will definitely be using Currency Fair again.

by Peter Rae
show more >>

CurrencyFair Transfer Process

Step-by-Step Guide to Transfer Funds with CurrencyFair

  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. Your account is registered now.

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

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

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

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

CurrencyFair Promo Codes & Offers

All Countries
3 Free Transfers for New Customers

Transfer Type And Modes

Pay In Options

Bank

Pay Out Options

Bank

Service Mode

 Online

Exchange Rate Type

Fixed