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Who are CurrencyFair?
CurrencyFair are a money transfer company that offer cross border payments and foreign exchange. They provide a couple of unique features that set them apart from other money transfer companies, these are their enterprise FX and their CurrencyFair Exchange, which is a marketplace for individual people to transfer money between one another at their own rates.
Since CurrencyFair launched in 2010, they have grown to offer services in 20 currencies to more than 150,000 customers across the globe. You can send from and to any of these currencies: EUR, USD, GBP, AUD, AED, CAD, CZK, DKK, HKD, NZD, PLN, SEK, SGD, and ZAR.
How CurrencyFair works?
CurrencyFair allows you to transfer money directly to your recipient’s bank account. Once you register with CurrencyFair you can deposit money into your account and then send those funds to your recipient. CurrencyFair charge a flat fee of 3 EUR (or currency equivalent) which is applied when the receiver cashes out the money in addition to an exchange rate margin of 0.45%.
CurrencyFair offers 3 features that help users to trade currency more easily and cheaply.
CurrencyFair’s multi-currency account allows you to hold over 20 currencies at once, so that you can be ready to move it at any time. There is no delay in uploading funds to be able to move them when you have a good opportunity. This leads into the next key feature.
You can simply set up rate alerts that notify you if a particular currency exchange rate reaches a low or high that you desire. Using currency within the multi-currency account and rate alerts you can conveniently send money when it reaches a favourable rate. This could save you a significant sum of money since rates can vary significantly over time.
CurrencyFair’s exchange is peer to peer marketplace where anyone can list a currency and offer a conversion rate, that other people in the marketplace can accept and CurrencyFairwill facilitate the transaction. This method can help people find deals that they otherwise would not be able to get when trading directly with companies.
Is CurrencyFair safe?
CurrencyFair is licensed and regulated in its areas of operation which guarantee a high degree of trust. The effects of that regulation mean that client funds are protected, systems are in place to prevent loss of funds, and they have processes of detecting financial crime. Furthermore they build on these systems with comprehensive verification that ensures security for individuals. You can read more about these features here https://www.currencyfair.com/au/trust/regulation/
Currency Fair reviews
In addition to their safety and security features they are rated highly by users. On Trustpilot – a common review site – they are rated 4.6 out of 5 stars based on 5,688 reviews. Only 4% leave a 1-star or “bad” review while 84% leave a 5-star or “excellent” review.
Is CurrencyFair a bank?
Not precisely, CurrencyFair do offer financial services – currency exchange and payments – and they do allow you to hold money in an account – their multi-currency account – but it remains for the purpose of international transfers and currency exchange. They are licensed by the Central Bank in Ireland under the European Communities (Payments Services) Regulations 2009 which govern foreign exchange and remittance.
CurrencyFair for businesses
If you are an enterprise and looking to send money internationally, CurrencyFair has a set of products that will help. Their platform allows you to pay overseas invoices and receive international payments with multi-user access, to simplify your payment processes.
Send with CurrencyFair
If you like what you’ve read you can start sending with them today, AND you can access 10 FREE transfers through our Saver CurrencyFair deal.
Is CurrencyFair cheap?
To determine whether you are getting a good deal, the best idea is to compare with other providers. If you want to see how CurrencyFair’s money transfer costs measure up, use our free remittance comparison tool below.