Discover CurrencyFair, a peer-to-peer money transfer service offering excellent exchange rates and affordable fees.
With the ability to customize your exchange rates, CurrencyFair ensures you get the most value from your international transfers, but is it the best money transfer provider?
In this detailed CurrencyFair review, we’ll explore its standout features, customer feedback, and how it compares to competitors like Wise, PayPal, and Western Union.
What is CurrencyFair and How is it Different?
CurrencyFair is a leading international money transfer service headquartered in Dublin, Ireland. Banks charge large rates for transferring money internationally. CurrencyFair, on the other hand, is eight times cheaper and transfers money within a few business days.
Businesses of all sizes can benefit from using CurrencyFair. Their system allows companies to manage international transfers from a single dashboard which makes managing fees and exchange rates easier.
With CurrencyFair’s peer-to-peer (P2P) marketplace, you can coordinate with other users to match foreign exchange rates to your preference. You can also transfer money immediately at the mid-market foreign exchange rate.
There’s a setting that allows users to automatically send money as soon as the preferred exchange rate is available.
On the downside, choosing your own exchange rate means waiting for another user to match that rate. This match can take a few hours to months due to the constantly changing peer-to-peer market.
The service is available in over 150 countries with 20 different currencies available. You can also use CurrencyFair to hold your money in multiple currencies and exchange them when the foreign exchange rate is at its best.
Its digital wallet is also a good medium to invest in the varying foreign exchange rates.
Pros and Cons of CurrencyFair
- Has an easy-to-use mobile app that can be downloaded on both Apple and Android devices.
- Cheaper transfer charges and better exchange rates than banks.
- Allows peer-to-peer currency exchange.
- You can wait for the best exchange rate before transferring your money.
- Easy-to-use dashboard for businesses managing overseas transactions.
- You can’t use CurrencyFair with your credit card, mobile wallet, or cash.
- Transfer delivery times are a little slow.
- No in-person service is available.
- CurrencyFair accounts can’t be opened in the Middle East, Africa, and Asia (with exceptions including South Africa, Hong Kong, and Singapore).
Who is CurrencyFair For?
CurrencyFair is for anyone who wants to save on the high transfer fees charged by banks for international payments. However, the transfer rate does accumulate if the transfer amount is large.
If you’re looking to transfer money overseas with the best exchange rates, CurrencyFair is an option worth considering. You can set an alert to be notified when your desired exchange rate is available.
You can also use CurrencyFair’s mobile transfer app to track foreign exchange rates and make transfers to more than 150 countries. This is ideal for people who want to transfer money whilst they’re on the go.
Whilst the service supports transfers in 20 major currencies, some users worldwide may be disappointed that their currencies aren’t available.
CurrencyFair only supports bank payments, meaning you can’t use a credit card, mobile wallet, or cash to fund the transfer. Therefore, CurrencyFair is best for people who can fund transfers directly from their bank accounts.
How Does CurrencyFair Work?
Using CurrencyFair is a fairly easy process. Follow the steps below to set up your account.
- Register a free account on CurrencyFair and complete your profile. You’ll be asked to verify your identity through electronic checks. You may also be asked to provide more proof of identity and address.
- Once your profile is verified, you can set up your transaction. You’ll be asked to enter details regarding your choice of currency, beneficiary, and transfer amount.
- Next, you’ll be asked to fund your transfer through your bank or BPay. You’ll then be given two options.
You can immediately transfer at the best exchange rate offered by CurrencyFair or opt for the peer-to-peer marketplace feature.
- For the P2P marketplace feature, you’ll choose your desired exchange rate. Once another user accepts to exchange currencies at that rate, your deposited amount will be transferred to your recipient.
Your transaction will be made within 24 hours. You can track the transaction through CurrencyFair’s website and app.
Is CurrencyFair Safe and Legit?
CurrencyFair has taken robust security measures for its users. The Central Bank of Ireland and The Australian Securities and Investments Commission (ASIC) regulate the company’s businesses in Ireland and Australia.
To ensure a secure connection, the money remittance company partners with SSL from VeriSign to use 256-bit encryption. This encryption method is incredibly difficult to break.
All customer accounts are held separately from business accounts and secured by a Two-Factor Authentication system. CurrencyFair also sends a unique 6-digit code to its customers to input into the system whenever they want to log in or send money.
The company cannot use the money saved in user accounts to pay debts. This reassures users that their money is in a safe place.
With safety measures similar to an actual bank’s, CurrencyFair is one of the most secure money remittance and currency exchange companies.
What are CurrencyFair’s Fees (for U.S. customers)
For international money transfers, banks often have a high upfront transaction fee. On top of that, they charge hidden fees in their markups according to the mid-market exchange rate.
Even most international payment services, like PayPal, charge extra for international transactions.
CurrencyFair reduces a bank’s fee by eight times (according to CurrencyFair) and only charges its U.S. customers 0.45% of the amount exchanged plus a $4 transaction fee.
As more people start using CurrencyFair, this average rate of 0.45% will further decrease.
What Are CurrencyFair’s International Fees?
One of the best pros of CurrencyFair is that it applies the same pricing to its American and non-American users. Similar to U.S. customers, customers from other countries will also be required to pay 0.45% of their exchanged amount plus the equivalent of $4 in their currency as a transfer fee.
See our article Cash App Europe Alternative.
CurrencyFair’s Customer Reviews
CurrencyFair holds a 4.4-star rating on Trustpilot. Most users called it their go-to international money-transferring app.
The CurrencyFair App also has a 4.5-star rating on Apple Store, with users saying that the app was ideal for people on the go.
Some users complained that the registration process was troublesome. Whilst many users experienced a smooth registration, others who were asked for additional proof of identity, became frustrated with the process.
Other reviewers mentioned that long transfer times are a recurring issue.
See our review of Best Cash Apps.
CurrencyFair may not be the best option for everyone. If you need to transfer money to one of the countries where CurrencyFair isn’t available, you’ll want to consider some alternatives.
PayPal – This is a well-established international payment service for people in the U.S. If you want to make payments to a country that doesn’t have PayPal, you can use the company’s Xoom services to make the transfer instead.
The option can be more expensive than CurrencyFair because of its currency conversion fee and international transaction fee.
Western Union – Considered to be one of the more expensive options. However, it’s also well-established and available in over 200 countries. Its fees depend on the deposit method, country, and your chosen form of payment.
The company also has over 500,000 agent locations worldwide which is great for users who prefer to have an in-person service available.
Wise – Wise allows users to transfer funds in over 50 currencies within the app compared to CurrencyFair’s 20+ supported currencies. Whilst Wise offers services in 80+ countries, which is less than CurrencyFair, some of these supported countries are ones not available with CurrencyFair. For example, Wise can be used throughout Africa, whereas CurrencyFair is only available in South Africa.
See our CurrencyFair Vs Wise Comparison.
CurrencyFair is a highly secure and convenient international payment transfer company. Their flexibility with foreign exchange rates and uniform low transfer fees for U.S. and non-U.S. users make it stand out among its alternatives.
Users have also been pleased with CurrencyFair’s mobile app and notification features of exchange rates.
CurrencyFair is only available in specific locations in the Middle East, Africa, and Asia. These locations include Hong Kong, Singapore, and South Africa. This is a major downside for those who want to send money to other areas in Asia, Africa, and the Middle East.
Does CurrencyFair have a business account?
Yes, CurrencyFair has a business account. A CurrencyFair business account gives you better foreign exchange rates and lets you deal with international suppliers which can be vital for your business.
How long Does CurrencyFair Transfer take?
Depending on the currencies involved in the payment, deposit method, and bank holiday schedule, the transfer can take between 1 to 5 business days.
Currency fair can also give you a more precise estimate of the transfer time and fees before you fund a payment.
Can you use CurrencyFair everywhere?
CurrencyFair can be used in more than 150 countries worldwide. You can check the company’s list of countries to ensure that the service applies to where you live.