After you’ve exchanged your money on the market place, you will have to pay a small flat fee of €3 (euros) or equivalent regardless of amount, to transfer out your money to the bank account of your choice.
The foreign exchange rate you pay can obviously vary considerably since you and your matching customer might agree on a price other than the “best available” rate. In case you cannot find a good match in certain time, you are able to convert your money immediately on the market place to get the best possible rate, which is only 0.35% to 0.6% lower than mid-market rate.
The money then generally takes 1-2 working days to be received, but potentially up to 4 or 5 days in certain circumstances. Be aware to account for the time sending money to currencyfair. Sometimes it will take another several days to arrive as they only accept bank transfer.
currencyfair features an online calculator on their homepage, allowing customers to determine how much recipients can get. Like some of competitors such as TransferWise, currencyfair is another provider, aiming to offer transparent exchange rate to their clients. However, the help and support center is not so convenient. You can only reach them by email and get response within 24 hours. There is no telephone support.
But currencyfair has friendly mobile app available both on Android and iOS. Sign up is simple either with an email or a Facebook account.
In short, if you’re looking for a fast, easy and low cost way to transfer your money, you should seriously consider currencyfair.