currencyfair 2018-01-29T13:20:44+00:00

currencyfair

currencyfair-review

currencyfair has been providing online currency exchange and money transfer services since 2009. The company was founded in Ireland and has offices in the UK and Australia. currencyfair is regulated by the Central Bank of Ireland, which is recognized as same safety as FCA. With currencyfair you can convert and transfer up to 18 currencies via either their website or mobile app which is very convenient. One obvious disadvantage when using currencyfair is the fact that they do not provide service on weekends or bank holidays.

Rather than exchanging your money by directly using a bank or money transfer companies, currencyfair lets you exchange it with their other customers. This is done via the currencyfair marketplace. It allows you to set your own desired exchange rate and attempt to find another currencyfair customer who is willing to pay that amount. After finding a willing user, both parties will get the same rate. However, finding someone who wants to trade the same amount and is willing to accept your rate can be very time consuming. If a suitably matching partner is not available, currencyfair will allow you to convert your funds instantly at the best available rate, which is just on average about 0.4% lower than mid-market rate.

Visit currencyfair
www.currencyfair.com
Founded: 2009
Headquarters: Dublin, Ireland
Offices: Ireland, UK, Australia
Regulated by: Central Bank of Ireland, ASIC
Trading channels: website, mobile app

reviews on TRUSTPILOT

5-trustpilot

9.2/10 Excellent

currencyfair Key Features

Pay-in Options bank transfer
Recipient’s Options bank account
Min Transfer Amount $5
Max Transfer Amount there is no max transfer amount
Speed most transfers are completed in 2-5 days
Transfer Fees €3 or equivalent
Exchange Rate markup on exchange rate is low (on average 0.4%)
Currencies Available 18 currencies

currencyfair Review

Transfer Fees

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.

Exchange Rate

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.

Delivery Speed

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.

User Experience

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.

Visit currencyfair

currencyfair Pros and Cons

  • little transfer fees €3 or equivalent

  • competitive exchange rate

  • small limitation of $5 minimum transfer amount

  • mobile app is convenient and easy to use

  • costs calculator on homepage is pretty good

  • no telephone support

  • no credit / debit card payment

  • money account only for recipient, no cash pick-up

  • lack of currencies (only 18)

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