currencyfair

Founded: 2009

Headquarters: Dublin, Ireland

Offices: Ireland, United Kingdom, Australia

Regulated by: Central Bank of Ireland, ASIC

Trading channels: website, mobile app

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 having the same safety rating as the 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 matched partner is not available, currencyfair will allow you to convert your funds instantly at the best available rate, which is on average, about 0.5% lower than the mid-market rate.

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Overview

>Low flat transfer fees (€3 or equivalent) on all transfers

>Low minimum transfer amount, and high maximum transfer amount

>Super low markup on exchange rate (0.5% on average)

>Less currencies available compared to its competitors

>Speed is not a strength, can take 2-5 days to deliver

Payment options: International bank transfer

Delivery options: Bank deposit

Minimum transfer amount: There’s no minimum transfer amount. You can make transfers as long as your amount exceeds €4.

Maximum transfer amount: There are no maximums either.

Currencies available:

Sending options: 15

AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HUF, NOK, NZD, PLN, SEK, USD, ZAR

Receiving options: 18

AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, NOK, NZD, PLN, SEK, SGD, USD, ZAR

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Transfer Fees

currencyfair charges a small flat fee €3 (euros) or equivalent, regardless of amount and currencies.

Exchange Rate

The foreign exchange rate you pay can 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 a 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% above the 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 of allowing for time sending money to currencyfair. Sometimes it will take 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 their competitors such as TransferWise, currencyfair is another provider, aiming to offer transparent exchange rates to their clients. However, the help and support center is not so convenient. You can only reach them by email, and get a response within 24 hours. There is no telephone support.

But currencyfair has a 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 simple and low cost way to transfer your money, you should seriously consider currencyfair.

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