5 Great Online Alternatives to CurrencyFair

Finding alternatives to CurrencyFair for a money transfer can be tricky. If you're considering a money transfer company to exchange your currency before you travel or move abroad, then you won't be short of options.

Gone are the days of an expensive bank transfer being your only choice, and we're here to help you choose the right option for you by listing five alternatives to CurrencyFair, a competitive, foreign exchange company.

5 CurrencyFair Alternatives

1. TransferWise

TransferWise is an alternative to CurrencyFair

TransferWise is an international transfer provider founded in 2011 by two Estonians who were frustrated with how much they lost in foreign exchange from euros to pounds. Fast forward 9 years, TransferWise is now a huge player in the market.

With over 7 million customers, this global company moves over $5 billion USD every month and is one of the most popular choices amongst customers looking to send money internationally.

Pros and cons of using TransferWise

  • Has a great app (4.8 out of 5 stars) and easy-to-navigate website
  • Converts money at the real mid-market rate (no mark-up or conversion fee applied)
  • Transfer fee is calculated on a percentage of the amount being exchanged. This percentage is calculated multiple factors: how you choose to pay, the amount you’re sending and the exchange rate at the time of transfer.
  • Supports 50+ currencies for currency exchange
  • Money delivered between 1-2 business days
  • Not open to everyone worldwide yet
  • Transfer fees can get costly when transferring larger amounts of money due to percentage-style calculation
  • Does not yet support sending money to and from all currencies offered

TransferWise is undoubtedly the more popular option globally and has really set themselves apart from their competitors through their popular app. They offer simple and transparent transfer fees and currency conversion rates for your international money transfer.

Where CurrencyFair wins is with bigger transactions. If you're looking to transfer a larger sum of money (£4000+) then TransferWise's percentage calculation can sting you. With CurrencyFair's fixed transfer fee percentage (0.25-0.3) it gives you a far better deal of your transfer amount.

  Value   

Speed

Ease

 Both
  TransferWise
  TransferWise

2. Paypal / Xoom

PayPal is an alternative to CurrencyFair

You will have heard of PayPal before; it’s one of the biggest online payments systems in the world. While PayPal supports many online money transactions when you shop, it also supports international money transfers through its Xoom service.

Xoom is easy to use and has excellent reviews from customers worldwide. It is one of the leading transfer choices for the US, Canada and Europe, and you are able to transfer to over 30 countries worldwide easily through an app or online.

Warning though, there is a price to pay for the flexibility, range of services and sending money under the name of PayPal. Xoom is more expensive than other money transfer options, with the exchange rate mark up often being obscure and high, and total costs added being far more than others.

Pros and cons of using PayPal / Xoom

  • Highly rated and reviewed app: Xoom gets 4.7 out of 5 stars out of 37,000 reviews
  • Send to 30 countries worldwide in US dollars or local currency. For the full list, click here.
  • A number of payment options available for pay in and pay out: use your PayPal account, debit or credit card to transfer and your recipient can receive via a bank deposit, cash out or door delivery of funds. You can also pay bills directly to countries and different currencies.
  • Secure and convenient
  • Fast money transfer: money can be delivered in a number of hours in most occasions, or a few days depending on the details of your international money transfer.
  • Adds a mark-up to the exchange rate that differs with each currency, amount and transfer method. This is often not clear and close to the retail exchange rate, making it far more costly than other providers.
  • Expensive for international money transfers.

PayPal's Xoom service is highly ranked among customers worldwide. It offers a larger menu of options, such as the ability to pay bills directly or allow the recipient to draw out cash in local currency (which only the likes of Western Union and MoneyGram do, for a hefty cost), plus your normal bank account transfers.

Yet if you are looking for a standard money transfer which can be done from bank account to bank account, then Xoom isn't your cheapest or best option. With their mark-up on exchange rates and fees, they don't offer value in international transfers and for that, CurrencyFair would be the better option.

  Value   

Speed

   Ease   

  CurrencyFair
  PayPal / Xoom
  PayPal / Xoom

Learn more

3. WorldFirst

WorldFirst is an alternative to CurrencyFair for money transfers

Founded in 2004, WorldFirst is a UK-based company that has now grown across Australia, Asia, Europe and the USA. Fully global, they work with individuals and businesses alike, with over 250,000 customers and 150,000 businesses.

Since their launch, they’ve transferred over £70 billion for their customers globally.

Pros and cons of using WorldFirst

  • Offers 130 currencies to exchange - far more than other money transfer services
  • Simple and transparent fee structure on their website
  • Low transfer fees for bigger transactions
  • High minimum transfer amounts applied e.g. £1000
  • Transfer fees differ with amount being transferred (0.5-0.15%) with a high amount needed (£500k) if you want to get a lower transfer fee applied
  • Currency exchange rates are hidden until after you sign up. WorldFirst website only shows the interbank rates
  • A poorly rated app - 3.9 out of 5 stars

With 130 currencies to exchange with, WorldFirst is a great option if you’re looking to transfer to or from less popular currencies.
In all other areas though, CurrencyFair wins. Better exchange rates and lower fees, with no minimum transfer amount and a quicker transfer time.

  Value   

Speed

Ease

  CurrencyFair
  CurrencyFair
  CurrencyFair

Learn more

4. OFX

Alternatives to CurrencyFair - OFX

OFX is an Australian company founded in 1998. One of the oldest players on the foreign exchange block, OFX is very popular and has offices all over the world.

OFX has transferred over $150 billion AUD worldwide. It has over 1 million customers and boasts an easy-to-use website and app, making it simple and fast to complete a money transfer.

Pros and cons of using OFX

  • Offers 55+ currencies
  • Has a good app rating (4.8 out of 5 stars)
  • Good customer service 24/7
  • Minimum transfer amount applied e.g. £100 for GBP
  • Transfer fees applied to currencies other than GBP and USD. This is around $15 or equivalent.
  • Adds mark-up on exchange rate – on average 0.4% above mid-market rate
  • Hidden rates online - online currency converter only shows market exchange rates. To find out OFX customer rates, you must login or set up an account
  • Some bad reviews on TrustPilot
  • Exchange rate and margin changes per ‘pair’ e.g. one currency to another

OFX offer more currencies and better flexibility with their international exchanges, but is by far the more expensive option. OFX applies a margin to their currency exchange rate, acting as their percentage cut, which is not transparent before you sign up. On average, research shows their rate is worse than CurrencyFair.

We recommend CurrencyFair if you are transferring with a popular currency but we think there are better companies to get the most value for your cash out there.

  Value   

  Speed  

    Ease    

   CurrenyFair
  OFX
  OFX

Learn more

5. Remitly

Remitly is an alternative to CurrencyFair

Remitly is a US-based foreign exchange company founded in 2011. Their aim is to make it easier and fairer for those working away from their families and friends to send money back home.

As a result, a lot of the currencies supported are not the major currency exchange routes e.g. GBP-USD but instead, less popular routes are supported in partnership such as Vietnam, Thailand, Argentina, Philippines. If this is something you’re going to need, then it’s well worth having a look at the list of currencies they support from the UK.

Pros and cons of using Remitly

  • Offer currencies to be sent from 16 countries, including Europe, UK, US and Canada. From these countries, you can send to over 50 countries ranging Africa, Asia, South America and Europe.
  • Highly rated app - 4.8 out of 5 stars
  • Express or Economy option to transfer funds (time versus value)
  • Low minimum transfer fee applied e.g. £1 for GBP
  • Multiple options on how to transfer e.g. bank transfer, cash pick up, home delivery, mobile wallet
  • Upfront and transparent fixed fees for Express or Economy
  • Adds mark-up on some exchange rates for certain currency pairs
  • Cash pick-up or home delivery options may incur additional costs
  • Not all payment options are available to all countries

Remitly is different to CurrencyFair in that they have built their product specifically for workers to send money home. As a result, major currency exchange routes are not available through their service.
If you are looking to transfer your money outside of a major currency exchange route e.g. GBP-AUD, then you may find Remitly very useful.
However, if you’re looking to exchange your money outside of the options Remitly offer, then CurrencyFair exists as a great transfer company to consider.

  Value   

 Speed 

   Ease   

  CurrencyFair
   Remitly
   Remitly

Learn more

Summary

Transferring money doesn't need to be complicated or a hassle. There are many foreign exchange alternatives to CurrencyFair, and when transferring money, you need to be confident in who you're choosing to use. Some provide better or worse exchange rates while others provide different transfer services which may suit your needs better.

 

Here's the overall list of alternatives to InstaReM we recommend in order of preference:
  1. TransferWise is the best rated and our overall recommended service for foreign exchange. Easy to use through their app, they offer transparent information and security throughout. See our review here.
  2. Other alternatives such as WorldFirst and OFX are also very helpful and provide competitive exchange rates that will save you much more money than a bank transfer. Both have great apps and an easy-to-navigate website, so they're worth a look if you're not sold on the alternatives above.
  3. PayPal's Xoom service is a highly rated option by thousands of customers globally. Although they cost you more than other transfer providers (hence why we've placed them third), they offer a lot of flexibility, security and range of services which are supported by PayPal.
  4. Remitly is a great option if you are looking to transfer money to less popular destinations and currencies. If you are looking to work abroad and send money home, this might be the best option for you.

We hope the above five alternatives have helped you to choose the best one for you. For more information, visit us online!

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By Arlene Mc Donnell Updated September 8th, 2020