CurrencyFair Review

Learn whether CurrencyFair is a good option for making international money and currency transfers.

CurrencyFair's head office is in Ireland with an office in Australia and the UK. CurrencyFair was launched in 2010 by expats and former bankers who wanted a better, more affordable way to transfer money internationally. CurrencyFair was the first to introduce a peer to peer (P2P) marketplace and promises competitive rates with fast and secure transactions.

Their brand commitment is to create a world of fair financial services.

The Currency Shop says:

  • CurrencyFair in addition to providing traditional broking services like OFX or Western Union also gives you the option to exchange funds on their P2P market place. It is important to understand the differences and evaluate if they are a suitable choice for you.
  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.

 

What we will cover

We’re most interested in how safe CurrencyFair are, how they work and when you should use them. In this article, we’ll explore:

  • Is CurrencyFair safe?
  • CurrencyFair fees and charges
  • How to use CurrencyFair for international money transfers
  • The Pros and Cons
Pros
  • CurrencyFair is great for small amounts – with an eight (8) Euro minimum exchange, and no maximum. It makes CurrencyFair ideal for sending small gifts or dealing with small overseas purchases
  • Exceptionally low transfer fee
  • The choice of a peer-to-peer match which allows a very low exchange rate margin of 0.15%
Cons
  • You carry some risk if you use their market place given there is no guarantee of a match.
  • They don’t accept credit cards, cheques or cash
  • 0.5% exchange rate charge is uncompetitive for larger amounts above $50,000

How It Works

Before transferring any money overseas using CurrencyFair, you need to register a new account. You can sign up to a personal or business account.

 

CurrencyFair provides the convenience of electronic verification where possible and the account registration can take as little as a few minutes to complete. If you do not pass via electronic verification they will ask for additional documentation with typical turnaround times 1-2 days.

 

Once your account is activated it’s simply a matter of adding your deposit account information and your beneficiary information.

 

Depending on where the money is being transferred, money is usually received in 1-2 days. The best times to transfer money are in the morning – ahead of the bank’s cut-off times in the early afternoon.

How Safe Is It?

CurrencyFair holds the same regulatory approvals from ASIC as those of the Australian Banks and Non-Banks their Australian Financial Services Licence number is 402709.

 

When sending money overseas, CurrencyFair, in the majority of cases, use a network of local accounts to send the funds. Avoiding the need to use the SWIFT network. The transactions are fufilled via client trust accounts, which is cheaper than using SWIFT and from a security point of view, similar to using another non-bank such as OFX or World First.

How Much Does It Cost?

CurrencyFair charge in 2 ways – a transfer fee and an exchange rate margin.

 

CurrencyFair Transfer Fee

Their transfer fee is certainly low compared to any other option in Australia. They charge £2.50 pounds (or $4.00 in Australia) which is exceptionally competitive.

 

What Exchange Rate Will I Get?

CurrencyFair provide you with the option to exchange straightaway or use their peer-to-peer network. About 40% of their customers use the Peer-to-Peer option. If you choose to use the peer to peer option you will set an order to buy currency at your given rate.

 

Choose your currency, amount and the rate to set your order and CurrencyFair’s market place will match your price at a margin to interbank with another peer trading in the opposite direction at 0.15% where possible.

 

If no other peers are available at your price CurrencyFair will act as the counterparts and match your order but at a wider spread of 0.35%, where possible. You do have some risk, as with any other order, if the market does not reach your chosen rate then no exchange occurs.

 

You can always cancel your market place order and exchange at the current market price offered by CurrencyFair but this rate could be lower and at a spread of 0.5%, which is still considerably cheaper than typical bank transfer rates.

 

CurrencyFair provide you with a risk reward for choosing their peer to peer market place, you can achieve interbank rates or cheaper for your exchange but run the risk you are not matched and no exchange occurs.

How Do I Send or Receive Money from Overseas?

Funds can be transferred to CurrencyFair in any major currencies using EFT or BPAY. CurrencyFair also accepts EURO deposits from debit cards.

 

Does CurrencyFair accept credit cards?

No.

 

CurrencyFair does not accept or deliver cash, cheque, credit card or bank draft.

How Do I Pay?

Pay to make a trade with money already in your account or by adding cash to the account from your bank balance.

 

Can I Pay by Credit Card?

You cannot pay by credit card.

What Currencies Can I Transfer?

CurrencyFair currently offers money transfer options in 18 currencies.

These are:

  • Euro
  • UAE Dirham
  • Australian Dollar
  • Canadian Dollar
  • Swiss Franc
  • Czech Koruna
  • Danish Krone
  • Pound Sterling
  • Hungarian Forint
  • Norwegian Krone
  • New Zealand Dollar
  • Polish Zloty
  • Swedish Krona
  • US Dollar
  • South African Rand

The list of countries you can send to using CurrencyFair is LONG:

Check the FAQ page on the CurrencyFair website for more information

Compare money transfer services like CurrencyFair

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,987.86Exchange Rate0.7182Transfer Fees$64.16Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,987.86Rate Updated less than 4 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,987.86 which includes a fee of $64.16

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 4 mins ago
TorFXRead ReviewTotal (AUD)$13,993.67$5.81 more expensive Exchange Rate0.7146 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,993.67$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7146 will cost you $13,993.67 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,004.93$17.07 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,004.93$17.07 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,004.93 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,007.74$19.88 more expensive Exchange Rate0.7139 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,007.74$19.88 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7139 will cost you $14,007.74 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$89.54 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$89.54 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,192.45$204.59 more expensive Exchange Rate0.7046 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,192.45$204.59 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7046 will cost you $14,192.45 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,324.60$336.74 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$336.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,791.78$803.92 more expensive Exchange Rate0.6766 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,791.78$803.92 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6766 will cost you $14,791.78 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates