- Low cost transfers
- Set your own rate
- Live conversion rate
- Multi-currency accounts for business
If you’re looking for a quick, effective, and affordable way to access international currency transfer, then CurrencyFair claims to be the solution. First established in 2009, the Ireland-based business has only become more prolific and successful in its specific niche – offering cost-effective exchanges through an innovative customer-to-customer approach.
So, is CurrencyFair as great as it seems? Or do you need to know a little more to have a clear idea of whether this currency transfer service is best for you? Read on to find out more about what this service can offer, whether it’s worth your time, and what you can do with it:
What is CurrencyFair
CurrencyFair is one of many international currency transfer services, joining a host of other online companies offering alternatives to an old-fashioned and often costly exchange market. The goal of CurrencyFair is to provide its customers with an automatic process at a reduced price, using a peer-to-peer exchange. By cutting out the middleman, users can avoid those costly fees, and get their hands on currency at a far more attractive rate.
Where is CurrencyFair available
CurrencyFair currently allows the exchange of 20 different currencies through their platform, as well as sending money to and from 150+ countries – a recent increase thanks to their expansion into Asian territories. Support is included to send money to what could be considered ‘big ticket’ locations, including the UK, USA, Canada, Switzerland, Hong Kong, and more.
In terms of actually creating accounts, CurrencyFair currently allows registration from a wide range of countries, including the UK, UAE, South Africa, Italy, Greece, and many others. Unfortunately, the USA doesn’t make the list – which may be a downside for some interested parties. You can find the full list of supported countries here.
How does it work
So, what do CurrencyFair so differently, and how does it all work? While traditional banks will act as the middleman in the transfer process, CurrencyFair does away with that extra step by connecting people that would like to exchange directly. Looking for some GBP? This person would like some EUR, so CurrencyFair then sets up the exchange for a nominal fee. Essentially, the platform acts as a match-maker – pairing up people who would like to exchange with great success.
This means to long processing times, no confusing rates and fees, and no back-and-forth to get the type of cash you’d like. CurrencyFair creates a kind of account for users, where their money is stored securely until the transfer is fully completed. The Marketplace service that CurrencyFair also offers allows you to save even more cash by getting in a queue for your exchange if you’ve got the time and patience. With billions of exchange transactions completed through the service, it must be doing something right.
What are the advantages of this service
Why would you want to choose CurrencyFair for your currency transfer needs? There are plenty of reasons why customers rave about the business, but the primary plus is the considerable cost reduction. Whereas banks can charge upward of 5%, CurrencyFair charges a far more attractive 0.45%, in addition to €3 for QuickTrade. Even if you’re not big on your math, you can see how that works out. Even better, if you’re happy to do the legwork yourself and wait for a real-time exchange in the Marketplace, you’ll only be charged 0.15% for the transfer. Now that’s good value for money.
The wide range on offer is another advantage to CurrencyFair. 150+ countries and 20 currencies are great for any service, especially as many businesses tend to diversify into specific currencies. The platform is also highly regulated, which means your transfer is safe and sound under Irish and Australian regulatory requirements. The advantage of coverage both in the UK and Australia also means they’re available around the clock for support and any queries you may have, which is a significant advantage for those new to the world of currency transfer.
What are the downsides to using CurrencyFair
There are plenty of good things to say about CurrencyFair, but are there any downsides to consider? One of the things that hold the platform back is the lack of choice for funding transfers. Only bank transfer and debit cards are supported, cutting out the hundreds of other secure payment methods people around the world use every single day. The lack of support for USA accounts may also be a problem for some potential users.
Beyond those technical downsides, CurrencyFair is generally a robust all-around contender. While there is some concern that the platform holds your cash before it’s sent on – therefore gaining interest on your money – this is generally considered a small price to pay with such low exchange rates and fees.
Is it worth trying CurrencyFair
Is CurrencyFair the currency transfer solution for you? That all depends on what you’re trying to do. If your country is supported, and you’re looking for low-cost transfers, then this platform might be the right fit. It’s always worth doing your research, but with consistently positive customer reviews and a history of exceptional security and customer service, CurrencyFair isn’t a bad place to start by any means.