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CurrencyFair Review

7 Must Knows

In a few minutes, you’ll discover whether XE is a great choice for you.

It is true XE is a nice service that many individuals know and trust, and they say they are “Recommended by 45,000 plus verified customers”.

Fortunately, this is not another “CurrencyFair is awesome” kind of review.

There are some cases when it’s not the best choice.

We go via everything, including thousands of real user reviews, to uncover the exemplary, the bad, and even the hideous.

Most importantly:

We offer you the big picture and the fine print so you can decide whether XE is for you.

Disclosure: This post may include offers and affiliate links to save you money, and it also helps us to support providing the best information.

When You Should Use CurrencyFair ( When to Avoid)

XE’s biggest benefit is the number of countries & currencies they support for large bank-to-bank transfers.

Their fee structure also functions well for personal and business transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD.

Importantly:

XE may not be the right option for you, depending on your needs, and you’ll like to know about our alternatives here.

It’s also not the best choice if your recipient requires cash or if you’re not satisfied with setting up your transfer online.

Content

Pros

1. Very reasonable bank-to-bank international transfers (P2P marketplace or CurrencyFair’s best rate)

2. Wide base of obtaining countries (register from 60 countries & send money to 150 countries worldwide)

3. Multicurrency account for people and businesses (hold and convert between 20 currencies)

4. Dedicated business interpretation

5. Multilingual client support

Cons

1. Not open in the US and Canada (see our recommendations for alternatives below)

2. Transfers can only be supported by bank transfers (no credit cards)

3. Fee structure not perfect for large transfers (over £4000 GBP/€4500 EU/ AUD 9500/NZD)

4. Limited currencies reinforced (Only supports 22 currencies for international transfers)

1. What is CurrencyFair (Actually)?

CurrencyFair is a global money transfer service that offers two low-cost options to trade and send money:

  1. Match FX rates with counterparts on its peer-to-peer (P2P) marketplace, or
  2. Send cash with CurrencyFair’s best rates (matches the mid-market rate)

CurrencyFair’s fee structure creates them ideal for small transfers up to £4000 GBP/€4500 EU/ AUD 9500/NZD.

And they have committed services for both individuals & businesses.

What can you accomplish with CurrencyFair?

  • Send money in different currencies: transnational bank-to-bank transfers to 150 countries in 22 currencies
  • Choose your exchange rate in their P to P marketplace, keeping transfer fees low (potentially lowest in the business)
  • Register from these 60 nations (including the UK, Australia, New Zealand, & Europe) and let you transmit money to 150 countries worldwide.
  • Have a multicurrency reserve: Hold and convert between 20 currencies from one account (both people and businesses)
  • Pay for different personal expenses: utility accounts, mortgage, tuition fee, obtain tax benefits and make charitable donations (for individuals)
  • Manage business expenses: Pay overseas workers, receive international payments, and handle finances efficiently with multi-user features (for growing global companies)

2. Is CurrencyFair Right for You? (When It’s Not)

Works

  • You like an extremely affordable option for international bank transfers below £4000 GBP-€4500 EU-$9500 AUD and NZD.
  • Hold and operate 20 currencies in a multicurrency account
  • Need a dedicated business account for a increasing global business

Doesn’t Work

  • If you live in the US & Canada
  • You like to send large amounts
  • You want to ship cash worldwide
  • You need backing for both major and exotic currencies
  • You want to settle for your transfer with a credit or debit card

There’s no one-size-fits-all answer to international money transfers because everyone has other needs.

CurrencyFair chooses to focus on creating small bank-to-bank transfers from 60 nations (including the UK, Australia, New Zealand, & Europe) more affordable.

If this is what you’re peeking for, keep reading to find out more about when it will perform for you (or not).

But if this isn’t what you’re examining for, don’t worry! We have.

2.1 When CurrencyFair Works For You

An extremely affordable choicefor international bank transfers below £4000 GBP/€4500 EU/ AUD 9500and NZD

CurrencyFair can offer one of the best rates because of its peer-to-peer (P2P) marketplace money exchange.

This implies you can choose your own exchange rate as long as another user (transferring in the other directive) matches or accepts your rate.

You can usually get rates that are 8x cheaper than high avenue banks because of this.

It’s often also cheaper than usefulness like Wise (formerly TransferWise), which are already understood for transparent and low fees.

Even if you go with the other choice of using CurrencyFair’s rates, it usually fits the mid-market rate which is very affordable.

Hold and operate 20 currencies in a multicurrency account

CurrencyFair’s multicurrency account lets individuals convert between currencies they hold to settle bills, mortgage, tuition fees, donations, etc. overseas.

Businesses can convert between the currencies they hold to pay overseas employees & international suppliers without paying hefty bank fees.

Need a dedicated company account for a growing global business

CurrencyFair offers dedicated company accounts for growing global businesses to manage their expenses &international income efficiently. Features like multiuser access, invoice generation, &the ability to receive international payments very easily are advantageous.

2.2 When CurrencyFair Would not Work For You

If you live in the US & Canada

CurrencyFair does not support registration from the US and Canada. However, there are many alternate assistance providers (see below) who can let you send money affordably from these countries.

You need to send large amounts

One of CurrencyFair’s main benefits is the marketplace where you can get excellent exchange rates. As the amounts improve it can become harder to find the exchange rates you need and risk of exchange rates moving becomes more important. We think there are best ways to lock in great rates instantly.

You want to send cash worldwide

CurrencyFair supports bank to bank (or card-to-bank) transfers only. But your recipient may be able to receive the cash they’re traveling abroad or recently moved to a different country and do not have a bank account.

So if sending cash is a priority,

You need support for both major & exotic currencies

Even though CurrencyFair has a broad base of receiving countries, they only support transfers in at lesast22 currencies. This can be quite limiting, especially when you are looking to convert and send in an exotic currency.

You can check out our opinions below for other services that support more currencies.

You want to pay for your transfer usinga credit or debit card

Currently, you cansend money to your CurrencyFair account with a bank transfer as they do not allow funding transfers with a credit or debit card.

2.3 CurrencyFair Alternatives

If you discoverred that XE isn’t the right option for you, here are our best alternatives to meet other requires:

3. Best CurrencyFair Alternatives

#1 Wise Most transparent with low chargesfor smaller bank-to-bank transfers. (CurrencyFair saves even more!)

#2 WorldRemit perfectfor making smaller cash transfers(CurrencyFair does not permit cash)

#3 OFX Top pick for large transfers ($7000 USD/£4000 GBP/€4500 EU/and $9500 CAD/AUD)

#4 TorFX/Currencies Direc -Best phone support for large transfers

#5 XE-Widest range of currencies  solid usage for large transfers)

#1 Wise Most Transparent Bank To Bank Transfers for Small Amounts

Wise is our #1 choice because of it is transparent and affordable fee structure. This means no sneaky shock fees when your recipient gets the funds!

You can even see the same amount your receiver will get right now on the Wise calculator here — no sign-up needed!

It’s also one of the most inexpensive choices for smaller amounts as it transfers at the mid-market rate without any mark-ups. (By smaller we mean under$7000 USD/£4000 GBP/€4500 EU/ and $9500 CAD/AUD)

If you’re a growing global company or freelancer, Wise has excellent industry account features too!

While CurrencyFair’s rates are more reasonable than Wise, the latter has a leg up in many areas:

  • Available in the US
  • Available in 66 countries (comprising the US, Canada, the UK, Australia, and Eurozone) and backs transfers in 40+ currencies.
  • More powerful multicurrency account: Lets you own, manage, and transform between 55 currencies.
  • MasterCard debit card attached to the multicurrency version: Lets you quickly devour in additional currencies when shopping online or traveling.
  • More currencies endowed
  • Volume discount for parties
  • Debit and credit cards funded for funding transfers
  • Local banks accounts in all the areas they serve, no exceptions. (This isn’t always the issue with CurrencyFair, leading to hidden fees. 

#2 WorldRemit Reasonable Cash Transfers for Small Amounts

Sometimes, you may require to send cash.

And this is where WorldRemit stands out since it:

  • It has a vast network of international cash collection locations — like banks, pawnshops, & other licensed outlets in all the 130 countries they service. So your recipient will numerous likely have no problems receiving your cash transfer.
  • Keeps costs low by operating exclusively online (corresponded to other cash payout assistance like Western Union, Ria, and MoneyGram).
  • Supports registration from more than 50 countries (including the UK, US, Canada, Australia, & Eurozone) and offers both personal and business accounts.

Other than cash, you can send money to bank accounts, mobile wallets, and actual top up prepaid mobile phones with WorldRemit.

And here’s a reward: If you sign up here, you will get your first three transfers fee free (using the code ‘3FREE ‘*).

*Offer available in US, UK, Australia- Belgium, Netherlands,-South Africa, Sweden, New Zealand, & Norway.

#3 OFX Most Affordable for Large Transfers Beyond ($7000 USD/£4000 GBP/€4500 EU/$9500 AUD and NZD

OFX’s fee structure causes them our top choice for sending large amounts from the US, Canada, UK, Eurozone, Singapore, Hongkong, Australia, & New Zealand (they also have headquarters in these countries).

And you can send funds to 190 countries in 55 currencies.

OFX sets a flat fee of $15 USD for transfers below $10,000 USD/£ 7,200 GBP/EUR approx, along with a margin on the sale rate, which decreases as the amount goes up.

So they are not the best for more small amounts.

But here’s the excellent bit: Over $10,000 USD, this flat fee is waived. Another way OFX holds its costs for large transfers low is by having a network of 115 local bank charges in the receiving countries.

If you want to bypass the $15 fee, you can use this link here.

OFX also shows multilingual phone assistance to help you set up your transfer or troubleshoot when you need to

Which is very reassuring, mainly when you’re dealing with large amounts.

Learn more about moving large amounts with OFX here.

#4 TorFX or Currencies Direct Best Phone Support for Large Amounts

When you’re sending more significant amounts, you may want good customer support so that you can quickly speak to someone about your transfer.

The last thing you’d like is to be left on hold for hours when dealing with thousands of dollars.

This is where TorFX shines as it’s incredibly telephone-oriented — they have offices in the UK, Singapore, & Australia.

So if you are based in Australia, New Zealand, Asia, UK/Europe, you won’t regret heading with TorFX, purely based on exceptional customer service.

You can even test its client support here by getting a no-obligation quote here:

For US-based clients, TorFX won’t be available to you.

But you can operate Currencies Direct (which is possessed by TorFX). It supports extensive bank-to-bank transfers from the US, & its phone support is equally significant.

#5 XE Sustains Widest Range of Currencies (Rates Are Most suitable for Large Transfers)

XE lets you send big transfers affordably to 220 countries in 139 currencies, the most variety of any comparable services.

It also sustains registrations from the UK, US, Canada, Australia, New Zealand, and Eurozone.

Customer assistance is also reasonable, and you can even speak to their staff in English, French, or Spanish should you require support with your transfer.

XE’s services are open for individuals and businesses.

And while there is not a minimum transfer limit, we’ve found that their fees are affordable for transfers outside £4000 GBP/€4500 EU/$9500 AUD/NZD…

Quick Tip: OFX, TorFX, and XE all deliver flexible options like Spot charges (if you are ready to transfer now), Forward agreements (to lock in a favorable rate for a limited period), or a Market Order (transfer when your currency couple hits the desired rate) to help you keep money on your international transfers in the long term.

4. How Much Does It Command to Use CurrencyFair?

If CurrencyFair is so reasonable, how is it making money?

Through dealings rates and fees.

Here are the four changes you need to be aware of:

  1. Sending fee: Banks can set fees to fund your CurrencyFair transfers. Often these can be eradicated if CurrencyFair has a local bank account.
  2. Fixed fee: All CurrencyFair clients pay a fixed price (€3 EUR or equivalent) per transaction.
  3. Exchange rate margin: They states it averages 0.51% beyond the mid-market rate. (Banks fees can effortlessly be from 3%-6% including the fees levied by the banks at either end).
  4. Receiving fees: Bank charges in places where CurrencyFair doesn’t have a local bank account. This can be a substantial percentage if you are transferring more diminutive amounts below a few thousand.

Let’s take a tighter look at each.

How do they keep it affordable for you?

Firstly, they use their own P2P (Peer to Peer) currency exchange marketplace.

This implies you can set your exchange rate (3) & CurrencyFair matches other individuals transferring money in the opposite direction.

You might even find others helpful to accept exchange rates that are even below the interbank rate (mid-market rate)!

And even if you don’t choose to use CurrencyFair’s P2P marketplace, they also deliver reasonable rates themselves, which will be about the mid-market rate (on average only 0.51% more this is considered especially good).

They also have regional bank accounts in most of the places they operate. So this usually rules out sending (1) and accepting (4) bank fees.

As for the Transfer charges(2), you can earn your first 10 fee-free!

But what’s the catch?

To keep things inexpensive, they do not support credit and debit cards for funding your transfer. So this can be a small inconvenience for some.

Also, we didn’t like the possible hidden fees for transferring to countries where they do not have a regional bank account.

For instance, notable exclusions are CAD and NZD.

However, you will have no problems with USD, GBP, EUR, AUD, HKD, SGD, CZK, CHF, DKK, SEK, & NOK — they have local bank accounts into and out of your CurrencyFair account.

It is okay if you’re sending money from these areas (they have local bank accounts here), but you will probably attract an additional fee if you receive reserves in Canada & New Zealand.

Fortunately, we have a reward for you to test CurrencyFair out and bypass some of these fees!

You can get your first 10 transfers fee to free (opens a new tab).

5..How to Use CurrencyFair

  1. Sign up for an account! (If you employ this link, you get your First 10 Transfers Fee Free opens a new tab).
  2. Verify your identity You are often required to upload some photo identification and/or verification of your address.
  3. Set up the transfer for your currency tandem:
    • Select “send money” to send money as fast as possible. Once CurrencyFair receives your accounts, it will automatically exchange and share the money out.
    • Or “top up” if you want to save money in your CurrencyFair account till you are ready to exchange it. (This will allow you to use their P2P marketplace or CurrencyFair’s most promising current rate). Then you will require to “transfer out” to your recipient.
  1. Sit back and let CurrencyFair finish your transaction!

Heads up when employing the “send money” option: the dealings rate may change between the time you start a transfer from your bank account to when the cash actually gets deposited into your CurrencyFair account. Also, inspect out the section about transfer speed (below).

So if you’re not in a hurry, using the “top-up” choice and holding money in your CurrencyFair multicurrency account will usually be additionally cost-effective.

You can alter between currencies you hold immediately and avoid losses due to market changes.

And if you are even more flexible with time, you can use the funds sitting in your multicurrency fund at the P2P marketplace.

Here’s a look at what operating the P2P marketplace looks like.

  1. You set-up your rate on the sliding scale
  2. You can observe your position on the queue and modify your rate accordingly.
  3. Click “set up an exchange” and wait for the exchange to occur!

4.1 Does CurrencyFair Have an App?

CurrencyFair’s mobile app is open on Android (rated 4/5 on the PlayStore) & iOs (rated 4.6/5 on the App Store).

The app is an excellent choice for setting rate alerts, topping up your CurrencyFair multicurrency account, putting up transfers, and staying updated with your transfer on the shot.

6. What do CurrencyFair Clients Say (including Negative Reviews)?

CurrencyFair is ranked 4.6/5 on Trustpilot with above 5,000 reviews, which is considered “Perfect.”

Of these, 84% of the analysts had a positive experience with the service, while 4% had a “poor” experience.

We trawled via hundreds of reviews (both positive & negative) to share a fair, impartial opinion with you.

Here’s what we found:

The Good

People adore CurrencyFair’s:

  • Exchange rates
  • Fast service
  • Efficient communication from their client service team.

This is what a reviewer on Trustpilot stated about transferring money with CurrencyFair:

“Kept me so much money and was extremely simple to use. Customer assistance is very responsive & all of the quite complex processes (e.g., money laundering deterrence checks) occurred very smoothly and quickly.”

Another analyst also had a great experience:

“Excellent and quick service. If the transaction is carried out in the morning, cash is usually in the foreign receiving account that day.”

The Bad

Nevertheless, not everyone had a satisfactory experience, and we were curious to find out why.

Turns out, the top cause for discontentment is unexpected account suspensions.

After going via multiple similar complaints, we remarked that it was either because:

  • The account did not meet CurrencyFair’s terms of service & compliance rules.
  • The person owned more than one account with CurrencyFair, which ranges against CurrencyFair’s terms of service for the logic stated above.

Overall, we discovered that the negative reviews were mostly related to CurrencyFair’s job as a regulated monetary services provider.

This means they will have no option but to actively audit and flag transfers to deter theft, fraud, and terrorist financing activities.

So while some had bad adventures because of this, the vast majority didn’t appear to have the same complaints.

We’d say that CurrencyFair is a reliable money transfer service with excellent rates and excellent customer service.

7. Are CurrencyFair Money Transfers Safe?

CurrencyFair is secure to use as it’s a regulated monetary services provider.

How do they save your money and information safe?

  • CurrencyFair is fully regulated in every region they operate in.
  • Customers’ money is held in level 1 international banks, separate from their working funds. This indicates if CurrencyFair becomes insolvent, you’ll never misplace your money.
  • Their website utilizes 256-bit encryption through SSL from VeriSign. This suggests that your connection is secure.
  • They use two-factor authentication on their website & their mobile apps.
  • Your liable data is stored on a protected server and can only be accessed through the biometrics of high-level personnel.
  • There’s a digital paper footpath of all your transfers with CurrencyFair (the banks involved), which can be effortlessly made available to you if required.

If you’re interested, CurrencyFair is regulated by:

  • The (ASIC) Australian Securities & Investments Commission in Australia 
  • The Central Bank of Ireland in Europe
  • The (MAS)
  • Monetary Authority of Singapore under the Money Changing & Remittance Businesses Act (Cap. 187) in Singapore
  • They are also registered as a certified Money Service Operator in Hong Kong.
  1. How Long Accomplishes it Take to Transfer Money with CurrencyFair?

The quick answer is 1-6 days.

This mainly relies on the location, currency pair, when you set up your transfer, and your transfer choice with CurrencyFair.

Their “send money” choice is pretty fast, and your recipient may even receive the accounts within a day.

If you have the accounts available in your multicurrency account and are working with a standard currency, your transfer will typically take 1 to 2 working days in total.

If you ought to send money to CurrencyFair from your bank account and match sale rates on the P2P market, this can take more extended (1 to 6 days).

The transfer rate is also a sum of these three elements:

  • Time to Reach CurrencyFair Account (1 to 2 business days with Faster Payments or the CHAPS in the UK)
  • Processing Time & Matching (can vary)
  • Time to Arrive Beneficiary Account (1-2 business days)

The good news?

You can see an assessment for all supported currencies here!

More precisely, here are the main currency channels with the digit of business days anticipated:

EUR-CAD 3 to 4; AUD-CAD 3-4; EUR-AUD 3-4; AED to CAD 6-7; AED-USD 5-9; AUD-AED 2 to 3; AUD-EUR 2-4; AUD-INR 1-3; CHF-EUR 2-5; DKK-USD 2-6; EUR-AED 2 to 3; EUR-CZK 1-3; EUR-GBP 1-3; GBP-AUD 1-3; GBP-DKK 1-2; GBP-EUR 1 to 2; GBP,USD 1-5; SEK-USD 2-6; USD-DKK 1-3; AED-AUD 5-7; AUD-NZD 3-4; AUD-HKD 2-3, and USD-EUR 2-4

A quick tip: CurrencyFair suggests setting up your transfer in the mornings, typically before 1 PM GMT.

(Based on the Trustpilot thoughts, this indeed speeds up the transfer, particularly for GBP and EUR transfers).

Bonus: CurrencyFair for Business

CurrencyFair also has excellent features for growing global companies:

  • Hold over 20 currencies with their multicurrency account: Convert between them to pay overseas workers and international suppliers.
  • Avoid hefty bank fees while obtaining international payments from 150 countries.
  • Multiuser access feature lets admins & team leaders create tailored permissions custom functions and enable dual approval for efficient, safe administration of funds.
  • Integrates with Xero accounting software for comfortable cash management.

Verdict

CurrencyFair is our top option if you’re looking for the lowest fees for sending smaller banks to international bank transfers.

Its multicurrency account is also convenient for holding different currencies simultaneously and exchanging at a more reasonable rate down the road.

However, recall that affordable doesn’t mean that it’s good for everyone! to see if it will meet your precise needs)

For instance, if you need a complete multi-currency account and send funds affordably from the US and Canada (and the UK, Europe, Australia, & New Zealand), Wise is a perfect option.

WorldRemit operates at the intersection of reasonable fees and an extensive international network to obtain cash.

And for your large transfers, you cannot go wrong with services like XE, OFX, or TorFX.

Overall, CurrencyFair is typically an excellent service for most demands, so if you’d want to try them out.

Happy transfers!

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