CurrencyFair Review 95

CurrencyFair Overview

CurrencyFair is a pioneer in the person-to-person currency exchange field offering quick international money transfers and excellent rates (up to 8 times cheaper than forex brokers and banks).  

Founded in 2009, CurrencyFair started as a way for expats to transfer money to/from their home countries in a cheap and easy way. To date, CurrencyFair has processed over €8 billion worth of transfers and customers have saved over an impressive €205 million (SGD$300m+) in finance fees, service fees, and related expenses using its services.

CurrencyFair is one of the fastest-growing money transfer companies and has been awarded multiple prestigious awards over the years, including the Most Insightful and Intriguing Internet Innovation (IIA Die IE Visionary Awards) and the Best of Show Award at FinovateAsia in Singapore.


CurrencyFair Singapore

CurrencyFair’s Singapore branch brings world-class customer service and outstanding value to both expats and citizens of Singapore. 

  • Full regulation from the Monetary Authority of Singapore (MAS).
  • CurrencyFair representative meets you at a location of your choice for in-person verification (get verified in minutes).
  • Fast, secure transfers from Singapore to 19 currencies across 150 countries.
  • readers can take advantage of a limited time offer: 3 months of unlimited free transfers from the date you open your account.  
Established 2009
Transfer speed 0-2 days
Transfer Charges
0.1% up to 0.6%, according to the currency pair + a fixed S$4 transfer fee
Currencies 19
Regulation MAS, ASIC, CBI
Required documents ID, Proof of address
Key features - First 3 months: free transfers with
- CurrencyFair representative will meet you anywhere in Singapore to activate account
- Users can set their own rate, and wait for it to be matched
Transfer methods Bank transfer
TrustPilot rating
Customer service

How CurrencyFair Works

CurrencyFair’s Money Transfer system from Singapore works in three easy steps:

  1. Create your free account via CurrencyFair’s website, upload proof of ID and address. A CurrencyFair representative will then complete in-person verification with you (get verified in minutes). 
  2. Go back online to set up your transaction (select the amount, currency to exchange and the bank account to send the money to). Send your money to CurrencyFair by bank transfer.
  3. CurrencyFair receives your money, exchanges it at the best available rate and transfers to the recipient as soon as they can.

The user verification process for the initial sign-up is carried out in-person, at a location of your choice, anywhere in Singapore. This process only takes minutes and is highly convenient for busy professionals. Following verification, the remaining steps of the money transfer process are carried out online.

Opening a CurrencyFair account is completely free of charge. Transactions are typically processed within 24 to 72 hours. 

How Much Does it Cost to Use CurrencyFair

The fees CurrencyFair charges are far less than those charged by FX brokerages and banks. A typical bank may charge you a $30 fee on a $5,000 transfer, while CurrencyFair charges you just S$4 for transferring the same amount. Using CurrencyFair will save you about 90% on transfer fees compared to when using a bank transfer.

The average fee for currency exchange is 0.35% of the transfer sum, starting at a minimum amount of S$43. It is possible for the user to wait for the best exchange rate. On average, you pay just 0.4% above the interbank rate (the exchange rate Google shows) of the amount exchanged, which is considered to be very low.

CurrencyFair allows you to send money from your bank account to CurrencyFair’s account by means of a bank transfer. It is 100% free to transfer money to your account at CurrencyFair, but the authorizing bank may levy fees on these transfers.


SG > UK (SGD>GBP) S$15,000 will get you:
Service Fee Exchange rate Recipient gets
S$4 LOW £8,879.75
S$15-S$35 MEDIUM £8,037.96

*Charges may occasionally be applied by a third party bank when transferring the funds to CurrencyFair or before the funds arrive in the recipient account.


SG > AU (SGD>AUD) S$15,000 will get you:
Service Fee Exchange rate Recipient gets
S$4 LOW A$15,761.00
S$15-S$35 MEDIUM A$14,922.06

*Charges may occasionally be applied by a third party bank when transferring the funds to CurrencyFair or before the funds arrive in the recipient account.

As you see in the table, the combination of the transaction fee and the exchange rate used by the transfer agent may drastically change the final amount that you or your recipient will see on the account payslip.

For example, if Jessica, who is currently working in Singapore, wants to send money to her family in the UK, she has two options to go about it: the “classic” option using a regular bank transfer, or the alternative option using CurrencyFair.

Bank transfer (“Classic” transfer)

The simple way would be going to your bank and initiate a bank transfer from your current account. In this case, Jessica will need to set an appointment at HSBC where she has an account, provide the ID, and sign a bunch of papers to start the transaction. Depending on the transfer details HSBC may charge you from S$15-S$35 as a transaction fee for international transfers and their exchange rate for SGD-GBP is 0.54.  This way, a few business days later, Jessica’s parents will see their account is topped by roughly £8,037.96 out of S$15,000 sent by their daughter.

CurrencyFair transfer (“Alternative” transfer)
Alternatively, you can use a money transfer service, such as CurrencyFair. Account opening is free and online, so Jessica won’t need to be distracted from her work and leave her office: after registration and an online quick authorization, her account will be up and running in no time, with her current HSBC account connected. CurrencyFair offers a way better deal with only a $S4  fixed transaction fee and a fair mid-market SGD-GBP exchange rate of 0.59. Within 48 hours on average, the same S$15,000 sent by Jessica, her parents will receive approximately £8,879.75, which is about £840 more than via a bank.

As you see in this example, using the fair mid-market range (close to the exchange rate found on Google) in combination with low fixed rates may change the final transfer amount completely.

Transfer Speed

Processing times vary from currency to currency and from country to country. In some cases, they may also depend on your bank since the only way to fund a transfer via CurrencyFair is by bank transfer. It is quickest to send or transfer funds in the morning, as most banks use an early afternoon cut-off time, which means transfers made after that time will only be processed the following day.

CurrencyFair offers its customers in Singapore an average transaction processing time of 1-2  business days.

Is CurrencyFair Safe and Reliable

CurrencyFair is fully licensed and regulated by the Monetary Authority of Singapore (MAS) as well as the Australian Securities and Investments Commission (ASIC) and the AFS (Australian Financial Services). CurrencyFair is also regulated by the Central Bank of Ireland.

Benefits of the strict regulations CurrencyFair has to live up to, include the fact that client’s transfers are fully protected due to the use of segregated accounts. The company also has to meet minimum capital requirements, needs to be fully compliant with financial crimes reporting, and have the requirement to utilize loss minimization systems.

Does CurrencyFair Fit Your Needs

Once you are registered and approved, you can start transferring funds to over 160 countries from Singapore. Users can choose to view the CurrencyFair website in English, French, or German.

Sending channels:

  • Website
  • Payment options: Bank account only
  • Delivery options: Bank account only
  • Transfer limits: N/A

Since only S$4 is charged at the initial stage of the transaction (outside of the current 3-month free transfers offer), CurrencyFair offers a cost-effective way to send money abroad before relocation, send money home during relocation, purchase property, pay tuition fees and more.

CurrencyFair doesn’t accept deposits in the form of cash money, cheques or bank drafts. All deposits must be made via bank transfer (Irish debit/credit cards are also accepted).

CurrencyFair For Business

Whether paying suppliers, employees, or contractors from abroad, receiving payments from international clients and invoicing them in their local currency, setting up recurring transactions for regular transfers, or controlling the overseas cash flow between branches — CurrencyFair is there to support your needs.

You can potentially get the same great deal on every single transaction. The absence of first-time offers and broker deals, the low-cost fees for businesses of all sizes, and the transparent margin rates should generally help you save on business transactions. All client funds are kept in segregated accounts by tier 1 international banks, meaning your money is guaranteed the highest level of security.

Users interested in using CurrencyFair for their business need to set up a business account, which also comes free of charge. The information you will be prompted to provide will depend on your company type and country of incorporation.

Registration and Onboarding

Just like banks and other financial institutions, CurrencyFair must follow anti-money laundering guidelines and regulations. To fully activate your account, CurrencyFair must verify your identity. In order for them to do this, you may need to submit a copy of your passport and/ or driver’s license, along with proof of address.

Once you have supplied the required documents online, a representative will meet you face-to-face to complete the validation process. The representative meets you at a time and place of your convenience and the validation process is completed within minutes.

To complete verification of your ID, you’ll need to provide a high-quality photo or scan of a valid ID document from the following list:

  • Passport
  • Driver’s Licence
  • Government-issued National ID Card

Accepted address verification documents are copies of any of the following (in order of preference):

  • Bank Statement
  • Credit Card Statement
  • Driver’s Licence (if containing full residential address)
  • Utility Bills – cable television, electricity, gas, water, telephone bill
  • Local Council Notices
  • Revenue Notices (Annual Tax Certificates)
  • Household Insurance or Renewal Notice

CurrencyFair Customer Support

The Customer Support Centre at is conveniently divided into the following eight categories:

  • Getting started
  • Sending in money
  • Exchanging money
  • Transferring out money
  • Documents & registration
  • Account management
  • Business services
  • Other issues

The best part is that you can contact CurrencyFair directly from any the FAQs in the Support Centre. The company’s contact details can easily be found on the site, and the contact page also includes a contact form to get in touch with Customer Support. This form includes a disclaimer, which reads: “One of our support staff will respond to your query within approximately 24 hours”, which is an indication of the absence of live support. CurrencyFair also does not offer customer support over the phone.

Bottom Line

CurrencyFair offers many attractive options for expats, SMBs, freelancers, and private clients wanting to send money from Singapore back home or abroad. The low fees and short transfer times make the service highly attractive. The in-person validation process is convenient and fast. You can send, receive and withdraw your funds directly to your bank account without further requirements. The pricing policy and solid regulation make CurrencyFair a great solution for your money transfer needs.


  • MAS, ASIC and AFS regulated
  • Free to register
  • Reliable customer service
  • Average commission of just 0.35%


  • Certain countries are excluded from using the service
Did You Know?

Transferring with Currencyfair is up to 8x cheaper than the banks


Did You Know?

Transferring with Currencyfair is up to 8x cheaper than the banks