CurrencyFair Review 9.5

CurrencyFair Overview

CurrencyFair is a pioneer in the person-to-person currency exchange field that offers quick international money transfers, and excellent rates (better than those of forex brokers and banks).  

Customers coming from Top10moneytransfer.com get their first 10 transfers for free. CurrencyFair has processed over €9 billion worth of transfers to date, customers have saved an impressive €230 million in finance fees, service fees, and related expenses using its services.
Much like several of its competitors, CurrencyFair started as a way for expats to transfer money to/from their home countries in a cheap and easy way. CurrencyFair, founded in 2009, is one of the fastest-growing companies in Ireland 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.

How CurrencyFair Works?

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

1. Create your free account and set up your transfer details including the amount, currency and the recipient.
2. Send your money to CurrencyFair by your desired method.
3. CurrencyFair receives your money, exchanges it at the best available rate and transfer to the recipient as soon as they can.

For many registration countries the user verification process for the initial sign-up is carried out according to the “eKYC” standard, meaning it is completely digital, pre-empting the need for any paper document turnover. In some cases you may have to submit your documents and will be prompted to do so.

Opening a CurrencyFair account is completely free of charge. Transactions are typically processed within 24 to 72 hours. Users can also transfer money on the go: CurrencyFair’s system is fully functional on mobile devices running Android or iOS.

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 €3 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 a currency exchange is 0.35% of the transfer sum, starting at a minimum amount of €3. 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’s 100% free to transfer your money to your account with CurrencyFair, but the authorizing bank may levy fees on these transfers. When you top up your account by debit there is a small fee attached which is dependant the card’s country of origin. However, this fee may be offset by quickening your overall transfer times.

UK (GBP>EUR) £10, 000 will get you:

Service	Fee	Exchange rate	Recipient gets
	€3	LOW	€11,041
	£15 - £40	MEDIUM	€10,733

*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.

Australia (AUD>EUR) $10, 000 AUD will get you:

Service	Fee	Exchange rate	Recipient gets
	€3	LOW	€6,458
	$25 - $40	MEDIUM	€6,277

*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 London, wants to send her Berlin-based parents money as a Christmas gift, she has two options to go about it: the “classic” option using a regular bank transfer, or the alternative option using CurrencyFair.

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 an average transaction processing time of 1-2  business days.

Is CurrencyFair Safe and Reliable?

CurrencyFair is fully licensed and regulated by the Australian Securities and Investments Commission (ASIC) and the AFS (Australian Financial Services).

CurrencyFair is also regulated by the Central Bank of Ireland. CurrencyFair Ltd is a CAR (Corporate Authorised Representative) of CurrencyFair Australia Pty Ltd., which in turn is regulated by the ASIC. Benefits of the strict regulations CurrencyFair has to live up to, include the fact that clients 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?

Countries & locations valid for registration:

Anguilla, Aruba, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, French Guiana, French Polynesia, Germany, Gibraltar, Greece, Greenland, Guadeloupe, Hong Kong, Hungary, Iceland, Ireland, Isle of Man, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Norway, Poland, Portugal, Reunion, Romania, Saint Barthelemy, Saint Helena, Saint Martin (FR), Saint Pierre and Miquelon, San Marino, Singapore, Sint Maarten (NL), Slovakia, Slovenia, South Africa, Spain, Svalbard and Jan Mayen, Sweden, Switzerland, United Arab Emirates, United Kingdom, Wallis and Futuna.

Once you are registered and approved, you can start transferring funds to over 150 countries and locations. Users can choose to view the CurrencyFair website in English, French, or German.

Sending channels:

• Website and mobile app
• Payment options: Bank account, Debit card
• Delivery options: Bank account only
• Transfer limits: N/A

Since only €3 (or currency equivalent) is charged at the initial stage of the transaction, it is a cost-effective way for freelancers to receive money, online sellers to get paid, or SMBs to transfer payments to employees or suppliers.

CurrencyFair doesn’t accept deposits in the form of cash money, cheques or bank drafts. All deposits must be made via bank transfer or an Irish debit card.

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 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.

Which Countries Can I Send Money From With CurrencyFair?

CurrencyFair onboards customers from over 60 countries around the world and allowing you to send in money to your CurrencyFair account from over 150 countries including:

• Africa: Chad, Jamaica, Madagascar, Niger and South Africa
• Americas: United States, Canada and Brazil
• Asia: Hong Kong, India, Singapore, South Korea and Taiwan
• Australia & Oceania: Australia, New Zealand, French Polynesia and New Caledonia.
• Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
• Middle East: Bahrain, Jordan, Oman, Qatar, Saudi Arabia, United Arab Emirates.

With CurrencyFair you can send money online to over 150 countries.

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.

You can do this electronically, using the information you provide during the registration process, especially if you enter your passport number. If they are able to identify and verify you electronically, your account will be activated immediately. You will receive an email confirmation of the account activation and you will be able to exchange money straight away.

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 CurrencyFair.com 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 (support@currencyfair.com), 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”, however their average response time is around 2 hours. It is important to note that Monday through Friday they do have 24 hour coverage with shortened hours over the weekend as the markets are closed. CurrencyFair also does not offer customer support over the phone.

Bottom Line

CurrencyFair offers many attractive options to SMBs, freelancers, and expats wanting to send/ receive money from abroad. The low fees and short transfer times make the service highly attractive. You can send, receive and withdraw your funds directly to your bank account without further requirements. The pricing policy and the solid regulation make this service a good solution to consider.