CurrencyFair Money Transfer Review

  • Company name: CurrencyFair LTD
  • Service description: Bank to bank international money transfers via online platform.
  • Website address: www.currencyfair.com
  • Website Languages: English, French and Polish.
  • Review Summary: CurrencyFair is an online P2P (peer-to-peer) money transfer company founded in 2010 with its headquarters in Ireland but having offices and employees in the UK and Australia. It offers very competitive rates for sending and receiving international money transfers in 18 currencies.
  • Recommendation: Similarly to competitor Transferwise – a new and exciting way to transfer money online for cheap with no hidden fees. Lowest reported margin in the industry.
  • Rating

Visit CurrencyFair and Get Updated Rates and Fees


currencyfair-banner


CurrencyFair Fees:

CurrencyFair might be the best company to use when sending money abroad because of its small fees, consisting of a fixed fee of €3 and a low percentage of the amount exchanged: 0.35% on average. But let’s further discuss this “average” term.

Working with a P2P system, CurrencyFair tries to match your needs to the other client’s needs, so you can basically trade between two persons, cheaply and easily. In this case the company charges only 0.15%.

If there is no other customer to provide a competitive rate for your exchange, CurrencyFair will step-in and match your needs. In this case there is a charge of 0.4% to 0.5% of the amount exchanged.

This means that, in the future when more and more people start using CurrencyFair, we will see cheaper and cheaper transactions. This is why the P2P system is so powerful.

Even without matching you transfer on the P2P Currencyfair’s rates are among the best in the business. View below:

Estimated rates Euro to Pound Sterling:

Amount Sent:
EUR 1,000.00
Amount Received:
GBP 865.00
Receive To:
Bank Account Only
SELECT
CurrencyFair Review

Estimated rates Pound Sterling to Euro:

Amount Sent:
GBP 1,000.00
Amount Received:
EUR 1,141.20
Receive To:
Bank Account Only
SELECT
CurrencyFair Review

Estimated rates Pound Sterling to US Dollar:

Amount Sent:
GBP 1,000.00
Amount Received:
USD 1,278.50
Receive To:
Bank Account Only
SELECT
CurrencyFair Review

Estimated rates US Dollar to Australian Dollar:

Amount Sent:
USD 1,000.00
Amount Received:
AUD 1,327.40
Receive To:
Bank Account Only
SELECT
CurrencyFair Review

CurrencyFair Supported Currencies:

Australian Dollar

Canadian Dollar

Czech Koruna

Danish Krone

Euro

Hong Kong Dollar

Hungarian Forint

Israeli Shekel

New Zealand Dollar

Norwegian Krone

Polish Zloty

Pound Sterling

Singapore Dollar

South African Rand

Swedish Krona

Swiss Franc

UAE Dirham

United States Dollar


Offices:

To accommodate clients all over the world, a company needs to have multiple offices and comply with different kinds of demands from its clients. For that reason, and many more, CurrencyFair has three offices where you can contact it:

Ireland

Colm House, 91 Pembroke Road, Ballsbridge, Dublin 4

UK

Robert Denholm House, Bletchingley Road, Nutfield, Surrey, RH1 4HW

Australia

Suite 201, 19 Honeysuckle Drive, Newcastle, NSW, 2300


Regulation:

CurrencyFair is regulated by the Central Bank of Ireland and the Australian Securities and Investments Commission, so you can rest assured that CurrencyFair is legit and reliable.

The regulatory authorities are in place to be sure that the company will offer to its clients a few important things like:

  • Protection of Client Funds
  • Highest standards for systems and procedures
  • Minimum capital requirements
  • Management vetting
  • Detection of financial crime

Mobile App:

As any company that wants to appeal to the remittances-based countries, CurrencyFair provides a smartphone app to make it easier and more accessible to its customers. As many of you know, the third world countries and African countries in general have very expensive internet connections, so most of the residents are using data bandwidth on their mobile network operator.

The CurrencyFair app is perfect for overseas expats, migrant workers and students who need regular payments done quickly and easily.

CurrencyFair Mobile App Mobile App Screenshot

Press and Awards for CurrencyFair

How do you recognize a good company at first glance? Well, you can start by reading what others say about it. And CurrencyFair has been a hot topic for many of the best publications in the world where it received praise. We will list here just a few of them:

  1. http://www.bbc.com/news/business-29365484
  2. https://finance.yahoo.com/video/disrupting-currency-exchange-currencyfair-ceo-084000558.html
  3. http://www.economist.com/node/21554740
  4. http://www.nytimes.com/2014/01/06/business/international/ireland-stirs-homegrown-flavor-into-tech-scene.html
  5. http://www.choice.com.au/reviews-and-tests/money/banking/travel-money/overseas-money-transfers.aspx
  6. http://www.smh.com.au/travel/everyone-asks-how-do-i-avoid-bank-charges-20131114-2xisr.html
  7. http://www.independent.co.uk/money/spend-save/money-insider-new-providers-cut-cost-of-cash-transfer-abroad-7962495.html
  8. http://www.theguardian.com/small-business-network/2013/mar/07/live-chat-overseas-payments
  9. http://www.theaustralian.com.au/business/technology/currency-barter-undercuts-banks/news-story/52c0f7119afeefaf1bc482cb62e30412

But for some people, this is not enough. They need more proof that they are dealing with the elite. We’ve got them covered as well. Let’s look at a few awards CurrencyFair has won in the past:

 

finovate FinovateAsia 2012 Best of Show Winner (2012)


iedrDot ie Net Visionary Winners 2013 – Award for “Most Insightful and Intriguing Internet Innovation”


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eirSpiders 2015 – Award for “Best Online Customer Service or Online Retention Campaign”


Registration Process:

The registration process is very easy and straightforward. In just 3 steps and 5 minutes, you will have a fully functional account from which you can start sending and receiving money. And the first step is always the one where you need to enter your email address and choose a password that is both safe and that you will remember:

registration process

The next step is to set-up your account and enter your personal info like name, date of birth, nationality and the country of residence:

profile setup

By now, you should receive an email letting you know that the process is complete and giving you your CurrencyFair ID, which you will need to use when talking to the support team. Having your CurrencyFair ID at the ready helps the support team find your account more quickly and help you more easily.

email

Oh and we forgot to tell you an important thing – you have successfully created your account already!

done

So why did we said three steps when in reality you only needed to do two? Because there is a limit of 1,000 EUR for the accounts that haven’t yet submitted certain proofs of identity. To bypass this restriction, you will need to upload the following:

  • Photo Identification – Passport, Driver’s License or National/Provincial Identity Card.
  • Proof of Address – Bank or Credit Card Statement or a Utility Bill (electricity, gas, water or cable bill).
  • 2nd Proof of Address – An additional statement like the ones above.

over 1000 euros


News and Articles:

The CurrencyFair website has a blog section where you can stay updated with all the news related to the company. In addition, you can find a lot of very useful articles, mainly focused on the expat life. A few good examples are

  • How Expats Can Find the Best Health Care Wherever They Are
  • Always Connected: Finding the Best Mobile Phone Plans for Expats Traveling the World
  • Investing Abroad? Experts Are Watching These 10 Property Markets

Support:

If you have any more questions about CurrencyFair and its service, be sure to check out its Help & Support Center to find the answers to hundreds of questions. If somehow you don’t find the info you need, its Contact page has listed email addresses and phone numbers where it can be reached.


Visit CurrencyFair and Get Updated Rates and Fees