Competitive exchange rates Intuitive and easy-to-use product Largest peer-to-peer currency exchange marketplace
ZERO transfer fees for Monito users (you only pay the exchange rate margin).
CurrencyFair has a unique approach to international money transfers. Instead of exchanging your currency with a bank or a money transfer company, you actually exchange with other CurrencyFair customers.
This fully automatic and transparent peer-to-peer approach means that you can choose what exchange rate you’d like, and as long as another CurrencyFair user is looking to exchange in the other direction and accepts your exchange rate, then that’s the rate you’ll both get. Over 10% of users of the CurrencyFair MarketPlace achieve a better exchange rate than the interbank rate (also known as the mid-market or standard exchange rate, which is the mid-point between the buying and the selling prices of the two currencies).
If you’d rather not wait for another customer to accept your rate, you can also choose to immediately convert your money at the best available rate in the marketplace. In any case, CurrencyFair allows you to get excellent exchange rates which are on average just 0.35% below the mid-market rate.
CurrencyFair allows you to exchange between 18 different currencies and you can send money from and to over 150 countries. The company has local accounts for nearly all the supported currencies, which means that transferring your money to them should be free. They employ staff who speak a variety of languages including English, German and French.
After you’ve exchanged your money on the CurrencyFair MarketPlace, you’ll just have to pay a small flat fee of around €3 in most cases to transfer out your money to the bank account of your choice. The money takes around one day to transfer into CurrencyFair, and then around one to two working days to be received. This can take longer for certain currencies.
You can exchange and transfer your money on the CurrencyFair website or on the CurrencyFair app, available on both iOS and Android, at any time (except on weekends and bank holidays) and from anywhere.
They also offer business money transfer services. Businesses can use CurrencyFair for international payroll, global payments and receiving money.
CurrencyFair has now supported transactions worth over seven billion euros for over 100,000 customers. They are expanding their list of available currencies into INR and others and they are now expanding into Asia and will be offering Asian currencies, starting with the Chinese Renminbi and Indian Rupee, together with new deposit methods.
CurrencyFair has excellent customer reviews on Trustpilot, with 4 out of 5 reviewers giving CurrencyFair a 5 star rating, and overall they have a score of 9.3 out of 10. Here’s a summary of what over 2,500 reviewers have to say:
CurrencyFair is regulated and authorized by the Central Bank of Ireland under the European Communities (Payment Services) Regulations 2009. This requires CurrencyFair to protect client funds, maintain systems and procedures at the highest standards (in particular to detect and deter financial crime), maintain a minimum level of capital and liquidity, and have individually approved and vetted key personnel.
As per regulations, clients’ funds are held in segregated accounts which are kept completely separate from CurrencyFair’s own business accounts. This means that your money is safe should the company have any financial difficulties.
CurrencyFair employs over 60 people across its Irish and Australian offices. Employees give the company a 5 star rating on the employer review site Glassdoor, and describe CurrencyFair as a "really nice place to work". The company is headquartered in Dublin, Ireland.
CurrencyFair has been used by hundreds of thousands of clients to exchange over €7 billion. They have thousands of 5 star reviews on Trustpilot and very few complaints. The company is financially strong with over €5 million of net assets, and has raised around €20 million from investors.
Is CurrencyFair safe? Our review shows that the CurrencyFair MarketPlace is a trustworthy platform for foreign currency solutions.
First, you must register for a CurrencyFair account on their website, which only takes a few minutes. Then, the process depends on your needs and the type of transaction you are making. You can deposit money into your CurrencyFair account and then later make a QuickTrade or MarketPlace transaction, or set up an Auto-Transaction if you’d rather do everything at once and not have money standing by in your CurrencyFair account.
This video also breaks down the set-up process.
We want to share how easy it is to use money transfer providers in the real world. That’s why we tested how simple and quick it was for real users to transfer money for the first time using CurrencyFair. Monito partnered with the website and application testing tool, Userbrain, to see how easy it is to use the CurrencyFair money transfer service. See the results here.
|Time to open an account||A few hours|
|Advanced currency contracts||No|
|Type of service provider||Online money transfer operators|
|Regulated by||Central Bank of Ireland|