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. In fact, 10.5% of users of the CurrencyFair MarketPlace achieve a better exchange rate than the mid-market rate!
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, which is the world’s largest peer-to-peer currency exchange, allows you to exchange between 18 different currencies. The company has local accounts for nearly all the supported currencies, which means that transferring your money to them should be free. 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 then generally takes just 1-2 working days to be received, but potentially up to 4 or 5 days 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 week-ends and bank holidays) and from anywhere.
10 hours ago
by Marine Scicluna
It's like... to easy!
10 hours ago
First time using this system of money transfer and once initial setup was complete, I found the transaction easy and it felt secure
2 days ago
by Clare Gill
Great service, great exchange rates and conversion rates
2 days ago
by G Cable
Great rates and almost perfect in terms of ease of use. Customer support is excellent.
2 days ago
by Franchesca Morris
Easy to use, better rate than any bank and transfers are speedy. I will never use a bank transfer again to move funds between countries.
3 days ago
by rohan Madison
Great way to transfer money using their app, competitive rates too
3 days ago
by Julie & Steve Angus
I have used the facilities of this company for the last 2.5 years & consitently have received excellent service. I have had occasion to utilise their...Read more
I have used the facilities of this company for the last 2.5 years & consitently have received excellent service. I have had occasion to utilise their customer support a couple of times, they respond promptly, efficiently and in a friendly, helpful manner, 100% recommend. Thank you
3 days ago
Easy to send and exchange, clear rates and low charge. Super quick and extremely trustworthy and efficient. Highly recommended
3 days ago
by Mr John Clark
It’s the best their is.
6 days ago
by Martin Shayes
Very easy to set up exchanged funds without any problems got a great exchange rate better than anywhere else, had a slight issue with wrong account number...Read more
Very easy to set up exchanged funds without any problems got a great exchange rate better than anywhere else, had a slight issue with wrong account number but it was resolved very quickly and efficiently, would highly recommend this company.
1 week ago
by Pat N
Re: Currencyfair team: Sorry, your answer to my feedback is wrong. You have not provided me with a copy of the response from the beneficiary bank. You...Read more
Re: Currencyfair team: Sorry, your answer to my feedback is wrong. You have not provided me with a copy of the response from the beneficiary bank. You have rather given me your own version, which the beneficiary bank has not validated. The beneficiary has been communicated regularly with his bank regarding the transfer and his bank manager has told him that the money has never been transferred. The manager of the beneficiary bank has also asked you to provide him with the copy of the transfer swift for verification but when I advised you to send the swift you said you cannot send it for security reason. So please, answer with real facts. This has nothing to do with the beneficiary bank. The money has never been sent. ------------------------------------------------------------------------------- What a bad experience using CURRENCYFAIR to transfer money to Africa. I really regret it and I would advise nobody to use CURRENCYFAIR services. CURRENCYFAIR is nothing but a cheat. They will use your money for business. What happens? On Friday, January 5, 2018, I exchanged pound (about £11150 to Euro), had sent the evidence suggesting the money was debited from my saving account (so, they will not use the large transfer argument as a reason for not sending the money). On Monday, January 8, 2018, I have sent them an email asking if the money has already been transferred. They answer stating that the money would be received by the beneficiary on the latest on Tuesday, January 9, 2018. On Tuesday, January 9, 2018, the beneficiary checked with his bank manager and was told that the money was not in. when asking for an update, CURRENCYFAIR apologises and told me to expect the money to arrive close business on Wednesday 10, 2018. On Thursday 11, 2018, the beneficiary checked with his bank manager and was told again that the money was not in. On Friday 12, 2018, CURRENCYFAIR sent an email stating that they are unable to complete the transfer for the following reason: beneficiary account closed. This information is very wrong and I have given them the evidence suggesting that the beneficiary bank account is active. What I understood is that CURRENCYFAIR has used this argument to disclaim responsibility for the non-transfer and transfer the responsibility to the beneficiary bank. This is done on purpose for business. The sender will have to exchange the money again before transferring it back to his/her account. That being so, they will hold your money for business (investment) and the delay in transferring the money will cost you additional money. Be warned if you are African. They will treat you like rubbish.
I've been using Currencyfair for years and initially I was very happy with the service. The rates were and are a lot better than you will get on the high...Read more
I've been using Currencyfair for years and initially I was very happy with the service. The rates were and are a lot better than you will get on the high street. However over the past 16 months or so the service has declined and isn't up to the same standard as it's main competitor. The transfer times are extremely slow both to send money in to their account and out to my receiving account at the other end. On a few occasions I've had to contact them about missing transactions, with their response leaving a lot to be desired, such as saying I didn't include the reference number (I did), and not seeming to read the email communications I was sending them. I started asking a friend to do a few transfers for me with a competitor service and was amazed at the results. The rate was only slightly better than CurrencyFair but the speed leaves them in the shade. Where CurrencyFair invariably now takes over a week to do a transfer between Ireland and the UK at an unknown rate because they take so long, their competitor does it in minutes at a locked in rate, even at weekends. Sorry to say I'll be closing my CurrencyFair account and opening elsewhere.
I started using CurrencyFair after getting ripped off by my Norwegian bank when I made a big transfer. They quoted me one rate, which wasn't so good, then...Read more
I started using CurrencyFair after getting ripped off by my Norwegian bank when I made a big transfer. They quoted me one rate, which wasn't so good, then they ripped me off more when their employee got around to trading off my money on the market. CurrencyFair saves you about 2% in fees, which is huge when you transfer 10000 a year. But it saves you more. If you have time, you can ask for a better rate than what's available, and then wait. Ask 2% more, and volatility will most likely kick in, and your exchange will go through the minute that your currency goes up in value for 5 minutes only, or because of some half day market craze, even in the middle of the night. So your money gets exchanged always when there's a dip. No cheat, no hidden fee, no financial risk. Deposits into CF can take 3 days, payouts are usually the next day. You need your own existing bank accounts in your name in 2 currencies. I haven't compared them to their competition, and I know they're not the biggest, but they're Eurozone based, regulated, and I've saved roughly €3000 so far with them, money that won't be going to traders. The fees I've paid to them so far is about €75. If I convinced you, use this link to get €30 free: Use my referral code RXAR01
Most of the features of this site ensure that you can get a good deal on currency exchange. My only problem is that it does not seem possible to set a...Read more
Most of the features of this site ensure that you can get a good deal on currency exchange. My only problem is that it does not seem possible to set a rate based on the market for the opposite side of the currency pair. So, if I want to exchange CHF for GBP, I should be able to look at the GBP to CHF market and set a rate that will match the best available on that side. This does not seem to work.
Fast, efficient and extremely easy to use service. Great low cost exchange.
by Alvin Morris
Nice friendly honest people to deal with and answers that are simple to understand. Always come back to you quickly if you have a query.
by Sir Francis
Very good rate. I highly recommend
by Maoiliosa O'Culachain
Love using CurrencyFair. Recently had to make a repayment to someone in Canada and was able to use CF to make the payment in Canadian Dollars quite easily
by Linz Turnor
Been using for years, easy to use, great rates, trustworthy, fast and reliable and beats being ripped off by the banks
Excellent product. Easy to use and a saving when judged against ridiculous bank fees.
Always a pleasure using CurrencyFair. Great rates and fairly easy to use. Can't fault them really.
by Brendan Doherty
A seamless and cost-efficient means of exchanging and transferring money abroad. Highly recommended.
by MR Steven Mcclellan
Simply, quick and easy to use. Would highly recommend currency fair
by Ciara McGlynn
Awful service. Twice in 2017 they lost a large sum of money. They showed no urgency when trying to find it. 3 weeks later I got the 1st sum of money, I...Read more
Awful service. Twice in 2017 they lost a large sum of money. They showed no urgency when trying to find it. 3 weeks later I got the 1st sum of money, I am waiting on the 2nd sum to be 'found' after 3 weeks. Will never use again.
by Alan Flanagan
Realize now how my bank has been fleecing me on rates! CurrencyFair was extremely easy to set up and everything went so smooth. Great service - easy and...Read more
Realize now how my bank has been fleecing me on rates! CurrencyFair was extremely easy to set up and everything went so smooth. Great service - easy and transparent. Highly recommend!
by Richard Edward
Straight forward, simple process and problem free
by Peter Cannon
CurrencyFair have always given me excellent service, they are very professional and quick with the money transfer
Amazing service and customer support.....saved me ton of money over the past year. Thank you!
by Dene Jones
Fast, simple & highly cost effective way to exchange currency!
Excellent service, information (web site), communications; problem-solving. Apart from saving a lot of money, versus the outmoded banks.
CurrencyFair has excellent customer reviews on Trustpilot, with 4 out of 5 reviewers giving CurrencyFair a 5 star rating. Here’s a summary of what over 1200 customers have to say:
They are even in the Top 5 companies in Trustpilot’s Money Transfer category. Here’s a summary of what CurrencyFair customers have to say.
CurrencyFair is regulated and authorised 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, Australian and British 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), and has two other offices in Newcastle (Australia) and Surrey (United Kingdom).
CurrencyFair is the largest peer-to-peer currency exchange in the world, and has been used by hundreds of thousands of clients to exchange over €3.4 billion along the years. They have thousands of 5 star reviews on Trustpilot and very few complaints. The company is financially strong with over €5.2 million of net assets, and has raised around €20 million from famous 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.
The three steps of the process are described in detail below (click on the different steps to expand).
Before being able to exchange money and send it to a bank account, you must first deposit money into your CurrencyFair account. To do so, simply tell CurrencyFair how much money you want to deposit and in what currency. CurrencyFair will give you their bank account details and your unique reference number. You must then make a local bank transfer from your bank account to CurrencyFair’s bank account, making sure to indicate your reference number on the transfer.
Once your money has arrived at CurrencyFair and shows up on your CurrencyFair account, you can exchange it into a different currency. Choose how much you want to exchange and between which currencies. You can then either choose your own custom exchange rate (MarketPlace exchange) or immediately get the best available exchange rate (QuickTrade exchange). The type of exchange you choose will depend on what your needs are.
2a. MarketPlace: custom exchange rate
The MarketPlace exchange allows you to set a custom exchange rate, and as soon as another CurrencyFair user agrees to exchange currencies with you at your custom exchange rate, the exchange will happen automatically. This means that you can potentially beat the current best available exchange rate. In fact, according to recent estimates by CurrencyFair, 10.5% of MarketPlace users achieve a better exchange rate than the mid-market rate! The downside to choosing a custom exchange rate is that you’ll have to wait some time for the exchange to take place. The better your custom exchange rate is, the longer the wait. You’ll also have to come back to the CurrencyFair website or app later, to transfer out your money once it has been exchanged.
2a. QuickTrade: best available exchange rate
The QuickTrade exchange is the simplest and quickest way to exchange currencies on CurrencyFair. You simply convert your money instantly at the best available exchange rate, and your money can then immediately be transferred out.
Once your money has been exchanged, you can transfer it out to the bank account of your choice, either yours or the bank account of a third party. The money will be received in 1-2 days in most cases, but up to 4 or 5 days if you are sending to certain currencies such as United Arab Emirates Dirham (AED), Hong Kong Dollar (HKD) or Singapore Dollar (SGD).
|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|