CurrencyFair - Independent review

All you need to know before sending money with CurrencyFair

Competitive exchange rates Intuitive and easy-to-use product Largest peer-to-peer currency exchange marketplace

8.00/10 Very good
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Special Offer

ZERO transfer fees for Monito users (you only pay the exchange rate margin).


CurrencyFair review by Monito

 

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.


PROS
  • CurrencyFair exchange rates are excellent
  • Low flat fees
  • Great reviews on Trustpilot
  • Mobile apps are very convenient
CONS
  • The entire process could be more user friendly
  • Limited number of supported currencies and countries

 



Reviews powered by

2,468 customer reviews on CurrencyFair on Trustpilot


13 hours ago
by Michael Boyce

5 stars

I use CurrencyFair on a monthly basis

I use CurrencyFair on a monthly basis. Much cheaper and way faster than any bank. I transferred money this week from Dubai to Ireland and it was in my...Read more

I use CurrencyFair on a monthly basis. Much cheaper and way faster than any bank. I transferred money this week from Dubai to Ireland and it was in my account the next day. Great service

1 day ago
by Taylor

5 stars

Excellent

Excellent, seamless experience - I've used CurrencyFair nearly a dozen times over the course of an international move. I've made significant savings, and...Read more

Excellent, seamless experience - I've used CurrencyFair nearly a dozen times over the course of an international move. I've made significant savings, and never had any problems. Once a deposit was double-counted, but they let me know, flagged it right away and the issue was resolved in less than a day. Definitely use it!

1 day ago
by Michael Sheahan

4 stars

I found using CurrencyFair very …

I found using CurrencyFair very agreeable and would recommend it to others


More reviews

1 day ago
by Customer

5 stars

It's easy, it's fast and it cheap.

Currency Fair removed the hassle and cost of transfering money overseas. I started using it after discovering that I would have to go to the High Street...Read more

Currency Fair removed the hassle and cost of transfering money overseas. I started using it after discovering that I would have to go to the High Street and pay around 20£ to transfer money back home. Whenever I want to use it I just pick up my phone easily.

1 day ago
by Mr Richard James

5 stars

A must for exchange rates

A fast, professional and competitive product

1 day ago
by Brian Longworth

5 stars

Excellent choice of rates !

Excellent choice of rates !

1 day ago
by Benjamin Halpin

5 stars

First time user

I was getting sick of hidden bank fees and complicated time consuming money movements this sped the process up dramatically.

1 day ago
by Peter M

5 stars

Simply the best

Fast, reliable, easy to follow. Very good rates.

1 day ago
by Michael Jenkins

5 stars

The rates seem good to me the site …

The rates seem good to me the site seems secure and transactions are easy to do.

1 day ago
by William N

5 stars

Excellent service

Excellent service. Once set up very easy to use. Best value if the transfers are big enough. Good customer service too, when I had the occasional query.

1 day ago
by Ken Powell

5 stars

My View of Currency Fair

Speedy transactions, great exchange rates and very low charges

2 days ago
by S.M.

5 stars

Excellent service

Excellent service

3 days ago
by Lesley Hinde

5 stars

Very straightforward

Very straightforward, once I had set up the account and worked out how it all happened

3 days ago
by Sakis Agent

5 stars

Top customer service best rates around.

Top customer service best rates around.

3 days ago
by Benny Blanco

5 stars

5 stars

5 stars: Excellent – no reservations, I would recommend this company to anyone.

5 days ago
by J. Keasberry

4 stars

It's a great option if you're not in a hurry.

It's a great option if you're not in a hurry. It took me a week to get the outgoing transaction confirmed & approved due to document requests. I would...Read more

It's a great option if you're not in a hurry. It took me a week to get the outgoing transaction confirmed & approved due to document requests. I would have been able to submit them immediately if I knew.

6 days ago
by Simon Madden

5 stars

Easy to bring money from AIB to Aus

I needed to bring some money over from Ireland - been procrastinating for ages, and didn't want to get slugged with bank fees. Once set up,m currency fair...Read more

I needed to bring some money over from Ireland - been procrastinating for ages, and didn't want to get slugged with bank fees. Once set up,m currency fair was very simple and clear to use - especially the automated rtansaction.. they claim I saved about 300 yoyos - didn;t notivce any bank charges coming up. All in all grat service I'd recommend. Simon

1 week ago
by Iqbal Mohammad

4 stars

good rates and great support staff

good rates, responsive staff, once in while you may run into difficulty when transferring funds but that is only the fault of banking partners - who may...Read more

good rates, responsive staff, once in while you may run into difficulty when transferring funds but that is only the fault of banking partners - who may be disrupting transfers as Currency fair are not letting them rob customers when trading currency My advice is to try to have same banks as currency fair accounts for each currency, Barclays for Sterling and AIB or Citibank for US dollars I would strongly advise against using HSBC (They are rightly called banks of crooks)

1 week ago
by Martin Huxley

5 stars

Good exchange rate and efficient and …

Good exchange rate and efficient and quick transfer of money.

12/06/2017
by Kathleen

5 stars

Best rate I could find

Best rate I could find, found it difficult to start with but getting easier. Really pleased with the service.

12/06/2017
by andrew jackson

5 stars

Excellent easy way of transferring …

Excellent easy way of transferring money. Fair fees and very good rates.

12/06/2017
by Anne Hannan

5 stars

Best currency rates that I've found

I come to the US at least once per year on holidays. My first port of call is to check if any of my cousins need euros and I'll take their dollars. If...Read more

I come to the US at least once per year on holidays. My first port of call is to check if any of my cousins need euros and I'll take their dollars. If none of them are in the market for euros then I go to currency fair next. I find it easy to use and great value for money. I'll never exchange money in a bank again.

12/06/2017
by John Carr

5 stars

Reliable, quick and easy.

Reliable, quick and easy with rates very close to interbank midrate...unlike the high street banks.

12/06/2017
by Richard

5 stars

A long term and beneficial relationship

I have been using Currencyfair since the beginning and many of my friends have converted too. The transparency and low costs are what other companies...Read more

I have been using Currencyfair since the beginning and many of my friends have converted too. The transparency and low costs are what other companies don't have.

12/06/2017
by Martin Rauchenwald

5 stars

Using CF now for quite some time and …

Using CF now for quite some time and never had a problem - always felt well informed about all aspects of the transaction

12/05/2017
by Lis Guest

5 stars

Patience rewards you with the amazingly good exchange rates

Achieved excellent exchange rate by planning ahead and patience

12/05/2017
by Marc

5 stars

excellent exchange

excellent exchange, almost get the spot rate, and above that very low cost transfering the money to their destination. Using it for years now, very happy.

12/03/2017
by Frank Bachl

5 stars

I can't normally be bothered with …

I can't normally be bothered with writing reviews, however, this one deserves one better. Not only does it allow me to bit for my exchange rate not unlike...Read more

I can't normally be bothered with writing reviews, however, this one deserves one better. Not only does it allow me to bit for my exchange rate not unlike share trading, every adjustment then is followed up with an instant confirmation as per email. The transfer too is fast and professional, and in my case it was fee free. Good bye bank, hello Currencyfair.

12/03/2017
by Pete Finlayson

5 stars

Currency Fair? I'm definitely a huge fan.

I'm an Australian who is now retired and live overseas in several different addresses. Moving money is definitely an art. Having earlier made some...Read more

I'm an Australian who is now retired and live overseas in several different addresses. Moving money is definitely an art. Having earlier made some expensive mistakes, about two years ago I lucked onto Currency Fair and have worn a big grin ever since. In fact, my latest transfer of funds - from my Sydney bank to my Paris bank - all was done and dusted in just two days. Furthermore, and unlike several others I have tried - the whole amount arrived with NO deductions. Currency Fair? I just love them.

12/03/2017
by Michael burton

5 stars

Currency Fair for transfer of money.…

Better than the banks for exchange and transfer at a fraction of the bank charge.Quick and secure I would recommend them to any one.


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.

Positive
  • Exchange rates are excellent and transfer fees are much lower than with banks
  • Sending money is a quick and easy process
  • Transfers arrive quickly in the recipient’s account
  • The customer service is very helpful and friendly
Negative
  • Opening an account requires a certain amount of personal information (as with all other companies, this is due to regulations)
  • Some people found the process confusing or unclear
  • In a few exceptional cases, transfers were delayed due to problems with CurrencyFair’s banking partner


Can I trust CurrencyFair ?

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.


Authorised by the Central Bank of Ireland
No. : 419450

 







How CurrencyFair works

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).




1. Deposit

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.

2. Exchange

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.

3. Transfer

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).


Auto-Transaction - The simplest way to transfer money with CurrencyFair

Instead of going through the 3-step process described above, there is an alternative and simpler way to exchange and send money with CurrencyFair: the Auto-Transaction. It works as follows: you tell CurrencyFair how much money you will be sending, the currency you need to convert into, and the bank account you want the converted money to be sent to. Then, all you need to do is to make your local bank transfer to CurrencyFair. As soon as CurrencyFair receives your money, they will automatically exchange it at the best available exchange rate and transfer it out to the bank account of your choice.

Note that you can only set up an Auto-Transaction if you do not already hold money in your CurrencyFair account. If you do, you can simply make a QuickTrade exchange.


 

CurrencyFair exchange rates and fees

Transfer fees
CurrencyFair charges a small flat fee, about €3, for each transfer out of your CurrencyFair account to a bank account. If you have money in multiple currencies on your CurrencyFair account, you can choose which currency to pay the fees in to get the best deal.


Exchange rates
Thanks to the CurrencyFair peer-to-peer marketplace, you can choose your own exchange rate. This means you could potentially get an exchange rate which is better than the current mid-market rate.

Of course, you will only achieve your custom rate if another CurrencyFair user accepts to exchange with you at this rate. Alternatively, you can exchange immediately at the best available exchange rate. On average, you will get an excellent exchange rate which is only 0.35% below the mid-market rate.


Other fees
CurrencyFair’s accounts are generally held locally in the country of the currency you are exchanging from or exchanging to. This means there should be no fees to transfer money into or out of your CurrencyFair account using a local bank transfer.

However, if you are sending from or to United Arab Emirates Dirham (AED), Canadian Dollar (CAD), New Zealand Dollar (NZD), United States Dollar (USD) and South African Rand (ZAR), or if you are sending to Israeli New Shekel (ILS), the transfer in or out of CurrencyFair will be made with an international bank transfer, and you will pay additional fees to the banks involved. Depending on the amount, it is generally still worthwhile to use CurrencyFair, since the better exchange rates make up for the additional fees.

CurrencyFair supported currencies

AED United Arab Emirates Dirham
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP Great British Pound
HKD Hong Kong Dollar (*only to)
HUF Hungarian Forint
ILS Israeli Sheqel (*only to)
NOK Norwegian Krone
NZD New Zealand Dollar
PLN Polish Zloty
SEK Swedish krona
SGD Singapore Dollar (*only to)
USD United States Dollar
ZAR South African Rand

*Only to means that you cannot deposit and exchange the particular currency. However, you can deposit another currency into your CurrencyFair account and exchange it for the “only to” currency. For example, you cannot deposit HKD and exchange them against GBP, however you can deposit GBP and exchange them against HKD.



Mobile app

CurrencyFair has mobile apps for both iOS and Android devices. The CurrencyFair app allows you to easily exchange and transfer money from anywhere and at any time (except on week-ends and bank holidays), and is rated 4.2 / 5 on the Google Play Store.

With the CurrencyFair app, you can set up deposits into your CurrencyFair account, and the app will provide you with the information you need to make your transfer through your online banking platform or at your local bank branch. The CurrencyFair app then allows you to exchange funds in 18 different currencies and transfer them out to the bank account of your choice.

 



Additional services

CurrencyFair can also help you make recurring transactions. This can be useful if, for example, you need to send your salary abroad or pay off an overseas mortgage every month. Here’s how it works: you tell CurrencyFair the amount you want to exchange and where to transfer your money to. You then send your money to CurrencyFair each month, for example through a standing order with your bank. Once your money reaches CurrencyFair, it will automatically be exchanged at the best available exchange rate and transferred to your recipient.

In addition to being useful for migrant workers, expats, overseas property owners and students abroad, CurrencyFair also caters to business customers. If you are looking to make international payments for your business, CurrencyFair can help you to pay international suppliers and freelancers, transfer money to a foreign subsidiary, or pay salaries abroad.

 


The story behind CurrencyFair

CurrencyFair was founded in 2009 by four expats - Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. It all started when Brett had a bad experience when emigrating and sending a large sum of money from Australia to Europe. He and the other CurrencyFair founders came up with the idea of setting up a peer-to-peer marketplace where people needing to exchange money could do so with each other. This would allow them to avoid costly international bank transfers, with their high fees and poor exchange rates. Since then, over €3.4 billion have been exchanged through CurrencyFair, with estimated savings of €125 million. The company now employs around 90 staff across their Irish, Australian and British offices.

 


 

Which documents will CurrencyFair require to verify my identity?

To comply with anti-money laundering regulations, CurrencyFair must verify your identity. You may be required to provide your passport number, a copy of one or two Identification Documents and one or two proofs or your adress.


Identification Documents

It can be a Passport, National ID card or a Driver's Licence.

Proof of address

In order to verify your address, Currencyfair will need a copy of a document from a reliable institution showing your name and your address. This document can be a Bank or Credit Card Statement, a driver’s License (where it contains a full residential address), a utility Bills (electricity bill, gas bill, water bill, refuse collection, cable television bill, landline telephone bill), a local Council Notices (rates, levies etc.), a Revenue Notices (Annual Tax Certificates) or a Household Insurance or Renewal Notice.



CurrencyFair's Offices

 


Ireland

Colm House, 91 Pembroke Road,
Ballsbridge, Dublin 4,
Ireland.

Australia

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

United Kingdom

Robert Denholm House
Bletchingley Road, Nutfield,
Surrey, RH1 4HW,
United Kingdom.


 

From our blog

How CurrencyFair uses image recognition to know its customers

This is a guest post by CurrencyFair As a global fintech pioneer, CurrencyFair has always endeavored to utilise innovative cutting edge technology to enable an effortless, high quality customer experience. Simplicity and speed are the keys to digital business transformation, and our latest release of image recognition technology will take our customer onboarding flows to […]


Interview with CurrencyFair’s CMO Nils Andén

This article is part of the Spotlight series brought to you by TawiPay, the comparison site for international money transfers. The Spotlight series aims at helping people who send money abroad get all the information they need on key money transfer companies, and follow the latest trends of the money transfer industry. This month, we […]


Interview with CurrencyFair’s CEO Brett Meyers

Interview with CurrencyFair’s CEO and C0-founder Brett Meyers This article is part of the Spotlight series brought to you by TawiPay, the comparison site for international money transfers. The Spotlight series aims at helping people who send money abroad get all the information they need on key money transfer companies, and follow the latest trends […]



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Key facts about CurrencyFair

Service information

Time to open an account A few hours
Minimum amount -
Maximum amount -
Available languages
Français
English
Polski
Personnal transfers Yes
Business customers Yes
Advanced currency contracts No
Required documents -

Company information

Type of service provider Online money transfer operators
Active since 2009
Headquarter Dublin, Ireland
Regulated by FCA

Contact information

Contact support -
Service hour -
Twitter @currencyfair
Facebook CurrencyFair
Youtube currencyfair


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