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

2,554 customer reviews on CurrencyFair on Trustpilot


02/05/2018
by Meirion

5 stars

First time user

For a first time user, all queries were answered promptly, provided the questions were formulated correctly. Very pleased with the feedback from the...Read more

For a first time user, all queries were answered promptly, provided the questions were formulated correctly. Very pleased with the feedback from the support team. I will be using CurrencyFair in the future.

02/03/2018
by Rafal Maj

5 stars

The best exchange rates and the lowest …

The best exchange rates and the lowest fees

01/24/2018
by Sandy Wells

4 stars

Cost Efficient way of transferring

Cost Efficient way of transferring money abroad, but as I only make transfers once or twice a year, I find some of the terminology a little confusing and...Read more

Cost Efficient way of transferring money abroad, but as I only make transfers once or twice a year, I find some of the terminology a little confusing and end up going into options until I hit the one I want . I find the daily rate emails helpful.


More reviews

02/02/2018
by Ciara

5 stars

Great experience

Great experience. No issues transferring money from my Australian bank account to the UK. I was actually surprised how quickly the funds arrived in my U.K...Read more

Great experience. No issues transferring money from my Australian bank account to the UK. I was actually surprised how quickly the funds arrived in my U.K account. I would definitely recommend currency fair.

02/02/2018
by Michael Dalakis

5 stars

GurrencyFair for a good way to transfer funds overseas

I have been using GurrencyFair for a few years now and find it is a good and cost effective way to send money overseas. -Better exchange rates than...Read more

I have been using GurrencyFair for a few years now and find it is a good and cost effective way to send money overseas. -Better exchange rates than banks, lower transfer fees, easy to use.

02/02/2018
by Stanislav Sklenka

5 stars

Great exchange rates

Great exchange rates, very small fees, uncomparable to banks. And pretty fast transfers to banks in other countries. The only thumb down is for 10 days...Read more

Great exchange rates, very small fees, uncomparable to banks. And pretty fast transfers to banks in other countries. The only thumb down is for 10 days registration approving for bussiness account instead of one day presented in the website and no information about why it takes longer (they were too busy with many account requests). But I am not surprised so many people wish to have accounts htere, because the service is otherwise absolutely great and saves huge money. If you dont use them instead of your bank, you throw your money away :)

02/02/2018
by Silvia

5 stars

Great service, great benefits !

Currency fair is very easy to use, reliable and brings benefits. The exchange rate is definitely better than my bank uses. I will used it more often as I...Read more

Currency fair is very easy to use, reliable and brings benefits. The exchange rate is definitely better than my bank uses. I will used it more often as I regularly need to transfer money and exchange.

02/01/2018
by Mr Burrows

5 stars

Have been using Currency Fair since …

Have been using Currency Fair since 2014. Excellent service with the most competitive rates and speed of transfer. Highly recommended.

02/01/2018
by John M Hayes

5 stars

This has to be the best fund transfer …

This has to be the best fund transfer service ever! Ease of use, extremely low fees and exchange rates at the actual (not bank) levels. I use Currency...Read more

This has to be the best fund transfer service ever! Ease of use, extremely low fees and exchange rates at the actual (not bank) levels. I use Currency Fair between my bank accounts in Australia and the UK in either direction and have NEVER had a problem or delay. Highly recommended.

02/01/2018
by Charlie Hayden

5 stars

Easy Peasy and not a rip off

An excellent, safe system with a clear display of fees involved.

02/01/2018
by Renaud Vation

5 stars

To fee or not to fee, that is the question.

Really good application. Secure, quick, really low fees(almost nothing) and really helpful. This application is definitely the best to transfer money.

01/31/2018
by Martin

5 stars

Great service at a great price

Great service at a great price. Simple interface and I've never had any issues over many transactions

01/31/2018
by Customer

5 stars

Simple to use and I feel like I know …

Simple to use and I feel like I know what I am getting and paying for - right away. It took a few minutes to set up within my own banking app, but now...Read more

Simple to use and I feel like I know what I am getting and paying for - right away. It took a few minutes to set up within my own banking app, but now making transactions overseas takes less than a few minutes. It’s great.

01/31/2018
by Mike Hermann

5 stars

Efficient, easy to use and very good value for money.

Far better foreign exchange facility than most mainstream banks (in my opinion) in terms of reliability, functionality and value for money. Rates for...Read more

Far better foreign exchange facility than most mainstream banks (in my opinion) in terms of reliability, functionality and value for money. Rates for 'individuals' are close to the actual exchange rate and the transaction fee is surprisingly good value (Euros 3 for each of my transactions). The 'next day' service and the monthly standing order facility makes life much easier.

01/31/2018
by Paul Sheridan

5 stars

CurrencyFair: a cost-effective way to exchange money - quickly, and painlessly.

Simple to use, great rates, and an excellent website - I have no hesitation in recommending CurrencyFair to anyone needing to exchange currencies. Having...Read more

Simple to use, great rates, and an excellent website - I have no hesitation in recommending CurrencyFair to anyone needing to exchange currencies. Having been an active customer for the past two years, CurrencyFair have never let me down. Keep up the good work, guys. :)

01/31/2018
by dave drew

5 stars

Using CurrencyFair is quick and easy

Using CurrencyFair is quick and easy, their exchange rates and fees are competitive.

01/31/2018
by Deighton Raeburn-Ward

5 stars

Always efficient and excellent value.

Always efficient and excellent value.

01/29/2018
by Kevin

5 stars

First time user sending funds for a …

First time user sending funds for a transaction with Chinese Company, went very smoothly.

01/25/2018
by Ronan Jennings

5 stars

Cost Savings & Operational Efficiency

As a business that only generates GBP income, but incurs significant EUR overheads through our Dublin back office, we have frequent requirements for...Read more

As a business that only generates GBP income, but incurs significant EUR overheads through our Dublin back office, we have frequent requirements for currency exchanges. Due to the size of our business, we don't have the luxury of being able to employ a standalone Treasury function, so we have found the efficiency and cost of using CurrencyFair (as compared to a bank or a specialised currency exchange service) to be very beneficial to the business.

01/24/2018
by Attila Rostás

5 stars

The best rates to exchange money and …

The best rates to exchange money and transfer it abroad. Regular bank's international services are not even on the same page with Currencyfair. I'm using...Read more

The best rates to exchange money and transfer it abroad. Regular bank's international services are not even on the same page with Currencyfair. I'm using it since over 1.5 years.

01/24/2018
by Sab

5 stars

Highy recommended!

Excellent rates compared to other competitors, great service.

01/24/2018
by Graham Nugent

5 stars

I think on earlier pages you should …

I think on earlier pages you should indicate value of " stars " ( ie. first star = low last = high )

01/24/2018
by Oskar

5 stars

excelent for business with USA

excelent for business with USA

01/24/2018
by Charles

5 stars

Good and easy

Easy to use without the rubbish exchange rates or draconian transfer fees of the usual FX banks. Also, for those not good with tech like me, they have a...Read more

Easy to use without the rubbish exchange rates or draconian transfer fees of the usual FX banks. Also, for those not good with tech like me, they have a brilliant support team that can correct just about anything when I've messed up!

01/22/2018
by robbozei

4 stars

I have not tried any other currency …

I have not tried any other currency exchange, but I found CurrencyFair very good and easy to set up and use. So therefore I will not use any other. Why...Read more

I have not tried any other currency exchange, but I found CurrencyFair very good and easy to set up and use. So therefore I will not use any other. Why change something that works.

01/21/2018
by BenC

5 stars

Quick, easy

Quick, easy, good exchange rate. Fees were clear, unlike with banks! Would definitely use again.

01/20/2018
by Marine Scicluna

5 stars

Easy

It's like... to easy!

01/20/2018
by Emmett

4 stars

First time using this system of money …

First time using this system of money transfer and once initial setup was complete, I found the transaction easy and it felt secure

01/18/2018
by Clare Gill

5 stars

Great service

Great service, great exchange rates and conversion rates

01/18/2018
by G Cable

5 stars

Great rates. Great support.

Great rates and almost perfect in terms of ease of use. Customer support is excellent.


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.


 


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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
Jurisdiction Ireland
Regulated by Central Bank of Ireland

Contact information

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