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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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. 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 exchange rates are excellent
  • Transfer money in 18 currencies to over 150 countries
  • Low, flat fees
  • Excellent reviews on Trustpilot
  • Limited number of supported currencies and countries
  • Can only pay for a transfer via bank draft
  • Intermediary banking charges may apply in some countries


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:

  • 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
  • Opening an account requires a certain amount of personal information (as with all other companies, this is due to regulations), however electronic verification is speeding up this process
  • Some people found the sign up process confusing or unclear
  • In a few exceptional cases, transfers were delayed or blocked

Can I trust CurrencyFair ?

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.

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.

In short:

  • Send money to CurrencyFair – Set up your free account in minutes and send your money to CurrencyFair by bank transfer
  • Exchange your money – Get the best available rate with CurrencyFair
  • Transfer your money out – Send your money to CurrencyFair by bank transfer to be exchanged

This video also breaks down the set-up process.

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.

How easy is it to use CurrencyFair?

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.


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. They may also charge a commission of between 0.1% and 0.6% of the exchanged amount.

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.

CurrencyFair 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 weekends and bank holidays).

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.

CurrencyFair’s provides a free, multi-currency wallet that offers bank level security for all your currencies, and your funds are always ready to exchange. Top it up at any time, and transfer when you’re ready. CurrencyFair’s unique peer-to-peer exchange lets you set your own rate, and wait for it to be matched with other customers exchanging the opposite currency. CurrencyFair also keeps you informed of the latest rates with email alerts. You can set up daily or weekly alerts, or request an email when a currency reaches your desired rate.


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 €7 billion have been exchanged through CurrencyFair, with estimated savings of €200 million. The company now employs around 90 staff across their Irish and Australian 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 address.

CurrencyFair uses electronic verification for identification in several countries, which means you can sign up in just a few minutes. This is known as eKYC and applies to people in the UK, Spain, Poland, Switzerland, New Zealand, France, Ireland, Italy, Canada (expats only) and Australia. If you’re applying from one of those countries, verification will take just a few minutes.

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 notice (Annual Tax Certificates) or a household insurance or renewal notice.

CurrencyFair's Offices



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


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


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Key facts about CurrencyFair

Service information

Time to open an account A few hours
Minimum amount No
Maximum amount No
Can you transfer from your mobile? Yes
Available languages
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