Currencyfair Australia Review 2020 – How does it work

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CurrencyFair Reviews

3,992 • Excellent

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Reviews 3,992

I had to send money abroad to my…

I had to send money abroad to my parents who were stuck due to the covid-19, I did a quick search and CurrencyFair seemed like a professional website. I sent a small amount of money just in case, it took a 2-3 days as they had to confirm why I was sending the money, but after the 1st transaction, the 2nd transaction was within 12 hours, super service and will use again. 5 stars for me

went all good

Quick service and user friendly too.

Excellent service

Excellent service, easy to use with funds reaching their destination super quick with low transfer fees.

I always use currencyfair for international transactions and for sending money home between Germany and Australia. Highly recommend. The rates are always good, the fee minimal and transparent and the transactions quick.

Excellent product and customer service.

Excellent product and their customer service team were extremely helpful and friendly when I had to contact them on registration. Highly recommended.

Easy to use

Easy to use, remarkable fee!

No issues at all from the currency fair…

No issues at all from the currency fair team. The set up was safe, and money was transferred start to finish next business day.

Easy to do and I especially liked the…

Easy to do and I especially liked the ability to hold it in the account until the rate was very favorable!

currency fair is great

currency fair is great they keep you up to date with all the transactions right up to it going into my account

CurrencyFair Review

Learn whether CurrencyFair is a good option for making international money and currency transfers.

CurrencyFair’s head office is in Ireland with an office in Australia and the UK. CurrencyFair was launched in 2020 by expats and former bankers who wanted a better, more affordable way to transfer money internationally. CurrencyFair was the first to introduce a peer to peer (P2P) marketplace and promises competitive rates with fast and secure transactions.

Their brand commitment is to create a world of fair financial services.

The Currency Shop says:

  • CurrencyFair in addition to providing traditional broking services like OFX or Western Union also gives you the option to exchange funds on their P2P market place. It is important to understand the differences and evaluate if they are a suitable choice for you.
  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.

What we will cover

We’re most interested in how safe CurrencyFair are, how they work and when you should use them. In this article, we’ll explore:

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  • Is CurrencyFair safe?
  • CurrencyFair fees and charges
  • How to use CurrencyFair for international money transfers
  • The Pros and Cons

  • CurrencyFair is great for small amounts – with an eight (8) Euro minimum exchange, and no maximum. It makes CurrencyFair ideal for sending small gifts or dealing with small overseas purchases
  • Exceptionally low transfer fee
  • The choice of a peer-to-peer match which allows a very low exchange rate margin of 0.15%
  • You carry some risk if you use their market place given there is no guarantee of a match.
  • They don’t accept credit cards, cheques or cash
  • 0.5% exchange rate charge is uncompetitive for larger amounts above $50,000

How It Works

Before transferring any money overseas using CurrencyFair, you need to register a new account. You can sign up to a personal or business account.

CurrencyFair provides the convenience of electronic verification where possible and the account registration can take as little as a few minutes to complete. If you do not pass via electronic verification they will ask for additional documentation with typical turnaround times 1-2 days.

Once your account is activated it’s simply a matter of adding your deposit account information and your beneficiary information.

Depending on where the money is being transferred, money is usually received in 1-2 days. The best times to transfer money are in the morning – ahead of the bank’s cut-off times in the early afternoon.

How Safe Is It?

CurrencyFair holds the same regulatory approvals from ASIC as those of the Australian Banks and Non-Banks their Australian Financial Services Licence number is 402709.

When sending money overseas, CurrencyFair, in the majority of cases, use a network of local accounts to send the funds. Avoiding the need to use the SWIFT network. The transactions are fufilled via client trust accounts, which is cheaper than using SWIFT and from a security point of view, similar to using another non-bank such as OFX or World First.

How Much Does It Cost?

CurrencyFair charge in 2 ways – a transfer fee and an exchange rate margin.

CurrencyFair Transfer Fee

Their transfer fee is certainly low compared to any other option in Australia. They charge £2.50 pounds (or $4.00 in Australia) which is exceptionally competitive.

What Exchange Rate Will I Get?

CurrencyFair provide you with the option to exchange straightaway or use their peer-to-peer network. About 40% of their customers use the Peer-to-Peer option. If you choose to use the peer to peer option you will set an order to buy currency at your given rate.

Choose your currency, amount and the rate to set your order and CurrencyFair’s market place will match your price at a margin to interbank with another peer trading in the opposite direction at 0.15% where possible.

If no other peers are available at your price CurrencyFair will act as the counterparts and match your order but at a wider spread of 0.35%, where possible. You do have some risk, as with any other order, if the market does not reach your chosen rate then no exchange occurs.

You can always cancel your market place order and exchange at the current market price offered by CurrencyFair but this rate could be lower and at a spread of 0.5%, which is still considerably cheaper than typical bank transfer rates.

CurrencyFair provide you with a risk reward for choosing their peer to peer market place, you can achieve interbank rates or cheaper for your exchange but run the risk you are not matched and no exchange occurs.

How Do I Send or Receive Money from Overseas?

Funds can be transferred to CurrencyFair in any major currencies using EFT or BPAY. CurrencyFair also accepts EURO deposits from debit cards.

Does CurrencyFair accept credit cards?

CurrencyFair does not accept or deliver cash, cheque, credit card or bank draft.

How Do I Pay?

Pay to make a trade with money already in your account or by adding cash to the account from your bank balance.

Can I Pay by Credit Card?

You cannot pay by credit card.

What Currencies Can I Transfer?

CurrencyFair currently offers money transfer options in 18 currencies.

  • Euro
  • UAE Dirham
  • Australian Dollar
  • Canadian Dollar
  • Swiss Franc
  • Czech Koruna
  • Danish Krone
  • Pound Sterling
  • Hungarian Forint
  • Norwegian Krone
  • New Zealand Dollar
  • Polish Zloty
  • Swedish Krona
  • US Dollar
  • South African Rand

The list of countries you can send to using CurrencyFair is LONG:

Check the FAQ page on the CurrencyFair website for more information

CurrencyFair international money transfers

Peer-to-peer transfers in 19 currencies, with better exchange rates and lower fees than the banks.

  • Good for competitive exchange rates and fees.
  • Not so great if you want to pay with cash or card. The percentage-based fee can add up on larger transfers.

Learn more about:

CurrencyFair exchange rates and fees

CurrencyFair is a peer-to-peer currency exchange service. This means you’re able to set the exchange rate you want and then wait for it to be matched by someone looking to exchange currencies in the opposite direction. However, if there are no other customers available to match your rate, CurrencyFair will match with you instead.

There are two transfer fees you’ll need to be aware of:

  • A flat fee. This varies depending on the currency you send but is the equivalent of Varies
  • A fee calculated as a percentage of your transaction amount. If you’re matched with another customer directly, CurrencyFair charges a fee of 0.25-0.3% of your transaction amount. If CurrencyFair matches with you, this fee rises to 0.4-0.6% depending on the currency pair.

Check out the real-time exchange rate CurrencyFair offers and if there are any additional fees.

Available currencies

CurrencyFair allows you to send money overseas in 19 currencies, including:

  • CAD Canadian dollar
  • CHF Swiss franc
  • GBP British pound
  • EUR Euro
  • INR Indian rupee
  • SGD Singapore dollar

  • USD US dollar
  • ZAR South African rand

What types of transfers can you make with CurrencyFair?

CurrencyFair only offers bank account transfers. If you want to send an instant cash transfer, you’ll need to consider other providers.

How long does a transfer with CurrencyFair take?

CurrencyFair transfer times depend on two factors:

  • Deposit time. The time it takes for the EUR you deposit to arrive in your CurrencyFair account is typically 1-2 business days.
  • Transaction time. This varies between currencies. The most common processing time is 1-2 business days, but some currencies (such as GBP and INR) can be sent within 0-1 business days.

Transfers typically take

1 – 2 days

What payment methods does CurrencyFair accept?

You can deposit funds into your CurrencyFair account via two methods:

Is CurrencyFair safe to use?

  • Regulation: Regulated by the Central Bank of Ireland.
  • Established: 2009.
      • Security: Client funds held in segregated accounts with tier 1 international banks.
      • Reviews: TrustScore of 9.4/10* from 3,300+ reviews on Trustpilot.

CurrencyFair is based in Ireland and regulated by the Central Bank of Ireland. Its Australian branch, CurrencyFair Australia Pty Ltd, is regulated by the Australian Securities & Investments Commission and listed on AUSTRAC’s Remittance Sector Register.

As part of the regulatory process, the Irish Central Bank requires CurrencyFair to maintain a minimum level of assets at all times. The company also keeps client funds in segregated accounts with major financial institutions, and requires two-factor authentication for specific actions, such as sending a transfer.

Finally, CurrencyFair claims that all customer information is stored in a secure facility which is safeguarded around the clock.

Where is CurrencyFair regulated?
Country Regulated by
Australia Australian Securities & Investments Commission (ASIC)
Ireland Central Bank of Ireland

How does CurrencyFair make money?

CurrencyFair makes money by charging two fees:

  • A flat fee that applies to all transfers.
  • A fee calculated as a small percentage of your transaction amount.

How to register an account

Before you can send a transfer, you’ll need to sign up for a CurrencyFair account by completing the following steps.

Step 1: Visit the CurrencyFair website

Click through to the CurrencyFair website and click the “Sign Up” link.

Step 2: Create your account

Choose the type of account you want to open (personal or business), enter your email address and create a password.

Step 3: Provide basic personal details

Enter your name, country of residence and why you’re signing up for a CurrencyFair account. You’ll also need to read the Terms and Conditions and other essential documents provided. Click “Create Account” when you’re done.

Step 4: Provide a few more details

You’ll then need to provide your date of birth, phone number, address, nationality and occupation.

Step 5: Provide proof of ID

The final step is to verify your identity. You’ll need to upload a copy of your driver’s licence or passport, as well as provide proof of address.

How do I make an international money transfer with CurrencyFair?

You can send a transfer by completing the following steps:

  1. Log in to your Internet banking account and deposit funds to your CurrencyFair account.
  2. Once the deposit has cleared, log in to your CurrencyFair account and click the “Exchange” menu.
  3. Enter the amount you wish to exchange and select the currency you want to acquire.
  4. Choose whether you want to accept the best exchange rate currently available, or set your desired rate and wait for it to be matched by other users. The former is the default and quickest option.
  5. Click “Exchange Now” to complete the currency exchange.
  6. You can then click on “Transfer Now”.
  7. Enter your recipient’s bank account details and specify the amount you want to transfer.
  8. Review the transfer fee and estimated arrival time.
  9. If you’re ready to finalise your transfer, click “Submit”.

What is CurrencyFair?

CurrencyFair is a peer-to-peer currency exchange marketplace that offers bank-beating exchange rates and fees. Founded in 2009, CurrencyFair is headquartered in Dublin, Ireland, but also has offices in the UK and Australia. Since its inception, the company has exchanged more than €8 billion worth of currency.

In a nutshell

  • Competitive exchange rates and fees. CurrencyFair claims that, on average, the cost of sending a transfer is around 0.45% of the transaction amount. This is much less than you would pay to send funds overseas using your bank.
  • Easy online transfer process. While the peer-to-peer exchange process might sound complicated at first, sending money online with CurrencyFair is simple and straightforward.
  • Mobile transfer app available. If you need to send money on the go, CurrencyFair offers a mobile transfer app for Android and Apple devices.
  • Only supports major currencies. While CurrencyFair does support a decent range of currencies, you’ll need to look elsewhere if you want to send money overseas in a rare currency.
  • Not ideal for larger transfers. If you’re sending a large transfer, for example €50,000 or more, the average 0.45% transfer fee can start to get quite expensive.
  • No credit card or cash payment. Credit card and cash payments are not accepted.

Frequently asked questions

Does CurrencyFair offer business transfers?

Yes, business transfers are also available. To open a business transfers account, select the business account option when registering with CurrencyFair.

Does CurrencyFair charge any fees when I deposit funds into my account?

No. CurrencyFair does not charge any fees on deposits.

Can I set up a recurring transaction?

Yes, you can set up a recurring transaction to send regular payments overseas, for example to pay rent or utilities. This can be done via the “Recurring Transactions” menu in your account.

Will I be notified when the money I send arrives in my recipient’s account?

No. Unfortunately, CurrencyFair cannot notify you when your transfer arrives. However, it can provide you with an estimated time of arrival.

Tim Falk

Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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CurrencyFair Review

CurrencyFair is an online peer-to-peer money transfer company based in Ireland, with additional offices in Australia and the UK. The company was founded in 2009 and began offering international money transfer services to customers in 2020. CurrencyFair offers customers the ability to send money and receive money via transfers or international payments in 17 different currencies, with the ability to send money in an additional three currencies.

The pros and cons of using CurrencyFair

Easy to set up an account

Android and iOS apps

Regular payments ideal for pensions or mortgages

Personal and business accounts

Match to trade at your preferred rate

CurrencyFair takes on the trade if there’s no customer

Priority transfers service (attracts higher fees) to complete exchanges faster

No forward contracts to the US

Exchanges subject to live market rate

Can only add money to your account via bank transfer

CurrencyFair Products for Individuals

CurrencyFair offers currency transfer services to retirees, students, overseas workers, and anyone else who needs to send money and wants to secure a good currency exchange rate at lower prices than what is typically charged at a bank. Customers can send and receive money in 17 currencies and send money in an additional three currencies for almost any type of foreign currency transaction, from funding foreign brokerage accounts to purchasing real estate overseas, accepting foreign currency payments, sending or receiving remittances, or paying for an education.

How to set up a CurrencyFair Account

How To Exchange with CurrencyFair

CurrencyFair Products for Businesses

CurrencyFair also offers money transfer services for businesses and corporate customers. Services include the ability to pay foreign invoices, remit profits to company headquarters, hold funds in a number of foreign currencies, and to make corporate foreign exchange transactions and foreign currency investments in a number of global locations. CurrencyFair offers businesses these services at much lower fees than what is traditionally charged at banks, and all transactions are safe and regulated by financial authorities in the countries in which they are transacted.

About CurrencyFair

Founded in 2009, CurrencyFair Limited is an online peer-to-peer money transfer company headquartered in Ireland with employees in Australia and the United Kingdom. The company offers competitive exchange rates for sending and receiving money transfers and international payment services in 17 currencies, with the ability to send money in an additional three currencies. The company is regulated by the Central Bank of Ireland as an Authorized Payment Institution under the European Communities (Payment Services) Regulations 2009. The CurrencyFair Australia Pty Ltd office is regulated by the Australian Securities and Investments Commission (ASIC). As of October 2020, the company had processed over €1.2 billion in transfers for its customers.

CurrencyFair was one of four companies named “Best of Show” at the inaugural FinovateAsia conference in Singapore in November of 2020, and won the IIA Dot IE Net Visionary Awards for Most Insightful and Intriguing Internet Innovation.

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