Currencyfair Review

International Clients: Partial*
Established: 2010
MTC-WF 28 comments

Exciting. Innovative. Cheap. Great concept with strong execution. A solid money transfer option for advanced users who want ultra-low rates and a smooth online system. With Currencyfair, you only pay 0.4% on average for international money transfers.

89.1% Editorial rating.
Aggregated reviews
Level of Satisfaction
Industry Awards

Currencyfair’s Advantages:
  • 0.4% to 0.6% Overall Markup Reported
  • Transparent Pricing through the Online Platform
  • Opportunity to Beat Market Rate On P2P Marketplace
  • Highly Positive Client Rating
  • Overall Positive Client Reaction
  • Great App
  • First 5 Transfers for Free Promotion (If You Use Our Link)

Currencyfair’s Disadvantages:
  • No Dedicated Dealers
  • Limited to 20 Currencies
  • Fund Withdrawal Fees on Top of Fixed Fees
  • No Hedging Tools such as Forward Contracts
  • May Take a While to Find Best Rate Match

Top Rated Alternatives

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • Extremely Tailored Service

    MoneyFact's Best Provider Award

    Diverse Hedging Options
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America.
  • Our Rating : 92.8%
  • Extremely Tailored Service

    Industry Veteran since 1979

    Diverse Hedging Options

This Currencyfair money transfer review will explain all the elements which concern using or not using Currencyfair for international money transfers. We look at how to use Currencyfair, what services Currencyfair offers and how unique their platform is in comparison to competitors. We also pose questions such as is Currencyfair safe? Are customers eligible for free transfers? And is Currencyfair based in UK?

Is Currencyfair Safe?

Regulated by: The Central Bank of Ireland (Ireland) The Australian Securities and Investment Commission(Australia)
Company Size:

CurrencyFair, not to be confused with travel money giant FairX, went live in Dublin in 2009. Since then, it has securely exchanged over €10 billion in international payments, saving its customers some €260 million in the process. CurrencyFair money transfer has expanded into the UK, Europe, Hong Kong, Singapore and Australia, and is able to transfer funds to most nations around the world. Currencyfair holds offices in Dublin (Ireland), Surrey (UK), Newcastle (Australia), Singapore and Hong Kong. The firm doesn’t hold a U.S license to operate as a money transfer business, and thus is unable to on-board Americans.

Asia and Oceania appear to be a prominent area of focus for CurrencyFair’s international expansion. In 2018, CurrencyFair expanded into the Asian market through the acquisition of Hong Kong-based Convoy Payments, no doubt the driving force in CurrencyFair establishing its own office in the city. In 2021, CurrencyFair merged with Australia’s Assembly Payments, boosting the firm’s overall headcount to in excess of 450.

The Currencyfair model has garnered interest in investors’ minds, managing to raise in excess of $20m in several different rounds (as listed here, here, here and here). The company is often mentioned next to betting exchange giant Betfair in media, and we speculate there might be a connection between the two companies, with shared investors and employees (like this consultant). The level of growth CurrencyFair has enjoyed over the last 10 years is pretty significant and all the more impressive seeing that it has been done on the back of just $20m in capital raised. Whilst this may sound like a lot, it’s nothing compared to the sort of funding sought by other fintechs emerging in the sector. CurrencyFair became profitable in 2018.

Though the firm is now a little over a decade old, CurrencyFair is one of a few genuine remaining Peer to Peer currency exchange companies, where transparency plays a huge factor, and savings are demonstrated across the board. This is definitely unique as not even Wise, perhaps the most prominent early adopter of peer to peer exchange, is really using this model today. What’s particularly attractive is that CurrencyFair doesn’t force users to take this approach either, the user gets to choose whether they would like CurrencyFair to make to the trade immediately, or if they would prefer to see if the trade would get matched by another peer on the CurrencyFair marketplace. It is an online-only service which enables clients to perform actions on the platform from start to finish without human involvement.

By providing customers with a choice, and not being completely reliant on peer-to-peer transactions, CurrencyFair appears to have a viable business model for the long term. As things stand, CurrencyFair seems to have a lot of happy customers and is growing in influence.

Side Note: There’s also a strong connection between Betfair and Wise (Transferwise), as David Yu is an early investor in Transferwise.


Canstar 5-Star Rating for Outstanding Value International Money Transfers – 2019

FinovateAsia 2014 – Best of Show

IIA Dot IE Net Visionary Awards for Most Insightful and Intriguing Internet Innovation


CurrencyFair is bringing real innovation to the money transfer business, and its popularity is increasing by the day. No doubt why the firm is happy to be so bullish with its international expansion.

Now in existence for 10+ years and profitable for the last three, we can start to say more surely that they are a reputable and safe money transfer provider. With that being said, its level of reputation and credibility can’t be matched with long standing incumbents like Moneycorp (operating since the 70’s and exchanging tens of billions annually). It simply doesn’t have the track record to prove its financial stability over the course of many decades, although we wouldn’t be surprised for this one day to be the case.

Overall, we would say Currencyfair’s credibility is high, and that it is safe to use Currencyfair for transactions of all sizes.



89% Credibility Score.

Do Clients Like Currencyfair? Currencyfair Reviews from Across The Web


are 5,000+ client reviews available on TrustPilot, netting the company a 4.6 / 5 rating.

Since we’ve been tracking the firm’s customer reviews since the beginning, we can see that they appear to have gone from strength-to-strength over the years, continually improving their level of service. Back when TrustPilot rated companies on a score out of 10, CurrencyFair scored 6.2 / 10 in early 2014. The firm then slowly worked its way up to a 9.2 /10 rating, equal to the current 4.6 / 5 (Excellent) TrustScore that the firm enjoys today. 84% of reviews rate their experience with CurrencyFair as excellent, 10% rate it as great, whilst just 1% rate it as average, 1% as poor and 4% of customers rating it as bad.

Virtually all of the reviews in 2021 are highly positive, praising the ease of transfers and the efficiency of the online platform. The poor reviews in 2021 appear to have a common theme – the initial registration has proved difficult. It does look like some reviewers have simply jumped the gun and criticised CurrencyFair for not opening their account a bit too soon – CurrencyFair has responded to the reviews to say they are still in the process of waiting for all required ID&V documents from the applicant before they can make a decision as to whether to open the account. This is completely standard practice for financial services companies who must obtain this information, prior to handling their money. Though it does perhaps indicate CurrencyFair has been a bit slow in the account opening process or has failed to keep its customers updated at each stage of the registration journey.

Positive Reviews Discussed the following topics:

  • Excellent online platform, very user friendly
  • Great exchange rates
  • Nice and simple
  • Quick transfers to most destinations

Negative Reviews Discussed the Following Aspects of the Company:

  • Unhelpful customer service
  • Issues with registration, leaving customers in the dark
  • Locked out of account without notice
  • Withdrawal fees in some locations
  • Service discontinued in some countries without prior notice


The positive testimonials prove that Currencyfair meets the goals it has set up in order to become an industry leader:

  • Ability to achieve the best rates through the marketplace
  • An innovative product which combines an eWallet with currency transfers
  • Excellent online platform and overall client satisfaction from the experience

On the negative side there are some fairly justified complaints, for instance there is more than one user reporting of 25+ emails back and forth with CurrencyFair in order to resolve issues relating to the Know Your Customer process when registering for an account. The importance of KYC is obvious but we have to say this much back and forth sounds painful! It has to be said though, that with just 5% of reviews being negative, the vast majority are overwhelmingly happy with the service provided by CurrencyFair.



90% Client Feedback Score.

CurrencyFair Exchange Rate & Fees + Free Transfers


Fees: Fees vary depending on the currency sent and being converted but all of this is clearly visible through the CurrencyFair conversion calculator. Fees as follows:

  • There’s a€3 fixed fee per transaction when sending euros (there used to be an €8 fee for priority payments but this now seems to have been removed).
  • Payments sent in GBP have no payment fee.
  • You can pay as much as 40 ILS (just under £10, or so) if you’re transferring Israeli Shekels, which is comparable to a normal bank fee.
  • $5 for payments sent in SGD
  • 25 DKK for payments sent in Danish Krone
  • A number of other currencies, including INR and ZAR are fee free

Use Our Get Free Quote buttons below to enjoy an exclusive promotion: CurrencyFair Free Transfers – Get Your First Five Transfers for FREE!

Exchange Rates:

The currency rates offered by CurrencyFair are dynamic.

CurrencyFair is a marketplace, so are able to set their own exchange rates.

There are two ways to go along:

  1. If you need to exchange the currency quickly, you can use the Quicktrade option and CurrencyFair will match your trade. This results in a charge of 0.4% to 0.6% of the amount exchanged this varies depending on the currency pair).
  2. If you want to let money sit for a while, and are willing to wait for the best deals, then you can beat the rate charged by CurrencyFair when they match your trade. CurrencyFair charges 0.25% or 0.3% (depending on the currency pair being exchanged) of the total amount exchanged on each side when customers match each other. .

The average spread that Currencyfair reports is 0.45% which is a great margin even for large transfers. How often cheaper spreads can be achieved through the peer-to-peer marketplace is difficult to know as it will depend on the live trades made by other CurrencyFair users at the time but if you go down this route you can achieve a spread between 0.25% – 0.3% depending on the currencies being converted.

Screenshot from Currencyfair’s Website, August 1, 2021
Limits: €8 is the minimum amount that can be transferred, one of the lowest seen anywhere. There is no upper limit.
The payment fees on the whole are not too bad. It’s clear CurrencyFair wants to offer fair and transparent spreads so they aren’t able to offer fee-free international transfers. This is not too bad for smaller transfers but if you’re sending large volumes then you should be able to negotiate both a tight spread and no payment fee with a leading currency broker. A few currencies, such as ILS, can also prove quite expensive.

In terms of exchange rates, we think they are quite comparable to Wise (Transferwise), all in all, at around 0.45% from the mid-market rate. Though Wise will offer a 0.35% spread on some major currencies, so unless you’re able to use CurrencyFair’s peer-to-peer marketplace and achieve a spread between 0.25% – 0.3%, Wise might prove a shade cheaper. For large payments always check with a currency broker such as Currencies Direct as they can either a) save money on your FX spread or b) help with a variety of foreign ex

85% Fees, Exchange Rates.



Global Reach & Service

Dedicated Dealer: No.
Offices: UK Australia Ireland;HK

Ways to approach: Email, Telephone.

Translations:  English, French, German.

Accepts Clients:  UK, Europe, Australia, Hong Kong, Singapore

Currencies Handled: 20, including the newly launched INR.

Client Reviews: 4.6 / 5, complimenting the company for saving and service.


Currencyfair is not the most global company there is. It only accepts clients from specific locations but it does serve the major markets of Europe, East Asia and Australia well. As it stands its Singapore and Hong Kong websites are only available in English. Its global website is also available in French and German, which is more than some companies, but less than the truly global money transfer providers. CurrencyFair also handles the least amount of currency pairs of all major money transfer companies. With just 20 covered this is especially low in comparison to companies like Global Reach Partners who offer over 100.

On the service side, there’s no doubt the company stands to the highest standards of client satisfaction, but there are no expert dealers to assist you with market guidance (or offer hedging instruments such as forward contracts). That leaves the majority of customers at a disadvantage, having to make their own estimations on market movements if they decide to focus on the marketplace option.

82% Global Reach, Availability, Service Score

Additional Functionalities



Spot contracts (instant currency exchange) only.

For Online Sellers:

There are no special advantages for online sellers, whereas Currencies Direct and World First offer eTailers the option of opening collection bank accounts abroad.


Currencyfair has a continually improving money transfer app.Once rated 3.5 / 5 on Google Play store the app now achieves a 4.2 / 5 rating. On iPhone the app enjoys an excellent 4.7 / 5 score and with just over 650 reviews it appears to be a little more popular on iPhone than on Android which has just over 550 reviews.

The app allows clients to log into their accounts and basically perform all the necessary actions, such as opening a position, exchanging money and transferring it from their CurrencyFair account. One thing to note – you aren’t able to contact customer support through the app and will be redirected to the website.

The app is featured on our best money transfer apps page with a good score.


We cannot ignore the revolutionary P2P marketplace set up by Currencyfair, which represents a truly unique option of finding a mid-market rate (and then paying only 0.15% in spreads to Currencyfair itself).


Currencyfair has good features when it comes to two types of clients:

  1. Experts who want to bet on currency movements without advise on the subject. These individuals or businesses can fully utilize the marketplace and achieve tremendous rates, but they must understand the risks involved and potential for downside movement.
  2. Individuals or small businesses from UK or Europe who need to move money through popular corridors, and want to use the Quicktrade option to get pretty good rates. If they’re transferring massive amounts then they’re not likely to use an app for it, or let the money wait in the marketplace until a match is made (and could potentially get better rates with traditional FX transfer firms).

Still, the whole concept is ground-breaking and the execution of features is good.



86% Added Values Score

CurrencyFair Money Transfer Review
86 of 100 1 review
  • Credibility Score - 89%
  • Client Feedback Score - 90%
  • Fees, Exchange Rates Score - 85%
  • Global Reach, Availability, Service Score - 82%
  • Added Values Score - 84%

Bottom Line

Currencyfair is an innovative company in a very non-innovative space. What keeps it apart from its competitors is its Marketplace functionality that allows prospective clients to search for a peer to peer match for their transfer, resulting in very low fees and great rates if you find one (generally 0.25% – 0.3% but potentially as low as 0.1% in some instances which is lower than any other money transfer company today). Additionally, the firm has a top notch platform and a serious approach towards business. We also like the organic growth the firm has enjoyed for much of the decade it has been operating – a recent merger with Australian payment firm Assembly Payments shows CurrencyFair will make movements if they come available – but by and large a tremendous amount of growth has happened on the back of a relatively small capital raise for a fintech in this sector.

Hence, we believe CurrencyFair Money Transfer is a safe and reliable service with EXTREMELY great rates, and is worth trying out. Use the button below to receive a Currencyfair FREE Transfer offer.




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2 years ago

If they could get US offerings I would move all my transfers to them! I’m in the UK 10 months of the year but spend Summers in the USA. If something comes up and I need money in my US account I have to use my bank. But still happy otherwise! Just hope they can one day expand into the American market.

Susan Simpson
5 years ago

Amazing company. Easy to set up account and I have just got better that inter bank for $38000 Oz To Canadian. Delighted with every aspect of my dealings with them.

Michael Daly
3 years ago

The process is pretty simple and straightforward, and the money arrived in my Australian bank account without any issues. It took me just $3 instead of the usual $20+ with the banks.

Nick Sellens
6 years ago

I use CurrencyFair and the experience has been very good. I did a lot of research on them on forums etc before taking the plunge and the comments were almost universally positive. You should always take what you see on Trustpilot with a big pinch of salt. You only have to look at the Trustpilot rating of Trustpilot to see that.

5 years ago

Today, 10/10/2015 I am desperately trying to log into my Currency Fair (CF) A/c without success as am being told a Verication Code (VC) is being sent to my mobile which must be quotes for successful login. I have been waiting for this code for over an hour but NOTHING. I have also emailed a request to the Support Team asking for verification of their Bank Details to which I wish to deposit funds for exchange…..NOTHING!! I have been a customer of FC for over 3 years and am disappointed with such poor service. I just need access to my… Read more »

5 years ago

Here the a response I received from currency fair in response to my funds not being transferred- Currency fair provided all the required information and yet where unable complete the transaction or know where the funds went! This doesn’t bode well where you are taking a risk on whether this is a legit company or not. “Thanks for your email, and apologies for not being able to respond to you sooner. It would appear from your receipt that you accidentally sent these funds to our CAD (Canadian Dollar) bank account. We’ve sent a query to our banking partner to determine… Read more »

5 years ago

In an at attempt to get a better rate I sat and watched the market move but every time I went to try and take advantage of the market movement their system would be taken off line, which got so frustrating I ended up having to take the best offer the following day which was higher and lost me £5000.00 on the exchange rate Three days later following the trade, it took me ages to get the phone answered only to be hung up on. I called back, which again took ages to get through and they had no idea… Read more »

Caroline Geddes
5 years ago

Dear Sir

We are thinking of joining you to transfer funds from the UK to Cyprus on a regular basis. However I need clarification regarding your withdrawal charges. Is it undertaken as a fixed fee or a percentage of the amount transferred?

Looking forward to hearing from you.

Yours faithfully Caroline Geddes

hunt macleod
4 years ago

Excellent comments , I loved the information . Does anyone know if my business would be able to access a blank Media Chinese International Limited Form 32A form to edit ?

Arne Strand
1 year ago

We recently used CurrencyFair for a transfer to Thailand in connection with our holiday there. They confirmed to us that the funds would be in the Thai beneficiary account on Oct 14th. On Oct 17th we informed them that the money had not arrived. This was the first of many messages back and forth and they consistently claimed that they had ‘Proof of Transfer’ and that the funds had been received by the Thai bank. All of this turned out to be false. First on Oct 31st did they admit that the money had been kept by their own banking… Read more »

Mike Doehn
1 year ago

Hands off CurrencyFair. Since one week 50.000,- € of my mother disappeared without a trace. Neither has it arrived in her recipient account in the USA, nor can it be seen in her account at CurrencyFair, nor has it been transferred back. And this, although a money transfer was indicated already one week ago. The customer service only reacts with false claims and claims to want to inquire about the purpose of the transfer. What an insolence. CurrencyFair did not respond to two telephone appointments offered by my mother for clarification. As CurrencyFair did not respond to her requests all… Read more »

Miroslav Havlíček
1 month ago

The service is good overall but the app is a little clunky. They could learn a thing or two from their competitors. That’s the only reason why I still have Transferwise on my phone.

Seth Schelin
5 years ago

Currency fair’s front page calculator suggested 1.0923 on EUR/USD but at the same time when getting a live quote to compare to my bank, offered 1.08464
On a €230k exchange that amounted to nearly €2k difference. My bank (large global player) was at 1.093346. Spot at 1.1002 or close. Would not trust the calculator on the homepage.

luca Jhon
4 years ago

Its been a week and i have no news about the money i SENT to them.
The customer service is rude and its not helping at all.
So far I sent to them 500 euros (to pound) and they have just disappeared.
I’m shocked by the customer service and quite worried about my money.
For sure this will be the first and last time with this company.

Papa Ndiaye
3 years ago

Currencyfair is not trustworthy. This is the first time I use their service. I was very patient with them. they told me that my transfer would reach the beneficiary the latest on Tuesday January 9, 2018. When the money has not arrived, I emailed them and they told me the money will reach the beneficiary on Wednesday, January 10, 2018. When the money has not arrived on Thursday January 11, 2018, I received on Friday a message from them stating that the account of the beneficiary is closed. I gave them the proof showing that they are wrong. The account… Read more »

Alan Levin
2 years ago

I feel misled and abused by this organisation…. they were not upfront about the process and in the end refused to keep my private information private!