Top Rated Alternatives
- 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?
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.
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.
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.
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!
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:
- 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).
- 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.
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
Global Reach & Service
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.
Spot contracts (instant currency exchange) only.
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:
- 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.
- 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.
CurrencyFair Money Transfer Review
- Credibility Score - 89%89%
- Client Feedback Score - 90%90%
- Fees, Exchange Rates Score - 85%85%
- Global Reach, Availability, Service Score - 82%82%
- Added Values Score - 84%84%
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.