Currencyfair Review

Trading via: Online Platform
International Clients: Partial*
Established: 2010
MTC-WF 27 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

Pros and Cons

Advantages +0
    Disadvantages -5
    • No Dedicated Dealers
    • Varying Fixed Fees which Could Be Significant
    • Fund Withdrawal Fees on Top of Fixed Fees
    • No Hedging Tools such as Forward Contracts
    • May Take a While to Find Best Rate Match
    Read more details on the full editorial review >

    This Currencyfair money transfer review will explain all the elements which concern using or not using Currencyfair for international money transfers. How to use Currencyfair, what does it offer, how unique it is in comparison to competitors, is Currencyfair safe, are you eligible for free transfers, is Currencyfair based in UK, and more pressing questions we are here to address.

    View Review Rating Summary

    Top Rated Alternatives

    • Min Transfer: £/€/$ 100
    • Currencies Supported: 39
    • Offices : UK, EU, USA, India, UAE and South Africa.
    • Client Satisfaction Rating (Aggregated):
    • Most Worldwide Offices
      Great Rates
      Highest Editorial Rating
    • Min Transfer: £/€ 1,000
    • Currencies Supported: 138
    • Offices : UK, Cyprus, and South Africa.
    • Client Satisfaction Rating (Aggregated):
    • Service Oriented
      Loved by Clients
      No Fees on Transfers
    • Min Transfer: £/€ 1,000
    • Currencies Supported: 121
    • Offices : UK, EU, Australia, Hong Kong and Singapore.
    • Client Satisfaction Rating (Aggregated):
    • Large Trading Volumes
      Easy to Sign Up
      Transparent Exchange Rates

    Minimum transfer:
    £ No Minimum
    € No Minimum
    AU$ No Minimum
    Fees & Rates: €3 Plus Withdrawal Fees More details…
    MTC-WF Offices in >
    More about the company...
    REGULATION: The Central Bank of Ireland (Ireland) The Australian Securities and Investment Commission(Australia)

    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 2010. Since then, it has brokered roughly €5 billion in deals, saving its customers some €170 million. CurrencyFair money transfer has expanded into the UK, Poland, and Australia, and is able to transfer funds to most nations around the world. The firm doesn’t hold a U.S license to operate as a money transfer business, and thus is unable to on-board Americans.

    The Currencyfair model has found its way around 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).

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

    Though the firm is still young and developing, CurrencyFair is one of a few genuine Peer to Peer currency exchange companies, where transparency plays a huge factor, and savings are demonstrated across the board. It is as an online-only service which enables clients to perform actions on the platform from start to finish without human involvement.

    Whether this is a viable business model in the long term is yet to be seen. But for now, CurrencyFair seems to have a lot of happy customers and a growing influence.


    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.

    With that being said, its level of reputation and credibility can’t be matched with Moneycorp (operating since the 70’s and exchanging tens of billions annually). It simply doesn’t have enough track record to prove its financial stability over the course of many decades.

    With the above being said, 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


    There are 3,300+ client reviews available on TrustPilot , netting the company a 9.4 / 10 rating.

    This represents a large improvement from a shaky start Currencyfair had on the platform (in early 2014 it had an average rating of 6.2). It means that reviews added between March 2016 and March 2017 have been almost unanimously positive.

    As a recent update we can say Currencyfair money transfer average rating dropped slightly from 9.4 to 9.2 before then returning back to 9.4. This means that for a time, Currencyfair was averaging 9.1 to lower their average score, which is still excellent. And reviews are even more positive now than before and over 9.4 to bring the average back up.

    Pros and Cons

    Advantages +0
      Disadvantages -4
      • Unhelpful service
      • Cumbersome platform which is not intuitive
      • Lack of transparency about fund withdrawal fees
      • Service discontinued to some countries without prior notice
      Read more details on the full editorial review >

      The 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
      • Helpful service and overall client satisfaction from the experience
      • On the negative side there are some fairly justified complaints, but these are small things to consider inside a 90+% positive overall feedback. The fact services were discontinued is indeed true, but doesn’t happen very often. The platform is a tad more complicated than other FX firms’ platform, but on the other hand it serves a different functionality, so it is expected. And yes, there are withdrawal fees but pretty negligible when it comes to high volume trading.

        90% Client Feedback Score.



        Currencyfair Exchange Rate & Fees + Free Transfers


        Fees: There’s a min. €3 fixed fee per transaction (which grows to €8 for priority /same-day transfers). That is if you send money from the UK. 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.

        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.

        In fact, Currencyfair is a marketplace where buyers and sellers meet to exchange currencies. Each person can set his preferred rate, or engage into trading with an existing offer.

        There are two ways to go along:

        1. If you need to exchange the currency quickly, you can use the Quicktrade option. This will automatically search for the best rates currently available on the marketplace and match your transfer. We don’t have particular data on the average margin achieved through this function but we can tell Currencyfair claims to step in and offer a 0.4%-0.5% margin if no marketplace match is made (and we assume margins will hover around these prices).

        2. If you want to let money sit for a while, and willing to wait for the best deals, then you can potentially even beat the mid-market rate. On the other hand, in terms of currency fluctuations, you could end up losing much more than the fees you saved.

        The average spread that Currencyfair reports is 0.4% which is a great margin even for large transfers, but it’s difficult to know if it can be ever achieved through the more recommended Quicktrade option.

        Limits: €8 is the minimum amount that can be transferred, one of the lowest seen anywhere. There is no upper limit.


        The fees could be excessive with some currencies, or if you want a priority trade. If you are transferring small volumes in exotic currencies, or need a priority transfer, you’re better off not using them.

        In terms of exchange rates, we think they are quite comparable or cheaper than Transferwise, all in all, at around the 0.4% from mid-market rate (if you factor in the fees, and the fact many get great rates on the marketplace). That’s a great spread! lower than WorldFirst’s, even (for transfers below £500,000).

        85% Fees, Exchange Rates.

        Global Reach & Service

        Dedicated Dealer: No.
        Offices: UK Australia Ireland

        Ways to approach: Email, Telephone.

        Translations:  Polish, French.

        Accepts Clients:  All non-U.S clients.

        Currencies Handled: 19, including the newly launched INR.

        Client Reviews: 9.4 / 10, complimenting the company for saving and service.


        Currencyfair is not the most global company there is. It only accepts clients from very specific locations, and also handles the least amount of currency pairs of all companies, especially in comparison to companies like Global Reach Partners.

        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 an OK money transfer app, rated 3.5 / 5 on Google Play store. It is available to both Android and iPhone users but seems much more popular on Android than it is on iPhone.
        The app allows clients to log into their accounts, and basically perform all the necessary actions, such as opening a position, exchange money and transferring it from the 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 advisory 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 (as low as 0.15% which is lower than any other money transfer company today). Additionally, the firm has a top notch platform and a serious approach towards business.

        Hence, 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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        1 year 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
        2 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 »

        4 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
        4 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
        11 months 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 »

        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!