CurrencyFair Money Transfer Review

Q: How can I pick a rate with CurrencyFair?

CurrencyFair has a handy slider that allows you to change the rate. You can use it to choose your preferred option then click on Setup Exchange to start the process. Up until the time you enter the details, it will be pending. That means you can change your rate at any time before then.

Q: How do I know which rate to pick?

Before you decide you can check the rate history. See how the rate you want matches the historical rate. This will show when last the rate was achieved in the marketplace.

Q: Will my exchange happen right away?

You must wait until the best available rate matches the rate you chose, and your request to exchange is at the top of the queue. Remember there are other users waiting to exchange too. CurrencyFair works hard to find a match for you, but it may take time.

Q: What if I don’t want to wait and pick my own rate?

You can pick the Best Available Rate Now. That way your transfer takes place immediately.

Q: I received an email that CurrencyFair couldn’t match my full amount.

When this happens it means the service could not find someone to exchange the full amount you required, so the exchange was done in batches. You’ll always be informed when this happens. If you want, you can cancel the remaining balance and it won’t be transferred.

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

Trademark Disclaimer : CurrencyFair* is a trademark of CurrencyFair Ltd with whom Remitbee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

Everything you need to know

CurrencyFair review

Are you looking to transfer money abroad? Then you may be interested in CurrencyFair. This international payment service allows you to exchange currency with other users. Using CurrencyFair, you can pay international tuition fees, buy or sell property, or even get an overseas pension.

There are many international payment providers out there. Before picking one, you need to know the answers to a few questions.

Are CurrencyFair’s costs competitive? How convenient is the service? Can you trust CurrencyFair with your money? These are all the factors that go into choosing the right service for you.

To find out everything you’ve ever wanted to know about CurrencyFair, keep reading.

How long does a transfer usually take with CurrencyFair?

CurrencyFair transfers usually take between 1 to 5 business days, depending on the currency, destination country, and bank processing times. For major currencies, transfers can be completed in as little as 24 hours, and same-day transfers are available for some currencies and countries, thanks to CurrencyFair's network of local bank accounts. However, transfers may take longer if additional verification is needed or if the recipient's bank has specific processing requirements.

CurrencyFair Transfer Fees

There is a flat fee for sending each transfer from your CurrencyFair account. It is approximately 3 euros, $4 CAD or $5 USD. As a result, it’s easy to calculate up front what your total cost will be. It also means large transfers don’t get charged more.

Pro tip: you can choose a currency to pay the fees in to get the best rate. For example, let’s say you have accounts with CurrencyFair in both pounds and USD. You can pick which account to use to pay the transfer fee, depending on what is the best option for you.

Pros and Cons of using CurrencyFair

Pros

Exchange rates are excellent

Fast speed of transfer

Responsive customer service

Wide range of countries and currencies

Excellent reviews from customers

Low transfer fees

Cons

Signup process can be unclear

Can only fund transfer with bank transfer and sometimes debit card

Verification documents to open account can be burdensome (though electronic verification is available in some places)

How it works

How CurrencyFair Money Transfer Works

After signing up, you can enter the details of the payment you want to send. The site or app then displays both the exchange rate and the fees that will be applied.

If you are happy with it, you can fund the payment with a bank transfer. CurrencyFair then pays out your beneficiary in whichever country they reside. The peer to peer option

Now here’s what makes CurrencyFair different from other services. You can use the service like a marketplace. This means that you can choose your desired exchange rate. If there’s another customer also looking to exchange who accepts it, you’ll both get what you want.

The process is totally automatic. It’s also transparent, since you know exactly what you want to pay and what you’ll get.

Using the best available rate

There’s also a second option for senders who do not want to wait. A sender can choose to convert at the current best available rate in the marketplace. This means a transaction can happen immediately. These rates are competitive too, on average, only 0.35 % below the mid market rate.

In both cases, there’s a flat transfer fee of approximately 3 euros. In terms of time, expect one business day to transfer the money to CurrencyFair. Then one to two business days for the beneficiary to actually get the money. For some currency combinations, the process can take longer.

CurrencyFair exchange rates

CurrencyFair’s exchange rate margin is a large part of the cost you’ll pay to send a transfer. There is an advantage in that you can choose your own exchange rate. In theory, this means you can get a better deal than the mid-market exchange rate. This is the midpoint between the buy and sell rates of any given currency pair.

The issue of course, is that this only works if a user accepts the rate you offer. You can choose to not go peer-to-peer and accept the best available rate. This will usually be a good deal. Estimate around 0.35 percent below the mid-market rate.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is CurrencyFair money transfer secure?

Over $5 billion has already been transferred with CurrencyFair. Since it was founded the service has been used by hundreds of thousands of customers. The company also employs staff in a number of countries and has been covered in international media outlets. It is regulated by the Irish Central Bank. The money used for CurrencyFair’s operations are kept separate to client monies.

Overall, CurrencyFair is a safe place to trade currencies and put your money in.

What Countries Does CurrencyFair Allow You To Send Money To?

Currently you can exchange in between 20 currencies. Nearly all have the advantage of having accounts in local currencies. So transferring money to CurrencyFair should be free. You can see all the countries you can transfer money TO using CurrencyFair on their website. These include countries as diverse as Australia, India, Mexico and South Africa. You can transfer money from a large number of countries as well..

Alternatives to CurrencyFair money transfer

Wise

Transferwise could be a good alternative to CurrencyFair for international money transfers. It offers the real mid-market exchange rate. There are fees associated with it though. Unlike CurrencyFair you don't get the option to choose what rate you want. Transferwise has a limited number of countries compared to CurrencyFair too. It is worth checking to see if your country or currency is on the list.

Transfergo

TransferGo is another international money transfer service. It offers the option of super quick transfers, your beneficiary can get money in as little as 30 minutes. It’s a flexible service that offers more than one way to fund your transfer. On the other hand, if you want to pay less TransferGo can take up to 3 days to transfer money. It's also not available for senders in the United States or Canada.

Remitly

Remitly is a well-trusted service for transferring money. It has a huge banking network. This means that both sender and beneficiary are likely to have a bank near them that they can use with Remitly. Unlike CurrencyFair, there's more than one payout method available. However, Remitly is not always the cheapest money transfer option. It’s best to go on their site and see what your specific transfer may cost.

RemitBee

RemitBee is a highly trusted service for sending money internationally. It offers a strong network of banking and payout partners, making it easy for both senders and recipients to access their funds conveniently. Unlike some competitors like CurrencyFair, RemitBee provides multiple payout options, including bank deposits, cash pickups, and mobile wallet transfers. However, while RemitBee is known for competitive rates, it’s not always the absolute cheapest option for every route. It’s a good idea to check their website or app to see the latest rates and fees for your specific transfer.

How to contact CurrencyFair?

Online chat

Available 8 a.m. to midnight EST every day on the website

Phone

+353 (0) 1 526 8411 or +44 (0) 203 3089353

[email protected]

Post

CurrencyFair Ireland - Colm House, 91 Pembroke Road, Ballsbridge, Dublin

Other Money Transfer Providers

Conclusion

Hopefully this article will have helped you decide if CurrencyFair offers the best deal for your needs. No matter which service you choose, carefully research the speed, cost, and trustworthiness of the company. If you’re still looking. Check RemitBee website.

Frequently asked questions

Have questions? We have answers!

How can I pick a rate with CurrencyFair?

How do I know which rate to pick?

Will my exchange happen right away?

What if I don’t want to wait and pick my own rate?

I received an email that CurrencyFair couldn’t match my full amount.