CurrencyFair Money Transfer: Review & Comprehensive Guide | CompareRemit
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CurrencyFair Money Transfer: Review & Comprehensive Guide

Updated on September 18, 2023 02:23 am

It isn’t easy trying to navigate the world of international money transfer. And don’t get us started on trying to understand the rapidly changing exchange rates. CurrencyFair is one such service that aims to simplify and streamline international money transfers. 

Whether you're sending money to family members overseas, paying international bills, or conducting business with partners in other countries, finding a reliable and cost-effective money transfer service is crucial. In this review and guide, we'll take a closer look at CurrencyFair, its features, fees, and the steps involved in using the platform for your international money transfer needs.

What is CurrencyFair Money Transfer?

CurrencyFair is an online currency exchange and money transfer platform founded in 2009. The platform is designed to offer a cost-effective and efficient solution for transferring money internationally. CurrencyFair operates on a unique concept: it matches people who want to exchange currencies with others looking to do the same, thereby reducing the need for traditional banking intermediaries and often offering better exchange rates as a result.

Countries supported by CurrencyFair Money Transfer include: 

  • Australia
  • United Kingdom
  • Canada
  • Hong Kong
  • India
  • Indonesia
  • South Korea
  • New Zealand
  • Philippines
  • Singapore
  • South Africa
  • And more. . . 

To view a complete list of countries that CurrencyFair serves, navigate to the home page. There you will find the money transfer calculation tool. Select the drop down menu for the receiving country and you will be shown all the countries you can send money to! 

How Much Does CurrencyFair Money Transfer Cost? 

CurrencyFair charges a small fee for each transfer, which varies depending on the currency pairs involved and the transfer amount. Luckily, these fees are generally lower compared to traditional banks and many other online money transfer services.

Depending on where you are sending money and the activity on the marketplace at that time, you’ll pay anywhere from as little as 0.1%, to 0.6%, plus a fixed €3 transfer fee, when you exchange money with CurrencyFair. 

How Much Money Can I Send Using CurrencyFair? 

In any supported currency, both individual and business users can internationally send up to 10,000,000 in the relevant currency. 

How Long Does CurrencyFair Take to Send Money? 

The entire process from sending in to transferring your money should take between 1 - 5 business days to complete, if not completed instantly. 

This timeline hinges on several factors, including the deposit method, the currencies involved, and the presence of weekends and bank holidays in both the sending and receiving countries.

It's essential to be aware that the processing times of your originating bank play a role in both the receipt and transfer of your funds. CurrencyFair can only carry out the transfer process during regular banking hours.

Before commencing the currency exchange process, CurrencyFair must receive the funds from your bank. Rest assured, you will receive an email notification once your money has successfully cleared into CurrencyFair's accounts.

For a more precise estimate of the processing times, you can utilize the transfer time estimator tool. This tool offers an approximate indication of the timelines for receiving your funds into your CurrencyFair account.

Is CurrencyFair Safe? 

You might be wondering, is CurrencyFair reliable? Don’t worry! CurrencyFair employs robust security measures to protect your personal and financial information, including encryption and identity verification. They prioritize the security of its users' transfers and use various measures to protect their funds and personal information

CurrencyFair is regulated by financial authorities in different countries, such as the Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC). This regulatory oversight ensures that CurrencyFair complies with strict financial regulations and industry standards.

CurrencyFair employs robust encryption technology to secure the transmission of data between users and its platform. This encryption helps protect sensitive information, such as personal details and financial data, from unauthorized access during the transfer process.

CurrencyFair offers two-factor authentication as an additional layer of security for user accounts. Users can enable 2FA, which requires them to provide a secondary authentication method (usually a code sent to their mobile device) in addition to their password when logging in.

By combining CurrencyFair's security measures with responsible user practices, individuals can enjoy a safer and more secure experience when transferring money internationally through the platform.

How to Send Money With CurrencyFair? 

Now for the biggest question you must have: how does CurrencyFair work?

Luckily, using CurrencyFair for your international money transfers is relatively straightforward. Here's a step-by-step guide:

  1. Sign Up: Create an account on the CurrencyFair website or mobile app. You'll need to provide personal information and complete the verification process.
  2. Deposit Funds: Transfer the funds you want to send internationally into your CurrencyFair account. This can usually be done through a bank transfer or other supported payment methods.
  3. Create a Transfer: Once your funds are in your CurrencyFair account, you can set up a new transfer. Enter the recipient's details, including their bank information and the amount you want to send.
  4. Currency Exchange: CurrencyFair will find a match for your exchange within its peer-to-peer network. You can either choose an existing match or wait for a suitable one to be found. The exchange rate will be agreed upon by you and the matched user.
  5. Transfer Confirmation: Review and confirm the details of your transfer, including the exchange rate and fees. CurrencyFair will provide you with a summary of the transaction.
  6. Transfer Completion: Once you confirm the transfer, CurrencyFair will initiate the currency exchange and transfer the funds to the recipient's account. 
  7. Recipient Receives Funds: The recipient will receive the funds in their bank account once the transfer is completed.

CurrencyFair provides a tracking feature that allows you to monitor the status of your transfer in real-time either from the CurrencyFair app or your online login. You'll receive notifications when the money is sent and when it's received by the recipient.

How to Contact CurrencyFair? 

CurrencyFair offers various ways to contact their customer support team for assistance or inquiries.

CurrencyFair has a comprehensive help center or FAQ section on their website. This resource can provide answers to many common questions and guide you through various aspects of using their service.

You may be able to access a live chat feature through the app or website to get real-time assistance.

Still need help with CurrencyFair? Call the support team at any time. Visit the "Support Centre" section on their website to find the phone number to use for your specific region. 

Pros of CurrencyFair Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the CurrencyFair money transfer service are:

  • Wide Range of Supported Currencies: CurrencyFair supports numerous currencies, making it suitable for a variety of international transfer needs.
  • Fast Transfer Times: While transfer times can vary depending on the currencies and banks involved, CurrencyFair often processes transfers within 1-2 business days, which can be faster than some alternatives.
  • Security Measures: CurrencyFair employs strong security measures, including data encryption and identity verification, to protect users' financial and personal information.
  • Peer-to-Peer Exchange: CurrencyFair's unique model allows users to exchange currencies directly with one another. This can lead to better exchange rates, as users can set their own rates, potentially getting you a better deal.

Cons of CurrencyFair Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the CurrencyFair service are:

  • Limited Availability: CurrencyFair may not be available in all countries. Users should check if the service operates in their region before attempting to sign up.
  • Identity Verification: Like other reputable money transfer services, CurrencyFair requires users to go through a verification process. While this is essential for security and compliance, it can be an inconvenience for some users.
  • Not Ideal for Small Transactions: While CurrencyFair can offer significant cost savings for larger transfers, it may not be the most economical choice for very small transactions due to the fixed fees.
  • Limited Payment Methods: CurrencyFair primarily relies on bank transfers for funding your account, which may not be as convenient as other payment methods for some users.

CurrencyFair Money Transfer Service: Best Feature

As we briefly mentioned above, CurrencyFair's standout feature is its unique peer-to-peer currency exchange model, which sets it apart in the world of international money transfers. 

Unlike traditional banks or most other transfer services, CurrencyFair allows users to set their own exchange rates when they want to convert currencies. This innovative approach often results in users securing exchange rates that are more favorable than what is offered by other providers. It's like having your own private currency exchange platform, making CurrencyFair an excellent choice for those looking to maximize their savings when sending money across borders.

CurrencyFair Money Transfer Service Alternatives

If you’re looking for an alternative to CurrencyFair’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

CurrencyFair Reviews

Need more assurance about CurrencyFair? Let’s see what users of CurrencyFair have to say. Sourced from multiple platforms, customer reviews of CurrencyFair are: 

CurrencyFair scores a “Great” rating on TrustPilot with a TrustScore of 4.2 out of 5. 

“Simple to use app, processing times are fast and efficient. Overall, a great experience.

I've been using CurrencyFair for many years, always had great service. Highly recommend.” - Peter Woodgate on TrustPilot

The CurrencyFair mobile app is a fast and convenient way to transfer money while you’re on the go. The app lets you make international money transfers, and even set up rate alerts so you don’t miss the rate you’ve been waiting for. The app displays every detail you need to keep track of your money transfer. In addition you can send in documents for verification. It will work wherever you have access to the internet, either through Wifi or 3G, 4G or 5G. ...” - Lisa C. on Supermoney

“This is my go-to currency exchange site. Absolutely brilliant. Considerable savings vs banks. Best feature is the ability to pick your rate and when available they exchange at that rate. Ace!” - Ugo on Trustpilot

Negative reviews pertain to issues with identity verification and transfer cancellations as a result. 

To see even more trusted reviews from users of CurrencyFair, check out CompareRemit’s review page.  

Do We Recommend CurrencyFair?

CurrencyFair is a reputable and cost-effective solution for international money transfers. Its peer-to-peer model and competitive exchange rates make it an attractive choice for individuals and businesses looking to send money across borders. While the time it takes for transfers to complete can vary, the potential savings on fees and exchange rates make CurrencyFair a worthwhile option for many users. Keep in mind that exchange rates and fees can fluctuate, so it's essential to compare CurrencyFair with other providers to determine the best option for your specific needs.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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