Currency Fair Review
CurrencyFair was established in 2010. Since then, it has brokered roughly €1.5 billion, saving its customers some €100 million. CurrencyFair functions as a true peer-to-peer marketplace, offering overseas money transfer services for individuals and businesses. CurrencyFair has offices in Australia, UK, and Ireland, and despite the fact that they transfer money all over the world, they only accept deposits from Australia and EEA countries.
I personally had met lovely chaps at their Dublin site, one of the first things that came to mind was how open and helpful they were. As most of the today’s technological solutions service came to be to enable people to manage their resources better in a current globalized world. After I tried to find the human element for this CurrencyFair review head of marketing shared with me following story. The family was buying the house in another country and to do so had to move their fund while having to bite the bitter exchange rate pill. Someone advised them to take a look at what CurrencyFair have to offer and for money saved they were able to build an entirely new kitchen.
The Central Bank of Ireland, The Australian Securities and Investment Commission.
- Best in Show, FinovateAsia 2012.
- IIA Dot IE Net Visionary Awards for most Insightful and Intriguing Internet Innovation, 2013/11.
- The Award Winning International Money Transfer Company 2013.
There are 1500+ client reviews on TrustPilot, putting the company to a 9.0 / 10 rating. Which is a lot better than its original 6.2 / 10 rating it had back in early 2014. Someone must be doing their work. It means that reviews added over the past 3 years have been almost tremendously positive.
- Best Exchange rates.
- Ability to achieve better rates.
- Courteous approach from the staff.
- Secure and prompt online platform.
- Cheaper than commonwealth bank travel money services.
- Secure way of sending and converting money.
- Mobile App improves usability.
- Lack of transparency about fund withdrawal fees.
- Service discontinued to some countries without prior notice.
- No service for North Americans.
- Not the cheapest rates if you transfer small amounts.
- The platform is challenging and unintuitive.
- Challenging user interfaces.
- Exchange Rates & Fees
When you do a transaction you’ll have to pay a fixed transaction fee of €3 (sending money from the UK). This transaction fee can increase or decrease depending on the location.
On average, the company charges 0.35% of the transfer amount plus a fixed fee of €3. While some fund transfer companies offer fee waivers if your transfer exceeds a predetermined threshold, there is no such provision with CurrencyFair. Maybe their strength is “Fair” exchange rate then.
Comparing currency exchange rates offered by leading (traditional) fund transfer companies with CurrencyFair, you will see that rates remain highly competitive. It can be further exploited depending on whether you opt for an Auto-Transaction or use the Exchange MarketPlace.
When funds are transferred through the Auto – Transaction, you will be provided a rate close to the prevailing market rate. This is done by matching the current rate with another customer or by CurrencyFair itself if there is no customer match. This is where innovation is created instead of transferring money from one account to the other virtual matchmaking allows low-cost transfer of funds.
The Exchange MarketPlace, lets you decide the rate at which you would like to buy or sell a currency. Better rates can lead to savings in fees, especially when moving large sums of money or doing some fiscal dealing. Trades made through the MarketPlace can seem challenging at first, but the concept is easy to understand, especially when you invest some time.
Dedicated Dealer: No.
Offices: UK, Australia, Ireland.
The point of Contact: Email, Telephone, Face to Face.
Localization: Polish, French.
Accepts clients: UK and Australia, Europe only.
Currencies Handled: 15.
CurrencyFair provides its broad array of services to residents of over 60 countries. While this company gives you a cost-effective way to transfer funds overseas, it aims to give quick turnaround times and high customer service levels. Currently it only it accepts clients from very specific locations, but handles the smallest volume of currency swaps of all companies, especially when compared with FC Exchange.
One drawback with CurrencyFair is that it does not have a license to receive business from residents of the U.S. (yet). It is working towards changing this flaw sometime in the near future.
Every time I buy something in UK airport duty-free I get ripped off. Once I asked the manager why if the rate is almost 1 to 1 why am I paying so much? The answer was that it’s a company policy. Heard it before? Same goes with bank withdrawals and international money transfers. Banks will charge you mad rates just because they can. Now if it felt with small transactions, imagine moving 1 million British Pounds to Euro. You would be 30,000 Euro better of in the end. Just enough to finance brand new E-Class.
CurrencyFair services are an impressive solution. Currently, it offers transactions in 15 different currencies. Currencyfair is a great company, with impressive feedback from its clients. It handles a surprisingly cheap average exchange rate spread through its platform and empowers clients to achieve and even beat mid-market rates.