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CurrencyFair Foreign Transfers – BER Review

CurrencyFair International Money Transfers

  • Unique peer-to-peer marketplace
  • Save on your international transfers
  • Pricing is open and transparent
  • Register here for your first transfer fee free

BER reviews why CurrencyFair is different to most of the other FX brokers out there.

#Reviews #AUD #EUR #FinTech #GBP
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Exchange Rates 5
Customer Service 4.7
Ease of Use 4.3

CurrencyFair – Reviewed by Best Exchange Rates

Their platform provides a peer-to-peer marketplace that ensures big savings on exchange rates and fees, and gives you more control and transparency than any other provider. They offer an efficient and safe alternative to ridiculous bank and broker charges.

CurrencyFair is headquartered in Ireland with employees in UK, Australia and Poland. Currently, 17 currencies are available to exchange – euro, Pound Sterling, US dollar, Australian dollar, Canadian dollar, Swiss Franc, Czech Koruna, Danish Krone, Hong Kong dollar, Hungarian Forint, Norwegian Krone, NZ dollar, Polish Zloty, Swedish Krona, Singapore dollar and South African Rand.

Customers can exchange immediately to and from any of the 17 currencies using QuickTrade. They can also ask for a higher rate and wait to be matched. This feature allows customers to potentially get a rate that is better than the market interbank (wholesale) rate. CurrencyFair cuts out the banks from the exchange process by matching you with another customer selling the currency you want to buy.

The company is regulated by both the Central Bank of Ireland (under the european Union Payment Services Directive) and by the Australian Securities and Investments Commission.

Contact CurrencyFair today and inform them you visited Best Exchange Rates and they’ll guarantee you just that, the Best Exchange Rates when making an international money transfer or payment overseas for both individuals and businesses.

CurrencyFair can make you considerable savings against the banks by providing more competitive exchange rates.

CurrencyFair – How it Works

Using the CurrencyFair platform can be a little more complicated so it’s best suited to more advanced users who know what they are doing and understand the concept of an order-book or as CurrencyFair refeer to as the Exchange Queue.

The Exchange Queue allows you to specify the exchange rate that you’d like to buy or sell at rather just getting the rate the broker is offering. Of course whether you can get that rate depends on what other users of the peer-to-peer platform are offering on the other side of the currency pair.

How to send in money to your CurrencyFair account

If you want to simply Send In money in to CurrencyFair, we will keep the money in your CurrencyFair account until you want to exchange it. This means you will have to exchange the money manually in the “Exchange” area of CurrencyFair.

CurrencyFair – Options for Sending Money In
Always remember to include your reference number when sending in money to your CurrencyFair Account otherwise it’ll take extra time to track your order, which may delay the overall process for you.

How Auto-Transactions work on CurrencyFair

If you choose to “Create an Auto-Transaction”, you need to first send in money to your CurrencyFair account. They will automatically perform the currency exchange at the best rate availible on their platform and transfer the money out when it arrives. You should be aware that the exchange rate can go up or down between the time you set up the transaction and when the money arrives into your CurrencyFair and the exchange occurs. If the rate drops by more than 3% they will pause the Auto-Transaction and email you.

CurrencyFair Foreign Transfer Rates & Fees - Compared

The below live Foreign Transfer comparison table shows how much you could save on your next foreign transfer by using a broker such as CurrencyFair rather than your bank. Note the margins are compared to the current mid-rate. You can change the currencies and send or receive amount with our full Foreign Transfer calculator.

 
Foreign Transfer ProvidersReceive USD(U$)Exchange RateFee AUDTotal CostDeal Links
CurrencyFair logo
U$6,762.84
Compare
0.6773A$150.75%
ANZ Bank logo
U$6,616.07
U$147 less
0.6628182.9%
BankSA International Money Transfers
BankSA logo
U$6,562.84
U$200 less
0.657620.013.69%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
U$6,562.19
U$201 less
0.6576213.7%
Bank of Queensland logo
U$6,556.27
U$207 less
0.6576303.78%
Banks - Average Rate
Westpac logo National Australia Bank (nab) logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
U$6,514
U$249 less
0.6527154.4%
National Australia Bank (nab) logo
U$6,495.68
U$267 less
0.651224.67%
Westpac logo
U$6,457.06
U$306 less
0.647205.24%
Commonwealth Bank (CBA) logo
U$6,440.13
U$323 less
0.64446 5.49%
St George Bank logo
U$6,425.12
U$338 less
0.6438205.71%
 
CurrencyFair logo
CurrencyFair: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:A$15 AUD (0.15%)
Exchange Rate:0.6773 (0.6% from mid-rate)
To Amount (USD) U$6,762.84
Total Cost:0.75%
Time:16:46 Local
Transfer Speed:1 day
Services:Bank Transfers - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
ANZ Bank logo
ANZ Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:18
Exchange Rate:0.6628 (2.73% from mid-rate)
To Amount (USD) U$6,616.07
Total Cost:2.9%
Difference:
U$147 USD less than using CurrencyFair
Time:
Rate Fetched: website - Tue Dec 10 2019 16:03:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 
BankSA logo
BankSA: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20.01
Exchange Rate:0.6576 (3.49% from mid-rate)
To Amount (USD) U$6,562.84
Total Cost:3.69%
Difference:
U$200 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of Melbourne logo
Bank of Melbourne: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:21
Exchange Rate:0.6576 (3.49% from mid-rate)
To Amount (USD) U$6,562.19
Total Cost:3.7%
Difference:
U$201 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of Queensland logo
Bank of Queensland: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:30
Exchange Rate:0.6576 (3.49% from mid-rate)
To Amount (USD) U$6,556.27
Total Cost:3.78%
Difference:
U$207 USD less than using CurrencyFair
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:15
Exchange Rate:0.6649 (2.42% from mid-rate)
To Amount (USD) U$6,514
Total Cost:4.4%
Difference:
U$249 USD less than using CurrencyFair
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 
National Australia Bank (nab) logo
National Australia Bank (nab): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:0.651 (4.46% from mid-rate)
To Amount (USD) U$6,495.68
Total Cost:4.67%
Difference:
U$267 USD less than using CurrencyFair
Time:
Rate Fetched: website - Tue Dec 10 2019 16:05:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
 
Westpac logo
Westpac: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.647 (5.05% from mid-rate)
To Amount (USD) U$6,457.06
Total Cost:5.24%
Difference:
U$306 USD less than using CurrencyFair
Time:
Rate Fetched: website - Mon Dec 09 2019 21:30:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 
Commonwealth Bank (CBA) logo
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:6
Exchange Rate:0.6444 (5.43% from mid-rate)
To Amount (USD) U$6,440.13
Total Cost:5.49%
Difference:
U$323 USD less than using CurrencyFair
Time:
Rate Fetched: website - Tue Dec 10 2019 16:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
 
St George Bank logo
St George Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.6438 (5.52% from mid-rate)
To Amount (USD) U$6,425.12
Total Cost:5.71%
Difference:
U$338 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:46 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 12/10/2019 - See full table
 

Pricing

CurrencyFair is a marketplace, so the exchange rates are set by its users. CurrencyFair charges 0.15% of the total amount exchanged when customers match each other. In the event that there are no customers providing a competitive rate for your exchange, CurrencyFair will step in and match with you. This results in a charge of 0.4% to 0.6% of the amount exchanged.

So depending on which way you’re exchanging, and the activity on the marketplace at that time, you’ll pay anywhere from nothing (0%) to 0.6%, plus a fixed €3 transfer fee. In fact it’s possible, with CurrencyFair, to pay less than nothing. In other words, CurrencyFair exchange rates can be better than the true interbank or wholesale rate at any given time.

On average, customers at the moment pay around 0.38%, however as more and more people use CurrencyFair, this average rate will decrease.

What fees apply to Transfer Out?

CurrencyFair charges a small one-off fee for all transfers out. Depending on where you are sending from/to, there may be additional bank fees associated with your transfer. If any of the accounts that you are sending from/to are held in non-local currencies, for example USD account held in the UK, you can expect a fee to be taken by an intermediary and/or the receiving bank. Typically these fees are in the region of 25 USD (or equivalent), but they can vary. Note CurrencyFair transfers AED, CAD, ILS and ZAR from non-local accounts.

Generally CurrencyFair will be quicker than using your bank for traditional international bank transfers. It is quickest to send or transfer funds in the morning, as most banks have a cut-off time in the early afternoon, and transfers after that are not sent until the following day.

Sign up with CurrencyFair for free and start saving!

 

Further Reading

 

Disruptors Challenging Australian Banks in Forex Price and Service: ACCC Report

Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.

Last update: 1 Oct, 2019

AUD/GBP Between a Rock and a Hard Place – USD Strength

AUD/GBP versus AUD/USD and GBP/USD

Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.

Last update: 27 Aug, 2019

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 29 Nov, 2019

  

Posted to: Reviews

 

3 Reviews for “CurrencyFair Foreign Transfers – BER Review”

  1. Avatar Annette says:

    Friendly and helpful support, erverything went quickly and without a hitch. Great service.

    4.7
  2. Avatar Eric says:

    Have used CurrencyFair for Euros to British Pounds and American dollars. Like the way the exchange is separate from the transfer out better than most other brokers. Very happy. Thank you.

    5
  3. Avatar josh says:

    Used Currencyfair to transfer money from Ireland back to Australia and was very happy with the rate and easy to use website. Def recommended

    4.3

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