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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($)Exchange RateFee AUDTotal CostDeal Links
CurrencyFair logo
6,987.5 USD
Compare
0.6998A$150.75%
OFX (OzForex) logo
6,984 USD
3.5 USD
0.69840^0.8%
ANZ Bank logo
6,819.7 USD
168 USD
0.6832183.13%
BankSA International Money Transfers
BankSA logo
6,780.41 USD
207 USD
0.679420.013.69%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
6,779.73 USD
208 USD
0.6794213.7%
Bank of Queensland logo
6,773.62 USD
214 USD
0.6794303.78%
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6,739 USD
248 USD
0.6752154.27%
National Australia Bank (nab) logo
6,733.15 USD
254 USD
0.6748224.36%
Westpac logo
6,722.53 USD
265 USD
0.6736204.51%
Commonwealth Bank (CBA) logo
6,660 USD
327 USD
0.66646 5.4%
St George Bank logo
6,643.69 USD
344 USD
0.6657205.63%
CurrencyFair: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:A$15 AUD (0.15%)
Exchange Rate:0.6998 (0.6% from mid-rate)
USD amount:6,987.5 USD
Total Cost:0.75%
Time:16:45 Local
Transfer Speed:1 day
Services:Bank Transfers - Online only
Rating:
 
: 4.5/5.0
Reviews:
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6984 (0.8% from mid-rate)
USD amount:6,984 USD
Total Cost:0.8%
Difference:
3.5 USD less than using CurrencyFair
Time:
Rate Fetched: 16:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6832 (2.95% from mid-rate)
USD amount:6,819.7 USD
Total Cost:3.13%
Difference:
168 USD less than using CurrencyFair
Time:
Rate Fetched: website - Mon Jul 22 2019 16:03:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6794 (3.49% from mid-rate)
USD amount:6,780.41 USD
Total Cost:3.69%
Difference:
207 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6794 (3.49% from mid-rate)
USD amount:6,779.73 USD
Total Cost:3.7%
Difference:
208 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6794 (3.49% from mid-rate)
USD amount:6,773.62 USD
Total Cost:3.78%
Difference:
214 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
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.6878 (2.3% from mid-rate)
USD amount:6,739 USD
Total Cost:4.27%
Difference:
248 USD less than using CurrencyFair
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6748 (4.15% from mid-rate)
USD amount:6,733.15 USD
Total Cost:4.36%
Difference:
254 USD less than using CurrencyFair
Time:
Rate Fetched: website - Mon Jul 22 2019 16:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (4.32% from mid-rate)
USD amount:6,722.53 USD
Total Cost:4.51%
Difference:
265 USD less than using CurrencyFair
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6664 (5.34% from mid-rate)
USD amount:6,660 USD
Total Cost:5.4%
Difference:
327 USD less than using CurrencyFair
Time:
Rate Fetched: website - Mon Jul 22 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: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6657 (5.44% from mid-rate)
USD amount:6,643.69 USD
Total Cost:5.63%
Difference:
344 USD less than using CurrencyFair
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 07/22/2019 - 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

 

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: 6 Jul, 2019

Australia Cuts Interest Rates to Record Low

RBA Australian dollar AUD currency news and forecasts

The RBA has cut Australian interest rates to a record low of 1 percent in an effort to boost inflation. The Australian dollar is slightly stronger following the widely expected decision but is expected to lose 5–7 percent of its value before year-end.

Last update: 2 Jul, 2019

GBP’s Bright Start to the Year Is a Distant Memory

The British pound was the worst-performing major currency in the April-June period and remains “impossible to forecast” amid a Tory leadership battle that might force “no deal” or a general election.

Last update: 30 Jun, 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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