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CurrencyFair – Peer to Peer FX Specialist

 

We review why CurrencyFair is different to most of the other FX brokers out there.

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.

 
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

CurrencyFair - Compare Foreign Transfers

Sending AUD 10,000 to USD

ProviderRatingFeesExchange RateMargin
OFX logo OFX
 
$00.728$7280.00 USD0.94%
CurrencyFair logo CurrencyFair
 
$150.7305$7294.04 USD0.75%
HSBC logo HSBC
$150.7134$7123.30 USD3.07%
Bank of Queensland logo Bank of Queensland
 
$300.7092$7070.72 USD3.79%
ANZ Bank logo ANZ Bank
 
$180.7072$7059.27 USD3.94%
Citibank logo Citibank
$120.7068$7059.52 USD3.94%
Average Bank Rate
NAB logo  Westpac logo  ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Citibank logo  Bank of Queensland logo  HSBC logo  Bank of Melbourne logo  BankSA logo 
$150.7010$6996.90 USD4.79%
NAB logo NAB
 
$220.7008$6992.58 USD4.85%
Commonwealth Bank logo Commonwealth Bank
 
$6 0.6944$6939.83 USD5.57%
Westpac logo Westpac
 
$200.6953$6939.09 USD5.58%
BankSA logo BankSA
$20.010.6945$6931.10 USD5.69%
Bank of Melbourne logo Bank of Melbourne
$210.6945$6930.42 USD5.7%
St George Bank logo St George Bank
 
$200.6937$6923.13 USD5.79%
 
OFX logo OFX
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: $7280.00 USD
Exchange Rate: 0.7280
(Inverse 1USD=AUD 1.3736)
Fees: $0
Total Cost : 0.94% (from mid-rate: 0.7349)
This is the amount of money that could be received by your transfer at rate AUD/USD=0.728 and inclusive of the fee of $0.
Rate timestamp : Tue Aug 21 2018 00:00:05 GMT+0000 (UTC)
 
CurrencyFair logo CurrencyFair
Save on your international transfers. Our peer-to-peer marketplace allows our users to get the best rates, pricing is open and transparent. BestExchangeRates users get your first transfer fee free.
Price Details
Receive: $7294.04 USD
Exchange Rate: 0.7305
(Inverse 1USD=AUD 1.3689)
Fees: $15
Total Cost : 0.75% (from mid-rate: 0.7349)
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7305 and inclusive of the fee of $15.
 
HSBC logo HSBC
Rate available to HSBC Online Banking customers only.

Price Details
Receive: $7123.30 USD
Exchange Rate: 0.7134
(Inverse 1USD=AUD 1.4017)
Fees: $15
Total Cost : 3.07% (from mid-rate: 0.7349)
Receive USD $156.7 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7134 and inclusive of the fee of $15.
 
Bank of Queensland logo Bank of Queensland
Rate available to Bank of Queensland Online Banking customers only.
Price Details
Receive: $7070.72 USD
Exchange Rate: 0.7092
(Inverse 1USD=AUD 1.4100)
Fees: $30
Total Cost : 3.79% (from mid-rate: 0.7349)
Receive USD $209.28 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7092 and inclusive of the fee of $30.
 
ANZ Bank logo ANZ Bank
Rate available to ANZ Online Banking customers only. Fee for transfers via ANZ Internet Banking is $18 (or $12 if the transfer is over $AUD10,000) in ANZ Foreign Exchange Centre or via ANZ Phone Banking fee is $32.
Price Details
Receive: $7059.27 USD
Exchange Rate: 0.7072
(Inverse 1USD=AUD 1.4140)
Fees: $18
Total Cost : 3.94% (from mid-rate: 0.7349)
Receive USD $220.73 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7072 and inclusive of the fee of $18.
Rate timestamp : Tue Aug 21 2018 00:03:05 GMT+0000 (UTC)
 
Citibank logo Citibank
Rate available to Citibank customers via online banking.
Price Details
Receive: $7059.52 USD
Exchange Rate: 0.7068
(Inverse 1USD=AUD 1.4148)
Fees: $12
Total Cost : 3.94% (from mid-rate: 0.7349)
Receive USD $220.48 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7068 and inclusive of the fee of $12.
 
Average Bank Rate
NAB logo  Westpac logo  ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Citibank logo  Bank of Queensland logo  HSBC logo  Bank of Melbourne logo  BankSA logo 
This is the average AUD to USD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.


Price Details
Receive: $6996.90 USD
Exchange Rate: 0.7214
(Inverse 1USD=AUD 1.3862)
Fees: $15
Total Cost : 4.79% (from mid-rate: 0.7349)
Receive USD $283.1 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7010 and inclusive of the fee of $15.
 
NAB logo NAB
Rate available to National Australia Bank online banking customers only.
Price Details
Receive: $6992.58 USD
Exchange Rate: 0.7008
(Inverse 1USD=AUD 1.4269)
Fees: $22
Total Cost : 4.85% (from mid-rate: 0.7349)
Receive USD $287.42 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7008 and inclusive of the fee of $22.
 
Commonwealth Bank logo Commonwealth Bank
Rate available to Commonwealth Bank Online Banking customers only.
Price Details
Receive: $6939.83 USD
Exchange Rate: 0.6944
(Inverse 1USD=AUD 1.4401)
Fees: $6
Total Cost : 5.57% (from mid-rate: 0.7349)
Receive USD $340.17 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6944 and inclusive of the fee of $6 .
Rate timestamp : Tue Aug 21 2018 00:02:02 GMT+0000 (UTC)
 
Westpac logo Westpac
Rate available to Westpac Online Banking customers only.
Price Details
Receive: $6939.09 USD
Exchange Rate: 0.6953
(Inverse 1USD=AUD 1.4382)
Fees: $20
Total Cost : 5.58% (from mid-rate: 0.7349)
Receive USD $340.91 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6953 and inclusive of the fee of $20.
 
BankSA logo BankSA
Rate available to BankSA Online Banking customers only.
Price Details
Receive: $6931.10 USD
Exchange Rate: 0.6945
(Inverse 1USD=AUD 1.4399)
Fees: $20.01
Total Cost : 5.69% (from mid-rate: 0.7349)
Receive USD $348.9 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6945 and inclusive of the fee of $20.01.
 
Bank of Melbourne logo Bank of Melbourne
Rate available to Bank of Melbourne Online Banking customers only.
Price Details
Receive: $6930.42 USD
Exchange Rate: 0.6945
(Inverse 1USD=AUD 1.4399)
Fees: $21
Total Cost : 5.7% (from mid-rate: 0.7349)
Receive USD $349.58 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6945 and inclusive of the fee of $21.
 
St George Bank logo St George Bank
Rate available to St George Bank Online Banking customers only.
Price Details
Receive: $6923.13 USD
Exchange Rate: 0.6937
(Inverse 1USD=AUD 1.4415)
Fees: $20
Total Cost : 5.79% (from mid-rate: 0.7349)
Receive USD $356.87 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6937 and inclusive of the fee of $20.
 

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.

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Reviews - Average Rating: 4.9

3 Reviews for “CurrencyFair – Peer to Peer FX Specialist”

  1. Annette says:

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

    Exchange Rates 5
    Customer Service 5
    Ease of Use 4
  2. 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.

    Exchange Rates 5
    Customer Service 5
    Ease of Use 5
  3. 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

    Exchange Rates 5
    Customer Service 4
    Ease of Use 4

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