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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.

 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes

EUR-USD Foreign Transfers - Compare CurrencyFair CurrencyFair logo

Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee EURTotal CostTransfer ServicesTransfer SpeedDeal Links
 
CurrencyFair logo
5,615.06 USD
1.1247€7.50.75%Bank Transfers - Online only1 day
 
OFX logo
5,642 USD
27 USD
1.128400.27%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
 
TorFX logo
5,636.5 USD
21 USD
1.127300.37%Bank Transfers - Online & Phone1-2 days
HSBC logo
5,523.7 USD
91 USD
1.1064€7.52.37%Online, Branch, Bank Transfers2-3 days
Deutsche Bank International Money Transfers
Deutsche Bank logo
5,470.74 USD
144 USD
1.1052€503.3%Online, Branch, Bank Transfers2-3 days
Citibank International Money Transfers
Citibank logo
5,467.85 USD
147 USD
1.0962123.35%Online, Branch, Bank Transfers2-3 days
Santander International Money Transfers
 
Santander logo
5,436.67 USD
178 USD
1.0917203.9%Online, Branch, Bank Transfers2-3 days
Bank of Ireland International Money Transfers
Bank of Ireland logo
5,403.92 USD
211 USD
1.0917€504.48%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Deutsche Bank logo Santander logo Citibank logo Sparkasse Bank logo HSBC logo Bank of Ireland logo Crédit Agricole logo AIB Bank logo BNP Paribas logo
5,388 USD
227 USD
1.0850124.76%Online, Branch, Bank Transfers2-3 days
Crédit Agricole International Money Transfers
Crédit Agricole logo
5,364.81 USD
250 USD
1.0838€505.17%Online, Branch, Bank Transfers2-3 days
AIB Bank International Money Transfers
AIB Bank logo
5,342.04 USD
273 USD
1.0792€505.58%Online, Branch, Bank Transfers2-3 days
BNP Paribas International Money Transfers
BNP Paribas logo
5,293.04 USD
322 USD
1.0693€506.44%Online, Branch, Bank Transfers2-3 days
Sparkasse Bank International Money Transfers
Sparkasse Bank logo
5,192.87 USD
422 USD
1.0417158.21%Online, Branch, Bank Transfers2-3 days
CurrencyFair: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€7.5 EUR (0.15%)
Exchange Rate:1.1247 (0.6% from mid-rate)
USD amount:5,615.06 USD
Total Cost:0.75%
Time:8:45 Local
Transfer Speed:1 day
Services:Bank Transfers - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
OFX: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:0
Exchange Rate:1.1284 (0.27% from mid-rate)
USD amount:5,642 USD
Total Cost:0.27%
Difference:
27 USD more than using CurrencyFair
Time:
Rate Fetched: Fri Mar 22 2019 08:11:35 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
TorFX: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:0
Exchange Rate:1.1273 (0.37% from mid-rate)
USD amount:5,636.5 USD
Total Cost:0.37%
Difference:
21 USD more than using CurrencyFair
Time:8:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€7.5 EUR (.15%)
Exchange Rate:1.1064 (2.22% from mid-rate)
USD amount:5,523.7 USD
Total Cost:2.37%
Difference:
91 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Deutsche Bank logoDeutsche Bank

Deutsche Bank: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€50 EUR (1%)
Exchange Rate:1.1052 (2.32% from mid-rate)
USD amount:5,470.74 USD
Total Cost:3.3%
Difference:
144 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:12
Exchange Rate:1.0962 (3.12% from mid-rate)
USD amount:5,467.85 USD
Total Cost:3.35%
Difference:
147 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Santander logoSantander

Santander: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:20
Exchange Rate:1.0917 (3.52% from mid-rate)
USD amount:5,436.67 USD
Total Cost:3.9%
Difference:
178 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 

Bank of Ireland logoBank of Ireland

Bank of Ireland: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€50 EUR (1%)
Exchange Rate:1.0917 (3.52% from mid-rate)
USD amount:5,403.92 USD
Total Cost:4.48%
Difference:
211 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:12
Exchange Rate:1.0883 (3.82% from mid-rate)
USD amount:5,388 USD
Total Cost:4.76%
Difference:
227 USD less than using CurrencyFair
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Crédit Agricole logoCrédit Agricole

Crédit Agricole: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€50 EUR (1%)
Exchange Rate:1.0838 (4.22% from mid-rate)
USD amount:5,364.81 USD
Total Cost:5.17%
Difference:
250 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

AIB Bank logoAIB Bank

AIB Bank: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€50 EUR (1%)
Exchange Rate:1.0792 (4.62% from mid-rate)
USD amount:5,342.04 USD
Total Cost:5.58%
Difference:
273 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

BNP Paribas logoBNP Paribas

BNP Paribas: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:€50 EUR (1%)
Exchange Rate:1.0693 (5.5% from mid-rate)
USD amount:5,293.04 USD
Total Cost:6.44%
Difference:
322 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Sparkasse Bank logoSparkasse Bank

Sparkasse Bank: Foreign Transfer EUR→USD
EUR amount:€5,000 EUR
Fee:15
Exchange Rate:1.0417 (7.94% from mid-rate)
USD amount:5,192.87 USD
Total Cost:8.21%
Difference:
422 USD less than using CurrencyFair
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
 

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

 

US Dollar Plunges After Fed Signals No Rate Hikes This Year

The US dollar crumbled on Wednesday after the Federal Reserve signaled it would keep interest rates unchanged throughout 2019, thereby backtracking on the two rate hikes it predicted in December.

Updated: 20 Mar, 2019

TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies, and send and spend internationally, all at the “real” exchange rate and with the low fees that TransferWise is renowned for. Users can also receive major-currency payments free of charge.

Updated: 20 Mar, 2019

WorldFirst Owners Target European Expansion

Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.

Updated: 19 Mar, 2019

CBOE Ditches Bitcoin Futures Amid Reduced Interest

Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

Updated: 19 Mar, 2019

Canadian Dollar to Lose a Further 5 Percent, Will Soon Buy Only US$0.71 (TD Securities)

Prospects for the Canadian dollar have turned “considerably to the downside” and the currency is likely to lose 5 percent of its value this year, TD Securities has said.

Updated: 19 Mar, 2019

  

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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