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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 GBPTotal CostDeal Links
OFX logo
6,167.5 USD
Best Overall
1.2335£0^0.8%
HSBC logo
6,003.98 USD
164 USD
1.2026£7.53.43%
Natwest Bank logo
5,970.53 USD
197 USD
1.1977153.96%
Citibank International Money Transfers
Citibank logo
5,943.2 USD
224 USD
1.1915124.4%
Banks - Average Rate
Lloyds TSB logo Santander logo Citibank logo Natwest Bank logo HSBC logo
5,942 USD
225 USD
1.1920154.42%
Santander International Money Transfers
Santander logo
5,909.27 USD
258 USD
1.1866204.95%
Lloyds TSB logo
5,884.87 USD
283 USD
1.1817205.34%
CurrencyFair logo
Your amount above the CurrencyFair GBP3000 maximum
Compare
 
OFX: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£0^ - No fees for BestExchangeRates users (normally 7GBP for smaller transfers)
Exchange Rate:1.2335 (0.8% from mid-rate)
USD amount:6,167.5 USD
Total Cost:0.8%
Time:
Rate Fetched: 0:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:£7.5 GBP (.15%)
Exchange Rate:1.2026 (3.28% from mid-rate)
USD amount:6,003.98 USD
Total Cost:3.43%
Difference:
164 USD less than using OFX
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Natwest Bank logoNatwest Bank

Natwest Bank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.1977 (3.68% from mid-rate)
USD amount:5,970.53 USD
Total Cost:3.96%
Difference:
197 USD less than using OFX
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:12
Exchange Rate:1.1915 (4.17% from mid-rate)
USD amount:5,943.2 USD
Total Cost:4.4%
Difference:
224 USD less than using OFX
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:15
Exchange Rate:1.1829 (4.87% from mid-rate)
USD amount:5,942 USD
Total Cost:4.42%
Difference:
225 USD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Santander logoSantander

Santander: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.1866 (4.57% from mid-rate)
USD amount:5,909.27 USD
Total Cost:4.95%
Difference:
258 USD less than using OFX
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 

Lloyds TSB logoLloyds TSB

Lloyds TSB: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:20
Exchange Rate:1.1817 (4.96% from mid-rate)
USD amount:5,884.87 USD
Total Cost:5.34%
Difference:
283 USD less than using OFX
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
CurrencyFair: Foreign Transfer GBP→USD
GBP amount:£5,000 GBP
Fee:GBP 7.5 (0.15%)
Transfer Speed:1 day
Services:Bank Transfers - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Snapshot 07/24/2019 - 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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