CurrencyFair Money Transfer & Exchange Rates

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CurrencyFair

CurrencyFair is a peer-to-peer marketplace for international money transfers. Their service is available to consumers in Australia, UK and Ireland. There are two available methods for transferring money with Currency Fair.


Peer-to-Peer Marketplace

The unique peer-to-peer marketplace offered by CurrencyFair allows you to exchange foreign currencies with other members. This enables you to avoid transferring money between bank accounts, subsequently avoiding the interbank fees that are associated with money transfers. Banks charge each other to process money transfers on your behalf and you are usually stuck with the bill. The peer-to-peer environment enables money transfers within the CurrencyFair platform, avoiding the bank charges completely. To make a transfer, select the currency exchange, along with the amount and desired rate and wait for CurrencyFair to find you a match. The platform gives you the option to have your transfer partially or fully matched. For example, you may be looking to exchange $600 AUD to USD at a desired rate and you have been matched with a user looking to buy $300 AUD at your exchange rate - you will have the option to accept the transfer and keep the remainder of the money in the platform looking for a match. The peer-to-peer marketplace is an excellent option if you have no time constraints and want to receive the best possible rate.

Best Available Rate

For customers wanting to make a transfer immediately, CurrencyFair offers a ‘best available rate’ option. Here, transfers are made between bank accounts in a typical fashion with CurrencyFair try to offer a 0.5-0.6% improvement on money transfer rates with the major banks.

KEY INFORMATION

Transfer Limits

The minimum amount you can transfer through CurrencyFair is 8 Euros. This is a lot lower than the minimum amount offered by many foreign exchange providers. There is no limit on the maximum amount you can transfer.

Transfer Time

Once a match is found, the time for a standard transfer is 2-3 days as it is made through a local clearing house. CurrencyFair offer a priority service where the beneficiary will receive the money within 1 business day. This transfer is processed via SWIFT and there is a $100 charge applied. To receive the funds the same day, it is recommended to make the transfer before 1:30pm.

Transfer Fees

There is a fixed transfer fee of $4 AUD (or currency equivalent) for each transfer. A $100 fee will be charged to a priority transfer. Standard rate adjustment which can vary. As of December 2015, this was 0.15%.

MORE INFORMATION ABOUT CurrencyFair

How a transfer can be made:





To make a transfer with CurrencyFair you will need to create an account. Visit their website and fill out the application form, providing the relevant ID. You will receive an email confirming your account (typically within one business day). Before making an international money transfer you will need to add funds to your account from your bank. Once the funds have cleared you will be ready to trade. If you are making a money transfer on behalf of your business, you will need to create a business account and follow the relevant steps. 

PROS

  • Peer-to-peer market offers the best possible rate
  • Very low fees
  • Low minimum transfer amount
  • Multiple ways to make a transfer

CONS

  • Not available 27/7 - markets open from 22:30 Sunday until 20:00 Frinday
  • Limited currencies

Rates table

AED » AUD 0.3781 AUD » AED 2.6445
CAD » AUD 1.0574 AUD » CAD 0.9457
CHF » AUD 1.3980 AUD » CHF 0.7153
CZK » AUD 0.0612 AUD » CZK 16.3400
DKK » AUD 0.2116 AUD » DKK 4.7260
EUR » AUD 1.5751 AUD » EUR 0.6349
GBP » AUD 1.7630 AUD » GBP 0.5672
HKD » AUD 0.1768 AUD » HKD 5.6550
HUF » AUD 0.0049 AUD » HUF 205.7500
ILS » AUD 0.3784 AUD » ILS 2.6428
NOK » AUD 0.1644 AUD » NOK 6.0840
NZD » AUD 0.9116 AUD » NZD 1.0970
PLN » AUD 0.3646 AUD » PLN 2.7428
SEK » AUD 0.1509 AUD » SEK 6.6260
SGD » AUD 1.0068 AUD » SGD 0.9932
USD » AUD 1.3873 AUD » USD 0.7208
ZAR » AUD 0.0953 AUD » ZAR 10.4910

ABOUT THE COMPANY

CurrencyFair went live to consumers in 2010 and currently has 18 currencies available to exchange. CurrencyFair has offices in Australia and UK, and the company had processed over 2.5 billion euros in November 2015.

What are you waiting for?

If you need to make an internation payment, look no further. Join the 111,000+ clients around the world who are benefitting from our services.