CurrencyFair Money Transfer & Exchange Rates

Your Currency

Exchange to

Amount

Compare to bank

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 0.3858 AUD » AED 2.5920
CAD » AUD 1.0597 AUD » CAD 0.9437
CHF » AUD 1.4186 AUD » CHF 0.7049
CZK » AUD 0.0626 AUD » CZK 15.9800
DKK » AUD 0.2155 AUD » DKK 4.6400
EUR » AUD 1.6067 AUD » EUR 0.6224
GBP » AUD 1.8464 AUD » GBP 0.5416
HKD » AUD 0.1805 AUD » HKD 5.5410
HUF » AUD 0.0051 AUD » HUF 197.7500
ILS » AUD 0.3870 AUD » ILS 2.5838
INR » AUD 0.0199 AUD » INR 50.3085
NOK » AUD 0.1650 AUD » NOK 6.0620
NZD » AUD 0.9593 AUD » NZD 1.0424
PLN » AUD 0.3746 AUD » PLN 2.6694
SEK » AUD 0.1567 AUD » SEK 6.3820
SGD » AUD 1.0416 AUD » SGD 0.9601
USD » AUD 1.4100 AUD » USD 0.7092
ZAR » AUD 0.1025 AUD » ZAR 9.7550

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.