CurrencyFair Review

Company info

CurrencyFair is one of the top peer-to-peer international money transfer services with a solid reputation in the industry. CurrencyFair offers a very good money transfer option for users who want low rates and a smooth online system with a great customer experience.

Pros & Cons

Pros:

• First 5 transfers for free.

• Reliable customer support.

• An interactive cross-platform mobile app.

Cons:

• Only supports major currencies.

• No credit card or cash payment.

Accepted Countries

Africa: Chad, Jamaica, Madagascar, Niger and South Africa.

Americas: United States, Canada and Brazil.

Asia: Hong Kong, India, Singapore, South Korea and Taiwan.

Australia & Oceania: Australia, New Zealand, French Polynesia and New Caledonia.

Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

Middle East: Bahrain, Jordan, Oman, Qatar, Saudi Arabia, United Arab Emirates.

Onboarding Process

CurrencyFair must verify your identity so in order to open an account and start sending money there is a short registration process. You may need to submit a copy of your passport and/ or driver’s license, along with proof of address. You can do it electronically while entering your passport number and the system will identify you automatically. 

After that you will have to provide a valid ID document: Passport / driver’s licence / ID card.

Along with the ID’s photo, you are required to scan an accepted address verification document: Bank Statement / credit card statement / Utility Bills / Household Insurance. 

Sending / Receiving Methods

You can transfer money with CurrencyFair by completing the following steps:

1. Log in to your bank account and deposit funds to your CurrencyFair account.

2. Log in to your CurrencyFair account and click the “Exchange” menu.

3. Enter the amount you wish to exchange and select the currency you want to acquire.

4. Choose whether you want to accept the best exchange rate currently available, or set your desired rate and wait for it to be matched by other users.

5. Click “Exchange Now” to complete the currency exchange.

6. You can then click on “Transfer Now”.

7. Enter your recipient’s bank account details and specify the amount you want to transfer.

8. Review the transfer fee and estimated arrival time.

9. If you’re ready to finalise your transfer, click “Submit”.

Security

Trust plays an essential role for currencyFair and the company is internationally recognized. As a financial institution, CurrencyFair is fully regulated by the Central Bank of Ireland along with the Australian Securities and Investments Commission (ASIC) and the AFS (Australian Financial Services).

To Sum Up

In summary, using the CurrencyFair platform to send money abroad is as simple as it gets. You simply need to enter the amount that you wish to send and to who, pay for the transfer and then CurrencyFair will take care of the rest. The low fees and short transfer times make the service highly attractive. The pricing policy and the solid regulation make this service a good solution to consider.