CurrencyFair: A Guide to Sending Funds Internationally

CurrencyFair is a popular online platform for sending funds internationally. It's a convenient alternative to traditional banks, with lower fees and faster transfer times.

With CurrencyFair, you can send up to €100,000 in a single transfer, and the platform supports over 20 different currencies. This makes it a great option for individuals and businesses with international transactions.

The platform uses a peer-to-peer system, which means that you're matched with another user who wants to exchange their currency, rather than using a traditional exchange rate. This can result in better exchange rates and lower fees.

CurrencyFair has a strong reputation for security, with robust measures in place to protect your funds and personal data.

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CurrencyFair is an international money transfer service with a unique approach to sending money across borders. They offer competitive pricing, adding only around 0.49% to the mid-market currency exchange rate.

Their pricing is significantly better than traditional banks, which can add markups of between 3% and 6%. This makes their exchange rates extremely competitive.

CurrencyFair allows you to exchange between 22 different currencies and send money from and to over 150 countries.

CurrencyFair offers a range of features and benefits that make it an attractive option for international money transfers. The platform allows you to exchange money at bank-beating exchange rates, which can be up to eight times cheaper than traditional banks.

Their peer-to-peer marketplace is a key feature, where you can set an order to buy currency at your chosen rate, and CurrencyFair will match it with another peer trading in the opposite direction at a margin of 0.15%. If no other peers are available, CurrencyFair will act as the counterpart and match your order at a wider spread of 0.49%.

CurrencyFair is regulated and secure, with licenses from reputable authorities such as the CBI, ASIC, MAS, and FCA. This provides an added layer of protection for your account and funds.

You can send money to over 150 countries, and there's no minimum transfer amount. This flexibility makes it an ideal option for individuals and businesses with varying transfer needs.

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Here are some of the key features and benefits of using CurrencyFair:

Keep in mind that while CurrencyFair offers many benefits, there are some limitations to consider, such as the lack of cash pick up, mobile wallets, and bill payments, as well as the possibility of having to wait for an exchange rate match to come through.

Opening an account with CurrencyFair is easy, thanks to a clean user interface and lack of information overload. You'll need to complete a few regulatory steps before sending money.

To register online, it's free and takes around 10 minutes if you have everything needed on hand.

You can fund your transfer via bank deposit or card payment, after which you'll be prompted to make the payment. CurrencyFair has local bank accounts in lots of countries, so you send your money to that account and wait for it to be matched with someone wanting to buy your currency.

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If you're sending money within the Eurozone, you'll only need your recipient's IBAN, but if you're sending between other countries (even when one is in the Eurozone), you'll need to provide a SWIFT/BIC code and a bank account number.

If a peer match can't be found, customers have the option of taking the best exchange rate available from CurrencyFair directly at the time of the transfer.

Here's a step-by-step guide to making a transfer:

CurrencyFair's fees and rates are a crucial aspect to consider when using their services. CurrencyFair charges a small fixed fee, usually €3.00, for each transfer out of your CurrencyFair account to a bank account.

You can choose which currency to pay the fees in to get the best deal. This flexibility can help you save money on transfer fees.

On average, you'll pay a reasonably competitive exchange rate margin of around 0.35% below the mid-market exchange rate. This means you'll get a good deal on your currency exchange.

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However, it's worth noting that a majority (62%) of CurrencyFair's fees are hidden in the exchange rate margin. This lack of transparency can make it difficult to compare prices with other services.

CurrencyFair may also charge a commission of between 0.10% and 0.60% of the exchanged amount. This commission can add up quickly, especially for larger transfers.

The 'Choose your own rate' option on the CurrencyFair Marketplace can be a great way to get a better rate for your currency exchange. By setting your own rate, you can control your exchange rate and potentially save money.

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CurrencyFair's security and reliability features are top-notch, including segregated user accounts and HTTPS. This ensures that your transactions are safe and secure.

The company has a strong reputation, with over 100,000 active customers and a 5-star rating from employees on Glassdoor. Hundreds of thousands of clients have used CurrencyFair to exchange over €13.9 billion.

CurrencyFair is regulated and authorized by the Central Bank of Ireland, the Customs and Excise in Hong Kong, and the Monetary Authority Singapore (MAS) in Singapore. This means they're held to high standards and must protect client funds and maintain systems and procedures at the highest standards.

Here are some key security features that CurrencyFair offers:

CurrencyFair has a strong track record of security and reliability, with segregated user accounts and HTTPS protocols in place to protect your transactions.

The company is regulated and authorized by the Central Bank of Ireland, and is also regulated by the Customs and Excise in Hong Kong and the Monetary Authority Singapore (MAS) in Singapore. This ensures that your money is protected and that CurrencyFair maintains high standards of financial integrity.

CurrencyFair holds clients' funds in separate, segregated bank accounts, which are kept completely separate from the company's own business accounts. This means that your money is safe even if the company faces financial difficulties.

With two-factor authentication (2FA) and 256-bit encryption via SSL from VeriSign, accessing your accounts online is secure and protected. Additionally, all personal account information is stored in a secure facility that is safeguarded 24-hours-a-day.

Here are some key facts about CurrencyFair's trust and safety features:

With over €13.9 billion exchanged and thousands of 5-star reviews, CurrencyFair has a proven track record of trust and safety.

To ensure a smooth and secure experience with WhiskyInvestDirect, it's essential to understand their requirements for currency validation. If you're using CurrencyFair for payments, you'll need to upload a document proving the funds came from your CurrencyFair account following each deposit.

Incomplete data supplied with payments to WhiskyInvestDirect can lead to delays in assigning deposits to your account and returning funds. This is why it's crucial to provide accurate information.

By uploading the required document, you can mitigate the risk of delays and ensure a seamless experience with WhiskyInvestDirect.

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CurrencyFair has mobile apps for both iOS and Android devices, allowing you to quickly exchange and transfer money from anywhere and at any time, except on weekends and bank holidays. The app also provides information for setting up deposits into your CurrencyFair account.

The CurrencyFair app allows you to exchange funds in 22 different currencies and transfer them out to the bank account of your choice. This feature is particularly useful for international transactions.

CurrencyFair has largely very good customer reviews on Trustpilot. Reviewers praise the service for its excellent exchange rates and low transfer fees.

According to Trustpilot, CurrencyFair is rated highly by customers, with 94 percent of reviewers describing it as "Excellent" or "Great". They get an average score of 4.6 out of 5 after 5800+ reviews.

Here are some specific benefits mentioned by reviewers:

Many reviewers have also mentioned that the service is easy to use and transparent, with clear fees.

CurrencyFair offers a convenient service for individuals, making it easy to open and manage an account, contact customer service, and fund a transfer.

Their business money transfer services are also worth noting, allowing businesses to use CurrencyFair for international payroll, global payments, and receiving money.

One notable feature for businesses is CurrencyFair's integration with Xero, a leading accounting software that helps small businesses and SMEs reconcile payments and manage multicurrency transactions.

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CurrencyFair was established in April 2009 by co-founders Brett Meyers, Jonathan Potter, Sean Barrett, and David Christian. They created a marketplace where money was never exchanged across borders, avoiding bank conversion fees.

The company was officially launched in December 2013 by then Irish Taoiseach Enda Kenny, who announced 30 new jobs at the time. This marked a significant milestone for the company.

CurrencyFair became the first platform in the world to break the $1 billion barrier in money-matching transfers in early 2014. This achievement showcased the company's growing success.

In 2016, CurrencyFair announced it had raised €8 million in funding at the Web Summit in Lisbon. This investment helped fuel the company's further growth.

By August 2017, CurrencyFair had traded over €5 billion. Just a year later, this figure had increased to over €7 billion by July 2018.

In August 2018, the company announced a €20 million investment plan into the Asian market and the acquisition of Hong Kong-based Convoy Payments. This move expanded CurrencyFair's reach into new territories.

In October 2019, CurrencyFair announced its sponsorship of the 2019 Asian Gaelic Games, with a launch event in Croke Park. This marked another significant step in the company's growth and expansion.

By 2023, CurrencyFair had abandoned its core product of peer-to-peer currency exchange and reduced the number of currencies available to UK customers to just three.

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Businesses can use CurrencyFair for international payroll, global payments, and receiving money.

CurrencyFair integrates with Xero, a leading accounting software that allows small businesses and SMEs to reconcile payments and manage multicurrency transactions.

Businesses can group similar transactions together using CurrencyFair's integration with Xero.

This integration makes it easier for businesses to manage their finances and stay organized.

The CurrencyFair mobile app is a fast and convenient way to transfer money while you're on the go.

You can make international money transfers, set up rate alerts, and send in documents for verification directly through the app.

The app displays every detail you need to keep track of your money transfer.

It will work wherever you have access to the internet, either through Wifi or 3G, 4G, or 5G.

Reviewers have given the CurrencyFair app high praise for its ease of use, scoring 4.7 out of 5 on Apple devices and 4.3 out of 5 on Android devices.

They've noted that the app is easy to use and they've gotten great foreign currency exchange rates.

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