Overview of CurrencyFair
Founded in 2009, CurrencyFair is an online peer-to-peer (Peer to peer) currency exchange marketplace headquartered in Ireland with offices in the UK, Singapore, Hong Kong, and Australia, Greece, Poland, and Singapore, offering international transfers in 22 global currencies. In early 2014, CurrencyFair became the world's first platform to break the $1 billion barrier for currency matching transfers, and in April 2017, CurrencyFair revamped its platform to enable small and medium-sized businesses to use the service. CurrencyFair is currently regulated by ASIC in Australia and holds its full license under its authorization and license, regulatory number 402709.
Operation Methods
CurrencyFair operates as a peer-to-peer (P2P) platform, offering a cost-effective alternative to traditional banks for international transfers. By utilizing CurrencyFair's P2P marketplace, users have the potential to achieve cost savings compared to traditional bank transfers. One of the features of CurrencyFair's platform is that users can set their own exchange rates and wait for another user to match or accept it. Users have the opportunity to take advantage of this feature and potentially secure better exchange rates than those offered by banks or other traditional currency exchange providers.
In situations where users prefer not to wait for another user to match their desired rate, they can initiate a transfer and usually obtain an exchange rate that closely aligns with the inter bank or middle-market rate. This ensures transparency and fairness in currency exchange, as users are provided with rates that are reflective of the current market conditions. By offering a P2P marketplace, CurrencyFair provides a platform where users can directly interact and exchange currencies, eliminating the need for intermediaries and potentially reducing costs associated with currency conversion.
Is CurrencyFair legit or a scam？
The Australian Securities and Investments Commission (ASIC) regulates the business of CurrencyFair in Australia. With the license number 402709, CurrencyFair operates within the framework established by Australian financial authorities. This regulatory oversight ensures that CurrencyFair adheres to the necessary compliance standards, providing users with added confidence and security in their financial transactions.
Pros & Cons
CurrencyFair is an ASIC-regulated platform that offers a clean and user-friendly web and mobile app interface. It allows users to conveniently choose their desired transfer speed and cost. However, one drawback is that it currently supports only 22 currencies. Additionally, CurrencyFair charges transfer fees and commissions, which may be a concern for some users. It's important to note that CurrencyFair does not provide MT4/MT5 trading platforms.
Products
With CurrencyFair, one can send money from Australia, Europe, Canada and New Zealand to more than 50 countries in the 19 currencies. Following are the currencies in which CurrencyFair supports transactions:
Currencies Supported by CurrencyFair
Recently, it has launched its transfer services in Singaporean Dollar (SGD), so, customers can send money from Singapore also now with CurrencyFair. The recipients can receive money from Singapore to Australia, United Arab Emirates, South Africa, Hong Kong, UK, USA, Canada, etc.
How to Open an Account？
To open an account with CurrencyFair, please follow the steps below:
1. Visit the CurrencyFair website at https://www.currencyfair.com/.
2. On the homepage, click on the “Sign Up” button. This will typically be located in the top right corner of the website.
3. You will be directed to the account registration page. Here, you will need to provide your personal details, including your name, email address, and a password for your account.
4. After accepting the terms and conditions, click on the “Create Account” or similar button to proceed.
5. CurrencyFair may require you to verify your email address by clicking on a confirmation link sent to the email you provided during registration.
6. Once your email is verified, you may need to provide additional information to complete your account setup, such as your contact details and identification documents for compliance purposes.
7. After submitting the necessary documentation, CurrencyFair will review your application and verify your account. This process may take some time, depending on the volume of applications they receive.
8. Once your account is verified, you will receive a confirmation notification from CurrencyFair. You can then log in to your account using your registered email address and password.
CurrencyFair's Fees
While CurrencyFair offers competitive pricing on Monito's comparison engine, it may not always be the cheapest option for bank transfers. When it comes to transfer fees, CurrencyFair charges a small fixed fee of usually €3.00 per transfer from your CurrencyFair account to a bank account. Additionally, they may apply a commission ranging from 0.10% to 0.60% of the exchanged amount.
On the positive side, CurrencyFair allows you to choose your own exchange rate through their peer-to-peer marketplace. This gives you the potential to get a rate better than the current mid-market rate. However, to achieve your desired rate, it requires another CurrencyFair user to accept the exchange at that rate. Alternatively, you can opt for an immediate exchange at the best available rate, which typically has a competitive exchange rate margin of around 0.35% below the mid-market rate.
It's important to note that for certain currencies like UAE dirham, Canadian dollar, New Zealand dollar, US dollar, South African rand, or when sending to Israeli new shekel (ILS), international bank transfers may be involved, resulting in additional fees charged by the banks. Despite these fees, CurrencyFair's favorable exchange rates often make it worthwhile to use their service.
Bonus
CurrencyFair promises that if traders refer friends to it and they could earn €50 each.
Trading Platform
CurrencyFair introduced its currency exchange app in September 2015, catering to both Android and iOS users. The app offers a range of convenient features, including the ability to capture and upload photo identification for seamless identity verification. Users can enjoy quick currency transfers, while real-time exchange rates and margin information are displayed for transparency. The app also allows users to track their transfers, review historical transactions, and efficiently manage their bank accounts, enabling easy addition, editing, or deletion of bank account details. With these functionalities, CurrencyFair's mobile app provides users with a comprehensive and user-friendly platform for their currency exchange needs.
Deposit & Withdrawal
When sending money to CurrencyFair for onward transfer to your recipient, you can pay for your transfer using online bank transfer. Your debit card must be registered on the 3D secure programme to avoid payment delays and cancellations. Every time you make a payment to CurrencyFair, ensure you quote your CurrencyFair ID which is in the format CF1234567 so that your funds can be applied to your account.
Transfer Time
The time it takes for your money to arrive varies depending on the banks and currencies involved.
Once CurrencyFair have received your funds in their account the time it takes to receive the money in an overseas bank account can be within 1 business day, if you select the “Send Money” option.
However if you choose “Top Up” money option, your request goes in a queue and you will need to wait for a match of a corresponding currency to come through. Other factors might slow down the process is the how much you wish to send and where you are sending money overseas. The less populated a country, the longer you might have to wait.
Most major currencies have same-day transfers. Depending on the currencies you need to exchange, the entire process from sending in to transferring out your money should take between one - five days.
General quotes for time are between 1 and 6 business days, which is pretty broad and there are other companies who can send quicker but might not service the country you are looking for. Therefore it depends on what is most important to you, time, cost or availability.
Customer Support
When it comes to customer support, CurrencyFair primarily offers online assistance through their contact form, which you can fill out on their website. It also provides phone support, the specific information is below. They do have 24/5 assistance available through their office in Australia, which handles queries when their Dublin office is closed. This ensures that customers can receive support at any time of the day or night, providing a convenient option for addressing any concerns or inquiries they may have.
CurrencyFair contact number:
Dublin: +353 (0) 1 526 8411 (11 pm Sun - 6 pm Fri IST)
Australia: +61 (0) 282 798 642 (8 am Mon - 3 am Sat EST)
UK: +44 (0) 203 3089353 (11 pm Sun - 6 pm Fri GMT)
Conclusion
In conclusion, CurrencyFair is a online peer-to-peer currency exchange marketplace that offers international transfers in 22 global currencies. Founded in 2009, CurrencyFair operates through a P2P platform, allowing users to potentially save on costs compared to traditional banks. The platform is ASIC-regulated, providing security and reliability to users. CurrencyFair offers excellent exchange rates, a user-friendly trading platform, and the ability to choose transfer speed and cost. However, a disadvantage is that it currently supports only 22 currencies and bank/debit card payments are the only fund-in methods. Nonetheless, CurrencyFair has received high customer satisfaction rankings and provides 24/5 customer support through various channels.
FAQs
Q: What is CurrencyFair？
A: CurrencyFair is an online peer-to-peer currency exchange marketplace that facilitates international transfers in 22 global currencies.
Q: Is CurrencyFair a legitimate platform or a scam？
A: CurrencyFair is a regulated entity, operated by CurrencyFair Australia Pty Ltd, and is authorized and licensed by the Australia Securities & Investment Commission (ASIC).
Q: How do I open an account with CurrencyFair？
A: To open an account with CurrencyFair, visit their website and click on the “Sign Up” button. Provide your personal details, accept the terms and conditions, and create your account.
Q: What are the charges and commissions for using CurrencyFair？
A: CurrencyFair charges a small fixed fee for transfers to a bank account, usually around €3.00. They may also charge a commission of 0.10% to 0.60% of the exchanged amount. The exchange rate margin and fees depend on the specific transaction.
Q: Does CurrencyFair have a mobile trading platform？
A: Yes, CurrencyFair introduced its currency exchange app for Android and iOS users in 2015.
Q: What are the deposit and withdrawal methods for CurrencyFair？
A: To deposit funds into CurrencyFair, you can use online bank transfer. Debit cards registered under the 3D secure program are also accepted.
Q: How long does it take to complete a transfer with CurrencyFair？
A: Transfer speed varies depending on location and currency. It includes the time to reach the CurrencyFair account (1-2 business days), processing and matching time (varies), and time to reach the recipient's account (1-2 business days).
