CurrencyFair Reviews and Comparison - Seedly
CurrencyFair
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  • [[Update: 10 Oct - para 4, Added comparison with Revolut / Transferwise. tldr, worst ]] 1. Long term user (set up initial account 5 years back). 2. Good point: Good coverage for many countries/currencies. Meets my needs for family remittances between AU and Europe and given the many currencies supported, should have no issue for most reasonable use cases. 3. Mixed point: The initial onboarding a bit of a hassle. On the plus side, you can rely on these guys coz they take compliance seriously, but on the downside, it means their KYC process can be a bit heavy. Esp. for users in SEA - as a UK based company they may not be super familiar with users here. Case in point, I am from AU and working in SEA with remittance needs to EU - not their normal average case. But they did pull through (ended up with a call with a real person (!!) and after explaining situation and some paperwork - did push through). 4. Bad point: actual conversion process a bit annoying - need to fund account first (a few days from bank transfer) followed by conversion - so you can't be certain of FX rate until account funded (and if it is funded and you find a better rate elsewhere - then tough luck the money is with them already). There is some frictional costs with fund disbursement (fees associated with crediting local accounts). The lack of ability to compare certainly take sheen off. Did a comparison of FX rates (after fees) on a moderate sized nominal amount, converting 9k AUD to SGD. Unfortunately, CurrencyFair was worst of the providers compared with net FX rate after fees about 60 basis points worse than best (Revolut - but note their service has limits so may not scale to larger amounts). 5. Neutral point - pure FX provider so more limited offering compared to other providers that do travel credit cards, business accounts etc etc (a neutral point only; after all do-one-thing-well can be a virtue) 6. Overall rates turned out competitive so have pushed through quite a bit through their system (over course of few years) . In my portfolio as provider to compare when doing high value FX transfer
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About CurrencyFair
Remittance ServiceCurrencyFair
Registration FeeFree to register
Transaction Fees€3 or the equivalent amount
Countries You Can Transfer To157 total countries

About CurrencyFair

CurrencyFair is one of the world’s largest FX platforms and the first to provide a peer-to-peer marketplace. We facilitate 19 currencies and transfer to over 150 countries. We have been in operation for over 9 years, have over 130,000 customers worldwide, over €8 billion has been exchanged with us and we have saved our customers over €205 million to date.

How CurrencyFair Works

With CurrencyFair you can send bank to bank transfers. Once you send into us the money you would like to exchange you can do so in two ways, as an auto-transaction or on our Exchange. With an Auto-Transaction you can exchange and transfer your money at the best available rate with us. If you are willing to wait, you set your desired rate on our Exchange. Once someone matches your desired rate you can often exchange at a better rate then you can with ourselves.

Other Information:

Some things, in addition to what is mentioned above, that our customer finds important is:

A) Our Trustworthiness. We are highly rated on review sites, in many cases much higher than other money transfer companies.
B) Our Customer Support Team. We have a world-class CX (Customer Experience/Customer Support) team on hand that is available 24/5 (with limited hours on the weekends as markets are closed) to solve customers’ queries.