How CurrencyFair Works
With CurrencyFair you can send bank to bank transfers. Once you send into the platform, the money you would like to exchange you can do so in two ways, as an auto-transaction or on CurrencyFair Exchange. Basically, you can choose to exchange now, or exchange later
Transfer now with auto-transaction
With an Auto-Transaction, you can exchange and transfer your money at the current best available rate.
Transfer later with CurrencyFair Exchange
A feature unique to CurrencyFair customers is the opportunity to possibly exchange at a rate better than the current market rate. This can happen in their P2P marketplace: CurrencyFair Exchange.
This method of cost-savings is ideal for those who are not in a rush to transfer their money as you have to wait to change money before making your transfer.
On the platform, simply request your rate and wait in the exchange queue for the market to match it. Your transaction will happen once someone matches your desired rate or if the platform matches you with an approximate.
However, it is important to note that your requested exchange rate is not always guaranteed. According to CurrencyFair, " [an] exchange will take place if the best rate available now moves to match a customer's rate and stays at that rate until the customer moves to the top of the queue".
Features of Currency Exchange
- Low flat fee of S$5, with no maximum transfer limit
- Cost savings through competitive rates - Get 5x better rates than those offered at banks, especially with their peer to peer exchange platform, CurrencyExchange, where buyers and sellers can come to match at a fairer rate.
- Currency Rate Alert feature to help notify you of changes and potential good times to trade, exchange or transfer money.
- Ability to automate selected monthly payments like mortgage and student loans.
- 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
- Locations available to send money from Singapore to: Australia, Canada, Europe, France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Netherlands, New Zealand, Philippines, Poland, Spain, Switzerland, Thailand, UAE, United Kingdom, United States
- However, CurrencyFair only supports a limited number of currencies (20), and to use the exchange platform, you have to fund your CurrencyFair account via bank transfer first, before engaging in any request for conversions. There are also a limited number of ways to fund your transfer (bank transfer, debit card only)
Fees and Exchange Rates
- 0.25-0.3% of the total amount exchanged when customers match each other.
- 0.4% to 0.6% of the amount exchanged for instant transactions
- Sending money into CurrencyFair:
For selected currencies that are not held locally i.e. CAD, AED and HUF, you will be charged an international transfer fee by your bank as well as an intermediary fee when you send in money to CurrencyFair
- Transferring out of CurrencyFair: transferring money from Singapore is a flat rate of S$5. Similarly, different locations will be charged an approximate equivalent of this amount.
- Check CurrencyFair's How it Works Currency Exchange to find out the full breakdown of their charges.
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.
- Visit CurrencyFair's website for more information or their support page for help
- email: [email protected]