CurrencyFair Money Transfer
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This product is managed by CurrencyFair.
Summary
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- Claimed in September 2020
CurrencyFair Review 2021 Money Transfer Service
- Make easy, fast and secure money transfers with CurrencyFair's remittance service.
- Other than sending or receiving money from abroad, you can pay overseas tuition fees or student loans, receive overseas pension or even partake in the overseas property market.
- CurrencyFair provides a low flat transfer fee of S$5, with no maximum limit and with competitive exchange rates than can supposedly go up to 5 times cheaper than your typical banks.
- To give you the best rates possible, CurrencyFair has 2 features to help you - the Currency Exchange Rate Alerts and the CurrencyFair Exchange. The alerts send exchange rate changes directly to your email so you don't miss out on any potential good rates.
- Secondly, the CurrencyFair Exchange is an interesting P2P foreign exchange platform where buyers and sellers can bid for their preferred rate. This allows you to lock in your exchanged currency when the rates are favourable and proceed to transfer when you want to.
- 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)
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Summary
Product Page Transparency
- Claimed in September 2020
CurrencyFair Review 2021 Money Transfer Service
- Make easy, fast and secure money transfers with CurrencyFair's remittance service.
- Other than sending or receiving money from abroad, you can pay overseas tuition fees or student loans, receive overseas pension or even partake in the overseas property market.
- CurrencyFair provides a low flat transfer fee of S$5, with no maximum limit and with competitive exchange rates than can supposedly go up to 5 times cheaper than your typical banks.
- To give you the best rates possible, CurrencyFair has 2 features to help you - the Currency Exchange Rate Alerts and the CurrencyFair Exchange. The alerts send exchange rate changes directly to your email so you don't miss out on any potential good rates.
- Secondly, the CurrencyFair Exchange is an interesting P2P foreign exchange platform where buyers and sellers can bid for their preferred rate. This allows you to lock in your exchanged currency when the rates are favourable and proceed to transfer when you want to.
- 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)
CurrencyFair Money Transfer
CurrencyFair Money Transfer
$5 + 0.25% to 0.6% of transaction amount
TRANSACTION FEES
$5
MIN. TRANSFER AMOUNT
1 to 2 days
TRANSFER SPEED
150+
SUPPORTED COUNTRIES
4.0
2 Reviews
High to Low
Posted 05 Nov 2019
I transfer various currency for our personal and business use wasting a lot time going to the bank and standing in line filling up forms and getting charged with hefty fees and bad exchange rates. CurrencyFair has changed the whole experience for me it’s easy to use user friendly with low to no service fees and great currency exchange and best of all it’s saves me time in the comfort of my home or office. Definitely highly recommend CurrencyFair to everyone.0
What are your thoughts?16 Oct 2019
[[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 for old times sake but with other providers with sharper pricing these days, less likely to use going forward.0
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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.
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.
Contact CurrencyFair
- Visit CurrencyFair's website for more information or their support page for help
- Tel: +65 31650282
- Address: #14-01, 71 Robinson Road,, Singapore, 068895
Contact us at [email protected] should you require any assistance or spot any inaccuracies.