CurrencyFairy reviewWhen you want to exchange currency without incurring the hefty charges from banks, a peer-to-peer transfer is a viable option. How does it work? You simply exchange currencies independently with like-minded individuals without being connected to a central system. As you buy currency that other individuals are selling, you could benefit from better exchange rates than those charged by banks. Save on the huge bank rates today and spend the money on a holiday this festive season!

CurrencyFair regulation

CurrencyFair peer-to-peer exchange operates in a simple procedure. Suppose you need Sterling Pounds when going to United Kingdom from Australia and another person needs Australian dollars when leaving the UK for the Aussie. You would simply exchange your Australian dollars for his sterling pounds. The transaction is done online where both of you are subjected to a small fee for facilitating the service. CurrencyFair is frequently compared with TransferWise, for check this CurrencyFair vs TransferWise review.

Company overview

CurrencyFare teamHeadquartered in Ireland, CurrencyFair is an online currency exchange marketplace with branches in Australia, the United Kingdom, and Poland. Three musketeers- Sean Barrett, Jonathan Potter, and David Christian founded it in 2009. It is perfect for expatriates who want to send or receive money from their respective countries.
By the end of October 2014, the company had made a cumulative transfer of € 1.2 billion where customers saved around € 60 million that they would have incurred in bank fees. You could also take advantage of the low CurrencyFair exchange rates today. You will be charged 0.15% of the amount you exchange with other customers. In addition, there is a fixed transfer fee of GBP 3.

CurrencyFair safe operation

safety-mattersThe Central Bank of Ireland registers and regulates the operations so that you wont worry about the other person disappearing with your money. Ideally, funds are securely held in segregated accounts. For your transfer to take effect, you have to load the equivalent of what you are transferring.
The person on the other end does so as well upon which the company transfers the cash into your respective bank accounts. There may be intermittent delays, but this does not mean your money has been lost.

Advantages

How long does CurrencyFair take to transfer money? It takes a maximum of two days for cash to reflect on your account. Compared to banks, this is a considerably short time of sending money in a different currency overseas. In fact, banks can take as many as seven days to send money abroad.
Another advantage is the fact that you don’t have to haggle with a broker to bring the exchange rates down as the rates are already decreased. While the daily turnover and the number of customers in a typical day are not known, the company has over 57 million customers across the world. This means that you will find innumerable users with the currency for which you need to exchange yours.
Another benefit is that you could be rewarded handsomely when you refer your friends to use the service. When the referred person makes a transaction of over GBP 400, you are rewarded with coupons. Alternatively, you could earn the advantage of a free transfer in your future transaction.

Disadvantages

One of CurrencyFair problems is that you will not use the conventional credit cards, bank drafts, and cheques, as it is an online currency exchange platform. Instead, you need to have several bank accounts registered in the currencies that will typically be involved in the transfer. Additionally, the service does not send cash to crypto currency or Bitcoin companies. If you compare CurrencyFair vs TransferWise, the latter is more convenient as it charges a fee of 0.5% for small transfers of £300-£1000. In addition, it uses an effective market exchange rate.

CurrencyFair Review

“This company gives by far the best rate of exchange for amounts over £3000. You can instantly exchange the money, no waiting around for it to get dealt with by a human.”
“I cannot comment on the customer service as I did not had to use this, but would recommend this company to everyone I know.”
“Moved home from Australia and had all my tax back to transfer. The banks were about to charge me a few hundred euro but this service did that for a tenth of the price!”

Conclusion

ConclusionThe physical exchange of huge sums of money is risky. You never know when robbers are planning to accost people in the streets. Therefore, CurrencyFair charges are a magnificent solution. Currently, it offers transactions in 20 different currencies. Check out to see whether your preferred currencies are included. If not, they should be in the near future.

Categories: Reviews

One Response so far.

  1. Alexandra says:

    CurrencyFair is, as the name describes it, fair, but it’s nothing special in my opinion. Their commissions are higher compared to other exchange services like TransferWise for example. TW will take about one pound for every 200 pounds you exchange. Over that amount they will add a small commission of 0.5%. CurrencyFair also needs to make the whole process a bit more transparent and faster. They are decent when it comes to bigger amounts (over 3000 pounds) but as I mostly deal with smaller amounts, TransferWise is my first choice.

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