Currency is a peer-to-peer currency conversion and money transfer company based in Ireland. The company is known for its transparent peer-to-peer approach, which gives users far more options in some cases.
What are their exchange rates?
CurrencyFair sets itself apart in this category. Instead of following current currency exchange rates, CurrencyFair allows you to choose your own exchange rate. Once you’ve chosen an exchange rate, the platform will find another user who wants to perform the reverse transaction of what you chose, and is willing to trade at the rate you chose.
For example, imagine you have 100 GBP and you want to change it to 113 EUR. The actual exchange rate would get you 112 EUR, but if another user wants your 100 GBP and they’re willing to give you 113 EUR, then that is the rate you’ll both get. Of course, this isn’t the way it usually works.
If you don’t want to sit around and wait for a better rate to come along, you can still choose to exchange your money for the best rate currently available on CurrencyFair.
CurrencyFair charges a small flat fee of about 3 GBP for every transaction from your CurrencyFair account to a bank account. The commission that they make is somewhere between 1% and 6% of a transaction. The exact rate depends on several factors, but their rates are ok.
What CurrencyFair costs to use?
The average cost of using CurrencyFair is slightly below what you’d pay at the mid-market rate. When you consider their fees and the rates you get, the average cost becomes quite low. Let’s use the example of sending money from the UK (GBP) to Canada (CAD).
|Money Sent (GBP)||Money Received (CAD)||Mid-market Rate|
With each of the above rates, you’re paying a normal, immediately available rate and their 3 GBP fee.
*These rates are only applicable at the time of writing and are subject to change at any time.
How do I transfer money with them?
Sending money with CurrencyFair is quite easy. The first thing you’ll need to do is set up an account on their website. Once that’s done and you link your bank account, you’re ready to start sending money.
Setting up a transaction on their website is as easy as filling in a few details. You’ll be prompted to select your currency, select the amount of money you’re sending, and to select your recipient. After that’s all done, you just need to pay CurrencyFair for the transaction and wait for them to complete your transfer.
What other products do they offer?
CurrencyFair provides money transfer and currency conversion services. Because of the way the company’s set up, they offer a slightly different service than most of their competition.
CurrencyFair’s product is a platform that allows people across the world to interact on a money-matching market in order to save money. They have a website and a mobile app to help you interact with their peer-to-peer platform.