CurrencyFair is one of the top peer-to-peer foreign money transfer services with a reliable reputation.

Company Information

CurrencyFair was established in April 2009 by Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. CurrencyFair declared that it has traded over €7 billion marking a significant milestone. As of July 2018, 

After its founded, the business has acquired various rounds of financing from investors on the field. The company has created 90 new jobs most of which remained to be based in Ireland. 

Awards and Recognition

The company has also won numerous awards Such as including the IIA Dot IE Net Visionary Awards, Best of Show award at the FinovateAsia conference that was taken in Singapore among other prominent mentions.

Regulatory Compliance

  • Central Bank of Ireland as an Authorised Payment Institution 
  • Australian Securities and Investments Commission (ASIC) under AFS License number 402709
  • Monetary Authority of Singapore (MAS)

CurrencyFair Exchange Rates and Fees

CurrencyFair has few of the best rates and transfer charges in the industry. You can periodically review your transfer details on the onsite calculator for the entire fees and exchange rate costs for your currency pair.

Transfer Fees

In common, CurrencyFair requires between 0.25 and 3% based on the currency pair when clients pair for their transfers. CurrencyFair imposes charges anywhere from 0.1% to 0.6% with a set fee of 3 Euros or its corresponding currency. The company states on its website that its average fee is 0.45%.

Exchange Rates

To get an understanding of the exchange rate margin that CurrencyFair charges markup is accordingly minimal to the point of being insignificant for some transfers.

Other Fees

Aside from the exchange rate margin and transfer charge, you may be imposed cash advance fees by your card issuer when using a credit card. CurrencyFair provides enormous benefits, particularly when moving large amounts.

Pros and Cons

Pros Of Using CurrencyFair

  • Low exchange rate margins making the provider competitive
  • Low transaction fees 
  • An interactive cross-platform mobile app
  • A wide disbursing network coverage 

Cons In Using CurrencyFair

  • Some user cannot open accounts with CurrencyFair
  • The provider supports only 20 currencies 

How To Use CurrencyFair

Step 1: Create your free account – Signing up for an account is easy and quick. In less than five minutes, you’ll have your personal or business account up and running. 

Step 2: Account Verification- You’ll be required to upload a photo identification which could be a government ID card, passport, or driver’s license. You will also need to upload or scan with your device webcam the 1st and 2nd proof of address which could be any of the following:

  • Utility bill
  • Household Insurance or Renewal Notice
  • Bank or Credit Card Statement
  • Revenue Notices
  • Lease or Tenancy Agreement
  • Local Council Notices
  • Car Registration Documents

Step 3: Set up your transaction -Key in the amount you want to send, and the currencies involved and the calculator will give you the approximate amount the recipient will get, the estimated delivery, exchange rates and transfer fees.

Step 4: Recipient Information- Give the details of the person you are sending the money to. The information required is:

  • Name of the account holder
  • The country where the account is held
  • Account number
  • Bank code
  • Recipient reference- The information you input here will appear on the bank statement
  • State the purpose of the transfer

If you want the recipient to be notified of the transfer, there is an email notification box that you check.

Step 5: Transfer your money-You’ll be sent a code to your registered mobile phone or receive a call after which the system will verify your details and allow you to initiate your transfer to CurrencyFair for onward transfer out to your recipient.

Other Money Transfer Providers

You can check more of the money transfer companies HERE.

TorFX

TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers. It also allows stop-loss orders, and forward contracts. You can also consider to limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.

Advantages
  • Individuals and Businesses can register
  • No fees for personal transfers
  • Offers forward contracts
  • Offers limit orders
  • Allows stop and loss orders
  • Lets you schedule your transfers
Disadvantages
  • Physical presence is only to Australia and inside the UK
  • Cash pickup is not available

TransferWise

They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned. It Also depends on the transfer amount, and the payment mode.

Advantages
  •  Open to serve individuas, businesses, and online sellers
  •  Simple and easy sign up through your Facebook or Google account
  •  Based in the UK
  •  Contains dedicated multilingual websites
  •  Allows local phone support in some locations
  •  Takes credit card payments from citizens of some countries
  •  Hold funds in up to 27 currencies utilising the Borderless Account
Disadvantages
  • Does not offer forward contracts, market orders, or scheduled transfers
  • Its a peer to peer networks it does not support other countries
  • Transfer fee depends on the currencies concerned
  • Sum being transferred, and the method of payment
  • No cash pickup centres

WorldRemit

WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages. They have low minimum transfer amounting to £1.

Advantages
  • Offers local phone support in some countries they cater to
  • Transfer as little as £1
  • Allows you to pa through your credit card
  • You can access websites in different languages
  • Transfer funds to bank accounts or cash pickup centres
  • Top off mobile wallets and airtime
  • Company headquarters is in the UK
  • Available offices in the U.S., Canada, Japan, Australia, and New Zealand
Disadvantages
  • Accepts only individuals and not businesses
  • Desired transfer method may affect sending limits
  • Your country of residence might affect the amount that you can send
  • The currencies concerned affect the costs
  • , Mode of payment and the transfer method affect your transfer costs

Frontierpay

The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge. The minimum amount you can transfer is at £500.

Advantages
  • Individuals and businesses can sign-up
  • Allows customers access to personal dealers
  • No fees for personal transfers
  • Provides forward contracts, market orders, and scheduled transfers
  • You can start your transfer online or over the phone
Disadvantages
  • Only international office in Singapore
  • No translations in their website (language in English)
  • Minimum transfer is £500
  • No cash pickup centres

XE

XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.

Advantages
  • Individuals and businesses can sign-up
  • Websites languages for the UK, the U.S., Canada, Australia, and New Zealand
  • Company is based in Canada
  • Offices in the U.S. and the UK
  • No fees for personal transfers
  • Allows you to choose from spot transfers and limit orders
Disadvantages
  • No cash pickup centres
  • Cannot set desired date or schedule for your transfers

 


Company Details
  • Company Name: PEMBROKE QUILTER (IRELAND) NOMINEES LIMITED
  • Registration Number: BR011009
  • Incorporation Date: 2009-10-01
  • Status: Open
Loan Details
  • APR: See Website
  • Loan Amount: See Website
  • Repayment Duration: See Website
Contact CurrencyFair Money Transfer Review