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Currencyfair Review

Last Updated: March 03, 2022

Score: 9.5
Score 9.5

About Currencyfair

CurrencyFair founded in 2009, fully licensed, regulated, and award-winning peer-to-peer global money transfer platform with a simple way either send and receive money internationally.
CurrencyFair’s cutting-edge technology connects customers and businesses worldwide, allowing them to transfer money at a fair exchange rate, with no hidden fees to over 150 countries. Exchange funds in takes a little as 0-1 business days by bypassing banks and are up to 8x cheaper than banks.

Payment Process

Currencyfair review
Currencyfair review

Mass Payments

Marketplaces and eCommerce sites that demand innovative solutions can use CurrencyFair’s payment-as-a-service (PaaS) infrastructure. CurrencyFair’s service is a bank-to-bank payment and settlement system that operates in real-time.

  • Settlement Batch Processing – Batch processing of settlements gets managed by CurrencyFair for your business.
  • Single Payment Management Solution – The entire single-product PaaS gives their marketplace clients a single payment management solution. Full reconciliation from the order placing to final settlement or multiple payments to sellers is also available.
  • Pay Overseas Staff And Contractors – With over 20 currencies available to exchange into, you can pay your staff, contractors, and workers into their local currency with a free account. These transfers can be made into over 150 countries, completing most transactions within 24 hours.
  • Set Up Recurring Transactions – To save the inconvenience of monthly transfers, you can set up a regular Standing Order from your bank account to your CurrencyFair account. Your funds will get exchanged on the day you specify and complete your Transfer Out to your designated beneficiary. Once your transfer is completed, you’ll receive a notification email.
  • Integrated Accounting With Xero – CurrencyFair’s clients with Xero accounting software can benefit from the accounting tool’s free integration on its platform. It will keep track of and report on the platform’s mass payments. Reconcile payments in a matter of seconds or bundle similar transactions together and match them all at once.

Saving Money With Currencyfair

By using CurrencyFair’s local bank accounts worldwide, you won’t have to pay international banking fees. You will save time and money as your international transfer will get treated as a local transfer.

  • Transfers Up To 8x Cheaper Than Banks – CurrencyFair charges an average of 0.45% exchanged. With no hidden charges in their fine print and a flat fee of only €3 (or currency equivalent) per transfer, their live currency calculator tells you exactly how much your beneficiary will receive. The flat fee only applies when the free transfer offer for new customers has expired. Your transfers are up to 8x cheaper than banks when you combine their low rates and fees.
  • Receive International Payments At Lower Costs – Receiving international payments from 150+ countries allows you to avoid paying high international banking costs and are as quick as local bank transfers with major currencies. Customers will know how much to send you if you invoice them in their local currency.
  • Pay International Suppliers – With most transfers completed within 24 hours, CurrencyFair helps you pay invoices every time on schedule. Paying international suppliers in their local currency will streamline processes, leaving you with a clear image of how much to send and how much they’ll receive. Sterling transfers to or from a UK bank account are usually processed on the same day.
  • Choose Your Rate – You can exchange currencies immediately at the best available rate or request a higher rate and wait for it to get matched with others customers exchanging the opposite currency on their one-of-a-kind peer-to-peer exchange. Their exchange is known as CurrencyFair Exchange. Just enter your desired rate and wait for a match.

Risk Management Tools

  • Fully Regulated And Licensed – CurrencyFair is fully licensed and regulated by the Central Bank of Ireland, the Australian Securities and Investments Commission, and the Monetary Authority of Singapore. They are also fully authorized and licensed as a Money Service Operator in Hong Kong. CurrencyFair Limited is a Temporary Permissions Regime-registered company with the Financial Conduct Authority in the UK. Your money is always safe and secure since your funds are ring-fenced and kept in Tier 1 international banks.
  • Safe And Secure Platforms – Unlike traditional providers, you can exchange no set limit amount to one of CurrencyFair’s accepted currencies. All of this can be done from anywhere and 24/7 through your secure account on their website or through their iOS or Android apps.
  • Multi-Currency Batch Payments – All regular, recurring, and batch payments can be set up and automated in advance to boost productivity and meet payment deadlines.
  • Rate Alerts – Receive daily, weekly, or custom rate alerts to your email for CurrencyFair’s live exchange rates and never lose out on your preferred rate. The live rate gets calculated by exchanging €10,000 or the equivalent currency in the CurrencyFair Exchange. Rates available with CurrencyFair at the time of the rate alert notification will be used. Their exchange rates are updated in real-time to reflect changes in the currency market during the trading day.
  • Standing Orders – A Standing Order saves you time and money by allowing you to set a date when CurrencyFair must exchange and transfer money out to your intended recipient. Once the transfer has been completed, you will receive a notification email.
  • Multi-User Access – Multi-user access allows you to grant up to 8 team members permission to modify bank account details, exchange currencies, and set limits to transfer out amounts. Roles can be custom-created at varying permission levels to ensure security.
  • Two-Person Approval – You can decline or approve outgoing payments with this optional layer of further security. Set limits on how much each user can transfer money out before two-person approval is required. When a payment gets submitted for approval, you’ll get an email immediately, and you can approve or decline the transaction at any time from any device. By having another team member verify each transaction before the money leaves your account, you may eliminate processing errors and strengthen the security of your account. You can, for example, give unrestricted access to your CFO, and your accounts assistant can be limited to transfers up to €1,000 before two-person approval is required.

Onboarding Process

1
Signup
Signup and choose the type of account you want to register.
2
Personal Details
Enter your personal details: name, surname, email address and phone number.
3
Company information
Provide your business details, such as the business registration and VAT number, details of directors, nature of business, etc. Upload all the relevant supporting documentation (ID, address documents, etc.) to the registration portal.
4
Verification
CurrncyFair will process, identify, and verify your information and any beneficial owners. They will send a confirmation email to confirm your account’s activation and provide your dedicated accounts manager details.

Expert Support

Experienced multilingual customer support team available in a range of languages by phone or get in touch via email.

  • UK – Sun – Fri: 10pm to 8pm
  • Australia – Mon – Sat: 10am to 8am
  • Ireland – Sun – Fri: 10pm to 8pm
  • Singapore – Mon – Sat: 5am to 3am
  • HongKong – Mon – Sat: 5am to 3am
  • You can contact them via: – Downloaded application, telephone & email

The Bottom Line

Currencyfair review
Currencyfair review

Compared to traditional banks, CurrencyFair offers two advantages: ease and cost. After you’ve set up your account, exchanging money with CurrencyFair is simple and takes only a few minutes of your time.

As a regulated and fully licensed global money transfer platform, you can manage different currency accounts and simplify paying employees and contractors at any time, no matter where you are.

  • There is no limit to the amount you can exchange and transfer
  • Set your own rates in the CurrencyFair Marketplace
  • Customers can transfer 20+ currencies to 150+ countries
  • Speak to a real person by phone or get in touch via email
  • Secure mobile apps and user-friendly website
  • Avoid excessive fees
  • Most transfers take up to 24 hours