CurrencyFair Review: Pros & Cons
Our take: CurrencyFair is one of the first entrants in the international transfer space. It was established before Revolut and Wise got popular. It has access to some exotic countries and currencies. Today, it may be useful if you look for counterparty diversification with multiple transfers, but it is generally less competitive than Wise and Revolut. The desktop version is quite used, but android app is not up to the level of competitors. While customer service is generally responsive, there is room for improvement. Since it lacks a banking license, we do not advise holding funds for more than needed as it is not as secure as traditional banks.
Key Advantages
- Availabilty in exotic countries/currencies
- Company with One of the longest track record in this space
- Multi-currency accounts for holding and exchanging funds
Key Limitations
- Currently uncompetitive rates vs Wise / Revolut
- Android App poorly rated
- Maximum limits on transaction amounts
- Limited customer service hours
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KEY TAKEAWAYS
- Global Reach: CurrencyFair offers both personal and business accounts, supporting transactions in 20 major currencies across 150 countries. The platform is popular for cross-border payments, serving over 150,000 users.
- Main Appeal: CurrencyFair’s peer-to-peer model allows users to benefit from competitive exchange rates, particularly favorable for mid-sized transfers. It’s ideal for users looking for lower-cost international transfers with greater rate control through user-set exchange rates.
- Mobile-Friendly Platform: The CurrencyFair app allows users to handle transactions and monitor rates on the go, supporting efficient money exchanges across various devices. However, some users report delays and limited customer service hours.
- Regulatory Oversight: CurrencyFair is regulated by prominent authorities like the Central Bank of Ireland and the FCA, ensuring compliance and security for EU and UK markets. However, as it is not a bank, funds are not covered by deposit insurance.
Pros & Cons and suitability to update
Pros
- Low-cost international transfers Compared to Banks
- Transparent fees
- Multi-currency accounts
- Peer-to-peer exchange feature
- Easy setup process
CONS
- May Not Offer The Best Rates
- Processing Time Can Be Longer Than Competitors
- Lack of Other Financial Services When Compared To Its Competitors
- Limited Customer Support Options
- Initial Fund Transfer May Take Time
Availability Checker
Check if CurrencyFair is available in your country
WISE Snapshot
What Is CurrencyFair?
CurrencyFair is an online currency exchange platform regulated by the Bank of Ireland. Although its peer-to-peer status is currently unclear, this feature enables customers to exchange with other ‘peers’ on the platform exchanging money in the opposite direction. By doing this, customers may receive better market rates than CurrencyFair. Users can exchange money through a single personal account.
Private company, working towards profitability
CurrencyFair achieved a 98% year-on-year growth through the use of Partnership Cloud. As a Private Limited Company, its profitability details are not publicly disclosed. However, the Bank of Ireland mandates that they maintain sufficient liquid and non-liquid assets to cover daily obligations in the event of insolvency. Profitability remains a key focus for the company, with positive growth trends. In 2023, they are on track to become EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) positive. In 2022, CurrencyFair saw a 30% revenue increase, driven by a surge in customer transactions and an expanding user base.
Company Info
| Characteristic | CurrencyFair |
|---|---|
| Inception Date | 🛈 2009 |
| Headquarters | 🛈 Dublin, Ireland |
| Key Owner | 🛈 Assembly Payments (2021) |
| Company Evaluation | Not publicly traded |
| Revenue | Not publicly available |
Features
| Feature | CurrencyFair Personal |
|---|---|
| Key Base Currencies | 🛈 All Major Currencies |
| Transfer Speed | ✅ 1-3 business days |
| Multicurrency | ✅ Yes |
| Cash Interest | ❌ No |
| Mobile App | ✅ Yes |
| Debit Cards | ❌ No |
I. Company
Business Profile
CurrencyFair was founded in 2010 in Ireland as a foreign exchange service catering to
global customers. Since its inception, the platform has expanded significantly, now serving
over 150,000 users across more than 150 countries and facilitating transactions in 20
different currencies. Each individual can hold one personal and one business account,
ensuring flexibility in managing their financial transactions. Typically, transactions are
completed within 1-3 business days, making it a convenient choice for users seeking
efficient cross-border payments.
Safety Considerations
CurrencyFair is headquartered in Ireland, with offices in Australia, the United Kingdom, Hong
Kong, and Singapore. The company operates as an Authorised Payment Institution (API)
rather than a traditional bank. Consequently, it is regulated by the Central Bank of Ireland for the Irish and EU markets. In the UK, it is overseen by the Financial Conduct Authority (FCA); in Australia, by the Australian Securities and Investments Commission (ASIC); and in Singapore, by the Monetary Authority of Singapore (MAS). As an API, CurrencyFair does not enjoy the same safety protections as banks, which has important implications for consumer safety.
Cash Custodians & Protection Schemes
As CurrencyFair is not a bank, customer funds are not protected by conventional deposit insurance schemes. However, the company safeguards these funds by holding them in accounts with reputable banks, ensuring they are segregated from CurrencyFair’s operational funds to protect customer money in the event of insolvency. While there is no individual deposit guarantee, CurrencyFair complies with safeguarding requirements set by regulatory bodies like the Central Bank of Ireland and the Financial Conduct Authority (FCA). It’s important to note that CurrencyFair does not provide government-backed insurance protection; it acts as a financial intermediary and does not hold funds for long-term savings or investments. Once a transfer is initiated, the money is quickly exchanged or sent to the intended recipient.
IT Security
CurrencyFair employs multiple security features to protect customer accounts, including two-factor authentication, encryption, fund segregation, and rigorous “Know Your Customer” (KYC) verification processes. The company undergoes regular internal and external audits to ensure compliance with regulatory standards.
As an Authorised Payment Institution (API), CurrencyFair actively monitors for fraud and suspicious activity, freezing accounts when necessary to prevent misuse. By separating customer funds from its operational accounts, CurrencyFair enhances security and ensures that consumer money is safeguarded against insolvency. These practices help the company comply with stringent financial regulations, including the Payment Services Directive 2 (PSD2).
II. Fee structure
Transfer Fees
- Transfer Fee: Flat fee of 3 euros (or the equivalent depending on which currency you
operate in) on each transfer. - No Bank Fees: CurrencyFair typically avoids bank fees by avoiding the use of the SWIFT network. CurrencyFair uses local bank accounts in both the sending and receiving countries, helping to avoid these extra costs.
Exchange Rate and Fees
- Variable Rate: CurrencyFair offers a variable rate based on the mid-market level, depending on the currency, with a charge of no more than 0.53%. You can find the current rate on their app or website.
- 48 hours guarantee rate: fixed rate for 48 hours at the time of your transaction, regardless of market fluctuations, including weekends. If your funds arrive after 48 hours, CurrencyFair will only process the transaction if the exchange rate is within 3% of your original rate. Otherwise, your money will be transferred back to you and you will be notified by email.
CurrencyFair VS Wise & Revolut: Simulation for different amounts
The table below compares currency conversions for CurrencyFair, Revolut (Standard Account), and Wise across different transaction amounts, factoring in fees, allowances, and exchange spreads.
It shows the converted amounts for 100, 1,000, and 5,000 units of the base currency for a selection of currency pairs, using data from October 2024. This comparison highlights how CurrencyFair, Revolut, and Wise stack up across various amounts.
CurrencyFair generally offers competitive rates, but Revolut often provides better rates for smaller transactions due to its fee-free allowances, especially around the 100-unit mark. For instance, Revolut offers slightly higher converted amounts in USD to EUR ($92.3 vs. $88.6 for CurrencyFair), USD to GBP ($77 vs. $73.8), and EUR to GBP (€83.2 vs. €80) at the 100-unit level.
For larger transactions, Wise tends to outperform both Revolut and CurrencyFair, with more favorable rates at the 5,000-unit level. For example, Wise offers better rates in USD to EUR ($4,631.5 vs. $4,579 for CurrencyFair and $4,617 for Revolut) and USD to GBP ($3,857.6 vs. $3,814.5 for CurrencyFair and $3,848.7 for Revolut), making it a more attractive choice for bigger transfers.
Overall, Revolut may be best suited for smaller amounts due to its fee structure, while Wise is advantageous for larger sums, and CurrencyFair strikes a balance, particularly for mid-sized transfers without additional fees for those levels.
Simulation as October 2024
| From/To | For 100 (C) | For 100 (R) | For 100 (W) | For 1 K (C) | For 1 K (R) | For 1K (W) | For 5K (C) | For 5K (R) | For 5K (W) |
|---|---|---|---|---|---|---|---|---|---|
| $ to € | 88.6 | 92.3 | 92.6 | 913.4 | 923.5 | 926.3 | 4,579 | 4,617 + $37 fee | 4,631.5 |
| $ to £ | 73.8 | 77 | 77.1 | 760.9 | 769.7 | 771.5 | 3,814.5 | 3,848.7 +$37 fee | 3,857.6 |
| $ to CHF | 81.8 | 86.6 | 86.7 | 853.6 | 866.3 | 866.8 | 4,284 | 4,332.0 + $37 fee | 4,334.2 |
| € to £ | 80 | 83.2 | 83.3 | 822.1 | 832.3 | 832.9 | 4,120.5 | 4,161.9 + €38 fee | 4,164.7 |
| € to NOK | 1,147.8 | 1,189.8 | 1,184.5 | 11,703 | 11,898.6 | 11,845.2 | 58,615 | 59,495.4 + €38 fee | 59,226 |
| € to kr | 1,105.6 | 1,144 | 1,146.7 | 11,326 | 11,439.7 | 11,466.8 | 56,750 | 57,198 + €38 fee | 57,334 |
| € to zł | 422.5 | 434 | 434.4 | 4,310.5 | 4,340.2 | 4,343.6 | 21,516 | 21,700.8 + €38 fee | 21,718.2 |
| £ to zł | 506.9 | 520.6 | 521.5 | 5,159 | 5,205.6 | 5,214.9 | 25,835 | 26,028 + £40 fee | 26,074.5 |
Additional Charges
Apart from the flat fee and small margin, CurrencyFair may also incur third-party charges if
intermediary or receiving banks are involved, especially for certain currencies or destination
countries. These third-party fees are not controlled by CurrencyFair and can vary depending
on the banking systems used in the transaction.
III. Platform & Features
Personal Account Features
Users can collect funds in local currencies, invoice suppliers, and access their accounts from any device. Holding more than one account may result in blockage and termination without notice.
The two main distinctive features are the following:
- Peer-to-Peer Exchange: This feature allows users to directly exchange currencies with others on the platform, bypassing traditional bank intermediaries, which can lead to lower fees and potentially better exchange rates.
- Set Your Own Rate: CurrencyFair users can set a desired exchange rate, waiting for a match from other users willing to exchange at that rate, rather than accepting the current market rate immediately.
To be noted that the platform’s emphasis on peer-to-peer exchanges has lessened somewhat in the last few years as they’ve expanded direct currency exchange options.
CurrencyFair Account Currencies
Accounts Currency: : € (EUR), $ (USD), £ (GBP), A$ (AUD), C$ (CAD), NZ$ (NZD), CHF (CHF), zł (PLN), R (ZAR).
Hold and convert money: € (EUR), $ (USD), £ (GBP), A$ (AUD), C$ (CAD), NZ$ (NZD), CHF (CHF), zł (PLN), R (ZAR), ¥ (JPY), S$ (SGD), HK$ (HKD), kr (SEK), kr (NOK), kr (DKK), Kč (CZK), Ft (HUF), إ.د (AED), ₪ (ILS), ฿ (THB), د.م (MAD).
Others Features
- Transfer Speed: Receive money in 1-2 business days
- Flexible payment methods– including bank transfers and credit/debit cards
- Mobile App: Available for Android and Apple (free of charge).
- Multilingual customer support.
- Security Features, including segregated accounts and thorough verification.
- Business Platform: offers solutions for
payroll, invoicing, and bulk international payments, along with multi-currency accounts,
competitive exchange rates, and a dedicated account manager.
IV. Currencyfair Review
Reputation
- Sign-Up Process: easy and quick, usually taking minutes but occasionally, several days with a valid ID.
- App: Their Android App has an average rating of 2.5 and Apple App have an average rating of 4.5 stars. It is not as widely used as the desktop platform because less efficient. Most reviews state the app has cumbersome problems with limited and delayed customer support and has limited exchange features which the desktop version offers. Some customers report having to re-register every time they enter the app.
- Transaction Cancellation Process: If your transaction is unmatched, you can cancel the transaction. If matched, the transaction cannot be cancelled.
- Customer Support: via email, social media channels such as Twitter and Facebook, live chat (during business hours), phone and a help center
- Positive Feedback: customers value cost-effective transfers, offering competitive exchange rates and lower fees compared to traditional banks, user-friendly platform, the quick and secure service, especially when using common currency pairs, and the peer-to-peer exchange option, which can result in better rates by matching users directly. a few users note that customer support could be more responsive, particularly during the account verification process
- Areas for Improvement: slow customer service response times and occasional difficulties with account verification, processing times with less common currencies and the lack of broader financial services, such as debit cards and faster transfers.
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