A fast and well-priced money transfer option is Currency Fair, especially for bank transfers between the British pound, Euro, Swiss franc, Polish zloty, and therefore the Australian dollar, because the service tends to perform alright between these currencies. However, if you want to transfer money for cash pick-up or confirm you’re getting the most straightforward deal of all, then they recommend running an inquiry on a real-time comparison engine to seek out the simplest value.
What is Currency fair?
CurrencyFair is a peer-to-peer currency exchange company that specializes in worldwide money exchange and transfers.
People can trade currency directly with one other instead of going through a bank using Currency Fair’s peer-to-peer service. It saves a lot of money and is far less expensive than going to the bank.
How does it work?
Currency Fair is unique because of its platform, which allows users to save a lot of money on international transfers compared to banks and other similar businesses. It’s quite straightforward. You can choose your exchange rate in Currency Fair’s peer-to-peer marketplace as long as another user matches or accepts it.
If you don’t want to pay for an additional user, you may still make a transfer, and Currency Fair will make sure you get the best rate. According to the company, this rate corresponds typically to the interbank or mid-market rate of exchange, and it is often up to 8 times less expensive than standard bank rates.
How do you transfer money with Currency Fair?
It’s simple to open an account and start sending money with Currency Fair. Here’s how to do it:
- Register online; it takes a few minutes if you have everything you need.
- Send money to Currency Fair using the appropriate reference number. This aids in the matching of your funds in their system.
- Depending on the option you select, you will either be placed in a ‘Top Up’ queue, or an automatic currency conversion will take place via the ‘Send Money option.
- You select the “Set up the exchange” button once your exchange rate becomes available through the ‘Top Up’ option.
- The Currency Fair transfers your funds to an overseas checking account at the agreed-upon exchange rate.
What are Currency Fair’s fees?
A transfer fee and a rate of exchange margin are included in the Currency Fair fees-
- If you choose the “Top Up” option, you will pay an additional 0.25 percent – 0.30 percent of the total amount transferred on top of the transfer cost.
- If you choose the “Send Money” option, you will be charged an additional 0.40 percent to 0.60 percent of the total amount exchanged.
- Currency Fair charges an average of 0.35 percent of the transfer amount plus a €3 or $4 hard and fast fee.
You will be charged an additional price if you create an Express Transfer. If Currency Fair does not have a local checking account in the country you’ve chosen, bank fees may apply. In addition, each bank will be fined up to $25.
Rates
The exchange rates provided by most other money transfer businesses are based on the mid-market. However, currency Fair has developed a marketplace where people worldwide may agree on exchange rates and trade with one another.
In principle, the rate offered will always be very competitive and close to the mid-market or interbank rate. However, if necessary, Currency Fair also steps in to arrange transactions at a competitive rate.
The details you’ll need when you’re sending money
Person sending money
If you want to open an account with Currency Fair and send money internationally, you’ll need to provide the following information:
- Your entire name, address, date of birth, country, and occupation if you’re sending money
- The currency to be sent, as well as the amount of money to be sent as a result
- A valid form of identification is necessary (passport, driver’s license, or national identification card).
- Bank or credit card documents, utility bills, or a government-issued document proving your address
- The documents must have been created within the last three months.
- Both identification and address proofs must have a transparent photo with all four corners visible and be less than 5MB in size. They’ll need a conspicuous help link at the top of the page that highlights both your good and bad examples
A person who receives money from a country other than the United States
- Your full name, address, birth date, and nationality
- Information about an overseas checking account
Unable to trace funds/contact customer service
Users who experienced unexpected delays with their fund transfers contacted Currency Fair using the website’s chatbot. Unfortunately, their chatbot can be unresponsive at times, and their contact information is difficult to find.
Nevertheless, currency Fair appears to prefer email to phone for handling client complaints, which undoubtedly helps keep expenses down.
However, many of us felt stranded because we couldn’t track down our money or contact customer care. While Currency Fair’s email response time is fairly swift (approximately 2 hours), instant telephone help is becoming a must for a few consumers, despite the slightly higher pricing.
Pros and Cons
Speed
Transfer speed mainly depends on the situation and currency. The transfer speed is additionally a sum of those three parts:
- Time to succeed in CurrencyFair Account (1-2 business days with Faster Payments or CHAPS within the UK)
- Processing Time and Matching (can vary)
- Time to succeed in Beneficiary Account (1-2 business days)
The Bottom line
CurrencyFair may be a leader within the world of cash transfers – they need to do an excellent job of empowering individuals and little business owners while cutting costs. They do this by putting you on top of things and saving you money.
Sending big sums of money across international borders can be daunting. You may be confident that your friends and family will receive the funds they require sooner when using Currency Solutions. They are legally permitted to make money transfers and provide services in the United Kingdom. In other words, your money is safe with them, and you can be confident that everything is done legally.
Also, Read
FAQ
What is Currency fair?
CurrencyFair is a peer-to-peer currency exchange company that specializes in worldwide money exchange and transfers.
People can trade currency directly with one other instead of going through a bank using Currency Fair’s peer-to-peer service. It saves a lot of money and is far less expensive than going to the bank.
How does it work?
Currency Fair is unique because of its platform, which allows users to save a lot of money on international transfers compared to banks and other similar businesses. It’s quite straightforward. You can choose your exchange rate in Currency Fair’s peer-to-peer marketplace as long as another user matches or accepts it.
If you don’t want to pay for an additional user, you may still make a transfer, and Currency Fair will make sure you get the best rate. According to the company, this rate corresponds typically to the interbank or mid-market rate of exchange, and it is often up to 8 times less expensive than standard bank rates.