Do you need to transfer money abroad? Want to avoid paying high fees with your bank? We recommend that you use a platform specialized in international transfers. In this article, we will explain the international money transfer platform CurrencyFair. Find out more about its operating principle and our opinion on its use. Check out our currencyFair reviews.

CurrencyFair: About the company

CurrencyFair is a company established in 2009, headquartered in Ireland. It also has offices in the United Kingdom, Australia and Poland.

The company is recognized as a payment institution by the central bank of Ireland under regulation of the European Commission. It is also regulated by the Australian Safety and Investment Commission.

The web user interface is very simple compared to the competition and it offers many features. An  app has also been available for Android and iOS since the end of 2015.

With CurrencyFair, no bad surprises, you know the exchange rate applied, the fees charged and know exactly how much you will receive on your account. You only have one $4 commission applied on the amount transferred.

currencyfair reviews

How does it work?

One might think that the money is going directly to another country, but in reality, the money will pass through a local CurrencyFair account, thus limiting fees. Once your money is transferred to your CurrencyFair account, you will be able to exchange your currencies instantly (Quick Trade) at a much more attractive rate than those charged by banks. Once your currencies are converted, you can transfer to your bank account abroad (or vice versa). The site offers two types of exchange, the ” Quick Trade ” and the ” Market Place “.

CurrencyFair tools

You can make an instant transfer by bank transfer. You will need to create a free account on CurrencyFair website. Once done, you design the amount to be exchanged, the desired currency and you exchange it. Once you have added CurrencyFair’s bank details to your bank account (adding a beneficiary), the transfer takes 1-2 days. In practice, CurrencyFair will receive the money, exchange your currencies and then transfer the money to your account. It is the most used and fastest tool for a money transfer.

Another option is the CurrencyFair Wallet. You create your free multi-currency wallet and your money is always ready to be exchanged. You recharge at any time and transfer when you are ready. This feature is very useful if you need to make transfers in multiple currencies.

The option Choose Your own rate is the place where buyers and sellers meet online. You decide when you make the transaction. You make an offer and from the moment your offer is accepted, you will have control over the exchange rate that will be applied. This sometimes even allows for a higher exchange rate than the international rate.

How much does it cost?

 In terms of fees, CurrencyFair uses a flat fee of $4 per transfer, which is better than the competition that either uses higher fees or percentages on the amount transferred. Thus, by going through CurrencyFair, you pay 4 AUD, regardless of the amount transferred.

If you go through Market Place, CurrencyFair’s transfer commission is 0.15%. But this amount is already deducted from the posted amount.

5 Free Transfers

Thanks to our partnership, we can offer 5 free transfers to our readers. To benefit from this, just click on the button below and create an online account. Once completed, you will see this credit of 5 free transfers in your profile. Log in to your account, go to the top right on your name, then select “my profile”.

Our experience with CurrencyFair

The reviews of the user interface of CurrencyFair is almost perfect. In addition to being ergonomic, it is a full management application.

As for the other platforms, to make your first transfer in Quick Trade, there are three parameters to take into account for the time needed:

  • The time imposed by your bank to add a beneficiary to your transfers. This can take between 24 and 72 hours depending on the bank.
  • The time required for your bank to make your transfer. For example, if you make the transfer on the weekend you will have to wait until Monday.
  • The time it takes CurrencyFair to transfer the money to your other account.

Our first Quick Trade transfer took us 5 days starting with registering on a Monday, the money was on our Australian account on the Friday of the same week.

Personally, we always use the Quick Trade transfer. We simply tested the transfer via Market Place. We found it quite entertaining to be able to set our rate by doing a “call for tenders”. But we believe that this system is more suitable for people who want to act like they’re on Wall Street and make profits.

A detail to take into account: to be authorized to carry out transfers of more than 1000 EUR, you have to verify your identity. You need an ID and 2 certificates of residence. Therefore, we strongly recommend that you enter the address of your country of origin when registering to simplify the verification.

CurrencyFair Reviews & Comments

Based on the other comments we have read, the main advantages of CurrencyFair are speed, the ability to choose the transfer method, fixed fees and its competitive rates with banks.

In terms of drawbacks, some users have had delays in their transfer for less used currencies. Others have had problems with the verification of their identity, which is very strict.

CurrencyFair received a score of 9.3 / 10 on the website TRUSTPILOT with 3410 opinions. 

What if I have questions?


Phone numbers
+353 (0) 1 526 8411 (Ireland)
+44 (0) 203 308 9353 (United Kingdom)
+61 (0) 2 8279 8642 (Australia)

We hope you enjoyed our CurrencyFair reviews!

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Updated on the 2nd of February 2020. First published on the 20th of September 2018

5/5 - (14 votes)


  1. Thanks a ton for sharing the info and I sincerely hope I get 5 free transfers. I’ve been planning to shift to currency fair. But if it’s possible to get 5 free transfers then I guess I made a decision.
    I’ll again write a comment about my experience after 2 weeks.


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