I still remember the days when it used to consume several hours only to send some funds to a different country. And now it is very simple, it hardly takes any hard work. It’s also less expensive now than the money it used to be. Lots of business now are coming up with new strategies to send funds around the world more efficiently. Just recently, a new firm, CurrencyFair captured my attention. I was fascinated and considered I ‘d find out about it in detail. Now I am going to take you through my findings about CurrencyFair.
About CurrencyFair and P2P payment method
CurrencyFair was established in 2009 in Ireland by founders Brett Meyers, Sean Barrett, and Jonathan Potter. It’s transfer service runs entirely online. They created an innovative, p2p method to move money around. CurrencyFair works on a marketplace idea. A customer can just trade their currency with a different customer similar to a market. It makes use of the fact that around the globe people want to send funds to other destinations. For instance, if somebody wishes to transfer funds from the UK to Portugal. Then again, there is a different individual who wishes to send funds for the same amount of money from Portugal to the UK. At CurrencyFair, they will simply swap their currencies with each other saving them a great deal of money on transfer fees. Isn’t it simple? CurrencyFair is utilizing this approach to transfer millions across countries every year. It’s not really 10 years since the business was founded, and it’s currently up and working in over 30 nations.
CurrencyFair online money transfer
CurrencyFair has developed a very advanced site for online funds transfers. The entire procedure takes only a couple of minutes. If you currently have an account, it will take even lesser time. A new user can sign up for an account at no cost by submitting all the needed information. If you need to transfer above EUR 1000, you will have to get your account validated by sending a proof of ID. To start the transfer, initially you should sign in to your account. Transfer the needed amount from your account to your CurrencyFair account. When CurrencyFair receives this money, you can now continue to transfer it. You can select either their Quick Trade or Market Place service. In a Quick Trade, your money get immediately converted into the needed currency. Then you can send it to anyone you wish. If you choose Market Place service, you have to define the amount and the currency exchange rate you are trying to get for an exchange. If somebody accepts your currency exchange rate, you just exchange your currency directly with them. Then you can send it to your receiver. Enter all the needed details of the recipient, and CurrencyFair will transfer your funds in a day or 2. Its incredible how you have various choices at CurrencyFair to select what’s best for you. If you want to know more about how CurrencyFair Marketplace works I recommend reading a review on SaveOnTransfers website.
CurrencyFair fee and exchange rates
CurrencyFair offers extremely low transfer fees when you compare it to a standard bank. Bank’s transfer fees are actually high and vary between 3% to 5% of the sum transferred. The good news is, CurrencyFair charges just 0.35% to 0.6% of the total amount when you are utilizing the Quick Trade service. In case of a Market Place transaction, they charge only 0.15% with an extra cost of EUR 3. If you wish to move your funds faster by choosing their priority service, the EUR 3 fee becomes EUR 8. CurrencyFair promises to be approximately 8 times less expensive than a normal bank. However it’s not good enough; there are various other service providers in the opposition too. Can CurrencyFair fees be the most affordable of them all? To find out, I am going to compare it with 2 popular services: Western Union and TransferWise. Here is an assessment of their transfer costs on transferring various amounts to various countries.
|USA||£100||USD 4 = £3.090||£1.20||£2.90|
|France||£100||EUR 3 = £2.669||£1.15||£0.00|
|Australia||£100||AUD 4 = £2.192||£1.44||£2.90|
|USA||£1,000||USD 4 = £3.090||£4.78||£2.90|
|France||£1,000||EUR 3 = £2.669||£4.29||£0.00|
|Australia||£1,000||AUD 4 = £2.192||£5.48||£2.90|
|USA||£10,000||USD 4 = £3.090||£40.64||£0.00|
|France||£10,000||EUR 3 = £2.669||£35.68||£0.00|
|Australia||£10,000||AUD 4 = £2.192||£45.79||£0.00|
We can notice CurrencyFair has a fixed transfer fee for all amounts. This is fantastic when sending huge amounts of money but not as great for smaller amounts of money. In my comparison, I found Western Union is a perfect choice for large amounts, even better than CurrencyFair’s low rates. It basically charges no money for transfers. CurrencyFair is definitely not the number one in its league, however its fees are still competing. If you can secure excellent currency exchange rate through CurrencyFair’s Market Place, it could possibly be a better deal.
Let’s have a look at all of these companies’ exchange rates.
It’s clear the exchange rates of CurrencyFair is very similar to the other 2. On top of that, there is also an opportunity that you can find a better exchange rates than this. There are a lot of people who get better exchange rates at the CurrencyFair marketplace!
Is it ok to use CurrencyFair?
Absolutely nothing is more vital than the safety of your funds. To guarantee this, CurrencyFair holds the consumers’ funds in a different account away and secured from all potential hazards. The business’s own cash stays in a different account. The online transfers on its site is also really safe. Their site is secured with a 256-bit encryption. They keep their site safe from all sort of malware activities and individual information theft. As their site is experiencing more visitors, they are embracing more advanced security solutions for their site.
CurrencyFair has its headquarters in Ireland. It is signed up as an Authorized Payment Institution by the Central Bank of Ireland. It is also registered with the regulating agencies of every country they operate in. They put a lot of hard work into security measures and safety, and this means you must feel secured putting your funds in their hands.
My last take on CurrencyFair
I noticed CurrencyFair had too much going for them. I was most impressed by their ingenious fund transfer procedures. Also, they have great consumer feedback. The consumers have rated it at 9.3/10 on Trustpilot. Isn’t it incredible? Most users liked its quick and easy services. CurrencyFair is steadily expanding its customer base every year by offering outstanding services and fantastic offers. They are also in a continual process of reaching out to new countries. In general, I feel CurrencyFair is fantastic, and you must consider trying it.