You need to make an international money transfer, and send money abroad? You would like to avoid paying to your bank the large fees associated? CurrencyFair is the right place to go.
CurrencyFair is an Irish company founded in 2009, recognized as a payment institution by the central bank of Ireland (under the European regulation commission), which allows to perform international money wire transfers.
Concretely, CurrencyFair allows to exchange currencies. For instance, Euros to Dollars (USD, CAD or AUD) or British Pounds (GBP), or vice versa. The goal being to make a conversion within CurrencyFair office in order to wire the funds in the local currency of the beneficiary, thus avoiding the fees usually requested by the traditional banks.
Indeed, a key feature of CurrencyFair is to make possible the exchange with others CurrencyFair customers. This seamlessly and transparent P2P (peer-to-peer) approach means that you can chose your own exchange rates.
More precisely, in case an other CurrencyFair customer is looking for an exchange in the other way and accepts the rate chosen, the exchange can effectively be achieve.
That being said, if you prefer not to wait until an other CurrencyFair customer accepts your exchange rate, you may chose to exchange your money at once and at the best market rate.
CurrencyFair customers deposits are held in separate accounts and are also segregated from CurrencyFair own account. In other words, even in case CurrencyFair encounters financial difficulties, your deposit is safe.
Here is, concretely, the process to follow:
You begin to open a CurrencyFair account, and you fill in your own personal details like your own bank account number.
You initiate a wire transfer from your own local bank to the account number CurrencyFair will provide you. Don't forget to specify the reference of the transfer (so that CurrencyFair knows it is yours).
You exchange the funds in the currency of your choice. To do this, there are two paths to choose from: QuickTrade or MarketPlace.
You will be able to exchange immediately at the market rate.
You will be able to choose your own rate. It is likely that a better rate, rather than the market rate, would match in the next few days.
Once the exchange is done, you will just have to carry out your outgoing transfer. Be sure to mention the IBAN of the receiver.
At this stage, two different types of fees should be distinguished:
Between 0,15% and 0,3% of the amount exchanged if using the Marketplace (but this type of fee is already included in the amount displayed) and between 0,4% and 0,6% of the amount exchanged if using QuickTrade.
4 Australian Dollars or 2,50 British Pounds or 3 Euros according to the outgoing transfer currency.
|Transfer amount||£ 2,000||£ 2,000|
|International transfer fees||£ 2.50||£ 40.00|
|Exchange rate margin||£ 6.00||£ 60.00|
|Total cost of transaction||£ 8.50||£ 100.00|
Thanks to the referral scheme, CurencyFair will offer you 30€ (or equivalent) for your very first transfer above 1.000 € (or equivalent).
It is extremely simple! You just have to click on one of the links on this page or if you prefer on this link and proceed to the registration. I remain at your disposal for any questions you may have.