CurrencyFair Review: Is it legit, safe and trustworthy for UAE citizens and residents?
CurrencyFair is the top peer-to-peer currency exchange firm in the world. The
company specializes in the worldwide exchange of money as well as the transfer
of funds globally. Visit CurrencyFair
The peer-to-peer service offered by CurrencyFair enables individuals to exchange currency directly with one another, eliminating the need for these transactions to be conducted through a financial institution. It will save you a significant amount of money and is far less expensive than using a bank.
Tweets by CurrencyFair It began operations in 2009 and has its headquarters in Dublin, Ireland. To date, it has been responsible for the processing of $15 billion worth of money transactions. It has offices in Ireland, the United Kingdom, Singapore, Hong Kong, and Australia, and it now employs more than sixty individuals across those five locations.
CurrencyFair is a solid option for most of your international money transfers that you need to complete.
Let's break it down and explain what CurrencyFair does really well and where they struggle a bit, shall we?
There is no minimum transfer amount required overseas, and the maximum allowed is quite big.
able to mail packages to more than 150 different countries
The option to either hold out for a better exchange rate or carry out the transaction automatically
Excellent safety measures used to protect your online account, your money, and their website.
Support for customers that is helpful and not difficult to obtain
Making payments on company invoices incurred from abroad customers and employers
You can avoid incurring any business-related bank fees by receiving money from overseas.
Ireland, the United Kingdom, Australia, Hong Kong, and Singapore are home to our physically present offices.
If you do not already have funds in your account at CurrencyFair, you will not be able to lock in exchange rates.
There is no availability for cash pick up, mobile wallets, or bill payments.
If you want the very best conversion rate, you might have to wait a bit for a rate match to come through. If you do this, however, you will ensure that you get the greatest exchange rate possible.
Not available to anyone living in the United States. Only available to those who are not citizens of the United States but currently reside there
When compared to certain other firms, the time required to transfer money internationally might be greater.
Customers that need to transmit a predetermined amount without previously knowing the exchange rate might not find it to be an acceptable solution.
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CurrencyFair makes it easy to sign up for an account and get started sending and receiving money right away. The procedure is as follows.
Registering is quick and easy to do online; it only takes around ten minutes if you already have everything you need on hand.
CurrencyFair requires that you include the right reference number when you send your payments. Your finances will be matched more accurately in their system as a result of this.
You will either be placed in a queue for the 'Top Up' option or an automated currency conversion will take place if you pick the 'Send Money' option. This will depend on which option you choose. After the 'Top Up' option makes your desired exchange rate accessible, you may set it by clicking the button labeled "Set up the exchange."
The CurrencyFair will transfer your funds to the overseas bank account at the exchange rate that was previously agreed upon.
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Option to "Send Money" available through CurrencyFair
This is a detailed walkthrough of how to utilize the 'Send Money' option that CurrencyFair provides for its customers. A transaction that is carried out automatically now takes place here.
When you select this alternative, you will be responsible for sending the money to CurrencyFair, and you will be informed of the exchange rate when the currency exchange has been completed. If the exchange rate changes by more than 3 percent between the time you sign up and the time the transaction takes place, then they will cancel the transaction and advise you to select the option that gives you more control over unexpected volatility in currency exchange markets. This option is referred to as the "Top Up" option.
Charges made by CurrencyFair consist of a transfer fee in addition to an exchange rate margin.
If you choose the "Top Up" option, you will be responsible for paying an extra 0.25 percent to 0.30 percent of the overall amount of currency exchanged.
If you choose to send money instead of receiving it, you will be charged an extra fee ranging from 0.40 percent to 0.60 percent of the entire amount that was converted.
CurrencyFair's fees come to an average of 0.35 percent of the total money being transferred in addition to a flat rate of €3 or $4.
You will be required to pay an extra cost if you want to make an Express Transfer.
There is a possibility that you will be charged bank fees if CurrencyFair does not have a local bank account in the nation that you have chosen. They may cost as much as $25 per for each bank.
CurrencyFair gives you the opportunity to either engage in immediate currency trading or make use of their peer-to-peer network. The peer-to-peer option is utilized by around forty percent of the company's clientele. You will have to place an order to acquire money at the rate that you specify if you go with the peer to peer transaction method.
CurrencyFair's market place will match your pricing at a margin to interbank with another peer trading in the other direction at 0.15 percent whenever possible if you choose your currency, the quantity, and the rate to create your order.
CurrencyFair will serve as the equivalents and match your order if no other peers are available at the price you specified; nevertheless, the spread will be increased by 0.35 percent whenever it is possible to do so. You do run the risk, as you would with any other order, that the market will not reach the rate that you specified, in which case there would be no exchange.
You always have the option to cancel your market place order and exchange at the current market price that is being provided by CurrencyFair. However, this rate could be lower and at a spread of 0.5 percent, which is still significantly cheaper than the rates that are typically offered by banks for wire transfers.
You incur the danger of not being matched with anybody and having no exchange take place if you decide to use CurrencyFair as your peer-to-peer market place of choice. On the other hand, you can get exchange rates that are comparable to or lower than those offered by banks.
In 2009, CurrencyFair made history by being the first company to launch a peer-to-peer (P2P) marketplace. The peer-to-peer market place provides a service that acts as a matchmaker, bringing together individuals whose currency transactions are taking place in opposing directions.
Because their money is kept entirely inside the borders of the country, they are able to avoid the high costs associated with converting currencies and have been successful as a result. CurrencyFair has local bank accounts in many countries; hence, you may send your money to one of those accounts and then wait for it to be matched with someone who is interested in purchasing your currency.
Customers have the option to take the best exchange rate available at the time of the transfer if a suitable match cannot be established between buyers and sellers of currency on CurrencyFair's market place, which connects buyers and sellers of currency together.
If you choose the "Send Money" option, the time it takes for the money to arrive in an overseas bank account can be as little as one business day after CurrencyFair has received your cash in their account and begun processing them.
If, on the other hand, you select the "Top Up" money option, your request will be placed in a queue, and you will be required to wait until a match of a currency that corresponds to the one you selected becomes available. Other factors, such as the amount of money you intend to transfer and the country to which you are sending it, may also cause the procedure to take longer. The longer you might have to wait to enter a nation, the fewer people live there.
The estimated delivery time might take anywhere from one to six business days, which is a rather wide range. There are other firms that can send packages more quickly, but they might not service the nation that you are searching for. Therefore, the answer depends on whether time, money, or availability is the factor that is most essential to you.
Information that will be necessary for you to have when transferring money
If you wish to open an account with CurrencyFair and send money to another country, the following information is required from you:
Person responsible for sending money:
Both the sending currency and the total amount of money you desire to transfer must be specified.
Please include your complete name and address, along with your date of birth, nationality, and occupation.
Valid identification, such as a passport, driver's license, or national identification card, is required.
Documents issued by the government, as well as those from banks or credit card companies, must be shown as proof of address.
These documents must have dates that are within the most recent three months.
Both the evidence of identification and the proof of address must feature a photograph that is both clear and shows all corners and is less than 5 megabytes in size. They have conveniently included a link to help at the very top of the page, where you can click on it to see both excellent and terrible examples.
Person residing abroad who is given money:
Their whole name, address, birth date, and country are included.
data of an overseas bank account, as well as the reason for the transfer
Because they utilize an electronic way to verify identity, it may take as little as one complete business day in Ireland for your id to be validated and your account to be activated. Since they use an electronic approach, they may also use the term "business day." through the process of making connections between the information and its many outside sources.
Email will be used to get in touch with you in the event that the electronic identification verification is unsuccessful and they require further information from you.
Transferring money while you're on the move has never been easier than it is with the CurrencyFair mobile app, which combines speed and convenience into a single package. You are able to conduct international money transfers using the application, and you can even set up rate notifications to ensure that you do not miss out on the exchange rate that you have been watching for. The application shows you all of the relevant information that you need to monitor the transfer of your money. Additionally, you have the option of submitting papers for validation. It will function in any location where you have access to the internet, be it via wifi or 3G, 4G, or 5G mobile data.
We studied reviews on both the Apple App Store and Google Play to get a sense of how easy it would be to use the product. On Apple smartphones, the CurrencyFair app received a rating of 4.7 out of 5, while on Android devices, it had a rating of 4.3 out of 5. Users who reviewed the app praised its intuitive interface and stated that they obtained favorable conversion rates for their foreign currency transactions.
CurrencyFair has a solid client base, as evidenced by the fact that 94 percent of reviewers on Trustpilot ranked the company as "Excellent" or "Great" They receive a score that is, on average, 4.7 out of 5.
The following are excerpts from a few of the reviews:
"It works well. Quick, uncomplicated, and uncomplicatedly fast. After considering a large number of alternatives, my initial reaction was one of skepticism; but, after giving this solution a closer look, I realized that it was the most viable alternative. It is in your best interest to hunt for a bargain that they give on free first transfers, since this will save you some money.
"Because of CurrencyFair's flexible workflow for transactions and extremely good real rates, which are better than the indicative rates offered by other providers that have weak spreads, I have made the transfer from other providers to them. Sending money to African nations that use currencies that are not highly liquid is not only simple and transparent, but it is also possible to get a favorable exchange rate while doing so. Even though I am not a trader, I recommend that you look at the spreads offered by other companies since you could be pleasantly surprised.
"The procedure of transferring cash was really simple and streamlined, and the rates were the best I could find elsewhere. First-rate assistance; unquestionably going to make use of this company once again."
Telephone number in Ireland: +353 (0) 1 526 8411 Telephone number in the United Kingdom: +44 (0) 203 3089353
You may reach Australia at +61 (0) 282 798 642 on the phone.
Live chat available Email: email@example.com
CurrencyFair is a very secure and trustworthy company that facilitates money transfers. Under the European Communities (Payment Services) Regulations 2009, the Central Bank of Ireland is the governing body that oversees and grants authorization for CurrencyFair. The Australian Securities and Investments Commission (ASIC) is in charge of overseeing it, and their Australian Financial Services Licence number is 402709.
They store your cash in bank accounts that are completely separate from those used for the business, and as a result, they are unable to utilize these accounts to pay off any of their obligations.
Access to your online accounts is protected by 256-bit encryption and 256-bit two-factor authentication (2FA), both of which are provided by VeriSign.
Your individual banking data is kept in a facility that is under round-the-clock surveillance, ensuring that it remains safe at all times. They protect the servers using biometrics so that only authorized users may access them.
CurrencyFair is a financial technology company with headquarters in Ireland and offices in both Australia and the United Kingdom. Recently, it was recognized by Irish Tech News as one of the Top 20 Companies in Ireland. It was first introduced to the public in the year 2009, and in the nine years since then, clients who use its services have transacted more than 8 billion Euros.
For its money transfer services, CurrencyFair levies a fee that is roughly equivalent to three euros or four dollars. It provides money transfer services to more than 50 nations from the United States of America, Europe, Canada, Australia, and New Zealand. It is only possible to withdraw money to a bank account, as there is no other choice. No matter if the transfer is for personal or commercial use, if you associate a bank account with it, you will be able to move money in and out of that account. There is no upper restriction on how much money may be transferred, and you are free to send any amount you choose. The minimum amount that can be sent, however, is limited to $8.
It has made a help form available, via which clients may submit their questions, and it promises that a member of the support team will get in touch with them within the next day. Because it does not disclose any contact data, consumers are unable to engage with the company directly.
Because it uses security measures of the highest possible standard, consumers do not need to be concerned about the safety of their personal information.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.