CurrencyFair, found online at CurrencyFair.com, is a financial website that offers their customers a peer-to-peer marketplace where they can perform foreign currency exchanges at significantly better rates than at a local bank.
How Does It Work?
According to their website, CurrencyFair was created because they believed ordinary people and businesses should have access to “the same great exchange rates for international currency transfers normally reserved only for banks and market professionals dealing in millions.”
To do this, they created a peer-to-peer currency exchange marketplace. This means that, instead of trading currency with a bank or financial institution, you will find another member on their marketplace that is looking to exchange their currency with yours. For example, a woman looking to turn pounds into euros will find a man looking to turn euros into pounds.
If the member they are matched with is offering an acceptable exchange rate, the site will facilitate their exchange of funds, and you will receive yours within one or two days using a domestic transfer – no currency actually leaves the country, it is simple exchanged between two users.
This company is regulated by the Central Bank of Ireland in order to better protect their customers and their funds, and their website offers customers a Comparison Calculator that compares CurrencyFair rates to the best available rates from other major companies.
Their website says that they can save their customers up to 90% on international transfer fees. Though the fees they charge will vary, the website says that the average user can expect to be charged 0.35% of the amount exchanged plus a fixed €3.00 fee. If customers are unable to find a match on their peer-to-peer marketplace, CurrencyFair will take over the transaction and match you directly. These transactions will be charged around 0.5% of the amount exchanged.
But since the exchange rates on this marketplace are set by the members themselves, customers will need to use the website’s calculators to get an estimate of what this exchange will cost.
Because this company does not charge a fee unless it completes the service you have requested, they also do not offer their customers a Refund Policy. It appears that the only way you can undo the transfer you have made is to return to the marketplace and conduct a second transfer.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at +44 (0) 203 3089353 or by email at Support@CurrencyFair.com.
In general, peer-to-peer currency exchanges do have great benefits when it comes to quick transfers that have significantly lower fees than what you would find at traditional banks, which does make them a great alternative for individuals and for small businesses.
However, being a peer-to-peer marketplace means they offer significantly less protection for their customers than a traditional bank or financial institution, which means that it is very important for users to choose one of these marketplaces that is fully regulated as a currency exchange.
Since CurrencyFair is regulated by the Central Bank of Ireland, their website says that their customers’ money is completely safe, and financial websites and blogs support their claims of being one of the better and more trustworthy currency marketplaces.
Competitors and Alternatives?
Peer-to-peer currency exchanges have gotten more popular over the years as the global community has expanded, so if you determine that CurrencyFair is not the best company for your needs, there are other alternatives that might better suit you, including TransferWise, HiFX, MidPoint, MoneySwap, and many others.
If you have experience with this company or their products, please leave your CurrencyFair reviews below.