Elias Pelcastre

CurrencyFair lets you send money internationally at a low rate

CurrencyFair is a service that enables you to send money internationally at lower rates than banks and PayPal. First offered as a web-only solution, it now has both iPhone and Android apps.

CuerrencyFair lets you send money to people around the world with a cheaper transfer fee than most of the banks and money services, including PayPal.

Available in over 50 countries including Australia, United Kingdom, Spain and Sweden, CurrencyFair enables you to make transfers to most countries in the world.

If you want to send £2,000, you end up paying a transfer fee of £8.50, instead of £100. CurrencyFair says that wiring the money usually takes up to 2 working days.

That is how the magic works, according to the website:

CurrencyFair charges 0.15% of the total amount exchanged when customers match each other. In the event that there are no customers providing a competitive rate for your exchange, CurrencyFair will step in and match with you. This results in a charge of 0.4% to 0.5% of the amount exchanged. So depending on which way you’re exchanging, and the activity in the marketplace at that time, you’ll pay anywhere from nothing (0%) to 0.5%, plus a fixed €3 transfer fee. In fact, it’s possible, with CurrencyFair, to pay less than nothing. In other words, get a better exchange rate than the true interbank or wholesale rate at the time!

The service asks you to provide one personal identity document and two address verification documents, or two personal identity documents and one address verification document. The verification process takes 24 hours according to CurrencyFair´s FAQ section.

You may need to say who the beneficiary is and the reason you´re sending them money. The beneficiary doesn´t need a CurrencyFair account.

I think people who have family around the world could benefit from using CurrencyFair to transfer each other money, as banks and PayPal normally charge steep fees that see the amount you send lowered significantly. What do you think of CurrencyFair?

This post is in no way promoted by CurrencyFair