CurrencyFair is known as one of the top most peer-to-peer money transfer providers in the industry. It is a third party money transfer that is done between their customers. Their services involve international money transfer and their ten years existence has given them a solid reputation. It was founded in 2009 and has its headquarters location in Dublin, Ireland. CurrencyFair has consistently invested in their staff and technology and this enabled to be the first global money transfer company to break the one billion dollars transfer barrier. It has also emerged as one of the cheapest money transfer providers and has a highly competitive exchange rate. However they only deal with the transfer of twenty types of currencies in over 157 countries worldwide.
CurrencyFair services allow both personal and business money transfers. The payments performed by CurrencyFair include; investments, dividends payments, insurance payouts, donations to charities, purchase of supplies and property, education fees, loans repayments, bills, salaries, remittances and even travel expenses. The company has put in place security measures to ensure that their clients’ money, information and privacy are secured. It boasts of faster transfers for any amount of cash and transparency in their fees and rates. CurrencyFair also has a mobile App which was launched in 2015 that helps in currency exchange. The company’s system is able to calculate and give customers the approximate amount their recipients will receive, the estimated delivery, the transfer fees and exchange rates making it even more convenient. CurrencyFair offers their clients exchange rate alerts, online account management, regular transfers and saving services for businesses.
Pros of CurrencyFair services
CurrencyFair has extremely low exchange rate margins making it one of the most competitive money transfer providers. Their exchange rate percentage markup is so minimal to a point of being negligible in certain transfers. Information on exchange rates is always available on their platform and their online calculator provides the current exchange rate pricing for your currency pair.
CurrencyFair sevices are affordable. They offer low transaction fees with most transactions charging as low as between 0.25 and 3% depending on the exchange currency pair available during the transfers. The average fee charged is 0.45%. The transfer of large amounts of money is still cheap, making it a better option for clients when transferring lots of money.
It has an interactive mobile app platform making the process simple and easy to use. The CurrencyFair app is an easy to use platform with clear and few steps to send money. The app is available on Android and IOS platforms for all users. CurrencyFair app has multiple functionalities that enable quick currency transfers. It displays live exchange rates, allows tracking of funds, captures and uploads photos for identification as well as helps to manage your bank accounts.
CurrencyFair performs quick transfers making it convenient in most circumstances. The time taken for the transfers is dependent on the total time spent during the ‘send in’ and ‘transfer out’. Averagely, it takes 24hours to get to the CurrencyFair system which is the ‘send in’ and another one to two business days to transfer out to the required destination. The estimated arrival time is usually communicated to avoid any inconveniences.
The company is known to be reliable and the customers’ funds are always safe. CurrencyFair has been registered and regulated by different government bodies in the countries they exist in. It ensures the protection of client funds, observes high standard for systems and procedures and has a management vetting criteria. Several security measures have also been put in place to help detect financial crimes, track deposits and transfers, verify identification and secure their clients data.
CurrencyFair account is absolutely free to sign up and available to both businesses and individuals. Businesses are able to open a CurrencyFair account in order to help them save. Individuals are assured that their money transfers are transparent and they have good security.
The company provides instant exchanges with the auto-transactions. Customers who use the exchange marketplace option are able to choose their rates based on estimations. It is completely easy and fast processing the online transfers with available phone assistance..
Cons of CurrencyFair services
CurrencyFair services are only limited to 20 currencies worldwide. This means that their consumer market is also reduced. Most of the transfers have to be done in the available currencies and not the local currencies available for the recipients’ location or destinations.
They do not offer the human support experience in case a client needs online help with the process. This makes it difficult to get the necessary assistance or answering of any queries. The live chat is manned by a CurrencyFair Bot with preprogrammed responses for the customers.
CurrencyFair is not available in most countries especially in Africa. It is also not available for US residents. This limits their market reach and only customers in the countries they are in can access their services. For international money transfers to more countries, potential clients will have to find other money transfer providers.