CurrencyFair Review byCurrencyComparison.co.uk
3 out of
CurrencyFair has been voted 3/5 or 76% out of 109 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business so read our review before doing any Currency Transfers.
Who are CurrencyFair?
So who are CurrencyFair? CurrencyFair was launched in May 2010, in Dublin, CurrencyFair is one of several rapidly growing peer to peer (P2P) currency exchange companies. Founded by Australian expat Bret Myers, partners Jonathan Potter, Sean Burrett and David Christian were assembled because of their common experience as bankers and expats seeking the best exchange rates they could acquire. Headquartered in Dublin, the company has offices in Australia and England.
The Marketplace and QuickTrade: The rates available in their Marketplace represent buyers and sellers seeking to get the best rates of exchange in the various currencies. Their “Best Available Now” section shows the other people trading in the opposite direction to the client. The rates in the “Better Requested” section represent other people trading in the same direction as the client.
Marketplace’s pace depends on the currencies being exchanged, how competitive the rate selected is, and movements in the global market rate for those currencies. In the Quicktrade option, a client opens an account and deposits money into the account seeking to convert their money into their desired currency by immediately matching it to the best rate available. This sounds deceptively simple, but as CurrencyFair explains: “If you are trying to sell £1000 and buy euros, it could be that you are exchanging with 5 different people who only want to buy £200, at 5 different (albeit excellent) rates.”
CurrencyFair / Fast, secure money transfers
Why should I use CurrencyFair?
People-powered finance sounds so positive, but the process of watching the Marketplace in hopes of getting the best rate sounds positively tedious! Trusting a currency expert with a range of options like hedging and fixed forwards not only expedites the results, but it also makes sense to us not to waste our time trying to second-guess the market. We pay people to take care of things like this for us and are happy to risk getting a slightly lower rate if it means freeing up our time.
The lack of services offered by traditional currency exchange companies and complaints about customers service, combined with lack of service for US residents making CurrencyFair less enticing for global transfers.
Fast, secure money transfers
Generally focused on the ubiquitous currency calculator seen on most currency exchange homepages, CurrencyFair focuses on catering to the needs of individual, not business, corporate or eCommerce clients.
Registered office address: Dublin, Ireland: Newcastle UK, Australia