CurrencyFair is the home of a unique peer to peer online marketplace where you get to trade currencies between other users in Australia, Ireland and the UK. What makes CurrencyFair far cheaper than the big banks for transferring money overseas is that users selling currencies choose their own rate and bypass interbank fees. CurrencyFair has three international offices with staff on call to help you transfer money overseas and is regulated by and registered with ASIC. CurrencyFair was named one of Australia's best value International Money Transfer providers in the 2019 Mozo Experts Choice Awards.
Rates and fees verified as correct at 19 September, 2020. Other information correct at the time of writing.
For a peer to peer IMT provider, CurrencyFair has a range of currencies to choose from. Though you should keep in mind that with CurrencyFair, you will not be able to send money in Australian dollars if you are outside Australia.
|Currency||At today's CurrencyFair Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7265||USD 7,262||Go to site |
|Euros (EUR) EUR||EUR 0.613||EUR 6,128||Go to site |
|Great Britain Pounds (GBP) GBP||GBP 0.5618||GBP 5,616||Go to site |
|Canadian Dollars (CAD) CAD||CAD 0.9585||CAD 9,581||Go to site |
|Danish Krone (DKK) DKK||DKK 4.552||DKK 45,502||Go to site |
|Hong Kong Dollars (HKD) HKD||HKD 5.629||HKD 56,267||Go to site |
|Indian Rupee (INR) INR||INR 53.389||INR 533,676||Go to site |
|New Zealand Dollars (NZD) NZD||NZD 1.0734||NZD 10,730||Go to site |
|Norwegian Krone (NOK) NOK||NOK 6.598||NOK 65,954||Go to site |
|Singapore Dollars (SGD) SGD||SGD 0.9863||SGD 9,859||Go to site |
|South African Rand (ZAR) ZAR||ZAR 11.808||ZAR 118,033||Go to site |
|Swedish Krona (SEK) SEK||SEK 6.357||SEK 63,545||Go to site |
|Swiss Francs (CHF) CHF||CHF 0.6607||CHF 6,604||Go to site |
|UAE Dirham (AED) AED||AED 2.67||AED 26,690||Go to site |
There are two small costs involved with transferring money with CurrencyFair:
1. Transfer fee in AUD: $4
2. Standard rate adjustment: CurrencyFair applies a “standard rate adjustment” to each exchange, which changes from time to time. As of December 2019, the rate is at 0.45%.
The minimum amount you can transfer with CurrencyFair is 8 Euros (or equivalent). Some international money transfer providers have minimums upwards of $1000 so for small transfers CurrencyFair is a good option. There is no maximum amount.
CurrencyFair can typically transfer your funds in 1-2 business days, depending on the currency you're working with. Euro transfers typically take around 2 days, while some GBP transfers happen the same day. Less common currencies can sometimes take up to 5 days to transfer, so it's a good idea to leave yourself plenty of time whenever possible.
Online, and by using the CurrencyFair app.
There are two ways to trade with CurrencyFair. You can use the peer to peer marketplace or the “best available rate” feature. Your choice on which to use will depend on how much time you have and how important it is for your funds to get matched to your desired rate.
Peer to peer trading is a good way to exchange money because you get to avoid interbank fees (what the banks charge each other for foreign exchange, which you usually foot the bill for), and set your own rates for trading. It’s a win win between users because the method essentially cuts out the banks’ involvement with your money transfer. You are also safeguarded against getting a bad deal because when you use CurrencyFair you also have the “available now” rate to compare your rate to.
Trading in the peer to peer marketplace is not as complicated as it sounds. You enter your desired rate, and how much you have to transfer then you wait until CurrencyFair finds you a match. You have the option of getting your money “fully matched” or “partially matched”. If you opt for partially matched, the system will split your transfer. Say for instance you want to transfer $500 AUD to GBP and someone wants to transfer $100 GBP to AUD. The system will partially swap the amount and leave the remainder on the marketplace to be matched.
While the peer to peer marketplace is your best bet for getting a competitive deal on your international money transfer, if you need to transfer money immediately or you simply want to save time you can still pick the “best available now” rate. The “best available now” rates are usually between 0.5% and 0.6% of interbank rates so you can be sure you a getting a better deal on CurrencyFair than going with a standard bank for your IMT.
People choose to use CurrencyFair for all sorts of reasons, like moving overseas, paying tuition fees as an international student, for business or investment purposes. CurrencyFair gets a big tick for being regulated and registered with ASIC, putting customers’ funds into segregated bank accounts, and has 256-bit encryption from VeriSign on their website.
The peer to peer marketplace is also a pretty nifty tool to use to get a competitive rate on your money transfer, as well as knowing you are avoiding interbank rates when you opt for the “best available now” rates. An added bonus is that you can use the CurrencyFair app to exchange and transfer on the go.
Visit CurrencyFair websiteGo to site
Signing up with CurrencyFair is quick and easy. Follow these steps and you can get trading in no time!