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 Mozo's 2018 Experts Choice Awards.
Rates and fees verified as correct at 24 January, 2019. Other information correct at the time of writing.
For a peer to peer IMT provider, CurrencyFair has range of currencies to choose from, but you must live in Australia to use the online platform. Have a look at today’s rates in the table below:
|Currency||At today's CurrencyFair Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7121||USD 7,118|
|Euros (EUR) EUR||EUR 0.6255||EUR 6,252|
|Great Britain Pounds (GBP) GBP||GBP 0.5444||GBP 5,442|
|Canadian Dollars (CAD) CAD||CAD 0.9501||CAD 9,497|
|Chinese Yuan (CNY) CNY||CNY 4.8518||CNY 48,498|
|Danish Krone (DKK) DKK||DKK 4.6702||DKK 46,684|
|Hong Kong Dollars (HKD) HKD||HKD 5.5867||HKD 55,845|
|Indian Rupee (INR) INR||INR 50.861||INR 508,407|
|Indonesian Rupiah (IDR) IDR||IDR 10134.3909||IDR 101,303,371|
|Japanese Yen (JPY) JPY||JPY 77.9755||JPY 779,444|
|Malaysian Ringgit (MYR) MYR||MYR 2.9561||MYR 29,549|
|New Zealand Dollars (NZD) NZD||NZD 1.0484||NZD 10,480|
|Norwegian Krone (NOK) NOK||NOK 6.0988||NOK 60,964|
|Philippine Peso (PHP) PHP||PHP 37.5251||PHP 375,101|
|Saudi Riyal (SAR) SAR||SAR 2.6799||SAR 26,788|
|Singapore Dollars (SGD) SGD||SGD 0.9673||SGD 9,669|
|South African Rand (ZAR) ZAR||ZAR 9.8429||ZAR 98,389|
|Swedish Krona (SEK) SEK||SEK 6.4202||SEK 64,177|
|Swiss Francs (CHF) CHF||CHF 0.7083||CHF 7,080|
|Thai Baht (THB) THB||THB 22.5685||THB 225,595|
|UAE Dirham (AED) AED||AED 2.6245||AED 26,234|
There are two small costs involved with transferring money with CurrencyFair:
1. Transfer fee in AUD: $4 or $100 with priority transfer, and your first transfer is free.
2. Standard rate adjustment: CurrencyFair applies a “standard rate adjustment” to each exchange, which changes from time to time. As of December 2015, the rate is at 0.15%.
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 offer two types of transfer methods, standard and priority. The standard option for transferring funds is made via local clearing systems and can take 2-3 days for the beneficiary to receive them. The priority option costs $100 and these transfers are made via SWIFT, clearing into the beneficiary account on the same day or early the next.
Online, email, by phone, 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.
Signing up with CurrencyFair is quick and easy. Follow these steps and you can get trading in no time!