CurrencyFair

CurrencyFair

About CurrencyFair

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 Foreign Exchange rates

Rates and fees verified as correct at 25 January, 2017. 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 0.7561 USD 7,558 Go to site
Euros (EUR)EUR
EUR 0.7032 EUR 7,029 Go to site
Great Britain Pounds (GBP)GBP
GBP 0.6032 GBP 6,030 Go to site
Canadian Dollars (CAD)CAD
CAD 0.9946 CAD 9,942 Go to site
Chinese Yuan (CNY)CNY
CNY 5.2041 CNY 52,020 Go to site
Danish Krone (DKK)DKK
DKK 5.2293 DKK 52,272 Go to site
Hong Kong Dollars (HKD)HKD
HKD 5.8648 HKD 58,624 Go to site
Indian Rupee (INR)INR
INR 51.6939 INR 516,732 Go to site
Indonesian Rupiah (IDR)IDR
IDR 10108.0763 IDR 101,040,331 Go to site
Japanese Yen (JPY)JPY
JPY 85.8549 JPY 858,206 Go to site
Malaysian Ringgit (MYR)MYR
MYR 3.3643 MYR 33,630 Go to site
New Zealand Dollars (NZD)NZD
NZD 1.0409 NZD 10,405 Go to site
Norwegian Krone (NOK)NOK
NOK 6.2958 NOK 62,933 Go to site
Philippine Peso (PHP)PHP
PHP 37.6296 PHP 376,145 Go to site
Saudi Riyal (SAR)SAR
SAR 2.846 SAR 28,449 Go to site
Singapore Dollars (SGD)SGD
SGD 1.0718 SGD 10,714 Go to site
South African Rand (ZAR)ZAR
ZAR 10.0891 ZAR 100,851 Go to site
Swedish Krona (SEK)SEK
SEK 6.6851 SEK 66,824 Go to site
Swiss Francs (CHF)CHF
CHF 0.7559 CHF 7,556 Go to site
Thai Baht (THB)THB
THB 26.6317 THB 266,211 Go to site
UAE Dirham (AED)AED
AED 2.7868 AED 27,857 Go to site

Must knows about transferring money with CurrencyFair

Transfer fees. 

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%.

Minimum transfer. 

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. 

Transfer time options. 

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. 

Transfer methods. 

Online, email, by phone, and by using the CurrencyFair app.


Trading and transferring with CurrencyFair

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 marketplace explained:

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.

Best available now:

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.


Why use CurrencyFair for 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 website

Go to site

How to sign up for an account with CurrencyFair:

Signing up with CurrencyFair is quick and easy. Follow these steps and you can get trading in no time!

  1. Fill out the online form and prove your identity with relevant documentation.
  2. Up to one day later, you’ll receive a confirmation email approving your account.
  3. Remember, you need money in your CurrencyFair account before you can trade and transfer anything. So put the funds you want to transfer in the future into one of Currency Fair’s segregated bank accounts. Check with your bank to see if they’ll charge you extra to transfer to CurrencyFair before proceeding.
  4. Once the funds have cleared, you’re ready to start trading!

Other tips when transferring money with CurrencyFair:


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* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.