CurrencyFair international money transfers

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 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 2021 Mozo Experts Choice Awards.

CurrencyFair Foreign Exchange rates

Rates and fees verified as correct at 23 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

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. 

CurrencyFair Rate 0.7431

Currency At today's CurrencyFair Rate, 1 AUD buys* For 10,000 AUD recipient will get
Mozo logo United States Dollars (USD)
USD0.7431 USD 7,428 Go to site
Mozo logo Euros (EUR)
EUR0.6386 EUR 6,383 Go to site
Mozo logo Great Britain Pounds (GBP)
GBP0.54 GBP 5,398 Go to site
Mozo logo Canadian Dollars (CAD)
CAD0.9185 CAD 9,181 Go to site
Mozo logo Danish Krone (DKK)
DKK4.7476 DKK 47,457 Go to site
Mozo logo Hong Kong Dollars (HKD)
HKD5.773 HKD 57,707 Go to site
Mozo logo Indian Rupee (INR)
INR55.636 INR 556,137 Go to site
Mozo logo New Zealand Dollars (NZD)
NZD1.0397 NZD 10,393 Go to site
Mozo logo Norwegian Krone (NOK)
NOK6.208 NOK 62,055 Go to site
Mozo logo Singapore Dollars (SGD)
SGD1.0021 SGD 10,017 Go to site
Mozo logo South African Rand (ZAR)
ZAR10.984 ZAR 109,796 Go to site
Mozo logo Swedish Krona (SEK)
SEK6.362 SEK 63,595 Go to site
Mozo logo Swiss Francs (CHF)
CHF0.683 CHF 6,828 Go to site
Mozo logo UAE Dirham (AED)
AED2.726 AED 27,249 Go to site
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Must knows about transferring money with CurrencyFair

Transfer fees:

There are two small costs involved with transferring money with CurrencyFair:

  1. 1. Transfer fee in AUD: $4
  2. 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%.

Minimum transfer: 

The minimum amount you can transfer with CurrencyFair is 8 Euros (or equivalent), and there is no maximum amount. Some international money transfer providers have minimums upwards of $1,000. So, if you're looking to make small transfers, then CurrencyFair could be a good option to consider.

Transfer time options: 

CurrencyFair typically transfers 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.

Transfer methods:

Online and via the CurrencyFair app.

Money transfer icon

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 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 can be 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're 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 isn't as complicated as it sounds. You enter your desired rate and how much you have to transfer, then 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 that 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 peer to peer marketplace can be a great way to get a competitive deal on your international money transfer, if you need to transfer money immediately or 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're getting a better deal on CurrencyFair than going with a standard bank for your IMT.

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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
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How to sign up for an account with CurrencyFair:

Signing up with CurrencyFair can be 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 should receive a confirmation email about the outcome of your account application.
  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:

  • Currency Fair’s peer-to-peer marketplace closes on the weekend, which means all trading is suspended from 7am on Saturdays, AEDT and opens back up on Monday at 9.30am.
  • You won’t earn any interest on funds kept in your CurrencyFair account, so don’t transfer funds across too long before you want to make a trade if you if it’s better off in one of your bank accounts.
  • Remember that there are risks involved with foreign exchange.
  • Be prepared to disclose the purpose of your transfer if CurrencyFair asks you to. They need to comply with relevant legislation to combat terrorism and money laundering.
  • If you are using CurrencyFair as/or on behalf of a business, you’ll need to sign up for a business account. CurrencyFair will ask you if they need any additional information.
  • You can transfer money overseas using BPAY with CurrencyFair. Just check with your bank before using doing so, as some banks place limits on these transactions.

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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.