CurrencyFair review

Founded in 2010 and based in Dublin, Ireland, CurrencyFair is a money transfer provider. CurrencyFair is authorised and regulated by CBI, ASIC, which means customer money is safeguarded separately from company funds.

On the fee side, expect from €0 (marketplace) to €3 (instant), but the bigger cost is usually the exchange-rate markup of 0.3% - 0.5% above mid-market, which is built into the rate rather than shown as a line item. Transfers run from a minimum of $50 up to $500,000 per transaction. In our own rate collection, across the 59 corridors we track for CurrencyFair, its exchange rate has averaged 0.73% from the mid-market rate.

Delivery speed is quoted at 1-2 business days, and the service reaches 150+ countries across 20+ currencies. You can fund a transfer by Bank Transfer, with money delivered via Bank Deposit. The mix of funding and payout options is a good guide to which corridors CurrencyFair handles best.

On the plus side: peer-to-peer marketplace for best rates, no fees on marketplace orders and great for large transfers. That makes it a sensible choice for people who send to a wide spread of countries from one account. Worth keeping in mind: marketplace orders may take time to match and no cash pickup option.