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CurrencyFair offers its money transfer services from and to over 150 countries and between 15 different currencies. It’s cheap, quick and the customer service is excellent. What’s special about CurrencyFair is its peer-to-peer (P2P) currency exchange marketplace that lets you exchange currencies at a cheaper rate than banks and other similar providers.
CurrencyFair Promo: 10 Transfers Fee Free
- Use the offer link below to get 10 transfers Fee Free
CurrencyFair €50 Sign Up And Referrals
Earn a €50 sign up bonus when you use a current member’s referral code/link. Once you have an account open you can then earn more €50 bonuses per qualified referral.
- Every CurrencyFair customer has a unique Refer-A-Friend code.
- When someone opens a CurrencyFair account using your unique code, and goes on to trade and transfer a minimum of €1,000 (or the equivalent in the depositing currency), both you and the person you referred will receive the latest referral reward paid into your CurrencyFair accounts.
- You can share your code any way that suits you. e.g. email, Facebook, Twitter, LinkedIn.
- You can find your referral code on the desktop site or via their mobile app.
- See the referral program here.
Referral link(s) you can try for initial sign-up (we don’t currently have an active account to provide a referral):
CurrencyFair: In A Nutshell
|Transfer Methods||Bank Account|
|Transfer Options||One-off transfers|
Choose your own rate
|Transfer Speed||1 – 5 business days|
CurrencyFair: How It Works
Since its inception, CurrencyFair has serviced transactions totaling over eight billion euros in eight years of operation. That’s a lot of dough in a relatively short period of time.
CurrencyFair offers two main products: personal transfers and business transfers.
- Personal transfers. You can use CurrencyFair services to send and receive money. The provider accepts payments in foreign currencies, makes foreign currency payments to bank accounts all over the world, and operates brokerage accounts in different currencies.
- Business transfers. You can reduce the cost of international fund transfers by using CurrencyFair. Businesses can receive payments in multiple currencies belonging to different accounts, under one umbrella.
Beyond the standard mobile app, recurring transactions and rate alerts, CurrencyFair has a few special features up its sleeve.
- Mobile app. Available for both iOS and Android devices, the software lets you easily exchange and transfer money at any time (except weekends and bank holidays), from anywhere. Set up deposits into your CurrencyFair account, exchange funds in 15 different currencies, and transfer them out to a bank account of your choice.
- Recurring transactions. Easily schedule future transfers with this feature. Start by creating a standing order with your bank, which sends money to CurrencyFair directly. The money transfer provider will then initiate an auto-exchange and transfer funds without needing your input.
- Rate alerts. Create an alert to notify you when the exchange rate reaches your defined threshold.
- Multi-currency wallet. It has bank level security, and it’s free. Use it to store all your currencies, so your funds are ready when the exchange rate is optimal.
- Auto-transaction. If you choose to go with this feature, you are opting to have the destination currency matched immediately by CurrencyFair at a competitive rate instead of defining the currency rate yourself. All you have to do is choose the amount you want to convert, and this feature will combine the deposit, exchange and transfer in one easy step.
- Exchange marketplace. This is a unique feature that CurrencyFair provides. The P2P marketplace lets you bid for preferred exchange rates, which is often much lower than current market rates. If you don’t find a match, CurrencyFair will provide a spot rate.
Before you can send money, you must register for a CurrencyFair account. Just head over to the company’s website and sign up. The process is easy and only takes a few minutes. Then, provide your bank account information and add your CurrencyFair bank account as a payee with your bank. You’re now ready to transfer funds by following the steps below:
- Deposit or transfer to CurrencyFair. Start by depositing funds from your bank account into your CurrencyFair account and follow the prompts.
- Exchange. You’ll receive a notification once the funds have arrived. You now have two options: to exchange the funds to your destination currency with CurrencyFair’s rate or by marketplace. You also have the option to wait it out until the exchange rate is more optimal.
- Transfer out. You can transfer funds out of your CurrencyFair account at any time. Once the money has been converted, transfer the funds to your destination bank account. The time it takes to process depends on the destination country.
*You cannot deposit and exchange in this currency. However, you can deposit another currency into your CurrencyFair account and exchange it for this currency. For example, you cannot deposit AUD and exchange them against USD, however you can deposit USD and exchange them against AUD.
CurrencyFair: Transfer Speed
While banks can take several days to transfer funds abroad, CurrencyFair can do it in much less time. Of course, the actual time to complete a transfer depends on the currency sent and the currency received.
On average, the company does process transfers in one to five business days. If you use the auto-transaction option, you can expect faster processing times.
Signing up is quick and easy. Fees are low. Rates are competitive. The customer service is top-notch. And, you have access to 15 currencies in over 150 countries. What more can you ask for? Well, the only thing I can think of is having additional payment methods other than bank drafts.
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