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CurrencyFair Review: What is CurrencyFair?
CurrencyFair is an online peer to peer money transfer company that was established in the year 2009. This company is headquartered in Ireland and has other offices in Australia, Hong Kong, Singapore, and the UK. CurrencyFair offers competitive exchange rates for clients who wish to send and receive international payments and money transfers in more than 18 currencies.
Supported currencies by CurrencyFair
The currencies allowed to trade are US dollar, Swedish Krona, UAE Dirham, Euro, Swiss Franc, Canadian dollar, Australian dollar, Czech Koruna, pound Sterling, Danish Krone, Polish Zloty, South Africa Rand, Norwegian Krone, Hungarian Forint and New Zealand dollar. By using CurrencyFair platforms, you can buy other currencies such as the Singapore dollar, Hong Kong dollar, and Israel Shekel.
Money can be deposited and withdrawn using regular bank transfers. For certain currencies, it is possible to pay by Debit Card.
|Debit Card Pay-in Currencies|
CurrencyFair Transfer Limits
CurrencyFair Money Transfer Company has a transfer value of £1 and a maximum value of £10,000,000.
CurrencyFair Exchange Rates and Fees
CurrencyFair offers an option where clients can send their target exchange rate and wait to be matched by other people. In case there are no customers who can match the rate, CurrencyFair assists in matching with your rate. Typically, transferring money from customers’ bank accounts to CurrencyFair is free. However, if you wish to use Express Debt, you will be charged some fees. For instance, if you choose the peer to peer transfer through the marketplace, you will be charged 0.5% to 0.3% of the total transfer amount. Notably, if you do not wish to wait but wish to transfer with the best rate offered by Currencyfair, you can still get ones. To make transfers, you will be charged between 0.4% to 0.6%.
CurrencyFair Transfer period
The period it takes for you to make money transfers depends on the amount of money you are sending, the recipient, and the time the associated bank will take to process the funds. However, many transfers made through CurrencyFair usually takes between 1-2 business days.
Is CurrencyFair safe?
CurrencyFair Regulation and licensing
CurrencyFair is authorized and regulated by the Central Bank of Ireland. All the international subsidiaries of CurrencyFair are also regulated and licensed by relevant authorities. In this case, CurrencyFair is required to protect customers’ funds and maintain procedures and systems at the highest standards, especially in detecting and deterring financial crime. According to the regulations, customers’ funds are usually held in segregated accounts that are kept separate from the business accounts of CurrencyFair. Such a measure implies that your money will be safe in case the company faces financial challenges.
Services offered by CurrencyFair
The recurring payment is one of the easiest ways you can transfer money regularly to the same recipient. The good thing with a recurring payment is that any future payments will be debited automatically.
A spot contract comprises a single payment from one currency to another using the current exchange rate. In case you wish to send money today, you only log in to the CurrencyFair website or app. After a few clicks, you will access the spot payment.
When you open a multi-currency account with CurrencyFair, you will be allowed to receive and send funds in various currency dominations. This account is beneficial to businesses and individuals who would wish to transact with more than one country. For many customers, having a multi-currency account is the best alternative instead of opening a foreign bank account.
The market order allows customers to set a specific target exchange rate, which they wish to transact in the future. It is only when the target rate is achieved that CurrencyFair will authorize the funds’ transfers. The market order is exceptionally advantageous, especially for customers who are not doing urgent transfers and are willing to wait for better rates.