Review on CurrencyFair

What exactly is CurrencyFair?

CurrencyFair’s P2P business model implies that customers can choose the exchange rate they want, and whenever another user in this platform seeks to exchange otherwise and agrees upon the sender’s exchange rate, then that will be the settled rate. More than 10% of CurrencyFair MarketPlace users obtain more competitive rates than the interbank rates. If customers prefer to convert money immediately to the best available rate on the market, CurrencyFair allows to obtain more competitive exchange rates, which on average are only 0.35% below the average market rate.

CurrencyFair lets customers exchange multiple currencies (over 20 as of July, 2020) and they are also able to make transfers to and from more than 150 countries, with a recent expansion in Asia. The company has local accounts for almost all supported currencies.

Once customers exchange money at CurrencyFair MarketPlace, they will pay GBP 2.99 in most cases for transfers to the bank account customers select. Money takes about a day to transfer to CurrencyFair and then 1-2 business days to receive. This may take longer for certain currencies.

Customers can exchange money on CurrencyFair’s website and iOS/Android apps, from Monday through Friday; this service is also available for businesses.