CurrencyFair
CurrencyFair is the world's largest peer-to-peer currency marketplace, meaning customers wanting to exchange currencies can choose their own rates, sometimes beating the bank rate. This innovative platform allows money to be transferred between bank accounts for a small fixed fee, although there can also be a withdrawal fee. If review sites are anything to go by, users seem very happy with the service, with many reporting great savings. Established in Dublin in 2010, CurrencyFair is regulated by the Central Bank of Ireland and ASIC in Australia, where it also has offices. It provides a very popular mobile app and is championed for its transparency and the demonstrable savings on exchange rates that can be made.
Currencies Direct
One of the most popular traditional international money transfer providers, Currencies Direct offers a fluctuating exchange rate based on interbank levels and in most cases doesn't charge any additional fees. This fact, plus its reputation for friendly, efficient customer service and its easy-to-use website, helps account for Currencies Direct's remarkable growth and progress since it was first established in 1996. Fully FCA-regulated and with a level one rating from Dun & Bradstreet (the best possible rating, guaranteeing that your money will be safe), Currencies Direct is clearly a safe and reliable company to use when sending money abroad.
CurrencyFair Features
Currencies Direct Features
Easy to set up an account
Android and iOS apps
Regular payments ideal for pensions or mortgages
Personal and business accounts
Auto-transaction capability
Match to trade at your preferred rate
CurrencyFair takes on the trade if there’s no customer
Priority transfers service (attracts higher fees) to complete exchanges faster
No forward contracts to the US
Exchanges subject to live market rate
Can only add money to your account via bank transfer
Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Price comparison
CurrencyFair's P2P marketplace model means that exceptional exchange rates are possible, but not guaranteed. Customers can state their preferred exchange rates and wait for the best deals in their chosen currency, or can use the Quicktrade option to swiftly find the best rate currently available onsite. Apparently, the average exchange rate margin found through this method is an excellent 0.35%, while if no match is found CurrencyFair will offer a rate with a 0.4-0.5% margin. Approximately 10.5% of customers actually beat the mid-market rate.
While the basic transaction fee is a modest €3, this can rise to €8 for same-day transfers and more for certain currencies. Currencies Direct's no-fees model is preferable here, but you stand a very good chance of finding a better exchange rate on CurrencyFair, particularly when dealing with smaller amounts. CurrencyFair has a minimum transfer amount of €8, compared to €100 for Currencies Direct.
International Presence
Currencies Direct is a truly global company, with offices in the UK, the US, China, India, South Africa, France, Spain and Portugal. It also operates out of the Republic of Ireland, Malta and Scandinavia. Its website is available in English, Chinese and seven other European languages, and it deals in over 60 currencies.
By comparison, CurrencyFair seems almost provincial, although this young company will doubtless expand given time and success. At present, however, it is limited to the UK, Australia, Ireland and Poland. Although it accepts clients from all over the world, it does not have a licence to operate in the US, so North American citizens are excluded. It also only offers 18 different currencies. Languages supported on its website are limited to English and Polish.
Ease of use
CurrencyFair has a 9.3 out of 10 review rating on Trustpilot, with many users praising its innovative and straightforward platform. However, this very innovation could cause concern for those expecting a traditional money transfer website. As a P2P currency marketplace, CurrencyFair naturally operates somewhat differently to the standard online foreign exchange platform, but once you get the hang of this it is remarkably easy to use.
Currencies Direct has a simple, intuitive site and also offers phone support from their dedicated, knowledgeable and enthusiastic customer service team. This is attested to by their 9.2/10 Trustpilot review. Obviously US clients will go for Currencies Direct, and those wishing to quickly and efficiently send money abroad on a regular basis or in large amounts may find them the most cost-effective option. CurrencyFair offers the possibility of some amazing deals, however, that could potentially make their modest fees seem well worth paying.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
