Currencyfair review

Transfer money between accounts

 
About Currencyfair, the safety, how it works and €30 for free!
 
About Currencyfair and the safety
First of all: Why I recommend using Currencyfair above going to your normal bank.
Of course, you can book money to another country through your own bank account but they can’t give you an exchange rate as good as Currencyfair does. Besides that most of the time, it will take longer before the money arrives on the other account.

Currencyfair is an online money transfer company, it’s online since 2010. It has employees in different countries all over the world and you can transfer in 19 different currencies.
I used it after I finished working in Australia and left the country. With Currencyfair it was easy, cheap and secure to book all my money that was left on my Australian account to my Dutch account.
 
First, you have to go through a security process. I was kind of annoyed by it to be honest because I was very busy at that time and thought quickly transfer my money, but it actually took some time to start an account. On the other hand, I was of course very happy that they are so secure and ‘taking care’ of me and my money.
Later, after I had already left the country, I wanted to use my account again, and for logging in I needed my phone (for the security code they send there) but it was still on my Australian number, and I didn’t have that anymore. So I chose ‘change number’, changed the number and had to choose at what time I was available for a security check. It was after someone of Currencyfair called me (on their costs) and checked if it was really me that I could log in. It took some time but it was quite easy and showed me that it’s really safe and that they take it very seriously.
 
Tip: change your number before you throw out your sim card.

 

How Currencyfair works
There are two options in transferring money

    • You can use a peer-to-peer technology which makes transfers less expensive. That way they can give you the best rate. A lot cheaper than just sending with your bank.
      Peer-to-peer technology means in short term that different services are equivalent and so exchange their services. In this case, it’s to the people. Currencyfair connects people with opposite needs so they can actually exchange their money. The money can stay in the same country and so the exchange rate is very good.
      For example, if you transfer money from Australia to The Netherlands. Around the same time, someone else transfers money from The Netherlands to Australia. They give you the Euros from the other person and they gave the other person the dollars from you. In the same amount of course. In this case, you have to wait until the other person also accepts the exchange rate.
      Currencyfair plays the role of the mediation person and makes sure everything goes all right.

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    • There is also the option to directly transfer your money with the best available rate that Currencyfair can offer. I imagine you often have a little less good rate than the option I wrote above. This option though is faster because you don’t have to wait for someone else. This is the option I used.

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    How to use currencyfair

  • First, you make your account.
  • Then you set up who you want to transfer your money to (or to your own other account) and set up how much you want to transfer. In case of directly transferring your money, they immediately tell you the best exchange rate.
  • Then you get a reference and the information where you have to send the money to.
  • You go to your bank account, from where you send the money to Currencyfair with the reference.
  • They then send it through to the person/ account you said.

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    With two or three days I had my money on my Dutch account and that is also what they say.
    One day to receive your money and one or two (working) days to send your money through to your account.

    Each transfer costs €3 / $4 / £2.50. They will automatically take that off the money that you transfer.

     

    Currencyfair vs. Transferwise
    The first time I needed to transfer a big amount of money from one account to another account in another country, I started reading about the options. Most common options are Currencyfair and Transferwise. I read from both some reviews and they work pretty similarly. Currencyfair uses a fixed fee for the payments and I read that Transferwise uses a percentage of your transfer as a fee. With higher amounts, Transferwise is then definitely more expensive. For me, Currencyfair felt better and the little differences made me choose for it. But since I didn’t try Transerwise I can’t tell all the ins and outs from that one.
    I can tell you one fact Transferwise came a few years after Currencyfair online.

     

    Get a gift from me, €30 for free
    If you transfer a minimum of €1000 or equivalent you get €30 (or equivalent) on your account if you use this link >

    The facts about it:

  • Currencyfair is always happy with new customers, so they gave me this link.
  • I also get 30 euros, so thank you if you will use this link. So we’re both happy.
  • You don’t get it immediately. A few days after you used this link and you did your transfer you get an email about it and get the money in your Currencyfair account.
  • To book it from your Currencyfair account to your own account you have to pay their transfer fee (€3 or equivalent) or you can leave it there until your next booking.
  • Enjoy free money!