CurrencyFair money transfer in the UK: fees, rates, limits, and how it works?

Gert Svaiko

Published: 14.12.22

4 minute read

Need to pay a friend or family member overseas? There are many different international money transfer services available here in the UK. One of the options you can choose is CurrencyFair.

Since launching in 2010, CurrencyFair has helped over 150,000 customers¹ to send money internationally. It offers secure online transfer services to over 150 countries, in 20 different currencies.²

But is CurrencyFair money transfer the right option for you? Read on for everything you need to know about using the service, including CurrencyFair fees, exchange rates, limits, processing time and security.

And while you’re comparing providers, make sure to check out Wise. You can send money worldwide in 50+ currencies for low fees and a fair exchange rate. It’s quick and easy to set up online payments with Wise, and you could save a bundle.

Learn more about the Wise International money transfer

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is CurrencyFair money transfer?

CurrencyFair offers a fast, secure money transfer service, letting you send money to people and businesses in 150+ countries. It’s handy for people who travel or live abroad a lot, or simply need a way to pay friends and family.

Everything is done either online or via the CurrencyFair mobile app. Once you have an account, you can check live exchange rates, and set up and track payments.

Who owns CurrencyFair?

CurrencyFair is a privately owned independent company, launched in 2010 by founders Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. It has its headquarters in Dublin, Ireland.

What currencies CurrencyFair supports?

CurrencyFair supports 20+ currencies, including all of the major ones you’d expect. This includes:³

Euros (EUR)
US dollars (USD)
Australian dollars (AUD)
New Zealand dollars (NZD)
Canadian dollars (CAD)
Singapore dollars (SGD)
Swiss francs (CHF)
South African rand (ZAR)
Indian rupees (INR)
Swedish kronor (SEK)
Danish Krone (DKK)
Thai baht (TBH)
Philippine peso (PHP)
Polish zloty (PLN).

How to transfer money with CurrencyFair from the UK?

Before you can use CurrencyFair money transfer services, you’ll need to register for an account on the CurrencyFair website. You’ll need to provide some basic identification documents so that the company can verify your identity electronically.²

All signed up? Here’s how to make your first transfer:²

Set up your transaction online or in the CurrencyFair app by entering the amount you’d like to send, and the currency you’ll be sending in (likely to be GBP).
Add the recipient’s bank details - you can save these to use for future transfers if you wish.
Choose your payment method - this is likely to be your bank account
Transfer your money to your CurrencyFair account, then the funds will be exchanged into your chosen currency and delivered to your recipient.

The above is the process of sending a personal transfer with CurrencyFair. It also offers a transfer service for businesses, where the steps to set up a payment may be different.

Is there a maximum transfer limit with CurrencyFair?

CurrencyFair doesn’t have a maximum transfer limit, which means that you can send as much as you like using the service.⁴

However, your bank may have its own limits on how much you can send at once, or per day.

How long is the transfer time with CurrencyFair?

CurrencyFair transfer times are pretty fast. In fact, it says that many of its international transfers can be completed within 24 hours.²

Is it safe to transfer money with CurrencyFair?

It’s normal to have concerns when sending money online, especially when you’re making any kind of international payment. This is why it’s smart to check out the security and other credentials of a provider before signing up.

The good news is that it is safe to send money with CurrencyFair. The company is regulated by the Central Bank of Ireland, and is registered with the Financial Conduct Authority (FCA) here in the UK.

CurrencyFair also has what it calls ‘bank-level security’. This includes sophisticated security features such as:⁵

Segregated customer accounts held in top-tier FCA regulated banks
Systematic procedures and checks, including ID verification
Two-factor authentication
SSL 256-bit encryption for a secure connection
Tracked deposits and transfers
Secure data centre safeguarded 24/7, with biometric access controls.

What are the fees for using CurrencyFair?

CurrencyFair isn’t free to use, although there aren’t any monthly charges, and it’s free to create an account.

However, there are some costs you need to know about. There are two main things to factor in when comparing providers on cost - the upfront transfer fee, and the exchange rate. We’ll look at both of these for CurrencyFair below.

CurrencyFair transfer fees

CurrencyFair charges a flat fee of €3² (or currency equivalent) for all transfers out. There aren’t any fees for sending money into your account from your bank, a necessary step before your payment can be sent.

CurrencyFair exchange rate

CurrencyFair fees may be low, but the exchange rate they offer you can also make a big difference to the cost of your transfer.

Like banks and some other transfer providers, CurrencyFair adds a margin or mark-up to the mid-market exchange rate. This is the rate you’ll find on Google or currency sites like XE.com, and it's generally considered to be the fairest or ‘real’ exchange rate.

CurrencyFair’s markup is around 0.45%.² This is pretty competitive compared to banks, but it still means that your transfer will be more expensive than it needs to be.

Looking for the mid-market rate? Send money with Wise, and you’ll get a low transfer fee and a margin-free exchange rate. There are no hidden costs or monthly charges, and you’ll always get a fair exchange rate.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

CurrencyFair contact information and phone number

Need to get in touch with CurrencyFair? If you have a question or need support using its money transfer services, here’s the contact info you need:⁶

Call +44 (0) 203 3089353 (UK) or +353 (0) 1 526 8411 (Ireland)
Fill in the online contact form.

After reading this guide, you should have all the information you need to decide whether CurrencyFair is right for you.

It’s great that details of CurrencyFair limits, fees and even the exchange rate mark-up are all available online. This means you can easily compare it to other providers, to work out which is the best value.

Sources used:

Sources last checked on date: 11-Nov-2022

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