CurrencyFair is the world’s largest peer to peer marketplace that offers a unique approach to its customers for transferring money internationally. Unlike other money transfer services, CurrencyFair lets you exchange your currency with other customers of the company. This is a unique, transparent, and fully automatic approach to exchanging currencies. As long as another customer of the company is looking to exchange currency and you both agree on the exchange rate, then that will be the exact exchange rate that you both get. Through this process, many of the company’s customers end up receiving a better exchange rate than the mid-market rate. If you don’t want to wait for another customer, you can choose to immediately exchange your currency at the best available exchange rate in the market. CurrencyFair makes sure that you receive an excellent exchange rate.
CurrencyFair lets you exchange between 18 different available currencies. After you have exchanged your currency on the marketplace, you’ll have to pay a small flat fee of €3 to send out the money to any bank account of your choice. The money usually takes 1-2 days to arrive but for some currencies, it can take up to 4-5 days. The company lets you exchange currencies and send out money through its website and mobile app; available on both Android and iOS.
Although CurrencyFair offers a great service overall, the company does have certain limitations. The company currently operates in a limited number of currencies, i.e. 18, and is not available in all countries. Some reviews from the company’s users also revealed that the money exchanging process on the marketplace can be confusing and unclear for some, and it needs improvement. Some users also complained about delayed payments.