CurrencyFair Currency Exchange Services

CurrencyFair Currency Exchange Services

When it comes to currency transfers, CurrencyFair is one of the most popular sites online. At last count, it boasted over 100,000 customers. Part of the reason as to why CurrencyFair is so popular, I am guessing, is down to the fact that it is ridiculously easy to make a transfer. In fact, you could be sending money in no more than a few clicks of your mouse. It is great!

One of the main reasons as to why CurrencyFair seems to attract quite a few customers is down to the fact that their rates are incredibly low. I am not going to lie to you, they are not the cheapest money transfer site around, not by a long shot, but they do offer quick transfers. Transaction fees are set at 3.00 EUR (or the equivalent in the currency that you are sending). This is an incredibly low rate in comparison to other websites out there! The exchange rates, from what I can tell, tend to be fairly competitive too. They are certainly far better than if you headed to your local bank.

One of the main concerns I have with the site is how you deposit cash before transferring it out. The problem is that you can’t deposit using card and the like. You instead have to head to your bank, set up CurrencyFair as an account, and transfer. You then need to head to CurrencyFair and notify them that they have some money coming their way. It is rather convoluted. I would absolutely love if you could pay by card, but I am afraid that is unlikely to come. It is far too expensive and it would eat into the CurrencyFair profits.

Another of the issues is the fact that there are not a lot of currencies to choose from, and there seems to be no way in which you can get CurrencyFair to quote you for more. It doesn’t matter though. All of the most popular currencies are in place.

Right off the bat, you will be able to make transfers of up to 1000 EUR (or the equivalent currency). There is no need to verify your information at all. That being said, if you do wish to transfer more than that in the future, and it is likely that you will want to do so, then you are going to need to submit your passport or driver license details. It is not that much of a hassle, I must admit, but do bear that in mind for the future!

Once you are into the system, everything is simple to use. In fact, I find CurrencyFair to have one of the best UIs around, which is really saying something when you see the amount of companies out there that really do try to do things properly. There are not masses of features in place. There does not need to be. Those who are looking for a system which will allow them to quickly transfer money in and out without all of the ‘bells and whistles’, you are not going to find much better than CurrencyFair. That is why I have absolutely no hesitation in recommending it.