How does the exchange process work with Currencyfair?
This is done in three steps
Step 1 Send funds to your CurrencyFair account.
Step 2 Convert your funds by matching the amount you want to send with other customers on the Currencyfair Marketplace or make a transfer via QuickTrade.
Step 3 Instruct currencyfair to transfer the funds out to the specified beneficiary bank account.
What are CurrencyFair fees and commission charges?
CurrencyFair is a Marketplace, so the exchange rates are set by its users. CurrencyFair charges 0.15% of the total amount exchanged when customers match each other.
In the event that there are no customers providing a competitive rate for your exchange, CurrencyFair will step in and match you. This results in a charge of 0.4% to 0.5% of the amount exchanged. So depending on which way you’re exchanging, and the activity on the Marketplace at that time, you’ll pay anywhere from nothing (0.0%) to 0.5%, plus a fixed transfer fee. In fact, it’s possible, with CurrencyFair to get a better exchange rate than the true interbank or wholesale rate at the time!
On average, customers at the moment pay around 0.35%, however as more and more people use CurrencyFair, this average rate will decrease.
Is there a minimum or maximum amount I can exchange?
There is an eight (8) Euro minimum exchange, and no maximum. People regularly use CurrencyFair to exchange small amounts, for things such as gifts or small overseas purchases, right through to lump sums in the hundreds of thousands and even millions, for things like overseas property purchases or business transactions.
Can I make an exchange without registering first?
No, unfortunately not. As a regulated entity, we are required to identify you before we can transmit any money on your behalf. CurrencyFair try to keep the registration process as simple as possible.
How does the CurrencyFair calculator work?
The CurrencyFair calculator shows the current live rates that are available to CurrencyFair customers. It compares how the costs of an exchange and transfer with CurrencyFair contrast with that of a typical bank.
How is the QuickTrade rate calculated?
The QuickTrade rate is calculated by quoting you the “Best Available Now” rate on the CurrencyFair “MarketPlace”. When the liquidity available for that best rate is less than the amount you wish to exchange, the system will move down the MarketPlace to the next best available rate until your amount has been met. A weighted average rate is then shown, so you know exactly what rate you will achieve.
Why use the CurrencyFair MarketPlace?
The CurrencyFair MarketPlace is ideal if you have time to wait and possibly achieve a better rate than is available with QuickTrade. Every rate above the “Better Requested” rate is people who are looking for the same currency exchange as you, while every rate from “Best Available Now” down are those rates that are available to you right now.
How does the CurrencyFair MarketPlace work?
Click on “MarketPlace” at the top of the page. Decide on the rate you wish to achieve and enter this rate in the “Rate” box shown in the top left hand corner of the screen under “Make an Order”. Then enter either the amount you “have”, or the amount you “want” to buy at this rate and click on “Next”. Your order will then be added to the MarketPlace. You then wait and hope your order is matched by someone looking for the reciprocal exchange. It is important to note that by undercutting the “Better Requested” rate you are more likely to ensure a quicker match.