Page Text: Where CurrencyFair does well
Regulated by - CurrencyFair is regulated by the Central Bank of Ireland and ASIC, Australia.
CurrencyFair Trustpilot rating - CurrencyFair reviews by their customers has a 4.6/5 rating and ‘Excellent’ with Trustpilot. There are some negative reviews regarding changing of bank accounts as mentioned above in Supported Countries. CurrencyFair clearly monitors Trustpilot and their customer service replies to customers to resolve their issues.
iCompareFX customers - iCompareFX customers make thousands of global money transfers with CurrencyFair. However, there is a noticeable number that register with CurrencyFair but do not transfer. This may be due to the lack of destination country support as CurrencyFair’s fees are highly competitive amongst their peers.
CurrencyFair challenges
Fees transparency - CurrencyFair’s exchange rate margin fee is very low compared to competitors. Customer’s could benefit from seeing the margin fee clearly on top of the real exchange rate.
Company Structure - CurrencyFair’s ownership is made up of private equity companies. The private equity partners have put in place one of their own as the head of their management team. As they are looking for a return on investment or growth, this could be a negative if shareholders demand a return of capital and/or investment. It could also be a positive if shareholders have a longer term view and continue to invest in additional products and services that benefits individual and business customers.
CurrencyFair score
CurrencyFair is a trusted brand operating in Ireland for over 10 years. They have transferred and exchanged over €10 billion of customers' money during that time. The category score takes into account both CurrencyFair’s positives and areas for improvement.
How to sign up to CurrencyFair
Step 1
Click Sign Up on CurrencyFair’s website
Step 2
For individual accounts, you may register using your email address or your Facebook login.
For business accounts, you may only register using your business email address.
For both business and individual accounts, enter your desired password.
Step 3
Activate your CurrencyFair Account
Provide requested proof of identification. Tip: Take a photo of the requested ID and send via your phone. Photos of ID can be uploaded via the CurrencyFair app or attach to an email and send to their digital contact address.
ID verification is usually within 1 business day.
FAQs
Is CurrencyFair safe to use?
Yes, CurrencyFair is safe to exchange and send money internationally. iCompareFX’s founder, Gavan Smythe, has used CurrencyFair with success. CurrencyFair TrustPilot reviews on lost transactions are not common. Keep an eye on the CurrencyFair bank account details changing.
Summary
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CurrencyFair is a fintech homegrown Irish international money transfer company. Started by expats in 2010, it has grown over ten years and transferred and exchanged over €10 billion worldwide. CurrencyFair has a good management team in place. CurrencyFair’s CEO, Paul Byrne, is himself an accomplished entrepreneur and is personally invested in the company. CurrencyFair offers low cost international money transfers between major currencies and is actively growing their service offering. This CurrencyFair review will evolve with the category scores changing as CurrencyFair evolves.
Pros
Low cost international money transfers.
The CurrencyFair Marketplace. Set your own rates.
Business features such as multi-user access, delegated rights and two person approval.
Currency balances reduce costs of paying suppliers in the same currency as money receipts.
Cons
Additional intermediary international wire transfer costs may be incurred for some of CurrencyFairs currencies.
Online only. No personal or business account management.
Rates are non negotiable and are not lowered for larger transfers.
Compare CurrencyFair against other money transfer services
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