How Does CurrencyFair Work? [Short Video]July 26, 2015
Whenever people read the Money Transfer Companies Compared article they are usually amazed at how banks and other such companies hide their fees and charges in the exchange rate when sending money abroad.
At CurrencyFair, we always want to be honest and transparent when it comes to how we operate. You can see our pricing page here.
The reason why CurrencyFair is so much cheaper than banks and other money transfer companies is because of our innovative peer-to-peer exchange system.
Our customer service guru, Tim Porter, explains . . .
How Does CurrencyFair Work?
So after you’ve registered with CurrencyFair and your account is activated, you deposit money into your CurrencyFair account.
You deposit into a local account.
Now that’s important because it’s free and it’s fast.
Once your money is there, you exchange into the currency that you want to buy and then it transfers out and again that transfer is from a local account so it’s very quick.
Ready to start saving on your international money transfers?
You’ll be glad you did.
Exchanging funds with CurrencyFair is simple, just three easy steps:
Deposit, exchange and transfer.
- Deposit. Transfer in the funds you need to exchange from your bank account into our client bank account. We operate local accounts in most currencies so this is simple to do using internet or phone banking. As soon as we receive your funds, we credit them to your CurrencyFair account and send you an email to let you know you are ready for step two.
- Exchange. There are two ways to exchange with CurrencyFair, Auto-Transaction or the Exchange. Use “Create an Auto-Transaction” to exchange any amount straight away at the best rates currently available. If you are not in a hurry, you can use the Exchange. Choose your own better rate and hope for other customers to take up your offer. As soon as your funds have been exchanged, you are ready for step three.
- Transfer. Simply enter your beneficiary account details and we do the rest. You can transfer to your own account or that of a third party, such as family or friends, a supplier or a merchant.
We make sure your funds get where they need to go quickly and safely.