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Exchange FAQ

Why should I choose my own rate?

Have some time to spare and think that the rate is going to get better?

Then choose your own exchange rate and wait for someone on the other side of the market to match you. The reason why CurrencyFair is so much cheaper than banks and other money transfer companies is because we can match you with our other users who are also looking for the fairest rate.

Remember though that the exchange rate can go up or down and we cannot guarantee that you will get the rate you choose. You can amend or cancel your rate at any time before it is matched.

How do I choose a rate?

Use the Slider and “Plus” & “Minus” buttons to change the rate.

Note how the monetary value changes as you move the rate.

Choose “Set Up Exchange” when you are happy with your exchange.

Once setup, this now becomes a “Pending Exchange”. You can change your rate at any time up until the point where your Pending Exchange is 100% complete. You can do this in the Transaction Overview section of the site.

What rate should I choose?

That depends on what you want to achieve but generally you should choose a rate that you think the market will move to in an amount of time that you’re comfortable with. To help in your decision you should use The Rate History and The Exchange Queue.

The Rate History allows you to map your chosen rate against the historical rate to see when your rate was last achieved on CurrencyFair.

The Exchange Queue shows the amounts at each rate waiting to be exchanged. This is an aggregate of all the money of other users waiting to be exchanged at each rate. The rate at no.1 position is the next in line to be exchanged.

When will my Exchange take place?

Your exchange will take place if the best rate available now moves to match your rate and stays at that rate until you are at the top of the queue.

What if I don’t want to choose my own rate?

No problem. Just click the “back” button and choose “the best rate available now”. Your exchange will take place immediately at the best rate currently on offer.

What happens after I have chosen my own rate?

After you have chosen the exchange rate we set to work finding somebody to match you.

Your exchange will take place if the best rate available now moves to match your rate and stays at that rate until you are at the top of the queue.

Occasionally we won’t be able to find somebody to match your full amount, so instead we’ll match it in batches. We’ll send you an email to let you know when this happens and you can also track this in the “Transaction” Overview section of the website.

Remember though that the exchange rate can go up or down and we cannot guarantee that you will get the rate you choose. We’ll send you emails to keep you up to date with what is going on.

You can amend or cancel the unmatched portion of your exchange at any time before it is matched from the Transaction Overview section of the site.