How We Collect Data For Our Bank Comparisons

Exchange Rates

The ‘exchange rate’ represents the publicly provided exchange rate for each provider. We gather the data on a specific date during business hours in the country the bank operates in.

Most banks publish their exchange rates on their website at the start of a business day. Exchange rates are live and can fluctuate. However many banks do not update their rates once set in the morning. It might only be updated if there is a very significant change in an exchange rate.

Therefore the rate you see on their website is not always accurate. For our comparisons, we call each bank and request an exchange rate. We compare this against what is on their website on that day or what is calculated on their currency calculator if they have one - all this is done at the time of the call.

In the interest of fairness, we then use the better exchange rate we were given, from either our phone call or from their website, to use in our comparison.

During the call we ask:

  • The fee for a Personal Online Money Transfer
  • The exchange rate for different amounts
  • The final exchange rate

When comparing Australian banks, we called the main Australian banks in our comparison and requested the exchange rate over the phone during Australian business hours. When researching this comparison, the exchange rate quoted over the phone matched the rate being shown in the currency calculator on the Australian bank website.

For the final comparison, we use the Australian bank’s currency calculator on a specific date to exchange for example AUD into EUR . We also logged into at the same time to obtain our best available exchange rate for, for exmaple AUD to EUR, in our Exchange feature.

CurrencyFair exchange rate

This rate is calculated by logging into and using our Exchange feature. We enter the currency and amount we wanted to exchange from, and the currency we want to exchange into. We take the exchange rate shown, not the final transfer amount, as this figure includes our transfer fee of €3 (or it’s currency equivalent.)

Comparison Table

The comparison table shows how much it costs a customer to send money internationally, between the currencies specified, using each of the providers we’ve listed. It also shows the amount the recipient gets and the fee charged in the currency of the bank and territory we are comparing for example the Australian Dollar fee for a transfer of for example Australian Dollars to Euro as well as the date and time of the transfer.

Calculating Fees and Charges

Most banks and online providers don’t make their fees and exchange rates easily accessible. We find the most recent fees & charges PDF document for each bank online and use the fee given for online money transfers. When calling banks, we confirm the fee they charge for an online international money transfer with what is on their website.

CurrencyFair charge one fee on the transfer out of your exchanged money from your CurrencyFair account to a beneficiary bank account. This fee is in the currency exchanged into. In our comparison, most banks charge a fee in the currency you exchange from.

We convert the currency of our transfer fee into the currency of the bank fees, at the time of the comparison for example, when comparing bank rates on the transfer of AUD to EUR, we convert our €3 fee at the time of the comparison using the EUR-AUD exchange rate on

Read more about our Fees and Processing Times in full here.