FAQs

FAQs

General

What is CurrencyFair?

CurrencyFair is an online currency exchange service.

Who uses CurrencyFair?

Anyone that needs to exchange currency and send it to a bank account overseas, whether it’s their own account or that of a third party. We’re perfect for expats, businesses, and overseas property owners, to name just a few.

Why is CurrencyFair cheaper than using a bank?

Due to the Peer to Peer model CurrencyFair adopts, we are able to offer much cheaper exchange rates than a typical bank. These rates are usually no more than 0.5% from the interbank rate and can often be far better than this. The CurrencyFair Marketplace also gives you the power to negotiate a mutually beneficial rate.

The transfer fees with CurrencyFair are also far less than with a bank.

Is there a CurrencyFair app for tablets or phone devices?

CurrencyFair is currently working on an app for tablets and phone devices. We do have a mobile responsive website which you can avail of on all tablets and phone devices.

Are there any ongoing or maintenance costs associated with having a CurrencyFair account?

No, there are no fees for maintaining a CurrencyFair account.

Where can I check the latest exchange rates?

The latest exchange rates can be found on the CurrencyFair homepage. Our CurrencyFair calculator shows the actual LIVE rates that are available to customers. It also compares how the costs of an exchange and transfer with CurrencyFair contrast with that of a typical bank.

Do you send money to Bitcoin companies, cryptocurrency companies, Bitcoin exchanges?

No, CurrencyFair does not send money to Bitcoin companies, cryptocurrency companies or Bitcoin exchanges.

Signing Up

What identity documents do I need to provide in order to have my CurrencyFair account activated?

This really depends on where you live! It could be that we are able to fully verify your identity from the information you provide during registration. However, the most we will need for a personal account is one proof of identification and two documents which act as proof of address. Click here to see what documents are acceptable.

What documents are accepted as proof of identification?

  1. Passport
  2. Drivers licence
  3. National ID card

What documents are accepted as proof of address?

Any document that has been issued by a registered institution and has both your name and address on it will be accepted as proof of address. The documents must contain your current residential address. Below is a guideline for the types of documents that are accepted.

  1. Utility bills
  2. Electricity bills
  3. Energy bills
  4. Bank statements
  5. Car registration documents
  6. Landline phone bills
  7. Credit card statement
  8. TV licence
  9. Home insurance policy
  10. Pay slips (where the employer’s and employee’s address is stated)

How recent do my identity documents need to be?

Any documents you send to CurrencyFair as proof of address must be no more than 3 months old. For insurance documents, they simply have to be valid.

I sent my documentation in, what happens next?

All documentation received will be processed that same day. As soon as your documents have been reviewed, we will be in contact via e-mail and will notify you about the status of your account.

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. We try to keep the registration process as simple as possible.

Does it cost anything to sign up for an account with CurrencyFair?

No. Registration is completely free. Well, it might take 5 minutes of your time, but it won’t cost you any money.

How do I register/Sign Up?

Just click on Create an Account and fill in our simple registration form. In some cases we may need to collect some additional information, such as scans or digital photographs of documents proving your identity or address. If this is the case we’ll let you know what we need and how to get it to us.

I created an account, but never received a confirmation e-mail?

Please check your SPAM folder. If you still cannot find a confirmation e-mail, please get in touch with us at theteam@currencyfair.com and we will send your confirmation e-mail.

I am having trouble entering my passport details during the “Personal Account Sign Up” process, what should I do?

If your passport number does not work, please make sure you have entered the bottom row correctly, the correct number of characters (44) along with the correct number of chevrons (<). If you are still having problems, you can simply skip this “Passport” section as it is not a required field.

Transfer

Are there any other fees?

There is a small fee for transferring money out to a bank account. This is 3 Euro or the equivalent in other currencies. You can view the process fees and approximate transfer times in each currency.

What is an IBAN and a Swift/BIC Code?

An IBAN is your International Bank Account Number. It is made up of a code that identifies the country that the account belongs to, the account holder’s bank and the account number itself. The IBAN makes it easier and faster to process cross-border payments.

A BIC (Bank Identifier Code) identifies the beneficiary’s bank quickly and easily. SWIFT owns and administers the BIC system.

Where can I obtain an IBAN or a SWIFT/BIC Code?

Contact your bank in order to obtain your IBAN and SWIFT code.

Which nations do not require an IBAN or a SWIFT/BIC Code?

Banks in the USA, New Zealand, Australia, Hong Kong, Singapore and the UK do not require an IBAN or a SWIFT/BIC Code. The USA requires an ABA number, New Zealand and Australia require a BSB number, Hong Kong and Singapore a clearing code and the UK a sort code, all of which can be obtained from your bank.

I have an account number and a sort code but you ask me for an IBAN, why is this?

IBANs are a combination of your account number and your sort code. It’s a way of identifying a bank account which cuts down on errors and delays in international payments. When you use an IBAN you also use a BIC (Bank Identifier Code) within that. The BIC code is an international standard used to uniquely identify a bank.

Why do I not require an IBAN or a SWIFT/BIC code when transferring funds to the UK?

Typically, UK accounts do not require an IBAN. A SWIFT code is only required for International payments. As CurrencyFair operates on local transactions we do not require a SWIFT code. Your funds are moving from our UK balance to your UK account.

I am trying to transfer my funds from my CurrencyFair account to my beneficiary account, why am I seeing an “Insufficient Funds” message?

You could be seeing the “Insufficient Funds” message for two reasons. Firstly, you may be trying to transfer more funds than are actually available in your account. Secondly, you may have forgotten to exchange your funds. So, if you deposited €4,000 and wanted to transfer your funds to a US Dollar account, you would need to exchange your Euro to US Dollars before these funds become available for transfer to a US Dollar account.

How do I know how long my transfer is going to take?

Click here to view our “Process Times and Fees” page which will provide you with an estimation of how long your transfer should take.

For me to send funds, does the recipient need an account with CurrencyFair?

No, only the sender of the funds needs to have an account with us. Once you’re set up, you can send funds to the beneficiary account, although if this account is not in the CurrencyFair account holder’s name, you may be required to provide further information to the CurrencyFair team.

Why are there two reference fields when transferring funds out from CurrencyFair?

There are two reference fields when transferring funds out from CurrencyFair for a very simple reason. These references will appear on your bank statement, so you can fill one or both of these reference fields in if you so wish.

I transferred my funds by Faster Payment which is supposed to be instant, but I haven’t yet received my funds, what do I do?

If the transfer was instructed after 4pm the funds may not arrive on the day you sent them, your funds will arrive the following day at the latest.

What nations are considered high risk for remittance and will require additional information to be sent to CurrencyFair for further consideration?

KnowYourCountry.com offers a comprehensive risk rating system. For the higher risk nations you will most likely be required to provide additional information to CurrencyFair prior to any decision. We will also require additional information for transfers to some medium risk nations. CurrencyFair does not operate off the KnowYourCurrency risk rating system, but it serves as a good guideline.

Why does CurrencyFair not offer a priority transfer for GBP, NZD, ZAR or AED?

CurrencyFair does not offer a priority transfer to the UK as a standard transfer generally arrives within a day thereby negating the need for a priority transfer. Our New Zealand Dollar account is based in Sydney, so unfortunately you cannot instruct a priority transfer as all transfers are via wire. Similarly, both our ZAR accounts and AED accounts are held in London so you cannot instruct a priority transfer.

Does CurrencyFair offer a remittance slip?

We can send you an official copy of the SWIFT should you require one, at the moment it is not possible via our website- this functionality will be offered shortly as we are currently working on this option.

Can I transfer funds to a bank account designated as a business account?

Yes, funds can be transferred to a bank account designated as a business account.

I have sent funds to an incorrect account number, what should I do?

In this instance, please get in touch with us at theteam@currencyfair.com. If the transfer has not already been released, we will be able to cancel the transfer and return the funds to your CurrencyFair account. Should the transfer have already been released, we will contact the beneficiary bank and your funds should be back on your CurrencyFair account in 1-2 business days.

I transferred funds to the correct account number, but wrong account name, what should I do?

Please get in contact with us as soon as possible at theteam@currencyfair.com, we will be able to assist you.

The IBAN checked on your website shows my IBAN is incorrect, what should I do?

First of all please make sure the information entered is correct and also ensure you have removed all spaces. If you are confident the IBAN is correct and you are still receiving the same message, please go ahead and add the account (the message will not stop you from adding the account to your profile). We will then attempt to make the transfer upon your instruction and should our bank system confirm there is an error, we will get in touch.

I am trying to add an IBAN from a UAE based bank, but each time I enter it I get an “invalid IBAN “ message, why is this?

The UAE has only recently started using IBANs, and many banks have not yet updated their system to accept these new IBANs. You should get in contact with that UAE bank and ensure that your details are correct and if they are, please go ahead and add the account (the message will not stop you from adding the account to your profile). We will then attempt to make the transfer upon your instruction and should our bank system confirm there is an error, we will get in touch.

Registered/Signed In?

My username isn’t working, what can I do?

Click “Forgot username?” on the “Register or Sign in” page. Enter your e-mail address on the subsequent “Forgotten your User Name” page and click “Continue” to confirm. A new User Name will be sent to your e-mail address.

I have forgotten my password – How do I get a new one?

If you have forgotten your password, simply click the “Forgot Password” link on the “Register or Sign in page”. Follow the subsequent easy-to-follow steps and you will be able to set a new password.

How do I amend my password, security questions, address, phone numbers or e-mail address?

Simply go to “My Profile” when you are logged in to your CurrencyFair account and change your details accordingly by clicking on the “Edit” tab beside your chosen field and completing the easy to follow steps.

I can’t remember my PIN – what should I do?

Simply request a new one! Go to “My Profile” when you are logged in to your CurrencyFair account. Click the “Reset” tab beside the “CurrencyFair PIN” field. Follow the simple steps in order to reset your CurrencyFair PIN…..and remember to click on the link in the email we send to you! This will activate the new PIN. If you do not click on the link, the new PIN will not work. Once clicked you will be taken into your account again and a confirmation message should appear.

My New PIN does not work – what should I do?

First of all make sure that you have clicked on the link in the email we sent to you with the second 3 digits of your new PIN. If you have clicked in this link and you are still experiencing problems you should contact the CurrencyFair team at theteam@currencyfair.com.

Deposit

What currencies does CurrencyFair process?

CurrencyFair currently processes 17 currencies. These are the Euro, UAE Dirham, Australian Dollar, Canadian Dollar, Swiss Franc, Czech Koruna, Danish Krone, Pound Sterling, Hong Kong Dollar, Hungarian Forint, Norwegian Krone, New Zealand Dollar, Polish Zloty, Swedish Krona, Singapore Dollar (we can send to Singapore, we cannot receive anything from Singapore), United States Dollar and South African Rand. We can also support additional currencies, please get in touch with us at theteam@currencyfair.com to find out more.

Can I pay by cash, cheque, credit card or bank draft?

No, CurrencyFair does not accept or deliver cash, cheque, credit card or bank drafts. CurrencyFair only operates via internet bank transfers.

How long does it take to deposit my funds into my CurrencyFair account?

The length of time it takes for your funds to be credited to your CurrencyFair account varies and depends on the currency you are depositing. You can see our process times and fees for all currencies.

Do I need to open any new bank accounts to use CurrencyFair?

No, CurrencyFair works with your existing bank accounts. It is important to remember that when transferring funds to an account, that account must be denominated in the same currency as the funds being sent. For example, if you are transferring Australian Dollars, the beneficiary account must also be designated in Australian Dollars.

I have a brokerage account, can I deposit funds from this to exchange funds from CurrencyFair?

Yes, that should be no problem at all, however, there may be some additional requirements. You should get in touch with us at theteam@currencyfair.com to confirm.

Do I need to have Internet banking with my existing bank?

No, although most people will use internet banking to deposit their funds into their CurrencyFair account and transfer out to their beneficiary account. It is not a requirement and other people prefer to use telephone banking to instruct transactions. Some people will even visit their bank.

What is a pending deposit notification?

A pending deposit notification is a way to tell our system that you will be sending funds to your CurrencyFair account.

Why do you need me to add a pending deposit?

This helps our system to allocate your funds correctly once they credit the CurrencyFair client account. It’s not the only method we have of identifying your funds, but it certainly helps!

How can I go about adding a pending deposit?

Go to “Deposit Funds In”, enter the amount and currency you want to deposit, select the account you wish to deposit from and click “Notify”. You have now notified our system to expect your funds. You now need to instruct your bank to transfer the funds to CurrencyFair. All the relevant payment instructions will be shown once you have added the pending deposit notification.

Can I exchange my funds immediately after creating a pending deposit notification?

No, you can only exchange your funds once they are in your CurrencyFair account. The status of your pending deposit will change to “confirmed” on the “Deposit/Transfer History” page when your funds are available for exchange. The “Account Summary” page will show your “Balance” and “Funds Available” in each currency so you will know when your funds are in your CurrencyFair account and are ready for exchange. We will also contact you via e-mail when your funds are deposited in your CurrencyFair account.

I entered a pending deposit I no longer want, what can I do?

You can cancel any unwanted pending deposits on the “Deposit/Transfer History Page”. Simply click the “X” button next to the unwanted “pending” deposit to delete.

I mistakenly sent funds from my bank account to my CurrencyFair account without adding a pending deposit, what do I do?

If your funds haven’t cleared yet then simply create a pending deposit. If your funds have already cleared then there is no need to add a pending deposit notification. Please do add one going forward as it allows us to clear funds in a timely fashion.

Where can I find your payment instructions?

The relevant payment instructions are shown after you have confirmed you will be making a deposit to CurrencyFair. You do this by adding a pending deposit notification. See here for more details. You can also see the “CurrencyFair Bank Account Details” when logged in to CurrencyFair. Simply, click on the “CurrencyFair Bank Account Details” option on the left hand side of the screen, choose your deposit currency and the relevant details will show up on screen.

Can I deposit money from an account not in my name to my CurrencyFair account?

Yes, but you may be required to present additional information to the CurrencyFair team in such an instance depending on the currency and country involved. Please contact theteam@currencyfair.com for more information.

What if I deposit funds and decide not to use you, can I send the funds back to the account they originated from?

Yes, this is not a problem. However, just bear in mind you will still be charged a transfer fee (the same standard fee you would pay when sending a transfer from your CurrencyFair account to a beneficiary account). This is because we are charged by our bank for making any transfer from our account and at present, we simply pass this cost on to our clients.

Are there alternatives to paying the US domestic wire transfer fee for the depositing of funds from my bank account to my CurrencyFair account?

Yes, there are certain banks / credit unions that allow you to transfer funds within to the CurrencyFair USD account without incurring a fee. CurrencyFair has no affiliation with these services, but they are easily accessible and we would be happy to pass on further information upon request.

My funds were debited immediately from my personal account, however they are not yet available on my CurrencyFair account, why is this?

Typically, once you have instructed a transfer from your personal account to CurrencyFair, your bank will instantly debit the amount you have transferred from your account.

Please note, most transfers are not received instantly since there are two banks involved. The deposit time also depends on the deposit currency. Our process times and fees page serves as an excellent guide for both deposit and transfer times and fees.

I transferred funds to my CurrencyFair account over the weekend, however the funds are not yet available on my CurrencyFair account, why is this?

Typically, banks do not work over the weekend or on bank holidays. Your funds will be released on the next business day and normal deposit and transfer times will apply from there. You can view all deposit and transfer times and fees on our process times and fees page.

Exchange

How does the exchange process actually work?

First you send to CurrencyFair the funds that you want to exchange. You then convert these funds by matching with other customers on our marketplace, and finally you instruct us to transfer them out to a beneficiary bank account around the world. It’s very simple, and explained in detail here.

The rates on the CurrencyFair site look too good be true. What is your commission?

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 with 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%) to 0.5%, plus a fixed €3 transfer fee. In fact, it’s possible, with CurrencyFair, to pay less than nothing – in other words, 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 a 5 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.

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.

Why should I use QuickTrade?

As the name suggests, QuickTrade is the quickest way to exchange your funds at the best rate possible. So if you are in a rush, this is the option for you!

How does QuickTrade work?

Click on “Exchange by QuickTrade” at the top of the page. First of all, make sure the currency you wish to sell (i.e. the currency you deposited into your CurrencyFair account) and the currency you wish to buy are correct. Then, either add the amount you wish to sell in the “I Have” box, or alternatively the amount you wish to buy in the “I Want” box. Then click on “Get Quote”. The system will go into the market and get you the best rate possible for your order. It will ask you to review the details and once you click on “Confirm” at the bottom of the page, your exchange will be complete.

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 “Exchange by 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.

What if I want to buy a fixed amount of foreign currency, and I don’t know how much to deposit?

You can use our CurrencyFair calculator to give you an idea of how much you’ll need to buy a certain amount of foreign currency. We suggest you send in a little bit more than that to ensure you have enough in case the rate moves while your funds are on the way. Should there be any funds left, you will be able to transfer them back to your account (where they came from) or leave them for the next transaction.

Does the CurrencyFair MarketPlace allow for partial exchanges or do I have to wait for my full order to be matched to complete an exchange?

The system will partially match the amount and wait for the rest to be matched. For example if you want to exchange 200 GBP to USD and someone else wants to exchange 100 USD into GBP the system will partially swap your amount and leave the rest on the MarketPlace to be matched.

How do I cancel an open order I have placed on the MarketPlace?

Click into exchange by MarketPlace and scroll down to Open Orders. There is an “X” button located in the Open Orders section. Click the “X” button to cancel the order.

Can I exchange at the weekend?

The CurrencyFair MarketPlace is suspended from 8pm Friday night to 10 pm Sunday night. Any open orders that you have placed on the MarketPlace at time of suspension will be held until the market is re-opened on Sunday, and can be cancelled by you at any point during this time. While the MarketPlace is suspended, you won’t be able to edit any of your existing trades, or place new ones. Once the MarketPlace re-opens, if the market rate has moved to meet your requested rate, your order will be automatically matched.

Do I need to think about the CurrencyFair commissions when I want to buy a fixed amount of currency?

The exchange rate you get with CurrencyFair already includes our commission so you do not need to calculate anything as the rates displayed are the ones you will end up with.

Does CurrencyFair do direct debit exchanges?

You can set up a standing order between your bank and CurrencyFair, but CurrencyFair will never directly debit the funds from your account.