iCompareFx Review for CurrencyFair Money Transfer

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CURRENCYFAIR REVIEW
LEADING GLOBAL MONEY TRANSFERS
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CurrencyFair is an Irish company created by three
expatriates who settled in Ireland.  Brett
Mayers, Sean Barrett and Jonathan Potter.  Two
Aussies and one South African.  With the support
of Enterprise Ireland, these three ex-bankers
formed their company to help other expats get a
better outcome transferring money overseas.
 Based in Dublin, this small team is taking on
the big banks by offering a fantastic
service. This CurrencyFair review will look at
the main features that I feel are important when
comparing services that transfer your money
online.
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SETTING UP ACCOUNT
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SETTING UP ACCOUNT
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TRANSFERRING AND CONVERTING
TRANSFERRING IN OUT
On the left hand side menu you will see the
Deposits and Transfer section.  This is where you
move your money in and out of CurrencyFair.  At
every step you receive an email when an action
occurs, for example deposit received or currency
conversion completed.
DEPOSIT FUNDS IN
Clicking the Deposit Funds In option brings you
to an easy wizard that prompts you to enter the
Currency and Amount you are depositing which
registered bank account you are transferring
from and finally they remind you of
CurrencyFairs local bank details for that
currency and very nicely they also remember you
to add your Reference Account number.
CONVERTING CURRENCY
This is where the magic happens.  At the top of
the Currency Fair interface you will find a drop
down menu labelled Exchange.  This gives you two
options, QuickTrade and MarketPlace.
TRANSFER FUNDS OUT
Click the Transfer Funds Out option brings you to
another easy wizard.  This wizard prompts you to
choose the account you are sending your converted
currency.  Select your foreign destination
account and finally choose how much you are
transferring out of CurrencyFair.
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FUND DELIVERY SPEED
With the banks taking several working days to
transfer your money, you will be pleasantly
surprised by the speed at which these
international money transfer companies can move
money. They offer standard and priority transfers
across a number of currencies.  The priority
transfers attract an additional fee but worth it
if you are in a hurry.  I find that they are
pretty fast in the first place so I dont use
this service. It is still good to know that it
exists. They also offer a same business day (with
conditions) between Great Britain and Ireland.
This is very handy for people working across the
wateror who own investment property.
REGULAR OVERSEAS PAYMENTS
CurrencyFair has recently introduced regular
overseas payments within their online money
transfer system.  I updated this CurrencyFair
Review to reflect this new feature.  Youll find
the new option under the My Orders menu option.
 CurrencyFair call this option Recurring
Transactions.
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FUND DELIVERY SPEED
With CurrencyFair, there is a fixed fee per
transfer of three (3) Euro.  Unlike some of their
competitors, this fee is not waived when you go
over a certain transfer amount. On top of the
fixed fee, there is an additional transaction
cost calculated based on the amount you transfer
and how you transfer.  This fee can range between
0.15 and 0.5 of the amount you are
transferring.  It is based on how you convert
your currency and how many members are in the
market place. CurrencyFair will guarantee
exchanges and will step in at a cost of between
0.4 and 0.5.  They advertise that the cost is
on average 0.35 per transaction. Fixed Fee 3
Euro On Average 0.35 of Amount Exchanged
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WHERE CAN SEND MONEY
CurrencyFair can send money to twenty currencies
worldwide and many more countries.  The Euro
currency alone is used by many European
countries.  This list can change.  To get the
most up to date copy, go to the Support Help
Centre on the CurrencyFair website and look for
the What countries can I transfer to?.  You
will find a complete list there.
CURRENCYFAIR REGISTRATION COUNTRIES
Currently there are 63 countries where you can
signup for an account.  They add to this list
regularly so if your country is not on this list,
you should contact them directly to ask them if
you are eligible.  I have put together the
current list of eligible countries for you which
you can find in another post here.
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CURRENCYFAIR USER EXPERIENCE
Overall my experience is great and my
CurrencyFair Review should reflect that. I have
outlined some specific observations of note below.
WEBSITE EXPERIENCE
The Web Site application heavily employs easy to
use, wizard driven processes.  It makes the
service quite intuitive.  The uncluttered
simplistic UX design and calming color scheme is
a pleasure to use.  There is nothing present that
does not add value.
SAFETY N SECURITY
CurrencyFair is regulated by the Central Bank of
Ireland and in Australia by the Australian
Securities and Investments Commission.  Your
confidence in this service is assured by these
regulatory bodies.  As with everything, you need
to accept the low risk.  I have confidence in
these guys and I dont leave your money in with
them for too long.  You dont earn an interest
and the banks guarantee deposits to a certain
amount.  CurrencyFair doesnt. 
CUSTOMER SERVICE
They have received some good reviews that they
advertise on their website with regard to
customer service. The CurrencyFair Help Support
centre is well designed and full of all the
information you may need that I havent covered
in this article.  You can find their Help
Support here.
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MAKE MONEY WITH CURRENCYFAIR
Joining CurrencyFairs affiliate program can earn
you 50 Euro per person you refer.  Learn more
about this by reading my Make Money with
CurrencyFair article on their affiliate program.
RECEIVE MONEY FROM THIRD PARTIES TO YOUR
CURRENCYFAIR ACCOUNT
If you provide services for companies overseas,
they can send money to your CurrencyFair account.
 If you wish to do this you just need to provide
some more details to the CurrencyFair team.  You
can find contact details for them here.
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THANKS FOR WATCHING
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