CurrencyFair review
Bank-to-bank transfers funded by linking your US bank account. US senders who want to fund transfers straight from a linked bank account and send to bank accounts in major currencies. We rank it #7 of 8 in our money transfers comparison, with an editorial score of 8.0 out of 10.
CurrencyFair does reasonably on Cost transparency because it says it adds a margin that varies by currency and explains its pricing, and on Coverage with more than 20 currencies and 150 countries listed. It scores lower on Delivery options because it pays to bank accounts only, and on Safety & licensing disclosures because its US service runs through a partner bank and its regulatory statements focus on non-US regulators.
Visit site (CurrencyFair, opens in a new tab)Quick facts
Overview
CurrencyFair is an Ireland-based money transfer service that offers a US personal service. Its US page says you can link your US bank account using open banking and send and receive more than 20 currencies across more than 150 countries, with same-day transfers on most major currencies.
Under its US Money Transfer Agreement, you need a USD bank account in your name in the US as the source of funds, and transfers are funded by an ACH pull from that account. The agreement says the US money transfer services are provided with Community Federal Savings Bank, with CurrencyFair acting as a service provider to the bank. CurrencyFair says it adds a margin to the exchange rate that varies by currency, plus a transfer fee; check the current pricing and the amount received in the quote.
CurrencyFair also offers rate alerts and a multi-currency account. Its regulatory statements describe licenses in Ireland, the UK, Australia, Singapore and Hong Kong.
Pros and cons
Pros
- Simple funding from a linked US bank account
- Pricing explained on its site
- Rate alerts help you time a transfer
Cons
- Bank delivery only; no cash pickup or mobile wallets
- Requires a US bank account in USD in your name
- Fewer currencies than the largest services
Key features
- Link your US bank account with open banking
- Bank-to-bank delivery in more than 20 currencies, per its site
- Rate alerts
- Multi-currency account
- Business accounts with Xero integration
Who CurrencyFair is for
A good fit if
US senders who want to fund transfers straight from a linked bank account and send to bank accounts in major currencies.
Look elsewhere if
Anyone whose recipient needs cash pickup or a mobile wallet, or who wants to pay by card.
How we scored CurrencyFair
CurrencyFair does reasonably on Cost transparency because it says it adds a margin that varies by currency and explains its pricing, and on Coverage with more than 20 currencies and 150 countries listed. It scores lower on Delivery options because it pays to bank accounts only, and on Safety & licensing disclosures because its US service runs through a partner bank and its regulatory statements focus on non-US regulators.
Our money transfers score weighs cost transparency (30%), delivery options (20%), speed & tracking (15%), coverage (15%), safety & licensing disclosures (20%). See the methodology.
CurrencyFair alternatives
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#1
Wise
Best overallOnline transfers at the mid-market rate with the fee shown separately, delivered to bank accounts.
- Converts at the mid-market rate with a separate fee (per Wise's pricing page)
- Pay by ACH, wire, or debit or credit card
- Delivery to local bank accounts; recipient needs no Wise account
- Multi-currency account and debit card for spending abroad
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#2
Xe
Best for delivery choiceLong-running currency brand that sends to bank accounts, cash pickup points and mobile wallets.
- Bank deposit, cash pickup and mobile wallet delivery
- Pay by ACH, debit card, credit card or wire
- Mid-market reference rate shown in its converter
- Rate alerts and a currency converter app
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#3
Remitly
Best for sending to familyApp-first remittance service with bank, mobile wallet and cash pickup delivery and an on-time promise.
- Delivery to bank accounts, mobile wallets and cash pickup
- On-time delivery promise with a fee refund if late (check terms)
- Transfer tracking in the app
- Sends to more than 175 countries, per its site
CurrencyFair FAQ
Can US residents use CurrencyFair?
Yes. CurrencyFair has a US site and a US Money Transfer Agreement that requires you to be located in the US and hold a USD bank account in your name. Check current eligibility on its site.
How do I pay for a CurrencyFair transfer from the US?
CurrencyFair's US agreement describes funding transfers by an ACH pull from your linked US bank account, and its site says you can link the account using open banking.
Who provides CurrencyFair's US service?
Its US agreement says the money transfer services are provided with Community Federal Savings Bank, with CurrencyFair acting as a service provider to the bank.
Sources and fact check
We checked the facts on this page against CurrencyFair's own website on .