Besides expats, international students, immigrants, foreign property owners and foreign workers would also benefit.
It took me about 10 minutes to set up the service, entering my bank account information, of both of my banks and entering the verification code sent to my mobile phone for security reasons. It was simple and straightforward.
With CurrencyFair, you can use the calculator to see the current exchange rate, so that you know how much you will receive before you transfer your money.
Transferring money is a 3-step process with CurrencyFair:
1)Deposit. You transfer money from your account into CurrencyFair’s account. Once they have received the funds (it only took a couple of minutes when I did my transaction), they credit your account with the funds, so that you are free to withdraw them in the currency of your choice.
2) Exchange. I loved that CurrencyFair provides two ways to exchange money. You choose from the QuickTrade or the MarketPlace. With QuickTrade you can exchange any amount immediately at the best rates currently available, I choose this option when I did my transaction. If you do not need to exchange the money immediately or are hoping for a better exchange rate, you choose the MarketPlace option. With this option you choose your own rate and wait for other customers to accept your offer. Once your offer is accepted, your money is free to transfer. The video below shows you exactly how the MarketPlace option works:
3) Transfer. You are now able to transfer money into your account account, or someone else’s, including commercial accounts.
5 Things I Loved Most About Transferring Money with CurrencyFair
1) Transparency. Each transaction costs €3, regardless of how much money you transfer. There’s also an interactive calculator that shows you the current exchange rate. That way, you know exactly how much money you will be receiving. This is a refreshing change from other services I’ve used, where I ended up with less money than anticipated due to hidden, or less than transparent fees. They even provide you with a Comparison of Money Transfer Companies saving you time from doing the research yourself!
2) Saves You Money. CurrencyFair is MUCH cheaper than wiring money from one bank to the other. The last time I did that, I incurred a charge of €60! With other services, you pay a percentage of the amount being transferred. Not only is this often not disclosed, it means the more money you transfer, the more you pay. With CurrencyFair, I would only pay €3, regardless of whether I transferred €500 or €5000.
3) Flexible Options with Exchange Rates. As much as I would love to keep on top of the exchange rate, I get busy, and don’t always pay as much attention as I should. I appreciate CurrencyFair’s option of either doing it immediately at the current exchange rate, or choosing my own exchange rate on the MarketPlace. This can save you a LOT of money, especially if you were transferring a large amount.
4) Super Quick. I received my transfer into my Canadian account less than 15 hours after I made the transfer! With other international money transferring services, including wire transfers, I usually wait at least 5 days, sometimes longer! I LOVED this feature! The CurrencyFair representative I spoke with said that it’s usually faster among other countries. I read some reviews stating that customers received their money within an incredible 2-3 hours!
5) Customer Service. I spoke with a representative initially, who was incredibly helpful and explained the set-up process. After that I didn’t require further assistance as it was straightforward. Other customers have given CurrencyFair’s support service, glowing reviews. That’s something I value, in any industry, and especially when I’m transferring money!
In summary, I would highly recommend CurrencyFair and will be using them every time I need to transfer money from Germany to Canada. It’s an easy process that saves me money and delivers my money quickly!
To get you started, use this link and receive your first transfer for free!
Disclosure: Thank you for CurrencyFair for making this review possible. As always, all reviews are honest and based on my own opinions.
