CurrencyFair is among the new online money transfer operators. It’s a successful one because it offers good currency rates but mostly because using the service is quite easy compared to the competitors.
What is a good exchange rate though? The mid-market exchange rate is the official one and CurrencyFair offers rates between 0.7% and 3%. The problem is the fact that the service offers different rates at different times. From one hour to another the rate is different.
1/ CurrencyFair is competitive and stands among the best currency rates providers
Money transfers cost on average around 7%. CurrencyFair costs on average around 1.7%, according to money transfers studies. Even though the operator doesn’t offer the best currency rates the ones which are offered are quite good. Much better than banks for sure. By taking a look at exchange rate comparison websites for money transfers you can see that this operator is very often among the 3 best operators. It makes money and offers good rates. That’s a good business actually.
2/ There are cheaper alternatives depending on the moment when you need to send money
One of the reasons why I would recommend to always make a comparison before using one money transfer operator is the fact that money transfer services offer different rates at different times. Yes it has to because the mid-market official exchange rate is moving. The strange thing is the fact that the amount and the percentage of charges evolve too. It’s not necessary and I hope it is because their system is more or less profitable depending on when you do a money transfer. As a result to get the best currency rates you need to compare each time you want to send money internationally.
CurrencyFair is competitive and easy to use but the rates change all the time so it’s best to use a comparator every time before making a money transfer, especially if it’s a big amount.