25 Jul

Currency Fair

Currency Fair

URL: https://www.currencyfair.com/

 

Description:

 Based in Ireland, UK, this company look like the new generation of the Money Transfer Industry, which operates on a Peer-to-peer model. Basically if you need to transfer money, you swap with somebody with a corresponding need.

It’s regulated by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. We can’t see any more information available – and we think that sets them back a bit, which is a shame, as the model is fantastic.

CurrencyFair have a lot of press, and have positioned themselves as the Startup poster boys in the industry.

 

Free to open an account?

Yes.

 

Payment structure:

To us, it looks like there’s a fee of about 0.125% charge – based upon their example of a £2.50 fee on a transaction of £2,000. – plus an exchange rate margin.

In short though, they say you’d pay £8.50 vs £100 through the banks.

They quote in GBP as they’re based in UK/Ireland.

“On average, customers at the moment pay around 0.4%, however as more and more people use CurrencyFair this average rate will decrease.”

 

Same Day Payments?

 CurrencyFair quote a 24 – 48 hour average transaction time.

 

Minimum Transfer Amount:

We can’t find this information on their site – but it looks to us like no minimum.

 

Where You Can Transfer To

The full list is here. https://www.currencyfair.com/support/en/sending-in/what-currencies-can-i-send-into-currencyfair

 

Special Features/Benefits:

 We’re awaiting clarification on this at the moment

 

Accreditation:

 UK: FCA

USA: Financial Crimes Enforcement Network (“FinCEN”)

France: ACPR

South Africa: Financial Services Board

 

US State-specific license info:

None

 

Offices In:

Ireland, Australia

 

Awards:

We’re awaiting clarification and recent news on this.

 

Recent Headlines:

Celtic kitten: Ireland’s tech start-ups flex their claws, ready to play

Over the sea and far away

Ireland Stirs Homegrown Flavor Into Tech Scene

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