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?
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
We’re awaiting clarification on this at the moment
USA: Financial Crimes Enforcement Network (“FinCEN”)
South Africa: Financial Services Board
US State-specific license info:
We’re awaiting clarification and recent news on this.