CurrencyFair review

The monthly fee is €0 and there is no set-up charge. Money leaves at a flat €3 per transfer, taken in the currency equivalent of that amount. That suits anyone who parks a balance in several currencies and pays only on the days they actually send.

The markup is 0.53%, a spread added to the mid-market rate rather than a separate charge on the transfer. It sits under the typical 0.9% across comparable brands, so converting a large sum costs proportionally less than converting a small one.

CurrencyFair is a payment institution authorised by the Central Bank of Ireland, and balances carry EU deposit protection of EU DGS up to EUR 100,000. The same group may operate in the UK through the Financial Conduct Authority and holds licences in Australia, Singapore and Hong Kong.

Most international transfers are completed quickly, and most major currencies can be sent the same day. Speed adds nothing to the bill: the only transfer cost is the flat €3, and the monthly fee is €0.

Payouts go to a bank account, which is the method listed on bank. You therefore need local banking details in the currency you want to receive, and anyone paid by cash or card is served less well than those with a bank account on file.

Support covers phone, email and help centre, so a phone call, an email or the help centre answers most questions. A call is the quickest route when a transfer is already in flight and you need the rate and arrival date confirmed.

Yes. Alongside its Central Bank of Ireland authorisation, CurrencyFair is permitted to operate in the UK, and it holds licences from the Australian Securities and Investments Commission, the Monetary Authority of Singapore and the Hong Kong Customs and Excise Department. It is headquartered in Ireland.

The service targets expats and business, so it fits expats holding a balance in a second currency and businesses paying staff or suppliers abroad. With 20 currencies and a markup of 0.53%, regular senders get more from it than people who convert only now and then.