Guide to using a CurrencyFair personal account

In this guide to using a CurrencyFair personal account, we will show you how to get the most from your account

What is CurrencyFair?

CurrencyFair was launched in Ireland in 2010 and offers an online cross-border payment and foreign exchange service to customers globally. It allows you to send and receive money to and from 150+ countries in over 20 currencies. Get same-day transfers on most major currencies from a trusted and secure source that is fully licensed and regulated.

With a CurrencyFair personal account, you can send money overseas at better exchange rates, with no hidden fees, with rates up to eight times cheaper than the banks. For big life moments such as buying property overseas, to the ones that matter most like sending money to family abroad - CurrencyFair has you covered.

Content:

How to register for a CurrencyFair personal account.
How to top up your CurrencyFair account.
How to exchange currency in your CurrencyFair account.
What is the CurrencyFair Marketplace?
How to exchange currency using the CurrencyFair Marketplace.
How to send money from your CurrencyFair account.
How to transfer funds out of your CurrencyFair account.
How to set up a recurring transaction.

Let’s find out how to sign up and start saving money on international money transfers.

How to register for a CurrencyFair personal account

You can sign up for a CurrencyFair personal account online or download the CurrencyFair mobile app on Android or Apple for your mobile device. Then, you will be guided through the following steps.

Enter your email address and a password that’s at least eight characters long, then select ‘Next’. Alternatively, you can choose to sign up with your Facebook account.
Enter your first and last name as they appear on your passport or driver's license and select your country of residence.
If your country of residence is not available to select, unfortunately, that means we can’t provide our service to you.
Choose the main purpose of your CurrencyFair personal account from the list.
Enter where you first heard about CurrencyFair (this step is optional).
Read and accept the terms and conditions, then select “Create personal account”.
For non-US customers, from here you have the option to set up a transaction and upload your verification documents or “Explore CurrencyFair” and see the features available with your account.
For US customers, from here you will need to fill in your personal details, and additional regulatory information, and upload your documents before you can begin setting up a transaction.
Someone on our team will review your registration and come back to you via email or SMS if we need anything else before we can activate your account. If you don’t hear from us, check your spam folder to make sure our messages haven’t gone there. Please note that funds cannot be transferred out until your registration has been reviewed and your account is activated.

Send Money abroad quickly

Transfer money into your CurrencyFair personal account by bank transfer and set up your recipient’s details. Once the money reaches your CurrencyFair account, we automatically exchange and transfer it out at the best available rate at that point in time to the nominated recipient without delay.

Please note that the exchange rate can go up or down between the time you set up the transaction and when the money arrives into your CurrencyFair account and the exchange occurs. If you are looking to transfer out an exact amount, we recommend using the “Top Up” option.

We need the following details about you and your recipient to facilitate your first exchange. You will only be asked these questions for your first transaction.

Select “Send Money”.
Enter your date of birth and phone number, along with the relevant country code.
Next, select your nationality.
If you are a US citizen or green card-holder, you can enter your Tax Identification Number (TIN/SSN)here.
Then, you need to add in your current address, followed by your occupation, and select “Next” to progress.
As a secure and regulated financial service, we need the following regulatory information to facilitate your transfer. It's important to provide this information as accurately and honestly as possible.
Select a range from our dropdown for your annual gross income.
Then tell us what you expect to be your average transaction size, again, in the currency you’re most likely to use.
Tell us how often you’re likely to use CurrencyFair.
And which countries you intend to send money to. Here you can add as many options as you like.
And finally, select the currencies you’re likely to use. Again, select as many as apply and expand the selection to show more currencies. then select “Next” to progress.
Enter the amount of money you want to send, the currency you are transferring in and the currency you want the recipient to get.
Here, you have the option to provide your identity verification documents now or progress to adding your recipient’s details immediately. As a regulated financial services company, we need to identify and verify all of our customers. You can do this by uploading a selfie and a picture of your ID, and we will review your documents within one business day. Someone on our team will review your registration and come back to you via email or SMS if we need anything else before we can activate your account. If you don’t hear from us, check your spam folder to make sure our messages haven’t gone there.
You can skip the previous step and add your documents later, but we will need to verify your identity before finalising your Transfer Out.
Enter the name of the recipient account and the country where the account is held.
You will be prompted to add further details on the recipient’s bank account that vary depending on its location.
Enter your phone number when prompted to receive an authentication code via SMS or call.
You then need to send money into CurrencyFair using a bank deposit. We provide the bank details in order to send your money to CurrencyFair. Make sure to enter your unique CurrencyFair reference presented on the screen when instructing your payment from your nominated bank account. This helps us match your money to your account without delay.
Log into your online banking portal separately from CurrencyFair and use the information provided to transfer money from your bank to CurrencyFair.
As soon as the funds are received and credited to your account we'll exchange your funds for you at the best available rate.
If your account has been activated the funds will then be automatically transferred to the recipient you have selected. If the rate drops by more than 3% before your money arrives, we’ll pause the transaction and let you know.
We'll send you an email to notify you that your Send Money transaction has been processed.
Please note this transaction instruction will auto-expire in 14 days.

As our exchange rates are live, it’s possible the amount sent will be more or less than the amount stated when you set up the transaction using Send Money.

Top Up your CurrencyFair Account

“Top Up” allows you to send an exact amount e.g. when paying a bill. Top up your CurrencyFair personal account gives you control to be ready to exchange when you need to send an exact amount or when you want to wait for an even better exchange rate. Please note that if this is your first transaction we will ask for additional details, which we need as a regulated financial services company to facilitate your Top Up.

Select Top Up.
Enter your date of birth and phone number, along with the relevant country code.
Next, select your nationality.
If you are a US citizen or green card-holder, you can enter your Tax Identification Number (TIN/SSN) here.
Then, you need to add in your current address, followed by your occupation, and then select “Next” to progress.
As a secure and regulated financial service, we need the following regulatory information to facilitate your transfer. It's important to provide this information as accurately and honestly as possible.
Select a range from our dropdown for your annual gross income.
Then tell us what you expect to be your average transaction size, again, in the currency you’re most likely to use.
Enter how often you’re likely to use CurrencyFair and which countries you intend to send money to. Here you can add as many options as you like.
And finally, select the currencies you’re likely to use. Again, select as many as apply and expand the selection to show more currencies. then select “Next” to progress.
Enter the amount, and choose the currency that you intend to send to CurrencyFair.
You then need to send money into CurrencyFair using a bank transfer. We provide the bank details in order to send your money to CurrencyFair. Log into your online banking portal separately from CurrencyFair and use the information provided to transfer money from your bank to CurrencyFair.
Make sure to enter your unique CurrencyFair reference when instructing your payment from your nominated bank account. This helps us match your money to your account without delay.
We'll send you an email to notify you that your money has been credited to your account.

How to top up your CurrencyFair account

Choosing this option allows you to transfer money from a bank account to your CurrencyFair account, so you have money ready to go when you want to exchange it.

From your CurrencyFair personal account, select “New Transaction” then Top Up.
Enter the amount, and choose the currency that you intend to send to CurrencyFair.
You then need to send money into CurrencyFair using a bank deposit. We provide the bank details in order to send your money to CurrencyFair. Log into your online banking portal separately from CurrencyFair and use the information provided to transfer money from your bank to CurrencyFair. Make sure to enter your unique CurrencyFair reference here.
We'll send you an email to notify you that your money has been credited to your account.

How to exchange money in your CurrencyFair account

You have the option of two methods of exchanging currency with CurrencyFair. Exchange currencies immediately at rates up to eight times cheaper than the banks, or choose your own rate and wait for a match using the CurrencyFair Marketplace, our unique peer-to-peer currency exchange. Please note this feature is currently not available to US customers.

Please note that exchanging into Indian rupees (INR) is not available in the Exchange screen. You can only exchange into INR via the Send Money feature.

From your CurrencyFair personal account, select New Transaction then “Exchange”.
Before exchanging, you need to have funds ready to use. If you don’t have any money in your CurrencyFair account, you will need to top up and complete your exchange once your funds have cleared to your CurrencyFair account.
You can choose to exchange a specific amount of money from one of the currency balances you have or you can specify the amount of money you want to buy in your new currency.
Note that the price doesn’t include fees. We charge a fixed cost for transfers of €3 or the equivalent in your local currency. It’s a good idea to make sure you always have a little extra in your account to cover the payment of this fee. The fee is charged when you transfer money out to your own or a recipient’s bank account.
Enter the amount, and choose the currency that you want to exchange, then select “Continue”.
Here you have a choice - you can exchange now using the best rate available at this time, or you can choose your own rate. Please note the choose your own rate feature is currently not available to US customers.

Best rate available now

This option is chosen by default. This is the quickest way to exchange your money with CurrencyFair using the best rate currently available.

Once you are happy with the exchange rate quoted, select “Exchange Now”. Your exchange is now completed. You will be presented with a confirmation page showing the amount you sold, the amount you bought and the rate achieved. Your balance will be updated to reflect the exchange.
Select Transfer Out to transfer the funds from your CurrencyFair account.

Choose your own rate

Choosing this option allows you to control your exchange rate. You can complete your transfer out once your order is matched. Please note this feature is currently not available to US customers. To proceed with this option:

Select “Choose your own rate” on the right side of the screen.
Type in your rate or drag the slide bar to select the rate you wish to achieve.
As you adjust your rate, the graph on the left side will show you where the rate you are requesting is compared to where the rate has been over the last seven days to six months. When you are happy with your rate, select “Set Up Exchange”.
Your exchange has now been set up, the Marketplace will now try to find someone to match you.
Your exchange will take place if the best rate available now moves to match your chosen rate and stays at that rate until you are at the top of the queue.
Occasionally we won’t be able to find somebody to match your full amount, so instead, we’ll match it in batches. We’ll send you an email to let you know when this happens and you can also track this on the “Activity” tab of your account on the web app and mobile app.

What is the CurrencyFair Marketplace?

The CurrencyFair Marketplace is a unique peer-to-peer exchange that gives you the chance to get a better rate for your currency exchange. You can set your own rate, and wait for it to be matched by another person who wants to buy at that price.

Exchanging on the Marketplace is an excellent option if you think the exchange rate is going to improve. In that case, you might be able to secure a better rate than exchanging with our live rates.

It’s also best used when your exchange is not urgent, as sometimes you may need to wait a short time until a match becomes available for you.

You’re not guaranteed to get the rate you want, but if you can afford to wait for the match you give yourself the best chance of exchanging your money at a better rate. Please note funds should not be held for a period exceeding 45 days and this feature is currently not available to US customers.

Getting the most out of the Marketplace:

1. Track the mid-market rate

The mid-market rate is dynamic - it changes regularly when markets are open. If you want to get an exchange rate that is better than the prevailing mid-market rate, keep an eye on the mid-market rate as it fluctuates, and adjust your Marketplace request accordingly. This does not guarantee that you’ll beat the mid-market rate, as you still need a corresponding request to exchange your currency with, but it does guarantee that if your money is exchanged, it will be at a better rate than the mid-market.

2. Choose a savvy rate

While you can choose as ambitious a rate as you’d like, there are some things you can check to make your exchange rate more likely to get matched. First, check out the rate history. You can see historic rates and get an idea of what’s likely to get matched quickly. If you’re willing to wait, you can try to maximise your savings and be more ambitious with your rate. You can always edit or delete your exchange order later.

3. Aim for just below any large amounts of money currently in the exchange queue

The rate you choose will determine your position on the exchange queue, so the best way to beat the mid-market rate quickly is by watching the queue and putting your money on at 0.0001 below the first large sum of money.

You can learn more about the CurrencyFair Marketplace here.

How to exchange currency using the CurrencyFair Marketplace

Here we go through the steps to choose your own exchange rate on our unique peer-to-peer marketplace.

From your CurrencyFair personal account, select New Transaction then Exchange.
Before exchanging, you need to have funds ready to use. If you don’t have any money in your CurrencyFair account, you will need to top up.
You can choose to exchange a specific amount of money from one of the currency balances you have or you can specify the amount of money you want to buy in your new currency.
Note that the price doesn’t include fees. We charge a fixed cost for transfers of €3 or the equivalent in your local currency. It’s a good idea to make sure you always have a little extra in your account to cover the payment of this fee. The fee is charged when you transfer money out to your own or a recipient’s bank account.
Enter the amount, and choose the currencies that you want to exchange, then select “Continue”.
You’ll see a graph on the left side of the screen on the web app that tracks the currency rate over a period of time, from one week to six months. This can be found under the currencies you have chosen on the mobile app under the “Rate History” tab.
Select the period of time you want to view, for example the last 30 days.
Adjust your desired exchange rate on the right to see how changing your rate appears on the graph.
Alternatively, select the “Exchange Queue” section to see which position your rate occupies in the list of all other customers’ target rates.
Adjusting your rate changes your position in the queue, and gives an idea of how long you might have to wait before your exchange. The higher you are in the queue, the quicker we should find you a match.
Once you’ve settled on your rate, select “Set Up Exchange”.
When you get a match, the exchange will automatically take place. Look out for emails from us with updates on your transaction. If you don’t hear from us soon, be sure to check your spam folder.
You can monitor the progress of your Exchange Order in the “Activity” section of your account on the web app and mobile app.
Here you can amend or cancel your order at any time. To adjust your rate, click into your Exchange Order and select “Update exchange rate”.
And to cancel, select “Cancel exchange order” and you’ll get credited back with your funds.

How to send money from your CurrencyFair account

Our user-friendly platform allows you to securely send money to over 150 countries. The Send Money option is convenient when you have an immediate need to exchange currency and transfer funds to a recipient. This option allows you to set up a deposit, exchange and transfer of funds in one simple instruction. If you want to exchange INR, this is the option available for you to do so.

From your CurrencyFair personal account, select New Transaction then Send Money.
Enter the amount you want to transfer out, the currency you are transferring in and the currency you want the recipient to get. You will see an approximate amount your recipient will receive. Please note this amount cannot be guaranteed because the exchange rate can go up or down between the time you set up the transaction and when the money arrives into your CurrencyFair account and the exchange takes place. If the rate drops by more than 3% before your money arrives, we’ll pause the transaction and let you know. If you’re looking to exchange and transfer an exact amount it’s best to top up your account instead.
Enter the name of the recipient account holder and the country where the account is held.
You will be prompted to add further details on the recipient’s bank account that vary depending on its location.
To safeguard your account and money, enter your phone number when prompted to receive an authentication code via SMS or call, then enter it and select “Confirm code”.
You then need to send money into CurrencyFair using a bank deposit. We provide the bank details in order to send your money to CurrencyFair. Make sure to enter your unique CurrencyFair reference presented on the screen when instructing your payment from your nominated bank account. This helps us match your money to your account without delay.
Log into your online banking portal separately from CurrencyFair and use the information provided to transfer money from your bank to CurrencyFair.
Once the money has reached your CurrencyFair account, we’ll automatically exchange it at the best available rate and transfer it to your recipient. Here are our estimated transfer processing times.
Once the transfer is complete, we’ll send you an email to let you know.

How to transfer funds out of your CurrencyFair account

Before transferring money out of your account, you must have already exchanged your funds. This is how to transfer money to your own bank account or another recipient's account.

From your CurrencyFair personal account, select New Transaction then Transfer Out.
If this is a new recipient or you haven’t previously saved the details of the person you want to transfer money to, you’ll need to add them. Simply select “Add New”.
Select the country where your recipient’s account is held and the currency you will send to that account.
Add in the name of the account you want to send funds to and the account details requested.
When you’re done, select “Add recipient”.
You’ll need to add your phone number so we can send you an authentication code, to safeguard both your account and money. You’ll then need to add the code here. If you prefer, you can choose to get the code via a call instead.
Then select “Confirm code”.
Then enter how much you’d like to send, in the currency of that account.
We always charge a €3 (or currency equivalent, such as £2.50 or $4) fixed fee for transfers.
Select the purpose of your transfer and include a reference for the person you’re sending money to, if you wish, for your own records.
You can also email your recipient the details of your transaction to let them know it’s on the way.
If it all looks good on the confirmation screen, you can go ahead with the transfer by selecting “Submit”.
You’ve now completed your side of the transaction, and your money has been scheduled to transfer. It usually takes a couple of working days to process - transfer times can vary depending on the currency you send. Check our processing times on the CurrencyFair website, where you can also take a look at any intermediary fees that the bank might apply to your transfer. You’re welcome to get in touch with support@currencyfair.com with any queries.
If you want to have a look again at your transaction, just navigate to the left side menu and select “Activity” and you can see that the status is set to Complete.

How to set up a recurring transaction

Set up recurring transactions to handle repeat payments that require currency exchange, such as mortgages, utility bills and student fees. You can send in your money to your CurrencyFair account each month, or set up a standing order from your bank account. We will automatically exchange your money and transfer the exchanged amount to the destination you specify.

From your CurrencyFair personal account, select New Transaction then “Recurring Transaction.
If you are new to setting up a Recurring Transaction, you will first see an explanation for “How do Recurring Transactions work?”. Then select “Get started.”
Name your transaction, for example “Mortgage payment”. Tell us how much you want to exchange and where to transfer your exchanged funds to.
Select the bank account you will be transferring money into CurrencyFair from or add a new bank account.
You will need to have access to your phone to get an authentication code to complete the addition of a new bank account, to safeguard your account and money.
Review and confirm your details.
Once you've validated your request to set up your recurring transaction you will then need to send in your money to fund it. We'll provide you with the CurrencyFair bank details that you will need to transfer funds to - once your funds are cleared into your CurrencyFair account, we'll send you an email to notify you.
You can set up a standing order from your bank account to your CurrencyFair account. We'll exchange your money on your chosen date and complete your transfer to your intended beneficiary. We'll send you an email to let you know we've completed your transfer.
It will take a few working days for your transferred funds to reach your beneficiary, depending on the currency. Here are our estimated transfer processing times.
Recurring transactions stay active for four business days. If there is not enough money in your account on the date you requested the Recurring Transaction to happen, or it falls on a weekend or bank holiday, CurrencyFair will continue to try to execute the exchange and transfer out for up to four business days after the specified date. If there is not enough money sent to the account within those four business days, that month's Recurring Transaction will be cancelled and we will try again on the selected date the following month.
If you wish to Edit, Pause or Cancel your Recurring Transactions, you can do this from the Recurring Transactions menu on your account.
Please note that the recurring transaction functionality is not available for INR transactions. INR can be automatically exchanged via the Send Money feature.

Sign up for a CurrencyFair personal account and send money overseas at better exchange rates, with no hidden fees. For big life moments such as buying property overseas, to the ones that matter most like sending money to family abroad - with rates up to eight times cheaper than the banks, CurrencyFair has you covered.