Overview
CurrencyFair, at a glance.
CurrencyFair is a payment institution headquartered in Ireland, regulated by Central Bank of Ireland, MAS, Hong Kong licence (type not stated), ASIC. The company behind CurrencyFair is CurrencyFair Limited. Pricing is agreed with each client. Opening an account takes 3–5 days.
CurrencyFair says it safeguards client funds in segregated accounts at banks. Your money sits in CurrencyFair's pooled accounts at its partner banks, not in an account in your own name. UK customers instead hold an e-money balance with Moorwand Ltd (FCA 900709), which is not a bank and is not covered by the FSCS.
Why businesses pick CurrencyFair
- A flat €3 for each transfer out, and on average 0.53% on the amount exchanged
- Pays out to bank accounts in 150+ countries in 23 currencies
- A rate marketplace where you set your own rate and wait for a match, or exchange at the live rate
- Free to receive money by bank transfer, with local receiving accounts in 16 currencies
- Authorised in Ireland and licensed in Singapore and Hong Kong
Watch out for
- Not a bank account: no account details or IBAN of your own. You pay into CurrencyFair's pooled accounts and quote your CFID
- Only UK businesses can hold a balance (EUR, GBP, USD), and it is loaded only from a bank account in the company's own name
- Elsewhere money is converted when it arrives, so you cannot keep it in the currency you received
- No cards, and no list of accepted countries, company types or refused industries is published
- Monthly and account fees are not published, and banks may charge on non-local currency transfers
Business fit
Will CurrencyFair accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on CurrencyFair's published rules
Needs review
CurrencyFair works with Import and export, but does not publish the countries it accepts companies from.
CurrencyFair does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What CurrencyFair publishes about the businesses it takes on.
Who CurrencyFair serves
- Import and export
- E-commerce
- Startups and SMEs
Not supported
Industries and countries CurrencyFair does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use CurrencyFair?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
23 currencies
CurrencyFair converts and pays out in 23 currencies for businesses (24 for personal customers). It holds no balances outside the UK, where EUR, GBP and USD can be held. Its receiving accounts exist in 16 currencies.
Payment reach
Not published
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Companies, Sole traders
Pricing
What does CurrencyFair cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Not published
Monthly fee
Not published
Business account
Custom
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Local transfer from another bank | Free | No charge · Receiving money by bank transfer into CurrencyFair; sending banks may charge |
| Outgoing | ||
| SWIFT / international | €3 | Fixed fee · Per transfer out; about USD 20 of bank fees on a SWIFT transfer to a brokerage account |
| Local transfer to another bank | €3 | Fixed fee · Per transfer out, or the currency equivalent; banks may add fees on non-local currency transfers |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 0.53% | Percentage of the amount · On average, as stated by CurrencyFair; a margin on the live rate, or a rate you set on the marketplace |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Register
Register the business online.
- 2
Documents
Upload the standard company documents; the list depends on company type and country of incorporation. Beneficial owners with 25% or more are identified.
- 3
Phone call
CurrencyFair calls to complete the registration.
- 4
Start
You get CurrencyFair's receiving account details and your CFID, to put in the payment reference when you send money in.
Documents you need
- Standard company documents (the list depends on company type and country of incorporation)
- Identification of beneficial owners holding 25% or more
- Sole traders not registered for VAT: recent evidence of self-assessment registration
FAQ
Your questions, answered.
Does CurrencyFair give my company its own account?
No, apart from one case. Your company pays into CurrencyFair's own bank accounts (one per currency, at partner banks such as Barclays, DBS and Cuscal) and quotes your CFID so the money is credited to you. Those details are shared by all customers. UK businesses can hold an e-money balance with Moorwand Ltd, but it can be loaded only from a bank account in the company's own name.
Can my customers pay me through CurrencyFair?
Yes, in a limited way: CurrencyFair's pages describe giving customers its local account details and your CFID so they can pay in their own currency. The money arrives in CurrencyFair's pooled account and is converted and sent to your bank account; it is not credited to an account of your own, except in the UK.
How much does CurrencyFair cost?
A flat €3 (or the currency equivalent) for each transfer out, and no fee for receiving money by bank transfer. The exchange cost is a margin that CurrencyFair says averages 0.53% of the amount exchanged. Banks can add fees when the currency is not local to the sender's or recipient's country. Monthly and account fees are not published.
Is my money protected?
CurrencyFair says it safeguards client funds in segregated accounts and that it is regulated by the Central Bank of Ireland (payment institution C57373). UK customers' balances are e-money issued by Moorwand Ltd: not a deposit and not covered by the FSCS.
Which currencies can a business exchange?
23: AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, KRW, MXN, NOK, NZD, PHP, PLN, SEK, SGD, USD, VND, ZAR and AED. INR is for personal customers only.
Alternatives
How CurrencyFair compares.
If CurrencyFair is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 CurrencyFairThis pagePayment institution |     | Pooled accountsRate marketplace |
 Wise BusinessE-money institution |   | Low FX costsStandard businesses |
 OFXE-money institution | | 34 currenciesFX specialist |
 WorldFirstE-money institution |  | Marketplace sellersTrade payments |
 Currencies DirectE-money institution |   | FX40+ currencies |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.