# CurrencyFair: Business FX and transfers (pooled bank accounts) > An online FX and international transfer service for businesses, authorised in Ireland. It is not a bank account with details of your own: you pay into CurrencyFair's pooled bank accounts, one per currency, using your CFID as the payment reference, and CurrencyFair converts the money and pays it out to bank accounts in 150+ countries for a flat €3. Only UK businesses can hold a balance. Finzil profile: https://finzil.com/providers/currencyfair · Provider website: https://currencyfair.com · Facts checked: 2026-10-23 ## Key facts - **Monthly fee:** Not published - **Currencies:** 23 (Exchange and payout; balances only in the UK) - **Onboarding:** 3–5 days (typical) - **Provider type:** Payment institution - **IBAN:** None: pooled accounts with your CFID - **Payment rails:** Local bank transfers, SWIFT; ACH and wire for US customers - **Safeguarding:** Segregated client funds - **Remote opening:** Yes - **Headquarters:** Ireland - **Trustpilot:** 4.6 from 12,897 reviews (checked 2026-10-23) ## Who can apply - **Non-resident owners** (owner or director living outside the company's country): Not published - **Countries of incorporation accepted:** Not published - **Countries of incorporation refused:** Not published - **Owner residency accepted:** Not published - **Owner residency refused:** Not published - **Owner nationality refused:** Not published - **Company types accepted:** Companies, Sole traders ## Industries - **Industries served:** Import and export, E-commerce, Startups and SMEs - **Prohibited industries (provider's own list):** Not published ## Licences - Ireland: Central Bank of Ireland, Payment institution, CurrencyFair Limited, register no. C57373 (https://registers.centralbank.ie/) - Singapore: MAS, Remittance business licence, CurrencyFair (Singapore) Pte Ltd (https://eservices.mas.gov.sg/fid) - Hong Kong: Hong Kong licence (type not stated), Licence of the Hong Kong branch, CurrencyFair Limited (Hong Kong branch) - Australia: ASIC, Corporate authorised representative (AFS licence 402709), CurrencyFair Australia Pty Ltd (https://asic.gov.au/online-services/search-asic-registers/) Safeguarding: 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. ## Fees Source: https://support.currencyfair.com/s/article/What-fees-apply-to-Transfer-Out (checked 2026-10-23) ### Plans - **Business account:** Not published ### Incoming - Local transfer from another bank: Free · Receiving money by bank transfer into CurrencyFair; sending banks may charge ### Outgoing - SWIFT / international: €3 · Per transfer out; about USD 20 of bank fees on a SWIFT transfer to a brokerage account - Local transfer to another bank: €3 · Per transfer out, or the currency equivalent; banks may add fees on non-local currency transfers ### Currency exchange (FX) - FX markup: 0.53% · On average, as stated by CurrencyFair; a margin on the live rate, or a rate you set on the marketplace ## Opening an 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: 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 ## Pros and cons - Pro: A flat €3 for each transfer out, and on average 0.53% on the amount exchanged - Pro: Pays out to bank accounts in 150+ countries in 23 currencies - Pro: A rate marketplace where you set your own rate and wait for a match, or exchange at the live rate - Pro: Free to receive money by bank transfer, with local receiving accounts in 16 currencies - Pro: Authorised in Ireland and licensed in Singapore and Hong Kong - Con: Not a bank account: no account details or IBAN of your own. You pay into CurrencyFair's pooled accounts and quote your CFID - Con: 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 - Con: Elsewhere money is converted when it arrives, so you cannot keep it in the currency you received - Con: No cards, and no list of accepted countries, company types or refused industries is published - Con: Monthly and account fees are not published, and banks may charge on non-local currency transfers ## Finzil's take (opinion) CurrencyFair is a low-cost FX and transfer service rather than an account: you send money in, it converts and pays it out, and the receiving details are shared. It suits businesses that pay or get paid across borders and do not need an account of their own, unless they are UK-incorporated and want to hold a balance. ## Alternatives - [Wise Business](https://finzil.com/providers/wise): E-money institution · UK, Belgium - [OFX](https://finzil.com/providers/ofx-group): E-money institution · UK - [WorldFirst](https://finzil.com/providers/worldfirst): E-money institution · UK - [Currencies Direct](https://finzil.com/providers/currencies-direct): E-money institution · UK ## FAQ **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. --- Finzil (finzil.com) is an independent directory of business accounts. No paid placement. Find providers that accept your business: https://finzil.com/find