By Mohammed Waseem
Ireland based CurrencyFair lets users send money to approximately 100 countries. They promise best exchange rate and low fees compared to a typical bank transfer. They allow transfers into bank accounts, but confirm the identity of the sender and the purpose of transfer before approving it. Around 16 currencies are available for exchange. Senders can deposit money in these supported currencies and select the recipient’s preferred currency as well. Apart fro Ireland, they have offices in Australia and the UK.
The process of sending money is simple. All the sender has to do is deposit money into CurrencyFair’s account, exchange it between the supported currencies and then transfer the money. The exchange happens in two ways; senders either instruct the best rate to be chosen from the marketplace or choose the rate themselves at the right time. This way, they have more control over the transfer.
The fee applicable is almost 10% of typical bank transfers. In addition, they guarantee a lower exchange rate margin, thus saving the sender a lot of money. The exchange fee could be anywhere between 0.15% and 0.5% of the amount exchanged, depending on the situation. On an average, the fee is 0.35% of the amount exchanged plus a fixed fee of €3. This is compared with more than ten times the fee charged by the banks.
For making the transfer, or for adding the recipient’s account for most countries, CurrencyFair requires IBAN or SWIFT codes. For the US, they require ABA number, New Zealand and Australia a BSB number, Hong Kong and Singapore a clearing code and the UK a sort code.
The transfer times depend on the currency pair and the country where the particular account (or a foreign currency account) is held. For example, the AED account is held in London, so it would require a SWIFT code for transfer and would require 2-4 business days for deposit and a similar time for transfer. If the sender wants to deposit or exchange Polish Zloty, the time taken is not more than 1 business day, or 2 in rare cases.
It is really simple to create an account and use it. So if senders are interested they can begin exchanging and sending money, now.