Rates and fees verified as correct at 24 October, 2021. Other information correct at the time of writing. Advertiser disclosure.
For a peer to peer IMT provider, CurrencyFair has a range of currencies to choose from. Though, you should keep in mind that with CurrencyFair, you will not be able to send money in Australian dollars if you are outside Australia.
CurrencyFair Rate 0.7431
|Currency||At today's CurrencyFair Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
United States Dollars (USD)
|USD0.7431||USD 7,428||Go to site|
|EUR0.6386||EUR 6,383||Go to site|
Great Britain Pounds (GBP)
|GBP0.54||GBP 5,398||Go to site|
Canadian Dollars (CAD)
|CAD0.9185||CAD 9,181||Go to site|
Danish Krone (DKK)
|DKK4.7476||DKK 47,457||Go to site|
Hong Kong Dollars (HKD)
|HKD5.773||HKD 57,707||Go to site|
Indian Rupee (INR)
|INR55.636||INR 556,137||Go to site|
New Zealand Dollars (NZD)
|NZD1.0397||NZD 10,393||Go to site|
Norwegian Krone (NOK)
|NOK6.208||NOK 62,055||Go to site|
Singapore Dollars (SGD)
|SGD1.0021||SGD 10,017||Go to site|
South African Rand (ZAR)
|ZAR10.984||ZAR 109,796||Go to site|
Swedish Krona (SEK)
|SEK6.362||SEK 63,595||Go to site|
Swiss Francs (CHF)
|CHF0.683||CHF 6,828||Go to site|
UAE Dirham (AED)
|AED2.726||AED 27,249||Go to site|
There are two small costs involved with transferring money with CurrencyFair:
The minimum amount you can transfer with CurrencyFair is 8 Euros (or equivalent), and there is no maximum amount. Some international money transfer providers have minimums upwards of $1,000. So, if you're looking to make small transfers, then CurrencyFair could be a good option to consider.
CurrencyFair typically transfers your funds in 1-2 business days, depending on the currency you're working with. Euro transfers typically take around 2 days, while some GBP transfers happen the same day.
Less common currencies can sometimes take up to 5 days to transfer, so it's a good idea to leave yourself plenty of time whenever possible.
Online and via the CurrencyFair app.
There are two ways to trade with CurrencyFair:
Your choice will depend on how much time you have and how important it is for your funds to get matched to your desired rate.
Peer to peer trading can be a good way to exchange money because you get to avoid interbank fees (what the banks charge each other for foreign exchange, which you usually foot the bill for) and set your own rates for trading.
It’s a win-win between users because the method essentially cuts out the banks’ involvement with your money transfer. You're also safeguarded against getting a bad deal because when you use CurrencyFair, you also have the “available now” rate to compare your rate to.
Trading in the peer to peer marketplace isn't as complicated as it sounds. You enter your desired rate and how much you have to transfer, then wait until CurrencyFair finds you a match.
You have the option of getting your money “fully matched” or “partially matched”. If you opt for partially matched, the system will split your transfer.
Say that you want to transfer $500 AUD to GBP, and someone wants to transfer $100 GBP to AUD. The system will partially swap the amount and leave the remainder on the marketplace to be matched.
While peer to peer marketplace can be a great way to get a competitive deal on your international money transfer, if you need to transfer money immediately or want to save time, you can still pick the “best available now” rate.
The “best available now” rates are usually between 0.5% and 0.6% of interbank rates, so you can be sure you're getting a better deal on CurrencyFair than going with a standard bank for your IMT.
People choose to use CurrencyFair for all sorts of reasons, like moving overseas, paying tuition fees as an international student, for business or investment purposes. CurrencyFair gets a big tick for being regulated and registered with ASIC, putting customers’ funds into segregated bank accounts, and has 256-bit encryption from VeriSign on their website.
The peer to peer marketplace is also a pretty nifty tool to use to get a competitive rate on your money transfer, as well as knowing you are avoiding interbank rates when you opt for the “best available now” rates. An added bonus is that you can use the CurrencyFair app to exchange and transfer on the go.
Visit CurrencyFair websiteGo to site
Signing up with CurrencyFair can be quick and easy. Follow these steps, and you can get trading in no time!