Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Currency Fair

Options
  • 27-08-2013 5:30pm
    #1
    daithijjj
    Registered Users Posts: 7,588 ✭✭✭


    Apologies if already covered but i didnt find the topic in this section of Boards.

    I've read some good things on Currency Fair but before i give them a try was hoping to hear any opinions from people who have already used them, preferably recently.

    Will be looking for an alternative option soon as i need to transfer money to and from the UK.

    Are the rates still competitive so to speak?. Is it better to do bigger amounts in one transaction and with less frequence?. I would be looking to do maybe 5-10 transactions this side of Christmas ideally but i could get away with maybe a couple less transactions for slightly larger amounts if that was 'cheaper'.

    Any advice/things to avoid or even other options along this line would be great. Thanks.


Comments

  • Options
    #2
    mel.b
    Registered Users Posts: 3,130 ✭✭✭mel.b


    I use currency fair on a monthly basis and find the rates significantly better than what i would have got going via the bank.

    You can take the rate they offer you, or you can use the marketplace, which from my understanding is where you select what rate you want and when someone who is transferring money in the opposite direction chooses the matching rate the transaction is done.


  • Options
    #3
    TopTec
    Registered Users Posts: 1,167 ✭✭✭TopTec


    Used it yesterday to transfer 4k from sterling to euro. Rate was slightly better than XE.com, and miles better than banks. Once you have your account set up it is just a few clicks. I think I paid a 3 euro flat charge no matter what the size of transfer.

    Never had a problem with them, use them monthly like mel.b, and they accepted electronic ID to cater for the money laundering requirements. (Unlike Lloyds, who wanted a solicitor certified copy of my passport.... ridiculous!)

    TT


  • Options
    #4
    Denise2007
    Registered Users Posts: 54 ✭✭Denise2007


    Used them for first time this month .... Delighted with only sorry didn't use them sooner !


  • Options
    #5
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Anything gives better rates than the bank... I have had to convert lots of sterling to euros in the past and got the best rate with an fx broker. I did look at Currency Fair but the rate weren't as good at that time.

    Currency Fair matches buyers and sellers directly via website, whereas a broker aggregates orders on the intl money market. There is a lot more money traded on the intl market than on Currency Fair so the broker can get you a better rate. In theory Currency Fair "cuts out the middleman" so should be more efficient, but this won't happen until it gets a lot more trades. Even then the real money market is much more sophisticated than just buy/sell, with lots of derivatives and options etc.

    The setup for a broker is the same as Currency Fair, proof of address and id etc.


Advertisement