Currencyfair

Theimprover · 09-01-2012 3:55pm #1

Just a few quick ones.
Has anyone here used it, is it safe? Can you leave your funds in your CF account after making a trade for as long as you want?

Ozeire · 09-01-2012 8:38pm

Been using CF for months now n find it great . Speedy transfer of money with great exchange rates n very low charge . i only ever pay 4$ where as banks screw u for transfers.

Wouldn't have any problem recomending them.

sponge_bob · 09-01-2012 9:07pm

i have the loots sitting on there with over 2 months now. got $1.32 at the time where as now i would only get $1.26ish.
i couldn't believe it when i checked the other day and he loots were still there:eek::D

Theimprover · 09-01-2012 11:47pm

Think I will start using it, sooner the better by the way the Exchange rate is going.

master-t · 10-01-2012 10:00pm

Ozeire wrote: »

Been using CF for months now n find it great . Speedy transfer of money with great exchange rates n very low charge . i only ever pay 4$ where as banks screw u for transfers.

Wouldn't have any problem recomending them.

Would you recommend opening up an account and transfering the money prior to leaving for Oz? I am leaving Ireland in Feb then arrive in Oz in March, but just have my savings sitting in my bank account. I am setting up a bank account with ANZ this week and would like to get started I suppose if it was safe to transfer money from my Irish account to my Oz accoutn via Moneyfair.

hussey · 10-01-2012 10:24pm

Yeah it would be good to have money in the bank as soon as you arrive, also you will save a good bit of money if you use currency fair as opposed to bank transfer.

master-t · 10-01-2012 10:45pm

hussey wrote: »

Yeah it would be good to have money in the bank as soon as you arrive, also you will save a good bit of money if you use currency fair as opposed to bank transfer.

Cheers Hussey! When you guys mention that is 'quick and easy', how long are you talking for a sum of money to move from your Irish account, to your Currencyfair account then to your oz account do you know?

hussey · 10-01-2012 11:22pm

I recently set up currency fair - it took about 2 days to set the account up
(You need to upload proof of identity)
and (in oz I should say) took 1 day to transfer money from my bank to CF, and when I transferred from CF to Irish bank account I think it was 2-3 days
I transferred Friday GMT and when my dad checked on wednesday GMT it was there.
It could have been there sooner, but he only checked on wednesday morn

master-t · 10-01-2012 11:31pm

hussey wrote: »

I recently set up currency fair - it took about 2 days to set the account up
(You need to upload proof of identity)
and (in oz I should say) took 1 day to transfer money from my bank to CF, and when I transferred from CF to Irish bank account I think it was 2-3 days
I transferred Friday GMT and when my dad checked on wednesday GMT it was there.
It could have been there sooner, but he only checked on wednesday morn

Cool, that's great info Hussey! i wonder would it be the same time expectations going the opposite way (From Ireland to Oz). Sure i will giv it a go with a small amount and see what happnes.

I read / overheard / madeup

that some banks charge a fee for every bank transfer in Oz? So if i was to set up a transfer from my Oz account to an Irish bank a/c once every month (to make a loan payment) they would charge me in region of $20 every time. Any ideas?

hussey · 10-01-2012 11:58pm

master-t wrote: »

Cool, that's great info Hussey! i wonder would it be the same time expectations going the opposite way (From Ireland to Oz). Sure i will giv it a go with a small amount and see what happnes.

I read / overheard / madeup that some banks charge a fee for every bank transfer in Oz? So if i was to set up a transfer from my Oz account to an Irish bank a/c once every month (to make a loan payment) they would charge me in region of $20 every time. Any ideas?

See this is why you use CF to avoid these fees ...
You do not get Aus Bank -> Bank transfer fees - but International transfer does.

and the currency rate in banks are terrible ... please just use CF ;-)

master-t · 11-01-2012 12:02am

hussey wrote: »

See this is why you use CF to avoid these fees ...
You do not get Aus Bank -> Bank transfer fees - but International transfer does.

and the currency rate in banks are terrible ... please just use CF ;-)

Haha cheers dude! No, i will be using CF for sure. Just wanted to make sure there was still not a charge when I send home money each month via CF.

Excellent advise Hussey, much appreciated!

hussey · 11-01-2012 12:11am

master-t wrote: »

Haha cheers dude! No, i will be using CF for sure. Just wanted to make sure there was still not a charge when I send home money each month via CF.

Excellent advise Hussey, much appreciated!

Sorry, there is a charge I think it's 3Euro

Theimprover · 11-01-2012 12:28am

hussey wrote: »

master-t wrote: »

Haha cheers dude! No, i will be using CF for sure. Just wanted to make sure there was still not a charge when I send home money each month via CF.

Excellent advise Hussey, much appreciated!

Sorry, there is a charge I think it's 3Euro

Spoke with CF today and there is a charge of 3euro. Sounds safe enough, they operate with bank America, I am going to hold on a few wks before I start trading for AUD and hope the rate might improve.

master-t · 11-01-2012 12:40am

Theimprover wrote: »

Spoke with CF today and there is a charge of 3euro. Sounds safe enough, they operate with bank America, I am going to hold on a few wks before I start trading for AUD and hope the rate might improve.

OK, 3e is not so bad per transaction! Just make sure they are monthly so!

Yeah, the rate is pretty poor at the moment on CF compared to a few months back when it was around the 1.35 mark. But I would be half thinking to take the 1.23 it's at at the moment for fear incase it gets worse

Theimprover · 11-01-2012 9:20am

OK, 3e is not so bad per transaction! Just make sure they are monthly so!

Yeah, the rate is pretty poor at the moment on CF compared to a few months back when it was around the 1.35 mark. But I would be half thinking to take the 1.23 it's at at the moment for fear incase it gets worse

[/Quote]

It's 3e every every time you make a withdrawal to your bank account.

I'm fairly gutted I didn't exchange when it was around the 1.33 mark, but I don't know will it get much worse than what it is atm, I suppose if we knew that we would be wealthy people.

Vinnie B · 16-08-2012 6:00am

I no there are numerous threads on here with regards transferring money.
Basically my situation is I want to transfer $5000 from my Australian account to my Irish account. How exactly does Currency Fair work?
Is it I send the money from my Australian account to CF, exchange it there then send it as euro to my Irish account!
Sorry for
Bringing it all up again.
Thanks.

hussey · 16-08-2012 6:12am

Vinnie B wrote: »

I want to transfer $5000 from my Australian account to my Irish account. How exactly does Currency Fair work?
Is it I send the money from my Australian account to CF, exchange it there

Yes, exactly that, 1) Deposit/Transfer to CF 2) Exchange currency 3) Transfer currency to Irish account
But you need to register first and upload some ID

http://www.currencyfair.com/how-peer-to-peer-foreign-exchange-works

https://www.youtube.com/watch?v=24_sI9rPoFk

bigbadcon · 16-08-2012 12:53pm

So im going to be heading to brisbane in around Feb 2013 and will hopefully be transferring a lot of money through currency fair into my australian account.

Should I put in a request ( money order..is that whats its called) with a good rate now and just let it sit there until someone (hopefully) takes it up?

Im worried about losing a lot of money with the crap exchange rate.

Has anyone done anything similar to this before....

Currencyfair

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