Anyone used currency fair?

johnnyfruitcake

Has anyone used currency fair to transfer money to oz? I have an oz account so should be easy enough but could do with some advice form anyone who has used them before.

Cheers

cupthehand1

Yep used them for a transfer to New Zealand - couldn't have been more happy with them, relatively straight forward and easy to use and you get a better rate than the banks - what's not to like there!

kdevitt

Yep - use them every two weeks! Very happy with how it works.

Grant Stevens

Just wondering mate, how long does it take for your money to show up in currency fair after sending from your bank account?

jackbhoy

Grant Stevens wrote: »

Just wondering mate, how long does it take for your money to show up in currency fair after sending from your bank account?

Took about a day from Irish account to CF, then about 3 days from there to my Aus account.

kdevitt

Grant Stevens wrote: »

Just wondering mate, how long does it take for your money to show up in currency fair after sending from your bank account?

I transferred in money from my Australian account on Monday morning, was exchanged and hit my Irish account yesterday (Tuesday).

csm

Another thumbs up for currency fair here. Quick, easy to use and good rates. I'm very pleased with them.

massdebater

I used them to transfer my savings last week. Very happy with the service and they have an office in Dublin if you need to ring or have any questions. Transferred about two thirds of my savings and got $1.39 for my euro which I was very happy with!

kerbear

CF sounds good! im curious about this, if I have online banking with ulsterbank, can i transfer money from my online Ulster bank account to CF to my Aussie account?

kdevitt

kerbear wrote: »

CF sounds good! im curious about this, if I have online banking with ulsterbank, can i transfer money from my online Ulster bank account to CF to my Aussie account?

Yep - you do a transfer to Currency Fair's Irish account. The cash becomes available in your currencyfair account at that stage. Then you convert it into the currency you want, and transfer it out into your account Australia or where ever.

Thats the reason they can offer such good rates - theres never actually a real FX transaction taking place. The Aussie dollars you want are essentially supplied by some Aussie dude who wants euro. Both transfers remain with their respective countries.

kerbear

kdevitt wrote: »

Yep - you do a transfer to Currency Fair's Irish account. The cash becomes available in your currencyfair account at that stage. Then you convert it into the currency you want, and transfer it out into your account Australia or where ever.

Thats the reason they can offer such good rates - theres never actually a real FX transaction taking place. The Aussie dollars you want are essentially supplied by some Aussie dude who wants euro. Both transfers remain with their respective countries.

Thanks! Definitely gonna look into this. can I set up currency fair as just a regular payee from my online ulster bank account so? sorry bout the stupid questions, I appreciate the help though

kdevitt

kerbear wrote: »

Thanks! Definitely gonna look into this. can I set up currency fair as just a regular payee from my online ulster bank account so? sorry bout the stupid questions, I appreciate the help though

First step is to set up your CF account - you'll need a scan of a bill and passport or driving licence I think.

Once thats done - you can add 'depositing' accounts to your CF profile. I have my AIB account and Westpac account set up - so I can deposit either EUR or AUD. Both accounts are also available to transfer into. Its very useful I have to say - I still buy car parts for my cars at home, and can even transfer the cash directly from my CF account to the accounts of people I'm buying from.

kerbear

brilliant! thanks! this should save me loads on transfering from Ulsterbank to my NAB account id say!

Hey, I just set up my Currencyfair account and everything was approved so my account is up and running.

I added my AIB savings account to my Personal Account on CF and added my Westpac account to my Beneficiary Account.

Is this the right thing to do for transferring my Euro to AUD?
Also do I use the ''Make an Order'' feature to find the best rate?

Just a little confused on a all this so any info is appreciated, thanks.

massdebater

Deleted User wrote: »

Hey, I just set up my Currencyfair account and everything was approved so my account is up and running.

I added my AIB savings account to my Personal Account on CF and added my Westpac account to my Beneficiary Account.

Is this the right thing to do for transferring my Euro to AUD?
Also do I use the ''Make an Order'' feature to find the best rate?

Just a little confused on a all this so any info is appreciated, thanks.

BigBoss, you have the accounts set up correctly so far anyway.

Next step is to get money from your AIB account to your Currency Fair account. Click on My Account on the homepage, then click on Deposit Funds In on the next screen (the pop up screen). Enter the amount you want to deposit from your AIB. You’ll then have to log on to your AIB account to transfer the money to Currency Fair. Transfer the funds to CF (using their bank account number and sort code which can be found on the CF site).

It will probably take a few days for the money to arrive in your CF account but you’ll get an email when it does. If you need AUD straight away, you can check out the rates from EUR to AUD and just match the best rate. The money gets transferred instantly that way but you should get an extra few cent if you’re prepared to wait for a better rate.

To get a better rate, you can ‘make an order’ for whatever rate you want. Best thing is to check out the current rates as if you were doing the transfer the other way around i.e. from AUD to EUR to see what rates other people are looking for. You can then set your rate so it is slightly better than theirs (meaning your rate goes to the top of the list). Then just sit back and wait. Normally my orders would get matched any time from within a few minutes up to a week away (depending on how competitive I set my rate at). It depends how quickly you need AUD.

Once you have AUD in your CF account, it’s just a matter of transferring it to your Westpac account.

My tip: Make sure your Westpac account is a savings account (as opposed to a current account) as the money will start earning interest as soon as it lands in the account :cool:

massdebater

massdebater wrote: »

BigBoss, you have the accounts set up correctly so far anyway.

Next step is to get money from your AIB account to your Currency Fair account. Click on My Account on the homepage, then click on Deposit Funds In on the next screen (the pop up screen). Enter the amount you want to deposit from your AIB. You’ll then have to log on to your AIB account to transfer the money to Currency Fair. Transfer the funds to CF (using their bank account number and sort code which can be found on the CF site).

It will probably take a few days for the money to arrive in your CF account but you’ll get an email when it does. If you need AUD straight away, you can check out the rates from EUR to AUD and just match the best rate. The money gets transferred instantly that way but you should get an extra few cent if you’re prepared to wait for a better rate.

To get a better rate, you can ‘make an order’ for whatever rate you want. Best thing is to check out the current rates as if you were doing the transfer the other way around i.e. from AUD to EUR to see what rates other people are looking for. You can then set your rate so it is slightly better than theirs (meaning your rate goes to the top of the list). Then just sit back and wait. Normally my orders would get matched any time from within a few minutes up to a week away (depending on how competitive I set my rate at). It depends how quickly you need AUD.

Once you have AUD in your CF account, it’s just a matter of transferring it to your Westpac account.

My tip: Make sure your Westpac account is a savings account (as opposed to a current account) as the money will start earning interest as soon as it lands in the account :cool:

Cheers man, absolute solid advice! Much appreciated

missmyler

+1 for Currency Fair

Bit of a pain to set the whole thing up but I saved 230 AUD on a single transfer home to Ireland by going through them and not transferring directly from my Australian Westpac account

Sorry I didn't start using them sooner. Customer service was also excellent

Ozeire

Works great for me . Love it redues fees on Oz side n does away with all the bank transfer fees on Irish side get a better rate less coast n faster sevice Win Win Win if you ask me

mairt86

Just looking today and aib are giving a rate of 1.22 for the aussie dollar and currency fair are giving a rate of 1.23. If i exchange €5000 I am only saving $20.
It doesnt really seem worth it for that or am i missing something. If i transfer using internet banking I can transfer for free. Help appreciated

catbear

mairt86 wrote: »

Just looking today and aib are giving a rate of 1.22 for the aussie dollar and currency fair are giving a rate of 1.23. If i exchange €5000 I am only saving $20.
It doesnt really seem worth it for that or am i missing something. If i transfer using internet banking I can transfer for free. Help appreciated

I think you'll save $50 by my calculations. Anyway still a good rate for a street bank. I'll still stick with currency fair, transfer took two days recently.

cooper38

Try transfermate too, they are based in Dublin across from central bank and in Sydney, takes minutes for them to receive funds, mainly used by companies but can also be used by individuals

gerhayes

Thanks so much for this info, +1 for CurrencyFair. Far better value than the others mentioned, or any I have used before, thanks.

Xavi6

Thinking about getting aboard the Currency Fair bandwagon so I have funds at home for Christmas. Has anything changed from what's already in this thread? If not, happy days.

The rates/fees are fantastic compared to my bank.

massdebater

Xavi6 wrote: »

Thinking about getting aboard the Currency Fair bandwagon so I have funds at home for Christmas. Has anything changed from what's already in this thread? If not, happy days.

The rates/fees are fantastic compared to my bank.

I used CF again a few weeks ago and it's still the same. All the relevant info is on this thread. If you're sending the money home for xmas, just set up your CF account now so it's ready to go and do the actual transfer closer to the time. If you're nervous about using it for the first time, do a small transfer so you get to know how it works. That's what I done the first time I used it.

kdevitt

Xavi6 wrote: »

Has anything changed from what's already in this thread? If not, happy days.

The rates/fees are fantastic compared to my bank.

As said above, nothing has changed, I still use it all the time and save a fortune. If anything, due to it being more popular, you have a better chance of someone matching off against your rate if you choose to post a rate rather than just take the offered rate on the site. I'm lazy though - I always take the offered rate!

Xavi6

Yeah the whole rates thing is a bit dauting in terms of offering/matching. Don't htink I'll do that first time around!

The offered rate today of 0.863 is very good as it is.

hussey

Xavi6 wrote: »

Yeah the whole rates thing is a bit dauting in terms of offering/matching. Don't htink I'll do that first time around!

The offered rate today of 0.863 is very good as it is.

:eek: that is awesome (for us)
I recently went home and everyone was saying how a 5euro pint was a rip off - a $5.80 pint .... schooners in sydney city are around 6.50!

Huge uncertainty around the single currency at the moment, I won't be surprised if it hits .90-1.00 before end of year

Xavi6

hussey wrote: »

:eek: that is awesome (for us)
I recently went home and everyone was saying how a 5euro pint was a rip off - a $5.80 pint .... schooners in sydney city are around 6.50!

Huge uncertainty around the single currency at the moment, I won't be surprised if it hits .90-1.00 before end of year

So people keep telling me so I'm going to hold off for a bit before doing the transfer.

I'm home for six weeks in Dec/Jan and it looks like I'll live like a king

Slidey

hussey wrote: »

:eek: that is awesome (for us)
I recently went home and everyone was saying how a 5euro pint was a rip off - a $5.80 pint .... schooners in sydney city are around 6.50!

Huge uncertainty around the single currency at the moment, I won't be surprised if it hits .90-1.00 before end of year

Its nice to think that it will.

Will make paying off my mortgage a bit easier.

emilymch1

Is there any up date on all of the above????? thanks

I regulary have to transfer money from my irish a/c to my daughters uk student a/c

thanks

catbear

emilymch1 wrote: »

Is there any up date on all of the above????? thanks

I regulary have to transfer money from my irish a/c to my daughters uk student a/c

thanks

Do you mean the price of a pint?