CurrencyFair

Alanhooly

Hi there, me again.

I just have a couple of questions about currencyfair. I know there are FAQ sections on their site but i'd like to hear from people who have used it.

(i) Do I need to contact my bank in Ireland or Australia before using Currencyfair or do I just need my details from each bank.

(ii) Does the registration process take long and is it difficult?

(iii) How soon before I go should I do this?

Finally, Is it reliable?

I want to be sure I don' make a sh*t of this with so much money involved!

Please and thank you, it would be much appreciated!

c0rk3r

(i) Yes, You can do it all online though. Simply set up a transfer to currencyfair then from currencyfair to your Australia bank account.

(ii) From memory which was over two years ago, nope it doesnt take too long. They have to verify a few document which takes a few days. They spotted my date of birth was different on my driving licence to passport. Something i never noticed nor ever corrected

(iii) This is important. At the moment the australian dollar is taking an absolute hammering against the euro and has been for some time down. Its only going one way so id hold out as long as possible before i transfer the money over. This is good news for you but awful for those bringing back their savings. Id leave it a day or two before you leave. Check out the graphs on www.xe.com from the previous few months to see what i mean.

All the best

bladebrew

Hey Alan,
Im actually just after sending my documents in to them, I had 3 different forms of ID but they E-mailed back to say they want a bank statment off me from the last 3 months so i had to request one from the bank, this will delay me a few days but my OH had it set up in under a day, we took photos of the documents then upload them once your logged in then they E-mail you when they verify your identity!

As mentioned by c0rk3r the rate seems to keep going up, its at $1.53 now when i was originally supposed to be going to Australia in the summer it was at $1.40! so its worth keeping an eye on that!

Alanhooly

Thanks for both the replies!

I literally only noticed yesterday how much the exchange has changed. I always aimed to have $5,000 so when I first checked I thought I would need €3,500. However, much to my surprise, when I checked last night it said, to have $5,000 I would only need €3,250. Happy Days! It means an extra pint or two over xmas

Thanks for the replies. Hopefully I can get it all sorted soon. Seen as the exchange is so good at the moment I might actually transfer my money sooner rather than later in case the exchange falls anytime soon. Is that advised or should I wait.

Is it relatively stress free to set up an account and transfer money?

Alanhooly

c0rk3r wrote: »

(i) Yes, You can do it all online though. Simply set up a transfer to currencyfair then from currencyfair to your Australia bank account.

Do you mean, Yes I do have to contact my bank? How do I go about it online? What exactly is it that I am telling my bank?

Sorry for all the questions and thanks for your previous reply!

Feelgood

Alan, no harm mate but the currency fair website has the answer to all these questions and is probably the best place to get info from.

https://www.currencyfair.com/support/faqs/

1. Sign up for a currency fair account. (You don't need to contact your bank for anything)
2. When you get a currency fair account, sign in and add your Irish and Australian bank account details to it. (Again you don't need to contact your bank, should be able to transfer funds using internet banking).
3. Deposit funds to your CF account from your Irish bank account, exchange funds in your CF account, once exchanged you can then offload them to your Australian account. (or vice versa).

Diddler82

I signed up around this time yesterday (2pm) AEDT and it was set up by 9pm.

Very quick .. Now to hold out for a better price on the Euro!

skippy2

Do not forget when you are transferring money to CF you have to notify CF through your account to expect the Transfer to come, how much and from what bank etc. Once you do this the transfer gets handled very quick. Have been using CF for a couple of years, great service and great rates. Emails are quick to be responded to unlike trying to contact a bank in Ireland today