Western Union and Moneygram Alternative – Currency Fair Review

CurrencyFair is an online peer-to-peer currency exchange market place. CurrencyFair is headquartered in Ireland also with employees in UK, Australia and Poland. currencyFair was established in April 2009 by co-founders Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. www.currencyfair.com went live in May 2010. As of October 2014, the company has processed over €1.2 billion, saving customers over €60 million in bank fees. CurrencyFair describe themselves as “an online dating bureau for people who want to swap money but avoid hefty fees”. Currently, 17 currencies are available to exchange (send or receive) – Euro, Pound Sterling, US Dollar, Australian Dollar, Canadian Dollar, Swiss Franc, Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Norwegian Krone, New Zealand dollar, Polish Zloty, Swedish Krona, Singapore Dollar and South African Rand. Users can send Japanese Yen, Israeli Shekel and Thai Baht. The company charges 0.15% for peer-to-peer matches and 0.5% for matches against CurrencyFair. A transfer of currency of a CurrencyFair account costs £3, €3, $4 or equivalent. These fees are much lower than that charged by conventional market players including banks and online foreign exchange brokers.

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CurrencyFairCurrencyFair Limited, incorporated in Ireland (No. 469391) is fully regulated as an Authorized Payment Institution by the Central Bank of Ireland (No.C57373) under the European Communities (Payment Services) Regulations 2009. CurrencyFair Australia Ptv Ltd (ABN 94 147 506 410) is regulated by the Australian Securities and Investments Commission, AFSL No. 402709.

All customer funds are held separately in segregated client accounts with one of the world’s largest financial institutions. These accounts are separate from our corporate accounts and they cannot use them to settle any of our own obligations. Our banking partner has over 57 million customers worldwide, and a 2013 revenue of $90 billion USD. Two-factor authentication is a way of improving account security by combining what you know, for example your password, with something only you have in your possession, like your mobile phone.

In order to send and receive money, you need to sign up at currency fair website and then follow the rules stated in the website.
When trying to log in or carry out certain actions, such as transferring money out, they will automatically send a message to your phone with a code. You enter this code into the two-factor authentication form on . Our website uses 256-bit encryption via SSL from VeriSign. This indicates that your connection is secure.

they maintain continuous auditing, logging, backups and safe-guarding of data. To further protect against malicious attacks, they run numerous security tests on our own software and systems and maintain the very latest virus protection software.

They have built in a number of safeguards into our software including:

Identity Verification – Checks on new customers to determine if the identity information provided is accurate and not suspicious.

Automatic Logout – If you are inactive for an extended period of time they automatically log you out so unauthorized people cannot access your account.

Contact Information Confirmation – All changes to your contact information are verified with you before they make any changes.

All deposits by you to us are recorded by your bank. All your exchanges and transfers on our platform are recorded and saved in your account summary and you will receive a confirmation email instantly. All transfers from our bank are also logged. In short, all of your interactions with us are fully documented and available to you when you need it.

CurrencyFair Limited is regulated (fully authorized) by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. This regulation governs foreign exchange and money remittance.

You can check the register here (http://registers.centralbank.ie/DownloadsPage.aspx) and find out more information on what it means for your protection and consumer rights.

Key features of our regulation include:

Protection of Client Funds – There is a clear set of regulations on how they have to safeguard customer’s funds. This requires us to segregate customer accounts so that, in an insolvency event, this money would be protected from other creditors’ claims and can be repaid to customers.

Highest Standards for Systems and Procedures – they must maintain systems that minimize the risk of the loss of our customer’s funds through fraud, misuse, negligence or poor administration. In addition they are required to have effective risk management procedures, adequate internal control mechanisms and to maintain relevant records.

Minimum Capital Requirements – they must maintain a minimum level of assets at all times that is set by the Central Bank of Ireland. they must also hold sufficiently liquid assets to be able to meet our working capital requirements.

Management Vetting – Key personnel are individually approved for performing controlled and significant influence functions. they must pass a ‘fit and proper test’ considering honesty, integrity, reputation, competence, capability and financial soundness to make sure that they are of good repute and possess appropriate knowledge and experience.

Detection of Financial Crime – they must comply with legal requirements to deter and detect financial crime, which includes money laundering and terrorist financing.

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