Currency fair

[Cornishfarmer]

Looking into an account with currency fair don't quite understand tho

Do I add Money to my currency fair account then send it to who I bought from just like internet banking here? Or if I buy something that is €500 it takes it out of my account and transfers to them? Think they would be better doing a YouTube tutorial rather than having a France rugby player dressed as a fairy!!!

[Danny-boy]

You notify them of an incoming deposit amount, then you transfer that from your bank into the CF account.

Once in there, you can swap currencies.

Once you have swapped currency, you transfer from CF to your vendor.

Simplified but it's easy.

They don't accept deposits at weekends, just so you know.

[morezone]

Add £s to your Currentcy Fair account via bank transfer from your own bank account.

When you want to pay someone, change it to whatever currency you're dealing in and send it to their bank account.

[Cornishfarmer]

So you work out before hand how many £ or € it is? Do you end up with a little spare cash in account. So is do they have to have an account or do they send account number with sort code with invoice

[ChrisSilver]

Hi Cornishfarmer,

You send a bank transfer to their UK account to top up your currencyfair account, think of currencyfair like another online bank account.

You then buy the currency you want via the autotrade system which is instant (you can choose your own rate if you wish to deal at, but autotrade is much quicker" say you buy euros you will then have euros in your euros account. It's a multi currency account and you can hold money in as many different currencies as you wish.

You then send the currency you wish to the person you wish, you just need their bank details.

There is also a fee of about €3, not that it's cheaper to pay in € than £ for the fee. And also cheaper to pay in AUD rather than £ for the fee.

If you sign up via the link in my signature the silver forum earns a small commission which helps the hosting fees.

[ChrisSilver]

So you work out before hand how many £ or € it is? Do you end up with a little spare cash in account.

Yea you might end up with a little spare cash, I just make sure I have about £5 in there or so, just incase I make a slight mistake with the exchange rate I can make sure there is enough to cover the €3 fee and any slight movements in exchange rate.

[morezone]

So you work out before hand how many £ or € it is? Do you end up with a little spare cash in account. So is do they have to have an account or do they send account number with sort code with invoice

 

I usually do a quick check to see how much I will need and send a little more to allow for rate changes.

[Danny-boy]

It would be useful if they had a lock-in and calculator so you could use the correct amount.

I have transferred too little a couple of times, and too much on other occasions.

[Cornishfarmer]

Getting stated on add bank account is say object,object does this mean sort code?

[Cointreau]

Try these guys. It's really simple and they are as cost effective as Currency fair. Their exchange rate is marginally better as well.

And more user friendly.

 

 https://transferwise.com/?v=2&utm_expid=32817948-78.gC9SRBp-SmOBVt603tVD-w.2&utm_source=brand&utm_medium=cpc&utm_campaign=google&gclid=CIC4sNHzhr8CFafMtAod5XEA4g&utm_referrer=http%3A%2F%2Fwww.google.co.uk%2Faclk%3Fsa%3Dl%26ai%3DCpGhA0FijU9DSCMOY7Qb28IGIC97p95EFzsrW7psB6bGs9XMIABABKANQ3r7v1P7_____AWC7vq6D0AqgAbq86ucDyAEBqQLtpc2RxZi8PqoEIk_QgOEG_TUzaS4Jan-XC1bzvNihr66YYJxGvbhiSxAnX4a6BRMIxfiyz_OGvwIVTDrbCh0lPABIygUAgAeuw5UYkAcD%26ei%3D0FijU8XQA8z07Aal-IDABA%26sig%3DAOD64_1oHb_p_25qMUndPdtSgO8_z22WFQ%26rct%3Dj%26q%3D%26sqi%3D2%26ved%3D0CCEQ0Qw%26adurl%3Dhttp%3A%2F%2Ftransferwise.com%2F%253Futm_source%253Dbrand%2526utm_medium%253Dcpc%2526utm_campaign%253Dgoogle

[Cornishfarmer]

Try these guys. It's really simple and they are as cost effective as Currency fair. Their exchange rate is marginally better as well.

And more user friendly.

 

 https://transferwise.com/?v=2&utm_expid=32817948-78.gC9SRBp-SmOBVt603tVD-w.2&utm_source=brand&utm_medium=cpc&utm_campaign=google&gclid=CIC4sNHzhr8CFafMtAod5XEA4g&utm_referrer=http%3A%2F%2Fwww.google.co.uk%2Faclk%3Fsa%3Dl%26ai%3DCpGhA0FijU9DSCMOY7Qb28IGIC97p95EFzsrW7psB6bGs9XMIABABKANQ3r7v1P7_____AWC7vq6D0AqgAbq86ucDyAEBqQLtpc2RxZi8PqoEIk_QgOEG_TUzaS4Jan-XC1bzvNihr66YYJxGvbhiSxAnX4a6BRMIxfiyz_OGvwIVTDrbCh0lPABIygUAgAeuw5UYkAcD%26ei%3D0FijU8XQA8z07Aal-IDABA%26sig%3DAOD64_1oHb_p_25qMUndPdtSgO8_z22WFQ%26rct%3Dj%26q%3D%26sqi%3D2%26ved%3D0CCEQ0Qw%26adurl%3Dhttp%3A%2F%2Ftransferwise.com%2F%3Futm_source%3Dbrand%26utm_medium%3Dcpc%26utm_campaign%3Dgoogle

That looks a lot easier, is the fee just £1.20

[Cointreau]

That looks a lot easier, is the fee just £1.20

I think it depends on how much you transfer but the fee is negligible and comparable to Currencyfair's.

And you don't have to scan your picture for them unlike Currency fair.

That guy with the watermelon smile, Richard Branson, is involved in this venture.

[ChrisSilver]

They seem like they might be every so slightly cheaper. I will need to look into it further it's always good to have alternatives.

[Cornishfarmer]

Used transferwise, an easy enjoyable experience cost £3.69 to send about £730 into €. Send Monday completed Thursday am. Will use again

[ChrisSilver]

Used transferwise, an easy enjoyable experience cost £3.69 to send about £730 into €. Send Monday completed Thursday am. Will use again

Still waiting on a reply to my email though, not impressed with their customer service.

[morezone]

Used transferwise, an easy enjoyable experience cost £3.69 to send about £730 into €. Send Monday completed Thursday am. Will use again

 

It's not about the fee but how much it cost overall.  Looking at transferwise it does seem to work out marginally cheaper.  Their higher fee (>£200 sent) is offset by their better exchange rate.

 

Sent Monday and completed Thursday morning?  Is that when transferwise sent you confirmation it was all done or when the funds were received by the beneficiary?

My experience with currency fair is that if I send within Europe on one day it will arrive with the beneficiary by the next day.  If I send in the morning though, then it generally arrives the same day before close of business.

[Cornishfarmer]

Sent Monday 10pm conformation Wednesday not Thursday, (This week is dragging). Conformation from seller that it arrived not currency fair. Liked that I could send specific amount.

[Pipers]

I had a problem with Aurinum and Currency Fair were were very quick and professional to deal with.  This has to be a consideration when sending money.

[motorbikez]

I had a problem with Aurinum and Currency Fair were were very quick and professional to deal with.  This has to be a consideration when sending money.

 

Absolutely right Pipers,you don't know how good a company is until you have problems,another thing i like about currencyfair is,no matter how large the transaction the fee is the same.

[Cornishfarmer]

Just did a payment comparison on a £200 transfer in to $au PayPal was £9.40 dearer than transfer wise equivalent

[ChrisSilver]

Just did a payment comparison on a £200 transfer in to $au PayPal was £9.40 dearer than transfer wise equivalent

Yea PayPal is much more expensive that transfer wise or currency fair etc.

I am not impressed with transfer wise though, I sent them an email twice and they didn't respond once. So even though it may be fractionally cheaper than currency fair, I am not going to set the forum up as an affiliate for transferwise. Currency fair is the better company in my opinion.

[Cornishfarmer]

Just been paying with PayPal for years and didn't realise how much more they were that direct transfer. And want people to know 5% com paired to 0.5%. Advantage with PayPal can be done in seconds any everybody trusts them

[motorbikez]

CF have a look at this it will be helpful to you.

 

http://thesilverforum.com/topic/107-costs-to-bear-in-mind-when-buying-from-outside-the-eu/