Lost AUD96.98 in total, will never use this service again.
Tried to transfer USD1,700 from Australia to Maldives. When the transaction got delayed I sent an email to CurrencyFair, they replied saying that money has been sent and it is with the recipient's bank. After 10 days CurrencyFair sent me an email saying that money got returned, due to Regulatory issues. They credited my account with USD1678.16 that is less USD25.00, the amount I sent was USD1703.16. Without getting my transfer done, I lost AUD96.98 in total when exchange back to AUD.
Untrustworthy Company, Slow and Complicated
Opened an account and they refused the verification with an ID, they kept asking for more documents. Some of my friends have had awful experience with them. They will find any excuse to hold the funds by requesting more documents. They are acting like a Police than doing the normal process of anti money laundry and verification. I advice everyone to stay away from them.
You can tell I will end up in troubles with them. Terminated the account.
- Verified customer
Slow transactions and exchange rate can change after making transaction
With currencyfair, you set up your transfer and pay your money to their bank account. You are quoted an amount that your recipient will receive but that figure may go up or down depending on the exchange rate at the time currencyfair receives your money. I have used transferwise and instarem before to transfer money and you are guaranteed an amount when you set up the transaction. Before I made my currencyfair transaction, I checked with those 2 for their rates. Currencyfair was a little better. After currencyfair received my money, the amount ...changed and I would have been better off if I used either transferwise or instarem. So be aware that the rate could change either up or down after you make your transaction. Currencyfair advise this when you set up your transfer. In my case, the transaction took 5 days before the money was available. With Transferwise, the money can be available in hours, with instarem, it can take 2 to 3 days.
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