Personal Features

CurrencyFair

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CurrencyFair for individual customers offers a range of services beyond just international money transfer. CurrencyFair adds to their service offering for individuals on a regualr basis. Currently they offer only online international money transfer features.

What CurrencyFair offers

  • International money transfers
  • Currency balances & top-ups
  • CurrencyFair Exchange Marketplace
  • Rate alerts
  • Regular transfers

What CurrencyFair doesn’t do

  • Personal account management
  • Digital wallet
  • Personal FX optimized travel cards

PayPal

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33

PayPal provides different services for personal customers from a number of countries. However, the services on offer vary from one region to another.

What PayPal does

  • International money transfers.
  • Debit and prepaid cards.
  • PayPal Credit.
  • Links multiple payment methods to your account to shop online.
  • Digital wallet to hold funds in multiple currencies.

What PayPal doesn’t do

  • Dedicated account managers.
  • Risk management tools.
  • Cash pickup.

CurrencyFair wins!

CurrencyFair scores better in the Personal Features category.

CurrencyFair
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Winner

Business Benefits

CurrencyFair

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Along with features for personal accounts, Currencyfair offers business customer benefits although there are gaps to their offering.  iCompareFX keeps in close contact with CurrencyFair management and Currencyfair’s scoring will be adjusted as new benefits are released.

What CurrencyFair for business offers

  • Receive international payments
  • Multi-currency accounts
  • Xero integration
  • Multi-user account access
  • Two person approval

What CurrencyFair for business doesn’t offer

  • Business account management
  • Currency risk management tools
  • Online seller solutions
  • Unique banking details for multi-currency accounts
  • Debit cards for FX optimised foreign transactions

PayPal

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PayPal provides a range of specialized services for businesses from different countries.

What PayPal for business offers

  • Make and accept international payments.
  • Solutions for online sellers.
  • Digital wallet to hold funds and transact in multiple currencies.
  • Payment gateway to accept card payments.
  • Accepts in-store payments with a card reader and a smartphone or tablet.
  • Easy accounting integration through APIs, SDKs, code samples and pre-integrated solutions.
  • Risk management through fraud and seller protection.
  • Mass payments.

What PayPal for business doesn’t do

  • Account managers.
  • Currency hedging tools.

PayPal wins!

PayPal scores better in the Business Benefits category.

PayPal
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Winner

Fees & Exchange Rates

CurrencyFair

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CurrencyFair Fees

Exchange rate margin fee - Between 0.25% and 0.45% on top of the real exchange rate.

Transfer fee - Transferring out of CurrencyFair can cost €3 (currency equivalent).

International intermediary bank fees - Some currencies supported by CurrencyFair have the receiving account (the one you send your payment to), not in the home country of the currency. E.g. ZAR is located in London. This means that transferring ZAR to USD through CurrencyFair can attract an additional charge for the banks to send ZAR internationally. This can be up to US$20 currency equivalent. Currencies without local bank transfer payment support:

AED, CAD, HUF, NZD, USD, ZAR

Express deposit fee - In some countries, if you choose an express deposit or payment to CurrencyFair, it can be with an additional fee.

CurrencyFair free transfer offers - Yes! There are CurrencyFair coupons with up to 10 transfer fees free.
 

Are CurrencyFair fees negotiable?

No. CurrencyFair exchange rate margin fees are non-negotiable with larger transfer sums.


PayPal

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PayPal fees vary based on where you live and the services on offer.

Fees for sending money within the US

Payment methodFees
PayPal Cash, PayPal Cash Plus or a linked bank account $0
Credit card, debit card or PayPal Credit2.9% of the transfer amount, plus a fixed fee

Fees for sending money overseas

Payment methodTransaction feesFunding fees
PayPal Cash, PayPal Cash Plus or a linked bank account 5% of the transfer amount (minimum of $0.99 and maximum of $4.99)$0
Credit card, debit card or PayPal Credit.5% of the transfer amount (minimum of $0.99 and maximum of $4.99)2.9% of the transfer amount plus a fixed fee

Fees for selling

Mode of sellingFees
Selling in the US2.9% plus $0.30 per transaction
Selling internationally4.4% plus a fixed fee based on the currency received
PayPal Here card reader2.7% for card swipes, or 3.5% plus $0.15 for manually entered transactions

PayPal exchange rates

PayPal adds a margin of up to 3% on existing mid-market rates when carrying out currency conversion. Combined with the fees you need to pay, the cost of sending money overseas through PayPal becomes rather prohibitive.


CurrencyFair wins!

CurrencyFair scores better in the Fees and Exchange Rates category.

CurrencyFair
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Winner

Ease of Use

CurrencyFair

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CurrencyFair’s focus on customer service and user experience is of very high standards. Customer onboarding and service process management are clearly well thought out and wrapped in great design.

Account registration - Fast and easy to follow wizard.

ID verification - ID checks can be completed within 24 hours. Sometimes instantaneously with some countries. Proof of ID can be uploaded directly within the CurrencyFair app. Use your phone to take photos of ID and upload with ease.

Transfer speed - 1 - 2 business days upon receipt of payment.

Payment options -  There are local bank transfer, local country payment solutions (e.g. BPay), debit card and express deposits available in some countries.

CurrencyFair mobile app - A very well designed Android and Apple mobile app. Very easy to use. New features are added regularly.

Minimum transfer amount - €8 equivalent.


PayPal

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What PayPal does well

Sign up - Signing up takes little time, and you may do so by using the PayPal website or app.

Payment options - You can fund your account and transfers in different ways such as bank transfers, debit cards and credit cards.

PayPal app - The PayPal app is available for iOS and Android.
 

Where PayPal could improve

Phone transfers - PayPal customers can not send money over the phone.


CurrencyFair wins!

CurrencyFair scores better in the Ease of Use category.

CurrencyFair
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Winner

Support & Countries

CurrencyFair

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What CurrencyFair does well

Supported destination currencies - 21 currencies. AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR.

International presence - CurrencyFair local offices can be found in Ireland, UK, Singapore, Hong Kong and Australia.

Customer support - CurrencyFair’s customer support is very good. Local offices in Ireland and Australia provide 24/5 support.

Foreign language support - CurrencyFair’s website is available in English, French and German.
 

Where CurrencyFair could improve

USA support - No support for US residents. 

Local settlement accounts - Not all currencies support local bank transfer payments to CurrencyFair. This can mean higher fees by intermediary banks. (Read more in the CurrencyFair fees section).

CurrencyFair payment bank accounts - These have changed with some frequency. This can cause customer confusion and time while funds are paid to the wrong banks.


PayPal

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What PayPal does well

Supported countries - PayPal provides its services in more than 200 countries and territories.

Multilingual website - You can use the PayPal website in different languages.
 

Where PayPal could improve

Local phone support - PayPal could do better by providing local phone support in countries with large customer bases.


PayPal wins!

PayPal scores better in the Support and Countries category.

PayPal
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Winner

Trust & Transparency

CurrencyFair

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Where CurrencyFair does well

Regulated by - CurrencyFair is regulated by ASIC Australia and the Central Bank of Ireland. 

TrustPilot - A rating of Excellent by TrustPilot. CurrencyFair monitors TrustPilot for negative reviews. They respond publicly and work diligently to correct legitimate customer complaints.

iCompareFX visitors - Customers referred by iCompareFX make thousands of transactions with CurrencyFair yearly. 
 

CurrencyFair challenges

Fees transparency 

CurrencyFair has low and very competitive exchange rate margin fees. There is no need to not be completely transparent. iCompareFX believes that showing the real time exchange rate and the margin fee clearly within their money transfer wizard would result in a more positive customer experience.


PayPal

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What PayPal does well

  • PayPal is licensed to provide its services in all the regions in which it operates.
  • Dispute resolution and purchase protection for buyers.

Where PayPal could improve

Customer rating - PayPal gets a rating of Bad on Trustpilot. Several PayPal reviews written by customers highlight the company's poor customer service. None of the recent reviews have been answered by PayPal.

Exchange rate transparency - The non-transparent exchange rate margin leaves many customers wondering about the true cost of their transfers.


CurrencyFair wins!

CurrencyFair scores better in the Trust and Transparency category.

CurrencyFair
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Winner

The Result

Winner ribbon iconWinner

 CurrencyFair

CurrencyFair wins despite Paypal being similar across most categories.  The difference is in the Fees and Exchange Rates and Trust and Transparency sections.  The reason for this is Paypal charges higher than average fee and exchange rates.