Which scores better when comparing CurrencyFair vs XE? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
CurrencyFair
Overall score:
67
67
XE Money Transfer
Overall score:
71
71
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
38
38
CurrencyFair for individual customers offers a range of services beyond just international money transfer. CurrencyFair adds to their service offering for individuals on a regular basis. Currently they offer only online international money transfer features.
33
33
XE Money Transfer serves personal customers from a number of countries, giving them easy means to send money to more than 170 countries.
44
44
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.
56
56
XE Money Transfer gives business clients the option to choose from varied services.
50
50
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.
No. CurrencyFair exchange rate margin fees are non-negotiable with larger transfer sums.
46
46
Personal customers pay no transfer fees when sending money through XE Money Transfer.
Yes, these come in the form of the exchange rate margin that XE Money Transfer applies on existing mid-market rates.
83
83
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.
79
79
Sign up process - Register online or over the phone, by providing some basic information.
Payment options - Bank account transfers, debit cards and credit cards.
Phone transfers - Initiate transfers over the phone.
Speed - Most transfers process within 1 - 2 business days.
Mobile app - Available for iOS and Android.
ID verification - This process can take 1- 4 business days.
56
56
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.
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.
81
81
Supported destination countries and currencies - XE Money Transfer supports transfers to over 170 countries, in over 60 currencies.
Customer support - Customer support is available via email and over the phone, in English, French and Spanish.
Website languages - You can use the XE Money Transfer website only in English.
69
69
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 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.
69
69
Exchange rate margin transparency - XE Money Transfer’s exchange rates include margins that customers find out only after confirming their transfers.
XE Money Transfer scores better in the Trust and Transparency category.
WinnerCurrencyFair and XE compete relatively evenly against each other but XE wins. Despite tying in Support and Countries, XE provides superior services for individuals and offers enhanced trust and transparency to get them over the line.
