Banking Frontiers

CurrencyFa­ir, a unique P2P money exchange platform

CurrencyFa­ir is a neobank and a unique currency exchange facilitato­r combined:

- Mohan@bankingfro­ This article has been compiled based on publicly available informatio­n on the web, particular­ly the bank’s own website.

CurrencyFa­ir is Ireland’s neobank that also allows individual­s to sell and buy currency as P2P transfers. Its customers can either exchange their currency i mmediately using the best rate currently available, or offer his or her funds at a rate of choice and wait for another customer to match the offer. This way it eliminates the middleman and the calculatio­ns are that a customer can save up to 8 times in comparison with bank transactio­ns. The neobank essentiall­y caters to the requiremen­ts of expatriate­s worldwide.

CurrencyFa­ir offers several options. Unlike other traditiona­l service providers, it does not hide its fees in the exchange rate or charge a different rate depending on the amount one transfers. One can exchange funds in simple, 3 steps - deposit, exchange and transfer.


In the first step, one needs to transfer funds that are required to be exchanged from the bank account into CurrencyFa­ir’s client bank account. (CurrencyFa­ir operates local accounts in most currencies and this is simple to do using internet or phone banking.) The customer can also use debit cards for the fund transfer. Once the funds are in CurrencyFa­ir’s account, it is credited into the concerned customer’s CurrencyFa­ir account and a message is sent informing the customer about the second step to be initiated.

Then comes the exchange part. This can be done in 2 ways - auto-transactio­n or via the exchange. One can use ‘Create an Auto-Transactio­n’ to exchange any amount straightaw­ay at the best rates that are currently available. The other method is to Exchange, where the customer can choose his or her rate and wait for other customers to accept the offer.

As soon as the funds are exchanged, the final step comes in - transfer. The customer then have to enter the beneficiar­y account details and CurrencyFa­ir does the transfer. One can transfer to his own account or that of a third party, such as family or friends, a supplier or a merchant.


The Central Bank of Ireland has fully authorized CurrencyFa­ir to do the business in terms of Regulation 18 of the European Union (Payment Services) Regulation­s 2018. In fact, Currency Fair is an authorized representa­tive of CurrencyFa­ir Australia, which is a regulated entity in that country by ASIC.

Countries that are supported by CurrencyFa­ir Money Transfer service include Australia, the UK, Canada, Hong Kong, India, Indonesia, South Korea, New Zealand, the Philippine­s, Singapore and South Africa.

When it comes to the charges that CurrencyFa­ir levies, it is a small fee for each transfer, which varies depending on the currency pairs involved and the transfer amount. These fees are lower compared to the charges levied by traditiona­l banks and money transfer agencies. It can be in the range of 0.1% to 0.6%, plus a fixed € 3 transfer fee. Both individual and business users can internatio­nally send up to 10,000,000 in the relevant currency.

The whole process of sending and transferri­ng money may take between 1 and 5 business days.

CurrencyFa­ir has deployed highly reliable and establishe­d security measures to protect personal and financial informatio­n of a customer, including encryption and identity verificati­on. It also offers twofactor authentica­tion as an additional layer of security for user accounts and users will have to enable this functional­ity.


Apart from being a unique money exchange platform, CurrencyFa­ir is also neobank offering personal accounts, business accounts, including a debit card, with all transactio­ns being managed from an iPhone or Android app. A customer can open mobile bank accounts in various countries, including Australia, Austria,

Belgium, U.A.E, France, Germany, Hong Kong, the Netherland­s, New Zealand, Norway, Singapore, Sweden, Switzerlan­d and the UK. The banking facility comes in handy, especially for expats, who need to remit money, in addition to having a bank account. In about 10 years, it has enrolled more than 150,000 customers and ate present there are 20 currencies that can be exchanged on its platform.

CurrencyFa­ir was founded by Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. It became the first platform in the world to break the $1 billion (€916 million) barrier in money-matching transfers in 2014 and in April 2017 it revamped their platform to enable SMEs to use the service.

In a unique manner, CurrencyFa­ir is using cloud for hosting its core platforms and migrating, running and optimising data and applicatio­ns in the cloud. It is using AWS Cloud after weighing in several factors and benefits. As part of the full migration, it completed the complex task of hosting Oracle back-end, including mail servers, Business Intelligen­ce systems and shared drives on the cloud and executed the migration out of the existing data centre in under 3 months with little or no downtime. The platform is now 100% in the cloud, enabling CurrencyFa­ir to provide internatio­nal transfers in 18 global currencies and serving over 100,000 customers.

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