People who are not sure whether they should choose CurrencyFair or UKForex often seek opinions from others. Unfortunately, deciding between these two prominent fund transfer companies requires a little effort on your part. One bonus is that both companies offer better exchange rates than most leading banks.
Trustpilot, a website where you can find reviews of online businesses, gives you some indication of the UKForex vs. CurrencyFair comparison. While UKForex scores 9.2 out of 10, CurrencyFair averages a little higher, at 9.6. However, this does not necessarily indicate that CurrencyFair is better for you.
When choosing one of these two specialist money transfer companies, you have to pay attention to the details. To keep the decision making process simple, this CurrencyFair vs. UKForex comparison is broken down into the following sections:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Funds Transfer Service Fees
Neither CurrencyFair nor UKForex charge any hidden fees. While the CurrencyFair fee structure might seem complicated at first, a couple of transfers clears it all up.
- If your transfer through CurrencyFair finds a match at the recipient’s end, you have to pay a flat €3 fee along with 0.15% of the transfer amount.
- If your transfer does not find a match, CurrencyFair charges a flat €3 fee along with 0.4% to 0.5% of the transferred amount.
- On average, CurrencyFair customers pay 0.35% of the transferred amount in fees.
- This page provides more information about CurrencyFair fees.
- UKForex charged a flat fee for transfers in the past. Today, all transfers through this company are fee-free.
Ease of Use
Signing up With UKForex or CurrencyFair requires that you submit a simple online application. This process should take no more than 5 to 10 minutes. Both companies verify details you provide before they activate your account.
- You can access the CurrencyFair website in English, French, and Polish.
- As an international customer, you make payments via electronic bank transfers.
- If you reside in Ireland, you can make payments in Euros by using a debit card issued by an Irish bank.
- Don’t miss out the great savings when you use the CurrencyFair Exchange Rate Alerts.
- You can also make payments to UKForex via electronic bank transfers.
- The company outlines other payments options in the deal confirmation, which can vary depending on the country of your residence. For example, from New Zealand you can make payments via electronic fund transfers and direct debit.
Regular Overseas Payments
Both, CurrencyFair and UKForex let you set up regular fund transfers.
- Can CurrencyFair help me beat the banks for US customers??
- When CurrencyFair and TransferWise go head to head.. who wins?
- Who are the alternatives to CurrencyFair? Found out here.