Does CurrencyFair Work in the USA?
Short Answer: Yes and No
CurrencyFair US works for non-US residents. You can send and receive in US Dollars to the US using CurrencyFair.com. But as a US resident living in the USA, you cannot setup a CurrencyFair account. (Check out a CurrencyFair alternative for US customers below – OFX.com, World First, TransferWise & XE Money Transfer)
Examples of how to use CurrencyFair US supplier or freelancer payments whose bank accounts are in the US. Or the reverse if you are expecting payment from a US based customer. They can transfer to the CurrencyFair US bank account for you to receive the payment and then convert and transfer globally cheaper than the local US banks.
When asked about US residents registering as CurrencyFair US customers, their Help & Support states the following:
“Unfortunately not, though we are continually adding more countries.”
A great alternative for US Customers is to use OFX.com. US residents can send money internationally at great rates. Read more about OFX.com in the iCompareFX review of OFX.com. Click here to activate your OFX Coupon to receive First 2 Transactions FEE FREE.
World First is a recent addition as an alternative for CurrencyFair USA customers. With local settlement accounts in the USA, it can be a less expensive way to send money overseas. Learn how to redeem and activate first two free transfer coupon for World First. Or read the iCompareFX.com review of WorldFirst.
Another great CurrencyFair alternative for USA Residents is HiFX. Specialists at transferring $50 – $500,000 worldwide. Get transactions free over $5,000 using this HiFX Coupon Link. Usual fee is $5 per transactions.
TransferWise, founded by the original Skype employees, is leading the fintech revolution globally. Their head office is in the UK and have offices all over the world. They have highly competitive fees with rates very close the market rate. TransferWise is a fine example of a CurrencyFair alternative for USA residents. Learn how to get the first £3000 (~USD$4200 equivalent) fee free on your first TransferWise transaction.
Can Anyone Register / Open a CurrencyFair Account
There is a list of countries that can register for a CurrencyFair account. I have put together that list for you in another post that you can here.
At the time of writing their Support Centre has the following statement which is not correct.
“Customers domiciled in any of the EU/EEA countries may register for a CurrencyFair Account.”
I have contacted them and they are working to update this now.
What Countries Can you Transfer to with CurrencyFair?
CurrencyFair advertises that they can send one way in to the country only with some countries and send and receive with a whole lot more. So although the Send and Receive Countries list shows the US Dollar, you can only transfer in and out if you are not domiciled in the US.
Send and Receive Countries
Euro, UAE Dirham, Australian Dollar, Bulgarian Lev, Canadian Dollar, Swiss Franc, Czech Koruna, Danish Krone, Pound Sterling, Hong Kong Dollar, Hungarian Forint, Norwegian Krone, New Zealand Dollar, Polish Zloty, Romanian Leu, Swedish Krona, United States Dollar and South African Rand.
One Way Only (into the country)
Israeli Shekel, Japanese Yen, Thai Baht, and Singapore Dollar.
So, to finish. If you are temporarily living / working in the US, why not setup your account with your home country bank and residence details in EU /EEA and then add your US and Non-US bank details to transfer in and out of the US in US Dollars. (Please check with US regulators or CurrencyFair to ensure that this does not breach US law or CurrencyFair conditions.)
- Find more CurrencyFair alternatives for money transfer customers in the USA, Europe, UK, MENA and Australasia…
- Click here to read a comprehensive CurrencyFair Review.
- Get your CurrencyFair Coupon for you first transaction free.
- Check out YouTube to register and activate your account in under 3 minutes!
- I am a small business. Can businesses use CurrencyFair?