How is ExchangeFair able to offer such better rates?
Unlike most banks, we are an online service. We don't have the expensive overheads or costs of banks to meet so are able to offer you a much better exchange rate.
Can I track my money through the process?
Of course. We will not only email you at each stage of the process with confirmations but also you can log into your profile and see how the transaction is progressing.
How will I know when my money has arrived with the recipient?
As soon as the money has been transferred into the recipient's bank account we will send you an email confirmation.
How long does it take my money to send?
Typically funds will clear into the recipients bank account the following business day. We aim to get the funds there asap. If you make your transfer on a weekend, you will need to wait until a week day for the funds to transfer, but can lock in your FX rate at the time you use our service.
Which countries can I send money to?
ExchangeFair provides you the flexibility to send you money into any EUR, USD or GBP account.
What if the funds haven't arrived?
Don't panic. Our customer service team is available and will work with you to see what the issue is. Sometimes people may accidentally provide incorrect details for the recipient which can cause a slight delay in getting the money there. We track your funds at each step of the process and will always know where they are to help you.
Is this service safe and secure?
ExchangeFair is fully approved and regulated by the UK Financial Conduct Authority (FCA) is the main regulator in the UK for all banks and financial services companies. Our service is fully regulated, secure and safe to use.
Do I need to provide any identification documents?
The more information you can provide us on yourself the better. For transactions of certain sizes (e.g. Over £1,000) we will require proof of identity and address. This is an FCA requirement to do so. All documents can be simply uploaded to our website and we can verify in a short time frame to allow you to transfer your funds.
How do I transfer funds?
We accept both debit card and bank transfer payments into ExchangeFair. Our online system is simple and easy to use and will you through the process.
What information do I need to provide to create a profile?
The more information you register the more flexibility you will have over size of transfers you are able to do. The FCA requires us to know our customer, otherwise known as KYC. We at a minimum require your full name, address and an email we can use to contact you.
What information do I need to know for the recipient?
We need to know their full name (please avoid the use of nicknames or simply providing a first name or surname). We also require their bank account details through the use of an IBAN number. This is the international account number that allows us to transfer into their account.
Can I cancel a payment?
If you need to cancel a payment, please get in touch with our customer service team. We will do our best to cancel the transaction and return the funds to you.