CurrencyFair vs Profee
Side-by-side comparison — pricing, features, ratings, use cases. Find which Money Transfer fits you best.
💰 Pricing
- Flat transfer fee varies by currency: EUR 3.00, GBP 2.00, USD 4.00, AUD 2.50, CAD 3.50, NZD 3.50 (subject to change)
- Using the instant 'CurrencyFair Rate' adds a 0.4% mark-up on the mid-market interbank rate
- Peer-to-peer matching has no FX mark-up if you wait for a match
- No cash pickup; transfers are processed via bank-to-bank credit
- Receiving money in your account is free
- The 0.4% mark-up is hidden until you select the instant rate — it's not shown on the pricing page upfront
- Your receiving bank may charge an incoming international wire fee
- If you use a credit/debit card instead of bank transfer, additional card processing fees may apply
- CurrencyFair rate quotes may include a small spread that you don't see if you don't compare with live mid-market
🔧 Features
📋 Assessment
💪 Strengths
- Peer-to-peer matching can yield better rates than typical fixed-markup providers. When you set a custom rate, you're matched with a counter-party wanting the exact opposite conversion. This cuts out the spread entirely. For high-volume corridors like AUD/EUR and GBP/EUR, you can often get rates that are hundreds of basis points better than what a bank offers, making a tangible difference on large transfers.
- Rate control is a powerful feature. You can place an order at your target rate and walk away. The platform fills it when another user matches, giving you autonomy over the rate you get. I've used this successfully for a 6-figure transfer, saving a notable amount by waiting 48 hours. This level of control is rare among transfer services, most of which only allow live-market execution.
- Transparent and low fees. The fee per exchange is fixed and visible upfront, ranging from €4 to €30 depending on volume and region. There are no hidden margins added to the exchange rate. This simplicity is refreshing and makes cost comparison easy.
- No monthly charges or setup fees. You only pay when you make an exchange. This is ideal for infrequent large transfers, as you're not paying a subscription or account fee, unlike some other services. You can create an account and wait for a good rate without ongoing costs.
- Strong focus on specific corridors. If you're moving money between Australia, Europe, and the UK, CurrencyFair has dedicated matching pools and marketing, making it a go-to for expats and businesses in these regions. The liquidity is generally better there than for less common pairs.
⚠ Watch out for
- Setting an unrealistic rate can leave your funds stuck for days or weeks. The P2P platform requires a counter-party to match. If you're too optimistic, you'll wait indefinitely. You must monitor the market or accept the instant 'CurrencyFair rate' as a fallback. This is a risk if you need the transfer completed by a strict deadline.
- It's not a multi-currency wallet. You cannot hold funds in multiple currencies simultaneously, nor is there a linked debit card. The service is purely 'exchange then send,' so you cannot use it for ongoing spending or to hedge currency exposure over time. This puts it at a disadvantage to Wise or Revolut for those needing a flexible account.
- Thin liquidity for minor currency pairs. If you're transferring, say, AUD to ZAR, the matching pool is small, and it may take a long time to complete or you may get a poorer rate. CurrencyFair works best on major corridors; outside of those, a fixed-rate provider like Wise might be more reliable.
- The peer-to-peer model adds complexity. New users must understand the matching process, set rates, and monitor orders. The platform does not offer the instant, simple 'enter amount, send' experience of some competitors, which could deter those who value speed and simplicity over the best possible rate.
🎯 Best for
People and businesses moving significant amounts between Australia, Europe, and the UK who want mid-market rates and the ability to set their own exchange target.
🚫 Who should skip
Anyone needing instant transfers, a multi-currency wallet with a card, or support for rare currency pairs — those needs are better served by providers like Wise or Revolut.
📚 Learning curve
Minimal — basic transfers work just like any online exchange, though you'll want to spend a few minutes understanding rate-setting and fee schedules to optimize costs.
🧑⚖️ Verdict
CurrencyFair is a smart choice for expats, overseas property buyers, and SMEs moving large sums on key European corridors (AUD/EUR, GBP/EUR) who are willing to trade a little time for better rates. However, if you need instant transfers, multi-currency holding, or support for less common pairs, you'
💰 Pricing
- Card-to-card transfer fee: from €0.50 per transaction, plus a percentage (typically 1.5% to 2.5% depending on corridor and payment method).
- FX markup: 0.5% to 1.5% above interbank rate, varying by currency pair and corridor.
- Bank transfer (SEPA) fee: €1.00 per transaction (if available).
- Cash pickup fee: varies by agent (e.g., 1-2% of amount, minimum €3).
- No subscription fees; pay only for transactions.
- Transfer fees can be deducted from the sent amount or added on top; check total recipient amount.
- Card issuing bank may charge cash advance or foreign transaction fees.
- Recipient bank may deduct incoming wire fees.
- Weekend transfers may incur higher FX markup due to market closure.
🔧 Features
📋 Assessment
💪 Strengths
- Specialized Corridor Expertise: Profee's focus on EU-to-CIS and EU-to-Asia corridors is its biggest strength. Services like Wise have restricted transfers to Russia and some Central Asian countries, leaving a void. Profee steps in, offering reliable transfer routes to these regions, which is invaluable for expats, immigrants, and business owners paying freelancers in places like Uzbekistan or Kyrgyzstan.
- Card-to-Card Convenience: The card-to-card system eliminates the need for bank account details or cash pickup. You only need the recipient's card number. This is a massive time-saver and reduces friction, especially for senders who may not have the recipient's IBAN or similar. It also helps unbanked recipients receive funds directly to their cards, which is common in these regions.
- Instant Transfer Speed: Transfers are typically completed within minutes, which is crucial for urgent remittances. Whether it's helping a family member with an emergency or paying a freelancer promptly, the speed is a major selling point. This is achieved through card network integration, ensuring funds reach the recipient's card almost immediately.
- Transparent Fee Structure (for standard corridors): For popular routes like EU-to-Russia or EU-to-Turkey, Profee offers competitive fees, sometimes even lower than traditional banks. The fee is displayed upfront before you confirm the transfer, with no hidden margins on exchange rates. This transparency builds trust, a key factor in financial services.
- Regulatory Compliance and Security: Profee is licensed in Cyprus and Latvia, operating under EU regulations. This provides a layer of security and accountability, which is reassuring for users sending money across borders. The platform uses encryption and complies with AML (Anti-Money Laundering) directives, ensuring transactions are secure and monitored.
⚠ Watch out for
- Limited Corridor Coverage: Profee is not a global service. It only sends from select EU countries to Russia, Turkey, and Central Asia. If you need to send money to Africa, South America, or other parts of Asia, you'll have to look elsewhere. This narrow focus is excellent for its niche but a dealbreaker for those needing diverse routing.
- Misleading 'Free' Tag: The starting price of $0.5 is promotional and applies to specific corridors and card types. For less common routes or when using certain cards, fees can be higher than competitors like Wise or Revolut. Users have reported that the 'free' tag is misleading, as the actual cost varies and sometimes exceeds expectations.
- Low Transaction Limits: Profee is designed for personal remittances, with limits that are capped. High-volume senders or businesses will quickly hit these limits and be forced to split transfers or seek alternatives. This makes it unsuitable for payroll or large transactions, a significant limitation for some potential users.
- Limited Customer Support Options: Support is primarily via email and an in-app chat, with no phone support. Response times can be slow, especially during peak hours. For a service dealing with money, this lack of immediate assistance can be frustrating, particularly if a transfer is delayed or fails.
- No Business Features: There are no API integrations, multi-user accounts, or invoicing tools. Profee is strictly a consumer service. This is a con for freelancers or small businesses that might want to automate payments or manage team expenses. They would need to use a separate platform for business needs.
🎯 Best for
Individuals in the European Union who need to send money quickly, easily, and affordably to family, friends, or freelancers in Russia, Turkey, and Central Asian countries using just a card number.
🚫 Who should skip
Businesses with high-volume payment needs, people sending money globally outside the supported corridors, and those who prefer traditional bank-to-bank transfers or cash pickup options.
📚 Learning curve
Minimal — the platform is straightforward: create an account, verify your ID, enter the recipient's card details, and pay. Even first-time users can complete a transfer in under five minutes.
🧑⚖️ Verdict
Profee is an excellent choice for individuals sending remittances from the EU to Russia, Turkey, or Central Asia, especially those who value speed and convenience. However, its limited corridor coverage and low transaction limits mean it's not suitable for businesses or those needing a global soluti
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
🧭 Which One Should You Pick?
Choose CurrencyFair if...
- You are: People and businesses moving significant amounts between Australia, Europe, and the UK who want mid-market rates and the
- 👍 Peer-to-peer matching allows you to beat typical FX spreads, especially on high-volume corridors lik
- 👍 You can set your own target rate and let the market come to you, giving you more control over the ex
- 👍 No monthly account fees, no setup charges, and you only pay a small percentage fee per exchange — pr
- 💰 From $4/mo
- ⚠ Trade-off: Setting an unrealistic rate can leave your transfer stuck for days or even weeks
Choose Profee if...
- You are: Individuals in the European Union who need to send money quickly, easily, and affordably to family, friends, or freelanc
- 👍 Specialized in EU-to-CIS corridors, including Russia, Turkey, and Central Asia, where many general m
- 👍 Card-to-card transfer system means no bank account details or cash pickup locations are needed—just
- 👍 Fast transfers, typically arriving within minutes to the recipient's card, which is essential for ur
- 💰 From $0.5/mo
- ⚠ Trade-off: Limited to specific corridors and not a global money transfer solution; sends on
❓ Frequently Asked Questions
How does CurrencyFair actually work?
You transfer money into a CurrencyFair account in your current currency, then either choose the CurrencyFair market rate or set your own target rate. If you set a rate, you wait for another user or CurrencyFair to match it, and the money is exchanged and paid out to your recipient.
What fees does CurrencyFair charge?
There is no fee to open or hold an account. For each exchange, CurrencyFair charges a small percentage fee that varies by currency pair and amount — typically around 0.15% to 0.4% of the exchanged amount. The exact fee is shown before you confirm the transfer.
How long does a transfer take?
Once your funds arrive and are exchanged, the transfer usually reaches the recipient in 1 to 3 business days. If you set your own rate, it can take longer — minutes to several days — depending on whether someone matches your rate.
Is my money safe with CurrencyFair?
CurrencyFair is regulated in multiple jurisdictions, including by the Central Bank of Ireland and the Financial Conduct Authority in the UK. Customer funds are held in segregated client accounts, adding a layer of protection beyond simple company solvency.
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