• July 24, 2024

A hands-on guide to cancel CurrencyFair transactions

    Over the years, the steady growth in the global economy and the rise in digital technology have created a large pool of potential senders and receivers for international remittances. In addition to that, users now find it easier and cheaper to send money across borders, which has also led to the growth of multiple Peer-To-Peer (P2P) payment transfer platforms.

    Incorporated in 2009 and headquartered in Dublin, Ireland, CurrencyFair is an online P2P currency exchange platform with the sole aim of making international money transfers cheaper, faster, and more transparent. Since its inception, the company has grown rapidly, and by 2014, it was named one of the “Top 50 Fintech Companies In The World” by The Financial Times.

    As of today, Currency Fair offers international money transfers in more than 20 currencies and can send money to over 150 countries worldwide. One of the primary advantages that goes in CurrencyFair’s favour is its fast and reliable transfers, where recipients can obtain their money within the same day. In addition to that, the company’s servers are hosted in the AWS (Amazon Web Services) Cloud, which allows for greater security and confidentiality for customer data.

    Besides sending money internationally, CurrencyFair can also assist you in buying property overseas, receiving overseas pensions, paying tuition fees, paying overseas tax, and receiving proceeds from selling shares. CurrencyFair also invests quite heavily in making its customer service more competent and quicker to serve customers. However, there are some areas in which the company still needs to improve itself, such as supporting more currencies in the future and adding more payment options (fund-in option for payment transfers) apart from bank payments.

    If you are a CurrencyFair user and want to cancel a transaction that you have just recently made in your account, then you can easily do so by following our steps provided below. To learn more about the cancellation rules, continue reading our comprehensive guide.

    How You Can Cancel Payment and Get Refund

    According to the terms laid down by CurrencyFair, customers have the right to cancel a transaction order, provided that the transaction is not already completed and the funds have not been deposited into the account of the recipient. Cancellation can either be done via the website or official app or by contacting customer care (for transactions that cannot be cancelled via the website or app). Additionally, if a currency conversion process was performed as part of or in connection with the payment transfer, then the successful cancellation of that transaction will not reverse the currency conversion.

    It should also be known that CurrencyFair explicitly states that due to the speed at which electronic payment transfers are completed (once they have been initiated), the company cannot guarantee that a payment transfer can be cancelled once the same has been imitated. This means that the customer must assume the risk that a transfer cannot be cancelled once it has been initiated, despite the company’s attempts to cancel it later.

    However, if the transaction is successfully cancelled,  CurrencyFair will also refund any fees that you paid for the transaction. Refunds will usually take around five business days to be deposited back into your account. With the fine print out of the way, let us go through the steps you need to fulfil to cancel your CurrencyFair payment transfer and get a refund.

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