CurrencyFair Review – Safety, Rates and Peer-to-Peer Transfers Uncovered

Did you know that peer-to-peer money transfer services like CurrencyFair can (possibly) save you a bundle of money?

Peer-to-peer is the latest when it comes to moving your money internationally but is it any better?…

Questions I will answer in this review.

  • Is peer-to-peer actually safe?
  • Are the rates better than other money transfer services?
  • What is the service like?
  • How do you sign up?
  • What does a transaction actually look like?

Watch this video to see me save $1000.

First – What the heck is peer-to-peer?

Simply put: Peer-to-peer money transfers are when you and someone in another country swap money.

For example, lets say you (Peer 1) have £1000 in the UK and you want to transfer that to Australia.

Fortunately, at exactly the same time someone else in Australia (Peer 2) has exactly the right amount of Aussie dollars that they want to transfer that to the UK to get £1000.

All you do is swap.

The advantages are huge, no fees, no dealing with banks charging exorbitant fees and giving you a bad deal (the spread) on the exchange rate.

You simply transfer the £1000 to their bank account in the UK and the do the same in Australia.

Of course, finding someone with exactly the right amount of money at exactly the right time and being able to trust that person is where things fall apart.

However a company like CurrencyFair make a pool of funds available in many countries at all times and if its not perfect, they make up the difference.

This means you can (theoretically) save a ton of money on international money transfers.

It also means that all the systems in place ensures things run smoothly.

But is CurrencyFair safe?

All money transfer companies and banks need to meet the requirements of financial regulators in the countries where they physically operate.

This usually means a lot of paperwork, hoops to jump through and bags of cash in banks in which they operate.

In a nutshell the best way to quickly determine how safe the company really is – is to look at the countries where they have offices.

CurrencyFair has offices in the Australia, Ireland and the UK. Australia’s financial regulator for example is considered very tough.

This does not mean you cannot send money from other countries or to other countries, simply that by virtue of operating in Australia, Ireland and the UK, CurrencyFair needs to operate within the guidelines of the regulators of those countries.

Are the rates better than other money transfer services?

Most people and even businesses still use a bank.

You probably know that banks charge an arm and a leg but if not …..

Comared to banks using CurrencyFair is an excellent way to save money, but are they better than comparable services like TorFX, Worldfirst and UKForex/OZForex that I have been using for years?

First let me say, whatever you do – do not believe the comparison sites rates.

Checking their rates is pointless!

If you read the fine print you will find that the rates shown are updated a regular intervals – but never in sync with the market which fluctuates second-by-second 24/7.

There is a very good reason for this – you can’t actually see the rate you are going to get until you log into their system.

How do you sign up?

The sign up steps are actually pretty fun.

You can start by seeing how much you will save on a bank… click the link at bottom of this page for the same form shown here.

CurrencyFair Signup and Comparison with Bank

Simple Signup

The process of signing up is two steps.

Step 1

Step 1 CurrencyFair


Step 2

Step 2 Activate Account

Step 3

Information Required by CurrencyFair

The system used by CurrencyFair in Step 3 is excellent and easy and makes it really easy to upload the information they need. All you need is a scanner or phone with a camera and then simply upload them.

What does a transaction actually look like?

How CurrencyFair Works - Transfer Platform

The Bottom Line


Extremely good service although I have not yet had a problem to test their service standards.

Sign up was simple and I love their platform for uploading document requirements (that all money transfer services require) – top marks.

Safety and security are as good as a bank or other money transfer service given that they are regulated inAustralia, UK and Ireland.

Rates and Fees are incredibly good. All money transfer companies easily beat the banks by at least a couple percent, but with CurrencyFair I was able to get rates close to the mid-market rate or 0.3%.

Usually 1% to 1.5% is considered very good.

Yahoo currency - midmarket snapshot

This snapshot of the midmarket rate was taken at exactly the same time as the trading screen above. The difference in exchange rates are as good as it gets.


  1. Sign up was very easy
  2. ID check system is the leader in the industry (this is usually the hardest part)
  3. Security is assured by virtue of being regulated in Australia, UK and Ireland
  4. The exchange rates I got were actually better than


Unfortunately if you are a resident of the US, due to the regulatory requirements (each State has its own requirements making it expensive and challenging) you cannot use CurrencyFair. Fortunately there are one or two great alternatives.

The only other possible negative: For some people, the level of control you have when you are making a transfer is pretty awesome. For me personally, I love this, but for many others the options of choosing “Better Requested” or “Best Available” or even choosing your own rate may be overwhelming.

CurrencyFair is a very solid choice if you want to get the best rates.

USForex Review (Now called OFX) – Safety, Speed and How it Works plus Trusted Reviews from others

Sending your money overseas can be a stress faced by many Americans and foreigners living in the US.

Did you know that hidden fees and terrible exchange rates are standard when using your bank and can be avoided simply by signing up to a service like USForex?

Hopefully, but really that is only half the story!Save Money on Money Transfers to and from America with Transumo

We all know banks provide very average customer service.

And that comes at a huge cost when you are sending money globally.

This is because customer service = piece of mind. For example, five days after you sent your money and it has not arrived, who are you gunna call?

Not Ghostbusters and not your bank either… (sorry, could not help myself)

So does USForex give us what we need?

  • Excellent Service
  • Great Exchange Rates
  • Low or No Fees
  • Safety and Security

Quickly, who the heck am I?

Quinn Askeland

My name is Quinn.

I was born in B.C. Canada and have been fortunately to have travelled and lived in the US, UK, Canada and Australia.

Now after living with my wife and 2 kids in North America for 10 years, we decided to sell our house and move back to Australia (again).

More importantly to you – right now, one of my my goals is to find out who does the best job at transferring our families money and not loose a good chunk in the process. This review is designed to help you find a great service without going to all the trouble of comparing all the different services.

For the purposes of my reviews, I am only be focusing on services that have operations in the countries where you live.

There are three very good reasons for this:

1. Your money is safe, because it is covered by the regulations in the US

2. Service standards are usually highest when the service has offices in the US

3. Rates can be most competitive because of economies of scale (Basically the more USD these guys deal in – the better the rate they can offer)

USForex Review

First let me say, I am very familiar with USForex. I have been using OzForex and CanadianForex (which owns USForex) for over 10 years and they share exactly the same platform.

This review is a renewed in-depth review of USForex.

For the purposes of this review I opened a brand new account and documented everything so you can get the good, the bad and decide for yourself.

First something lest look at something very important…

Safety and Security

As I already mentioned, using USForex for your international money transfers is no less safe than using any of the local banks. The safety is also guaranteed by the recent laws that were introduced by the federal government in February 2014. Nowadays, the US regulations of this matter are compiled under the Frank-Dodd financial regulation law. Besides the law, every state has its own ways of regulating money transfer companies.

Such companies that operate oversees are required to meet certain requirement for the anti-money laundering laws among the other regulations of the other countries.

The final goal of these regulations is to make the companies fully responsible for protecting their customers. As a result, no money transfer company would actually put themselves at the risk of losing your money.

The conclusion is that the risk of losing your money is super low.

How it Works


The set-up process is quite easy. The website, along with the customer support service team (if required), will guide you through the whole process. Basically, there are two things that you need to do:

  1. Register Online (clicking this link will give you two free transfers – usually you get only one)
  2. Verify Identity

Registering includes these basics steps. Due to local legislation and compliance requirements, USForex needs to confirm your identity. This can be done by email or, in some cases, automatically.

In my case, I had to send the information by email. There is nothing complicated with verifying your identity. All I had to do was take a screen shot (click to see how) of my bank account online and send it as a reply to the email from the USForex customer service team member.

There was no need to include transaction details; the recent statement with name, account number, date and bank logo on it was more than enough.

After that, I just scanned my driver’s license (a photo taken with a smartphone is also valid). I also filled out a “Direct Debit” form and sent it through with everything else, but that is not a requirement.

The whole process took only few minutes and was really simple.

USForex also has electronic checking facilities and if you are lucky enough you will not need to send anything as they may be able to active your account immediately.

Sending Money

USForex offers you two options of topping up your account:

1. Direct Debit
2. US Wire Transfer

The Direct Debit requires you to fill out a special form to authorize your further transactions, but once you have set it up, it is super easy and completely free. So, the benefits of this method are obvious, the only disadvantage might be that you are limited by $25k for your first transaction and $50 for the next ones.

US Forex also offer a “penny test” for extra security. The way that it works is that they send you a small amount and wait for you to verify that you received the money.

Next, we have the wire transfer method, which allows you to transfer larger amounts, but is not free. With US Wire Transfer, you are paying a fee to your bank ($25 in my case). When you have to transfer large sum ($50k) this might be the only option for you, but it is still better than getting ripped off by the hidden fees of the banks.

Plus, US Forex offers better exchange rate as the amount increases.


Once I had the money on my US Forex account, it took only three days to reach my Australian bank account. It was easy to monitor as I received email notifications on every step of the process. (It is optional though, you can also disable the email notifications.) This was several days faster than my previous bank-to-bank transfers. Don’t forget that it may take an additional day or two for your bank to get the money to your US Forex.


Rates and fees of the money transfer companies are impressive, but service is where they completely take over the banks. Us Forex provides not only 24/7 online transactions, but phone based ones as well; it can be really convenient at times. You can call any time and expect the answer on the other end.

Online transactions can also have its benefits. US Forex gives you an opportunity to observe each step of your transactions and request email alert every time something is done. Compared to the banks that always give you the worst rate possible, you can save plenty of money by monitoring the “live rate”.

It was one of the greatest benefits for me; I managed to save a lot of extra money with such level of control and communication. To be exact, I saved $1220 on a $20,000 transaction following my own advice.

If you feel too lazy to watch the rate all day, you can easily save money simply by using money Transfer Company like US Forex.

Rates and Fees

Saving money is definitely something that makes me happy, but what really excites me is not giving it to my bank.

The fixed fee is one of the best parts of the US Forex; it ensures that there are no hidden fees on the other end. But, what makes it truly awesome are the exchange rates that can save you thousands of dollars in the end.

There is a simple logic behind the US Forex exchange rate – “the more you transfer, the better the rate”; that is how it was explained to me.

I compared the mid-market rate and the rate I was offered by US Forex on my online transaction and the difference was 0.9%. Keep in mind that the rate improves for larger amounts. As for the banks, the difference is somewhere between 2% and 4%; this can be a lot when transferring big amounts. To be precise, you save minimum of 2% on every transaction that is $400 per $20,000 transaction.

Trusted Reviews from Others

Before giving my full endorsement I like to make sure I am not the only one having a good experience. There are loads of review sites out there the key is know which ones to trust.

Better Business Bureau – is an organisation the registers complaints and reviews and is a great place to start. The only thing I could find here was a complaint saying that they did not get a $50 gift certificate. The complaint was also resolved, but most importantly no mentions of bad customer service or bad rates mentioned.

Reviewcenter seems to be the most comprehensive site for USForex with 104 reviews.

Here are their results:

USForex Reviews

Compared to Xoom which is a leader in the industry (usually small amounts) with over 6000 reviews – They got 4.4/5 and 90% of users recommend their service, which is pretty awesome but in my opinion there is a big difference between 96% and 90% wanting to use the service. That presumably means 4% or 10% would not recommend it.

The Bottom Line

From my previous experience with the company I was expecting a great rate, awesome service and fast transactions and I have to say I was not disappointed.

USForex has stood up to my high expectations so far.

Other reviewers also agree with my assessment.

What could I possibly complain about?

Well it would be better to avoid the paperwork, but that is just US legislation and there is probably nothing USForex or any other service can do about that and in the end it is to our benefit anyway I figure.

Anyways, it is not a big of a deal if you consider all the other benefits.

Overall, I was very pleased with USForex and will continue to use them personally.

If you feel like sharing your experience saving money or asking any questions, please do not hesitate to comment below.

Thanks for reading!


The Cure to Money Transfer Jitters – Currency Exchange Alerts (with a Twist)

Have you ever noticed that sometimes emotions get in the way of good decisions?

I am definitely guilty!

For example, in the past I have tried to save a few extra bucks by watching the charts every minute…

I waited, thinking if I waited for some news to be announced like an interest rate announcement, maybe I could get a better rate only to discover a few days later that if I had only just gone ahead and made the damn transaction I would have saved a few hundred bucks.

Here is the way to end that craziness!

Currency Exchange Alerts

This morning I got an email that saved me $262 (or 1.3%) on a money transfer that I wanted to do sometime this week and it only took me 5 minutes to set up.

As I was making the transaction I thought – “This takes me 5 mins and just saved $262, why not do a little video to show others how it works”

Here it is that video:

List Free Currency Exchange Alerts:

Apps for Currency Alerts

After you have registered with one of these, simply use their alert service.




Canadian Forex Review (Now called OFX) – Security, Speed and How it Works

For most Canadians, sending your money overseas can be a somewhat expensive and stressful process, but I know it does not have to be that way.

As you may have recently found out, the big banks in Canada are a rip off when it comes to international money transfers. What you may not know is not only do you get charged huge fees to send your money ($25 – $50) but the receiving bank will also hit you with receiving fee (Another $20-$80).

Unfortunately that is not the worst of it – the exchange rate that Canadian banks offer you is where they really take you to the cleaners. Fortunately there is a way to save a big percentage – potentially many thousands of dollars and certainly I have.

Family move loomingYet most Canadians still use banks because of the perceived security they offer, but there is a much better way – just as safe, a lot cheaper, faster and with much better service too.

These are a new breed of money transfer companies and I will uncover the best of them for you.

My name is Quinn and I was born in B.C. and raised in Australia – as a result I continually travel the world and after almost 10 years in Canada with my wife now, the sale of our house in Toronto and with a move back to Australia looming I decided to find out who was the best at transferring our families money from Canada.

Canadian Forex

I am actually pretty familiar with OzForex, the Australian stock market listed parent company who owns CanadianForex. I have been using OzForex for many years, but when it came time to send money back home again, I found out that I needed to register with CanadianForex separately.

Rather than just use a company I was familiar with, I decided to take a deeper look at all the companies that operated in Canada – make sure I was getting the best deal on rates and most importantly that my money stayed safe.

Safety and Security

Because of onerous regulations, there are only a handful of operators with a physical presence in Canada – but I decided to limit the companies I was interested in to these companies. There is a very good reason for this – They need to be registered with FINTRAC which is Canada’s anti-money laundering and financial counterterrorism agency.

Just as we saw Canadian banks do well globally during the financial meltdown, I feel safe knowing my money is being sent using a company that has to jump through lots of Canadian financial regulatory hoops.

For me it is also icing on the cake that they have a physical presence in the US, UK and Australia too!

The other advantage I hoped they had was service – hopefully by being in Canada they would provide good service and decent rates too.

In the rest of my review you will find out how they fared.

How it Worked


As part of registering and complying with Canadian regulations there are a few things you have to do:

  1. Register Online – this opens to a new window (and will give you two fee free transactions)
  2. Verify Identity

Registering just takes a few minutes, then you have to confirm your identity which might be done automatically or else by email.

In my case they needed me to send information back, which you can email back to them.

Here is the email they sent:

CanadianForex Compliance Email

This is actually much easier than it sounds.

For example I just took a screen shot of my bank account online. The CanadianForex guy told me on the phone simply to reply to the email he sent. He also said that I did not have to include transaction details but just had to include my name, account number, date, bank logo of a recent statement. (I recorded the conversation to be sure this information is correct)

I scanned my drivers licence, but you could possibly just take a photo of it with your smartphone.

All in all this was really easy to do and took me just a few minutes.

I also sent them a “Direct Debit” form which I filled out and sent back with everything else but you may choose not to do this.

Sending Money

There are two ways to get money from your Canadian account to Canadian Forex:

  1. Direct Debit
  2. Canadian Wire Transfer

The direct debit option is free and very easy once set up but you are required to fill out a direct debit form to authorize the transactions. The benefit of this is that it is free and very easy – you don’t have to deal with the bank at all. The downside is that you are limited by $25k for the first transaction and $50k after that.

For added security, they also conduct a “penny test” which means they send a small amount and you call back to verify you received that amount.

The wire transfer option means that you can transfer larger amounts but you will pay a fee to your bank (in my case this is $25) but for larger amounts over $50k this may be the only way for you to go and actually the cheapest way to go as well because the exchange rate Canadian Forex offers gets better as the amounts increase.


It took three days from the time Canadian Forex received my money until it landed in my bank account in Australia. I know this because of the handy emails you can opt to receive.

Speed of money transfer Canadian Forex

Of course it takes a day or two more than this for your bank to actually get the money to Canadian Forex but still a couple of days faster than I have experienced with bank-to-bank transfers.


Apart from rates and fees, I think this is where money transfer companies crush the banks. CanadianForex for example offers online and phone based transaction services 24/7 – this means that I can call anytime and get help.

Usually someone in Toronto picks up the call but I have spoken to people in San Francisco and Sydney too while using OzForex all while living in Canada.

Online – I am not sure how it could be better. You can choose to lock in the rate when you want in real time. I have saved a lot of money having access to this “live rate” as opposed to a bank which just keeps the same crappy uncompetitive rate all day.

You can also watch what is happening each step of the transaction and set it up to send email alerts if you wish.

For me this is a godsend because as I showed here, I can save a great deal of extra money when I have this level of control and communication.

In fact for this review I actually followed my own advice to the letter and saved a bundle – to be specific I saved $1220 on this $20,000 transaction.

However the easiest, most passive way to save loads of money is simply to use a reputable company like Canadian Forex.

Rates and Fees

This is the best part – I enjoy saving money to some extent but not giving it away to my bank makes me very happy indeed.

The fixed fees charged are usually what people focus on, but over a few thousand dollars it is really the exchange rates that are the most important.

Canadian Forex like many of their competitors have a tiered rate.  In other words, as it was emplained to me, “the more you transfer, the better the rate”.

Based on the transaction I did online, the difference in the mid-market rate and the rate I was offered was 0.9% – of course for larger amounts you will see the rate improve.

A bank by comparison charges between 2% and 4% on the difference. If you want to know more about why banks charge an arm and a leg, I wrote a detailed page about this here.

In general terms this means you are saving at least 2% every time you transact – which is on $20,000 is $400.


I am really happy with CanadianForex so far – link opens to a new window and will give you two fee free transactions.

I hoped they would be pretty good based on my experience with OzForex.

I knew I would get a great rate and I did.

I hoped I would get great service and I did.

About the only complaint for CanadianForex has nothing really to do with them and more about the paperwork required – or should I say “email work” to meet Canadian regulations. That said, it is a small price to pay knowing your money is safe and secure.

Speed wise, I use to send all my money using banks and typically it will take 5 to 7 days for banks to transact. Bank to Bank CanadianForex was 2 or 3 days faster, but this may vary depending on the bank you currently use in Canada.

Oh Canada! – That is something to rejoice.

Now I know there will be questions and hopefully some experiences to share as well.

Please leave your comments and questions below!

Thanks for reading.

Should You Transfer AUD Now? – October Update 2014

Just over one month ago I wrote my second post about transferring Aussie dollars now or later.

Today, we will look at my results if I had taken my own advice and more importantly look at what we should do next!

As you may know, I have saved thousands of dollars with a simple approach to charting. To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

Part of the 10% I saved is very easy – just by choosing a money transfer company that was right for my needs was the start. But the majority of this gain came from just being a little bit careful in when to send you money.

Results from last month



If you moved $20,000 to all three destinations one week after my short term recommendations you would have saved $570 or 2.85% in total!

You will notice however I got one wrong – that is to be expected. Like last week I only got 2 for 3 but charting trends is not an exact science we just simply seek in minimise the downside and potentially increase the upside. This is why I am sending a hypothetical $20,000 for all three currency pairs and then averaging them out by adding them all together to show the results.

From now on to be even more scientific, I will focus on what happened just one week later.

The question is after all – Should you send money now?

In addition to the week timeline, if I say WAIT – I will be providing a trigger point. For example, in this post I give specific instructions what to do.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Having said that I took my advice from last week and saved a bundle on the CAD to AUD! – I do put my money where my mouth is.

So, should you SEND NOW or WAIT?


Should you SEND NOW or WAIT for the following currencies:

  1. AUD to US dollars – AUD/USD is 0.875
    • My recommendation: WAIT (short term – 1 week) but send below 0.865
  2. AUD to British pounds – AUD/CAD is currently 0.546
    • My recommendation: WAIT (short term – 1 week) but send below 0.535
  3. AUD to CAD dollars – AUD/CAD is currently 0.988
    • My recommendation: WAIT (short term – 1 week) but send below 0.97

Here is my video which explains my reasoning behind these calls.

It is only my second one and I am working on getting being concise, informative and according to my wife, “sound a little more upbeat”… which believe me I am! Last weeks post showed how someone could have easily saved 4.9% just by following my advice the charts showed – this week 2.85%.


This month it was really tough to be confident. In general it looks like the Aussie dollar is trying to strengthen across the board so in some ways I am happy to see that they all seem to warrant a WAIT call. By waiting we are of course taking a risk of losing some money, but I am happy to accept that downside given the (slightly this month) greater potential for upside. Managing downside risk is only good if you follow through of course – for this you need to leave your emotions on the table and just act based on what you know.

You can get the latest analysis and charts for AUD sent to your inbox as soon as they are published each month.

Thanks for reading!


Should You Transfer CAD Now? – October Update 2014

Want to know when to send Canadian Dollars to US Dollars, GBP or AUD?

One month ago I wrote my first post for those who want to send money out of Canada and into US Dollars, British Pounds and Aussie Dollars. In this post, we will see if I my recommendation worked out?

And more importantly, what should you do now?

Over the years I have saved thousands of dollars with a simple approach to charting. To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

Part of the 10% I saved is very easy – just by choosing a money transfer company that was right for my needs was the start. But the majority of the gain came timing the market, which although not quite so easy  – I will answer for you now.

First, lets take a look at my results from last month.


If you look at the results you could say I was right 2 out of 3 times, which is a result I am happy with because the main goal here is to beat a random outcome of 50% but often worse. However I am especially happy with the result when you consider the results, because charting is a way to limit downside as well as increase the amount that arrives.

For example, if you moved $20,000 to all three destinations one month after my recommendations you would have saved $980 or 4.9% in total!

Results Math:


(0.905 – 0.922) x 20,000 = $-340

Note: I used 90.5c, because I said to pull the trigger below 91c and in practice this should always be done when you are confident the trend has been broken. As it turned out the trend was broken and the currency pair continued even lower.


(0.556 – 0551) x 20,000 = $100


(1.025 – 0.964) x 20,000 = $1220

Total Gain = -340+100+1220 = $980 or 4.9%

Note: Charting and timing is not an exact science, we are simply trying to make some money by waiting if the tend is clearly up but also limit loss by sending now. My method here of adding up all the different currencies is not exactly what would happen in practice either but its as close as I can show that this method works. 4.9% is a HUGE number in one month.

Going forward however I plan to try to be a lot more scientific about my results.

The question is after all should you send money now? I figure 1 week is better time frame than 1 month, which is starting to get into what most would consider long term.

In addition to the week timeline, if I say WAIT – I will be providing a trigger point. For example, in this post I give specific instructions what to do.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Should you SEND NOW or WAIT for the following currencies:

  1. CAD to US dollars
    • My recommendation: SEND NOW (short term)
  2. CAD to British pounds
    • My recommendation: WAIT (see notes for when to Send Now)
  3. CAD to Aussie dollars
    • My recommendation: SEND NOW (short term)

3 Month Chart CAD to USD

Recommendation: SEND NOW

Note on CAD to USD: Pretty clear chart that shows downward trend that should be respected as it may continue for many months.


October 2014 CAD/USD

3 Month Chart CAD to GBP

Recommendation: WAIT

However if a significant break below bottom most recent trend line occurs then this changes to SEND NOW. A significant break in this case would be 1/2 pence or 0.005.

Note: See-saw action leaves no confidence, but most recent uptrend shows that waiting may be the most beneficial.

October 2014 CAD/GBP

3 Month Chart CAD to AUD

Recommendation: SEND NOW

Note: Latest trend shows that it would be prudent to transfer CAD to AUD even if longer term the most recent strengthening continues. There is a good chance I will be wrong on this one because the most recent sideways action has only been relatively

October 2014 CAD/AUD



Timing of money transfers is not an exact science but it does work and I have saved many thousands of dollars over the years. My most recent result shows how I saved 4.9% in one month. It will be extremely interesting to see what happens next month with the most recent volatile action leaving no doubt that it is a good idea to remove emotions and just follow the charts.

You can get the latest analysis and charts for CAD sent to your inbox as soon as they are published each month.

Thanks for reading!


Should You Transfer USD Now? – October Update 2014

Want to move US Dollars from the States to CAD, GBP or AUD?

Transferring money overseas can be challenging – news, market commentators, forex analysts and changing economies can be sources of confusion for someone who simply wants to know if they should transfer US Dollars to the UK, Canada or Australia.

Transumo Man with US FlagI have shown how I saved $2500 or 10% in one transaction  by using simple chart analysis.

But I understand even simple chart analysis can be a challenge to get right so I will show weather you if you should WAIT or SEND your US dollar NOW for the CAD, GBP and AUD.

I will also provide some guidelines if I indicate WAIT as to what you do in the coming weeks.

Finally I will show on a monthly basis if my analysis and the charts have been correct and you can get the latest monthly analysis and charts sent to your inbox as soon as they are published.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Scroll down to see if you should SEND NOW or WAIT for the following currencies:

  1. US dollars to Canadian dollars
    • My recommendation: SEND NOW (short term) – Long Term WAIT
  2. US dollars to British pounds
    • My recommendation: WAIT (see notes for when to exit)
  3. US dollars to Aussie dollars
    • My recommendation: WAIT (see notes for when to exit)

 Should You Send USD to CAD Now?

USD to CAD 2yr Chart 1 October 2014Based on the two year chart the US dollar is strengthening against the Canadian and is pretty clearly in a long term uptrend.

The question is, should we sit tight or send our money now – I have found the three month chart is usually the best indicator when shown within the context of longer and shorter term trends.

USD to CAD 3 month chart 1 October 2014

Based on the 3 month chart, the trend is pretty clear. Interestingly the trend is at the top end of the channel right now so it looks as if you want to move your money now now will be a good opportunity to do it.

Longer term, clearly it might be best to wait. That said, if the USD to CAD was to fall significantly below the lower trend line (currently at $1.10) I would have no hesitation to move my money.

Lets take a quick look at the five day chart.

USD to CAD - 5 Day - 1 Oct 2014

The 5 day chart shows a continuation along the top end of the current trend with a slight dip recently. This tracking of the upper limit of the trend line is a clear signal to me that the risk is to the downside.

So should you send your USD to CAD now? – SEND NOW

You probably will save a cent or two in the short term.

Longer term however – if you have weeks or even months on your side, it looks highly likely that the US dollar will continue to strengthen. That said, all bets are off if the currency falls significantly below the three month trend line. A cent below the trend line would for me be enough to hit the “transfer money now” button.

 Should You Send USD to GBP Now?

USD to GBP - 2yr Chart - 1 October 2014

No shortage of excitement in this chart! The short sharp most recent trend is a strong turn around but the three month chart will be super important especially in light of the most recent little spike we can see in September which was caused by the Scots wanting, “Freeeeedoom!”

But since then the trend looks to have resumed – the three month chart will tell us if this is the case.

USD to GBP - 3 Month Chart - 1 October 2014

Well the Scots are staying, but that has not helped the GBP. Looks like the US dollar has continued along it very well defined upward trajectory.

The next chart, the 5 day, should always be taken with a grain of salt – just really checking nothing has radically changed.

USD to GBP 5 Day Chart - 1 October 2014


The 5 day chart just confirms the current trend. Right now, the trend is confined to a narrow band of upper and lower limits. So…

Should you send your USD to GBP now? – WAIT

However if the lower trend line is breached by more than 1/2 pence I would move my money immediately, or at least part of it. For now though, it seems like a good idea to hold on to this nicely entrenched uptrend and in the short term there is not much to be gained.

 Should You Send USD to AUD Now?


USD to AUD - 2 year chart - 1 OctoberThe two year chart shows some pretty amazing volatility, with the most recent trend sharp, short and sweet if your funds are in US dollars and need a home in Australia.

At $1.15 we are at a two year high, but the real question is does the three month chart show we are still in the same trend? The answer to this will significantly help our decision.

USD to AUD 3 month chart 1 Oct 2014

The three month chart seems to pretty clear show that the USD is gaining ground on the AUD. We never know how long this trend will continue of course, but we do know that it is in our interest to hold on tight for the ride – ready to jump if the time is right.

Lets to a quick check of the five day chart just to be sure the wheels are still on.

USD to AUD - 5 Day Chart - 1 October


The five day chart just further validates current trend.

So to answer the question, should you send your USD to AUD now? – WAIT

But be ready for decisive action.

The lower trend line on the three month chart indicates the ride might be over. If it was my USD on the line I would be enjoying this ride for all it has to offer, but with a very itchy trigger finger. As the two year chart shows the USD/AUD make uneasy bedfellows and a move of 1 cent below the bottom trend line would be enough fun for me.

Final Word

The only reason I suggest sending your money from the US to Canada now is that the currency pair is at the top end of the trend line right now.

Longer term the USD is clearly strengthening against all major currencies. If you have a longer term time horizon the trend shows that it will most likely pay to wait.

However, this of course can change without notice which is why I suggest keeping an eye on the lower trend line in all cases and be confident in when capitalizing on the majority of the most recent gains.

You know what they say – “Bulls make money, bears make money, pigs get slaughtered”

Get the latest analysis and charts sent to your inbox as soon as they are published each month

Should You Transfer AUD Now? – September Update 2014

Want to transfer Aussie Dollars to US Dollars, GBP or CAD?

It can be challenging to know when you should put the trigger.

Interest rates, reserve bank meetings … the list goes on but worst of all – conflicting forecasts and emotions can all conspire against you to make a wise decision.

Aussie Transumo ManHowever if you want to transfer Aussie dollars abroad, timing can make a significant difference to the amount that arrives.

Transumo’s motto is, “Money Transfers Made Simple”. We want to remove the emotions and indecision and replace those feelings in the form of confidence.

To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

In it I show the most important step is where using some simple charts to work out when it was a good time to send money.

The problem with this is, the charts change continually!

So, I have decided to show you what the charts are telling me right now if I wanted to transfer Aussie dollars to USA, UK or Canada.

To make it simple, I will say WAIT (if you can) or SEND NOW for each currency. I will assume you have a time on your side. If you need to transfer money in the next week – you need to transfer money in the next week so you should not worry too much about long term trends.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional. 

I hope this makes my position clear – This is just my opinion based on what I see in the charts and I have saved many many thousands of dollars following them with my own money.

Basically, this is what I would do and in some cases am doing. I hope it helps in making your own decision.

Scroll below for;

  1. Aussie dollars to British pounds (WAIT)
  2. Aussie dollars to US dollars (SEND NOW)
  3. Aussie dollars to Canadian dollars (WAIT)

Sending AUD to GBP?AUD to GBP 2yr Sept 2014

The two year chart shows the Aussie dollar has been struggling against the pound until this year and more recently it appears the Aussie battler may have turned the corner.

The three month chart is going to really helpful to see what is happening most recently.

AUD to GBP 3 month chart September 2014The three month chart shows we are in a pretty clear uptrend against the pound.

Interestingly, we are also at the top end of the channel created with the two parallel lines – so if I had to move my money in the next few days now would not be a bad time given that little spike up recently.

On the other hand, if I could wait I probably would.

Lets check the five day chart just to make sure.

AUD to GBP 5 Day Sept 2014I know what you are thinking.

It might just keep going … and it might, but the 3 month chart tells us that it could come back to earth or 56 pence pretty easily. That is why if I had a short term need to transfer some money I would probably do it now and be happy for the extra 1p or 2%.

Longer term though, I think it is pretty clear:

Send AUD to GBP? – WAIT


(Short Term – SEND NOW)


The current trend line is pretty clearly looking like the Aussie is battling back pretty hard, but it is actually the GBP that is losing steam. I will be watching the three month channel really closely though and any downside move through that bottom trend line would mean I would send some money. Also, the current trend is not even 2 months old – so while this could be something great my confidence is not.

Send AUD to USD?

AUD to USD 2 year chart September 2014

What is that song I hear everywhere, “like a roller coaster”

The roller coaster is one of those where you really wish you had not just had lunch. Long term it looks down, but just like a roller coaster you have no idea when things will change but you can be sure it probably will not be for long.

Maybe the three month chart will help a bit more:

AUD to USD 3 month September 2014


Nothing inspires me either way as to the long term direction – I just hope this ride is over soon.

The five day chart will likely be of little use to us because it really will not mean much in the big picture here, which is that up or down, it is very unclear.

AUD to USD 5 Day Chart 2014

No point in putting trend lines on the chart given what we just saw. We are all about the long term and I just put the five day chart in to make sure longer term trends are either still in place or if we need to be on the look out for a change.

This five day chart tells me little.

The only thing I can possibly glean from all this is the long term trend that the Aussie dollar appears to be weakening long term. Based on the two year chart I think it more likely will will see another leg to the downside.

Longer term though, I think it is not clear, but the Aussie is more likely to devalue further against the American dollar. Therefore if it was my money, I would have to at least send some now.



Send AUD to CAD?

AUD to CAD 2 Year Chart September 2014This chart reminds me of trying to help my three year old recently draw a W – except her version looked nothing like a W. Of course, I told her it was an excellent W and hoped that maybe one day before Uni she will draw one.

Experienced professional people will tell you something magical happens with a W formation – but I am sceptical and like simple trends. A W is supposed to mean a solid base has been formed and the move will be to the upside from here.

I would prefer to focus on the most recent channel which started in March and tells me a break through $1.00 or $1.02 will likely mean a pretty significant move – easily 6c or so based on the past moves over the last couple years

So now the three month chart has got me pretty excited!

AUD to CAD 3 Month September 2014

So close to 1.02 but clearly still stuck!

I don’t put much stock in the 5 day chart, but it always like to check. What if it is $1.03 now? If is was this might mean it has finally broken through and the people who believe in W are right.

AUDCAD5day5Sept2014Ahhhh – So close yet possibly so far away.

This is perfect example of why charts are so useful. Try as the Aussie might the Loonie is holding strong at 1.2!

So what does this mean?

Short term, you should probably send some Aussie dollars to Canada. Long term all bets are off and so if you can I would wait.


Send AUD to CAD? – WAIT

(Short Term – SEND NOW)


Final Word

The Aussie dollar is in a super interesting balance right now – poised to go higher possibly on the British pound but less convincingly on the Canadian dollar.

Looks like the pound could easily continue to lose more value here I recon.

The Canadian dollar is a fine balance, last week against the Aussie the charts were telling the opposite story then they are now – this makes me think waiting (if possible) is a good idea. If you have a short term time frame, sending Aussie to Canada now would probably prove to be a good move.

Sending Aussie dollars to American dollars is very unclear but because of the longer term – two year chart I am suggesting that sending some now might be a good idea.

Should You Transfer CAD Now? – September Update 2014

Want to move Canadian Dollars to US Dollars, GBP or AUD?

Transumo Man in Canada

I know emotions and opinions can all conspire against you to make a wise decision.

However if you want to transfer Canadian dollars overseas, timing can make a significant difference to the amount you end up actually receiving.

Transumo’s motto is, “Money Transfers Made Simple”. We want to remove the emotions and indecision and replace those feelings in the form of confidence.

To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction. It was fun to go back over old transactions and actually see my methods in action.

But it took me years to get good at it.

However, the most important step is where using some very simple charts to work out when it was a good time to send money.

But the charts change!

So, I have decided to show you what the charts are telling me right now if I wanted to move money to USA, UK or Australia.

To make it simple, I will say WAIT (if you can) or SEND NOW for each currency.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional. 

I hope this makes my position clear – This is just my opinion based on what I see in the charts and I have saved many many thousands of dollars following them with my own money.

Basically, this is what I would do and in some cases am doing. I hope it helps in making your own decision.

Scroll below for;

  1. Canadian dollars to US dollars (WAIT)
  2. Canadian dollars to British pounds (SEND NOW)
  3. Canadian dollars to Aussie dollars (WAIT)


CADtoUSD 2yr chart August 2014The two year chart is very interesting. Long term the CAD has been losing ground and short term too with a bit of crazy stuff in between.

Lets look at the the three month chart for some more clarity.

CAD to USD 2 month chart August 2014So should you send CAD to USD – Now or Wait?

Based on this 3 month chart I would say send now, but this is not the whole picture.

But of course, the current trend could reverse.

At some point it most certainly will – maybe now, maybe later.

Now finally, lets look at the most recent chart – the five day chart to make sure we haven’t broken through the upper trend line on the three month chart.

CAD/USD 5 day chart 28 August 2014Well Holy Cow! – It has broken through 91.5c trend line of the three month chart and headed out of the trough formed over the last month.

Therefore this to me means clearly:

WAIT (if you can)

From here, when I would actually send my money depends on when I need the money in USD. If it is in the next few days, any move below the bottom trend line would mean I would be sending the money.

If I have a longer term view (perhaps weeks or months), if there was a move at or below 91c I would pull the trigger, because that would tell me that it could easily continue its long term trend lower.


CAD to GBP 2 year August 2014

So should you send CAD to USD – Now or Wait?

This is a super interesting chart! Talk about a solid and well defined trend.

The most recent trend is so well defined, that I think this should be our focus. The three month chart will help tell the story.

CAD to GBP 3 month chart August 2014

OK this is super helpful. According to the 3 month chart we have not yet broken through the most recent long term trend which is £0.56 but we are at the top of our trend line.

This should mean that I would send the money now, but at some point the trend will be broken and right now there seems to be a really good attempt to do so.

Lets check the 5 day chart then!

CAD to USD 5 day chart August 2014

Still within the trend longer term trend line on the 3 month chart and at the top end of this trend line.



Yep, no doubt it will break through the upper trend line or lower trend line at some point, but for now it hasn’t and that makes me want to send at least some of my money now. The green line arrow provides just a little confidence too that the CAD is not going significantly higher against the British pound anytime really soon. See the summary for more information about why I would only be sending part of my money now.


CAD to AUD two year chart August 2014

So should you send CAD to AUD – Now or Wait?

The two year chart shows that you are getting less AUD now and possibly in the future too, but because this trend line is so wide varying 8c – I believe it is important to look at more recent time frames and the trend there.

CAD to AUD 3 month chart August 2014Based on both the three month chart and the two year chart the trend lines show that you will likely continue to get less AUD for your CAD.

Based on this, you should send your money from Canada to Australia now unless the five day chart tells us we might be breaking through the 98.5 upper trend line for the 2 year and 3 month charts.

It is important to also note that we are in trending downward to the top part of the 2 year channel. This means that even though the overall trend is down you could loose an additional 7c really easily.

Lets check the 5 day chart.

CAD to AUD 5 day chart 28 August 2014


At 98.5c the three month trend has been broken very recently.

Now it might be just a short term thing but the charts tell me:

WAIT (if you can)


The Canadian dollar according to the charts is in a super interesting balance right now and should be watched carefully if you are planning to transfer money from Canada to pretty much any currency but especially the US dollar and Aussie Dollar.

When you are talking about sending money between countries for personal or even business needs (not trading), five day charts should only be used really just to check the overall longer term trend lines have not been broken.

In two cases – the USD and AUD, the five day chart showed the Canadian dollar might be just about to get stronger – therefore if it was my money I would wait.

The British pound is the only exception. If I were moving money from Canada to the UK, I would move at least some of my money now.

However, given that the Canadian dollar does appear to be breaking through long established trend lines against the other two currencies I would be moving a smaller amount than my usual transactions.



How I Saved $2500 or 10% in One Transaction – Case Study You Can Follow

Want to know how you can save a bundle of money easily?

Transumo Saves You MoneyThat headline sounds corny I know. But at Transumo, I have written about how you can save hundreds, if not thousands on your money transfers very passively simply by using money transfer companies – we even show you can choose one best for your specific requirements.

And there is no doubt you can save 2 – 4% percent pretty easily just by registering with a reputable company – ideally in your country of residence.

What I am about to show you does require some minimal work on your behalf, but I use it every time and as you will see I get some pretty awesome results.

Now I want to show you how you can save even more by the simple timing of your transfers!

Sometimes MUCH MORE – like 7% on top of the juicy 3% or so you saved by not using a bank. That’s 10% in total.

Heres the cool thing, forget about pips, fiscal policy, reserve bank meeting predictions, candlestick charts, forward contracts and hedging …

In some situations complex solutions are helpful but most peoples needs are simple – we simply want the most money to arrive at A from B.

And you can make this happen.

I did and I want to show you very simply how.

Simple Needs = Great Results

You have money and you want to send to another country and you are not sure if you should do it now or reassess later – period.

If you are a forex trader stop reading now… I can’t help you – ever.

This simple method is for individuals and businesses that want to move money in days or weeks – not minutes.

Also, if you are happy leaving you money in the hands of commission based experts thats fine too – stop reading now – maybe you have someone you trust but I don’t. No one cares more about your money than you.

What Works – Simple Charts Method

The basic chart here was all I used to make my decision for a transaction I did moving Aussie dollars (AUD) to Canada (CAD).

Transumo Money Transfer Method Example

I know there are many ways to second guess yourself on this but I find that putting my trust in two parallel lines is all that is required. This is because these two parallel lines are not opinion – they define what is happening – simple supply and demand.

Currencies have a way of working in trend channels – just look at the channels since.

All you need to do is act when they break out of these channels if it is in your favour. This is what a “sell alert” is.

But, what if you were transferring money in the other direction?

Simple! A break out from this trend would indicate I should wait. In this case, waiting would have been a really good idea. In this case it went to 92c. In other words, for every 92c I have, I would get $1.

Pulling the trigger

The final step is important before you pull the trigger. Do you need the money now or can you wait?

Even if the trend is not in your favour you might need to act. Thats OK, we are not in the business of trying to make money doing this but if we can save a little or a lot by acting now or just holding on for a few weeks – why not!

Here is a transaction I made based on the chart above.

Money Transfer Example

In my example, I didn’t need the money to buy groceries but at the time I preferred to have it in Canada so it was an easy decision for me. Other times I have needed to money pretty immediately but I could always hold off for a few weeks and in this case a few weeks could make all the difference.

That’s it really – three simple steps or really just one if you just let the charts guide you.

Note: The rate on the 1 May shown here is the rate offered by the money transfer company. The actual spot rate or interbank rate was about 1.035.

Just waiting another another month to move my money would have meant I would have got 95c – a difference of 7c or approximately 7%. In my actual money transfer I figure I saved at least $1750 and more to the point the rate has not been that good since (1 year later).

Thats $2500 I saved in total! 3% for not using a bank and 7% with these simple steps.

I just showed you how I routinely save – in this case a cool 7% on my money with a slightly flexible time horizon. Its not trading, but it is money in the bank and you can be the master of making it happen very simply.

If you want to get the latest charts and analysis, each month I produce charts and analysis for all the major currencies including USD, CAD, and AUD on a monthly basis.

Over to you.

Let me know in the comments below, what you think of this process. Do you have anything else that helps you?

Thanks for reading!

By the way, I am not a financial expert of any kind and this is not meant to be financial advice – just a way for you to make your own decisions and have more control over your money with confidence.