Since 2009, CurrencyFair has been providing low-cost currency transfers, saving their customers up to 88% of the total cost involved, in a market which sees around $5 trillion transferred every single day.
Having transferred over €4 billion to date, CurrencyFair is well positioned to increase consumers’ awareness of traditional banking practices (and fees!) in this area.
Like all great ideas, necessity led to invention. Founder and Chief Strategy Officer, Brett Meyers, grew tired of the banks’ fees and charges very time he sent money abroad. An Australian expat living in the UK and then Ireland, he began exchanging currency with his friends, using the mid-market (or interbank) rate and depositing into each other’s accounts, thus avoiding the extra charges banks’ add to international transfer. This simple idea led to the creation of CurrencyFair.
Sending money across borders with your bank isn’t quite as simple as it might initially appear. With fees added at either end, and quite often a hefty margin on the exchange rate itself, you can lose a fair chunk of your money. With CurrencyFair, you don’t – the banks’ fees are avoided by using domestic transfers at either end, with the currency exchange itself taking place on their platform.
One major advantage CurrencyFair offers over traditional methods of exchanging currency is control – you know exactly how much money you’ll get at the other end of the transaction. A flat fee (€3 per transfer) and an upfront exchange rate offers a level of transparency most other providers simply can’t provide. In the Exchange, users can even request a better rate and wait for the marketplace to accept, which can even be better than the interbank (the “real”) rate. This is unique to CurrencyFair.
Having saved their customers around €150 million so far, CurrencyFair have lofty ambitions. Continuing to provide a great currency service to businesses, retirees, expats, students, foreign property owners and much more, and a newly-acquired management team at the helm, rapid expansion and growth in key territories are the goals for 2017. Recent winners of the Irish/Australian Chamber of Commerce’s “People’s Choice Award”, CurrencyFair are worth keeping an eye on.