Foreign Currency Exchange With Currency Fair

A Unique Marketplace for Foreign Currency Exchange Where People Sell Pounds, Euros, Dollars … to Other People

foreign-currency-exchangeLiving the expatriate life has a whole range of plus points but the cost of foreign currency exchange via the banks is never one of them.
Banks see expats as sheep to be fleeced – they know they have a near monopoly on international currency exchange, typically taking up to 3 per cent of the sum involved for a few clicks on their computer.
For banks know how reliant expatriates are on moving money – it could be a lump sum to buy a property, regular income from a pension, or cash sent home on a regular or occasional basis to families.
Now, however, there’s an alternative that brings a bit of fairness to expatriate financial planning.
It’s a new service called CurrencyFair and as the name suggests, it’s all to do with being fair.
CurrencyFair has created an internet marketplace where users can exchange currency with other users, cutting out the banks and other middlemen. In internet jargon, this exchange is called peer-to-peer and CurrencyFair is the world’s first peer-to peer foreign currency exchange marketplace.
CurrencyFair – rather like a dating bureau – joins people together over cyberspace to their mutual benefit with CurrencyFair taking a small commission. The whole process is anonymous so users never know who they are exchanging with.
Take this example. Customer A has Euros and wants US dollars. Customer B has US dollars and wants Euros. If both go to their banks, each side will probably pay 2.5 – 3% more than the interbank midpoint exchange rate, the rate at which banks exchange currency with each other.
But if both join CurrencyFair, they can swap their currencies at rates otherwise only available to huge multinationals and international money market professionals dealing in millions. And with CurrencyFair’s commission being incorporated into that rate and no hidden charges it really is a case of what you see is what you get. There’s no need to speak with a dealer to haggle for a better rate and users don’t have to take the best rate available; they can choose a rate, place it in the marketplace and wait to be matched. That makes it possible to get a better rate than the interbank rate!
All live rates are on the website, users don’t need to register to see them and there are no hidden charges or commission.
Transfer fees are also significantly lower than those levied by the banks and free for a year for all customers who register and complete a transaction before July 31st.
The article was written by CurrencyFair -The fair way for foreign currency exchange