How they describe themselves: CurrencyFair solves the pain experienced by anyone needing to send money abroad. Expats, overseas homeowners, and SMEs typically pay large spreads (up to 3%) and high international transfer fees of around €25 on every payment.
CurrencyFair’s solution is simple: We host a person-to-person marketplace where customers can negotiate their own exchange rates with other customers going the other direction. This innovative platform cuts out the bank margins and saves around 90% of the total cost of sending money internationally.
CurrencyFair itself, as a regulated entity, provides security and, where required, liquidity to ensure that the product operates safely and efficiently.
How they describe their product/innovation: CurrencyFair has completely upgraded the interface on its MarketPlace, making the process of order execution even simpler and more efficient. The new layout allows customers to easily and clearly view the market depth, helping them choose an appropriate exchange rate for their MarketPlace order.
Using CurrencyFair’s new MarketPlace, it is possible for customers to achieve an exchange rate approaching, and in many cases even better than, the market interbank rate otherwise only available to market professionals dealing in millions.