How they describe themselves: CurrencyFair solves the pain experienced by anyone that needs 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: With CurrencyFair’s new mobile app, it’s easy to make exchanges on the go, at the exact moment you choose.
There will also be a host of new features, such as the ability to set a rate alert when, for example, the rate available on CurrencyFair is better than the current market mid (interbank) rate.
Bus. Dev., Press & Sales: Brett Meyers, Managing Director, email@example.com