By AltFi on Monday 30 September 2013
CurrencyFair, the world’s first peer-to-peer currency exchange marketplace, has announced that it has saved customers £15 million in bank charges since launching in 2010.
Using CurrencyFair’s MarketPlace platform, buyers and sellers are brought together to exchange funds directly with each other, setting their own rates in the process. For individuals not restricted by time, they can set highly competitive exchange rates and wait to be matched with a buyer, often achieving a better rate than traders.
During 2013, 11%, of customers, around the world, have beaten the interbank rate when transferring funds abroad.
CurrencyFair’s peer-to-peer currency exchange allows individuals to cut out the ‘middle-man’ to obtain the best possible exchange rate for 17 currencies, whilst avoiding expensive and often hidden bank charges.
Brett Meyers, CEO of CurrencyFair said: “Our MarketPlace allows customers to put their funds to work and realise savings that are often hidden in bank foreign exchange rates or extortionate charges. With 11% of our customers having beaten the interbank rate in 2013, it’s clear that more individuals than ever are taking control of their finances as a result of growing mistrust in high street lenders and poor savings rates.”