We created CurrencyFair because we believe that ordinary people, and businesses, should have access to the same great exchange rates for international currency transfers normally reserved only for banks and market professionals dealing in millions.
Three of us are expats, so we’d experienced first-hand what a blatant rip-off international money transfers could be; both in poor exchange rates and high international wire fees. As three of us are also ex-bankers (sorry, sorry, sorry!) we felt that we had the knowledge, the experience, and the network to come up with a better system. So that’s exactly what we did!
Several years ago CurrencyFair co-Founder Brett Meyers, an Australian expat living in Ireland, had a bad experience with an international transfer which cost him hundreds in bank fees (mostly hidden in the exchange rate). He resolved never to be taken for a ride like that again. From that point on, whenever he could, he exchanged funds directly with his mates.
In this manner, both Brett and his friends were able to avoid the hefty margin (typically 3%) built into bank exchange rates. They also avoided the international transfer fees, typically €25, since the funds were already in the country where they were needed.
CurrencyFair operates on the same principle, but takes away the hassle of having to find a friend with exactly the opposite requirement to you. In a safe and regulated online marketplace, you can exchange funds with others around the world, anonymously, with the funds being held at all times by CurrencyFair itself, in segregated client accounts, removing any risk. The result is fantastic exchange rates and low transfer fees, resulting in huge savings compared to banks and other online brokers.
CurrencyFair was incorporated in April 2009, and went live online at the start of May 2010. Since then we have served thousands of customers, saving them millions of Euros in bank fees and exchange rate charges. Based in Dublin, Ireland, we are regulated by the Central Bank of Ireland under the Europe-wide Payment Services Regulations 2009. CurrencyFair Australia is regulated by ASIC, the Australian Securities and Investments Commission.
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