If you’ve been keeping an eye on our online stats you may have noticed that CurrencyFair recently hit the €5 billion mark on currency exchanged. It’s an achievement that wouldn’t have been possible without our great customers, who have made total savings of nearly €193 Million as of December 2017 while trading with us.
We’re pretty excited to have reached our 5 Billion mark after only 7 years in operation. To celebrate this milestone we decided to have a bit of fun with numbers and illustrate how much €5 Billion is worth in the several markets our customers use CurrencyFair for.
What could CurrencyFair users spend 5 Billion on?
1: Buying houses abroad
CurrencyFair offers customers excellent opportunities to transfer large amounts of money between currencies at the best possible rates and many consumers take this opportunity when purchasing homes abroad.
Investing in foreign property is a rapidly increasing market, with almost 12% of property purchased in Spain last year acquired by foreign buyers. In Spain, a 144 square metre home costs on average €200,000 and so the total amount transferred through the CurrencyFair platform today could have purchased 25,000 midsize Spanish homes – that’s a house per day for 68 and a half years!
2: Buying cars
The cross-border European car market is another rapidly flourishing sector that we see our customers transacting in. According to recent stats , a brand new mid-range car will cost on average €28,000 in Europe. €5 Billion could buy 178,000 cars – which is more cars than have been sold in Ireland in any fiscal year for the past ten years.
3: College fees for foreign students
The UK is one of the top destinations for tertiary education in Europe. According to recent stats, close to 160,000 EU (non-UK) students are studying in the UK. Most of them have to convert Euro to GBP to pay for their tuition fees and living cost.
Considering the average annual cost of €30,000 for tuition fees and living expenses, more than 160,000 students could have paid their tuition fees and living costs with €5 billion.
4: Pensions living abroad
There are 108,000 British pensioners in Spain according to recent statistics. As many of these pensioners know, managing funds efficiently is the key to living a comfortable retirement abroad, which is why many choose CurrencyFair to efficiently transfer their income overseas.
With an average yearly pension income of €20,000, €5 billion would afford payment to twice the British retired population of Spain. In fact, it could afford to support the entire population of UK expat pensioners (currently 220,000) for an entire year – with change to spare!
5: Holidaying abroad
Anyone who has tried to do business in Europe during August will have noticed that August is prime holiday time. In fact holidays abroad are on the increase across the entire year. According to the Office of National Statistics there were 70.8 million visits overseas by UK residents in 2016, spending £43.8 billion in the process. The mass majority of this spending was converted into foreign currencies.
With an average cost per person of €1,400, the €5 billion traded with CurrencyFair could have sent over 3.5 million people on an all-inclusive holiday to a top destination. For perspective, that’s the equivalent of sending over three-quarters of the population of Ireland on holiday.
To find out more about how CurrencyFair could help you save on money transfers, visit our website.
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