Cutting Out The Middle-ManPeople are sometimes taken aback by our statement that CurrencyFair can often help people save up to 90% of the cost of sending money abroad.
We’re not surprised – it’s a big saving.The surprise is almost always followed by the question: How? It’s a fair question. After all, many people are not aware of the large costs charged by banks when sending money overseas. The charges include a large sending fee, a receiving fee, and sometimes a handling fee in the middle too. And of course, there’s always a horrible exchange rate forced upon you by the bank (it’s their sneaky trick when they pretend to offer you ‘Commission Free’ currency exchange). It’s not just us saying it. See what this consumer watchdog group had to say about this issue. So, reducing these excessive bank fees and charges is one way in which CurrencyFair helps people save up to 90% on currency exchange. The other big way, our not so secret weapon, is our game changing peer-to-peer system which cuts out the middle man. Our unique, new peer-to-peer marketplace ensures big savings on exchange rates and fees, and puts you back in control. It’s an efficient and safe alternative to crazy bank and broker charges. Below is a simple currency exchange infographic which gives a nice simple view of how peer-to-peer currency exchange has evolved.
First though, let’s look at the key points:
- In the Beginning – People traded things directly with each other. You gave something you had and got something back of equal value.
- Along Came Money – As things got bigger, it got harder to find someone that had what you wanted, and also wanted what you had. Money, as a medium of exchange, helped sort that out.
- The First Middle Men – Then things started to spread out, and you weren’t always near someone that had the things you wanted. Crafty Middle Men were born, and they took their cut.
- The Rise of the Middle Man – Pretty soon we covered the globe. Middle Men were everywhere, and they were useful, because they bridged the gap between us and the things we wanted. By and large, they earned their money.
- The Rise of the Internet – Then something (the internet) changed the world forever. Suddenly we were all connected again. Everything seemed within reach. It was just like the old days, and Middle Men started to sweat. Things were cheaper when bought directly from the seller over the internet.
- The Global Village – Pretty soon we even started trading directly with each other. Peer-to-peer was born. We’d come full circle!
- The CurrencyFair P2P Marketplace – People can now even exchange foreign currency with each other! It’s a natural evolution, but if you think about it, we’ve just come back to the way things were always done.