We’re delighted to share our latest press release with you here on the CurrencyFair Blog.
CurrencyFair Breaks Billion Dollar Barrier
CurrencyFair has become the first platform in the world to break the $1 billion barrier in money-matching transfers, cementing its position as the world’s leading peer-to-peer international transfer service.
CurrencyFair CEO, Brett Meyers, today described hitting their first billion dollars as, “a milestone in the international transfers sector.”
“We’re laying down a major challenge to the banks by facilitating the cheapest, fastest and fairest way to transfer money home or abroad.”
Mr. Meyers said that the disruption in the sector was, “a matter of simple technological foresight as much as anything else, peer to peer is always the better option for value.”
“At our current growth rates, everyone left in the FX industry will be competing at that level within a few years. This form of people-powered finance is going to change things forever. There’s no going back from here. And as we accelerate our growth, our fees will fall even further.”
CurrencyFair, leading by example, set a new industry standard by establishing a 1% rate ceiling on all their exchange rate spreads. The company’s average fee is currently 0.4%, compared to rates from 2 to 5% at PayPal, Stripe, VISA and larger banking institutions.
CurrencyFair is the world’s fastest growing peer-to-peer foreign exchange marketplace. Its customers are able to exchange funds and transfer them overseas at a fraction of the cost of traditional banks or brokers, due to its unique and innovative ‘Money Matching’ model. CurrencyFair has served tens of thousands of customers saving them tens of millions of Euros in bank fees and exchange rate charges.
A service widely used by expatriates working or living abroad and individuals running a business or purchasing property overseas, CurrencyFair’s peer-to-peer currency exchange or ‘Money Matching’ 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.
Speaking about Currencyfair, The Taoiseach, Enda Kenny T.D. said: “Ireland has a growing reputation as one of the best and most exciting locations in the world for innovative technology start-ups. The establishment and rapid growth of CurrencyFair in Dublin is proof of that. The best advances in technology make the world a smaller place and the services provided by CurrencyFair will help people all over the world to transfer money cheaply”
Brett Meyers, CEO and co-founder of CurrencyFair added: “Sending an average annual mortgage or rent payment home or overseas currently costs more than a family holiday in fees. CurrencyFair costs no more than a family meal, up to 90% cheaper than average bank charges. The days of banks charging up to 5% while claiming no commission or free transfers are over.”
CurrencyFair was awarded the FinovateAsia Best of Show prize in November, 2012. Based in Dublin, Ireland, CurrencyFair is regulated by the Central Bank of Ireland under the European Communities Payment Services Regulations 2009. CurrencyFair Australia is regulated by ASIC, the Australian Securities and Investments Commission.
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