Here at CurrencyFair we like to point out how banks and brokers scalp their profit from sneaky margins and excessive transaction fees, and have featured some less-than honest claims from the likes of An Post and some other “fee free” promotions.
We’ve stumbled across a brand new way an online exchange company can trick you into thinking you’re getting the best price available at any given moment – introducing the FairPay Price Guarantee from FairFX.
On the surface, this looks like an innovative offer which will benefit their customers, and FairFX claim they will “…refund the difference between the FairPay online rate and the alternative rate you found elsewhere“.
Brilliant, you might think. How can that be beaten?
Well, as we’ve come to learn, things aren’t always as transparent as they first seem in the world of currency exchange. Delving into the Terms & Conditions for this offer reveals the extent to which our peer-to-peer model has the traditional banks and brokers running scared.
The telling section (number 5) says;
The quotation from the other provider to which your FairPay transaction is being compared must be from a foreign currency retailer acting as a Principal to the transaction and not an exchange rate from a peer-to-peer platform.
In other words, “we can only offer value similar to traditional banks and FX brokers – we can’t touch this super cool, modern and exceptionally good-looking P2P crowd!”
To our optimistic eyes, this appears to be confirmation that the best rates available online are indeed in the peer-to-peer model which CurrencyFair have pioneered (but we knew that already!). FairFX have explicitly excluded our company (in all but name) from their Price Guarantee offer.
We don’t hide behind fancy words and T&C’s in our attempt to get the message across – our live currency exchange rates are the exact rates you’ll receive. No hidden fees, no sneaky exchange rate margins, and definitely no offers that are too good to be true.
See how CurrencyFair compares to other money transfer companies