Providing Consistency Throughout Brexit Uncertainty
As many foreign exchange services closed down ahead of and during the UK’s vote on whether to remain in the EU, we kept the wheels turning so our customers could avoid the turbulence it brought to the currency markets.
As Brits went to the polls, GBP had been bouncing around quite a bit, and reached its highest point against the dollar since December. The fact it was at a two month low as recently as last Thursday June 16th shows just how nervous, brave, silly or clever the markets were being. Check out the FT’s Brexit Live Blog for a review on the referendum day events, news, pictures of cute polling stations and people singing in train stations.
CurrencyFair Stayed Open During The EU Referendum
Despite this, we remained open throughout this turbulent time to ensure customers weren’t caught out.
As our platform is peer-to-peer and always allows an instant exchange, our customers were at no risk as they will get the rate they choose at the time of the exchange.
Our founder and CEO, Brett Meyers said: “Unless, in agreement with our banking partners, we need to close down trading due to extreme movements in the rates, we aim to provide our customers with the ability to transfer money if they choose. Due to our unique peer-to-peer platform, which gives customers complete transparency in the rate they will receive, we’re highly capable of handling volatility in a currency.”
Read our rundown of the leadup to Brexit here.
“I’d be pretty disappointed as a customer if my currency exchange provider couldn’t accept my transfer at such a critical point in time.”
And we are still just as focused on our customers today. Providing fast secure transfers of GBP – using the best available rate and with no excessive fees – just £2.50 to transfer out everytime.