How Is CurrencyFair So Much Cheaper Than Your Bank?
In the article Money Transfer Companies Compared, we explain the differences in costs between the various providers of international funds transfer services.
Many people are shocked at the way banks and other companies roll their fees into their exchange rate so that it looks like the transfer is free of charge.
After you consider the savings you can make by using CurrencyFair to avoid those hidden and unfair exchange rates, you might be wondering: how can CurrencyFair be so much cheaper than all those other companies?
For the answer, let’s listen to our customer service guru, Tim Porter . . .
Why is CurrencyFair So Much Cheaper?
CurrencyFair is a peer-to-peer marketplace.
Now what does that mean?
Well, instead of exchanging money with a bank, you’re exchanging money with people who are going in the opposite direction to you.
So for everyone who wants to sell euros and buy sterling, there are people who want to sell sterling and buy euros.
We match you up.
That means that you’re always going to get a great exchange rate.
Also, we have a local bank accounts set up in each jurisdiction so when you deposit into CurrencyFair, it’s generally free of charge and, of course, we have excellent customer service so you can give us a ring or email us if you have any questions at all.