Type of site
|Key people||Brett Meyers (Co-founder)
Sean Barrett (Co-founder)
Jonathan Potter (Co-founder)
David Christian (Co-founder)
CurrencyFair was established in April 2009 by co-founders Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. The website went live in May 2010. As of June 2017, the company has processed over €4.8 billion,.
CurrencyFair describe themselves as "an online dating bureau for people who want to swap money but avoid hefty fees". Currently, 18 currencies are available to exchange (send or receive) - Euro, Pound Sterling, US Dollar, Australian Dollar, Canadian Dollar, Swiss Franc, Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Norwegian Krone, New Zealand dollar, Polish Zloty, Swedish Krona, Singapore Dollar, South African Rand and UAE Dirham. Users can send Japanese Yen, Israeli Shekel and Thai Baht. The company charges 0.25% or 0.3% (depending on the currency pair being exchanged) for peer-to-peer matches and 0.4% to 0.6% of the amount exchanged for matches against CurrencyFair (again, depending on the currency pair). A transfer of currency of a CurrencyFair account costs £3, €3, $4 or equivalent. These fees are much lower than that charged by conventional market players including banks and online foreign exchange brokers. The CurrencyFair Mobile App was launched in September 2015 and is available in the App Store and Google Play.
How CurrencyFair Works
CurrencyFair works by matching senders of a given currency with users sending in the opposite direction. The exchange itself takes place on the CurrencyFair platform, and as domestic transfers are used in place of overseas money transfers, the overall costs of the transaction are reduced.
For example, a CurrencyFair customer in the UK needs to convert GBP into AUD and send to their account in Australia. To do so, they deposit into a local UK CurrencyFair account (same day, zero cost), exchange to AUD on the platform, and then transfer out to their bank account in Australia.
In November 2012, CurrencyFair was one of four companies to be named Best of Show at the inaugural FinovateAsia conference in Singapore. In 2013, CurrencyFair won the IIA Dot IE Net Visionary Awards for Most Insightful and Intriguing Internet Innovation.
In April 2017, CurrencyFair revamped their offering for Business customers, and CEO Paul Byrne told The Irish Times "With businesses increasingly trading internationally and operating at a quicker pace, there’s no reason why they should use currency-exchange services that aren’t as concerned about efficiency, cost and delivering for their customers as they are".
CurrencyFair Limited, incorporated in Ireland (No. 469391) is fully regulated as an Authorised Payment Institution by the Central Bank of Ireland (No.C57373) under the European Communities (Payment Services) Regulations 2009. CurrencyFair Australia Pty Ltd (ABN 94 147 506 410) is regulated by the Australian Securities and Investments Commission, AFSL No. 402709.
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