CurrencyFair

From Wikipedia, the free encyclopedia
Jump to: navigation, search
CurrencyFair
CurrencyFair Logo.png
Type of site
Currency exchange
Headquarters Dublin, Ireland
CEO Paul Byrne
Key people Brett Meyers (Co-founder)
Sean Barrett (Co-founder)
Jonathan Potter (Co-founder)
David Christian (Co-founder)
Services Financial services
Employees 108 (2016)
Website currencyfair.com
Commercial Yes
Registration Yes
Launched April 2009; 8 years ago (2009-04)
Current status Active

CurrencyFair is an online peer-to-peer currency exchange market place. CurrencyFair is headquartered in Ireland also with employees in UK, Australia and Poland.

History[edit]

CurrencyFair was established in April 2009 by co-founders Brett Meyers,[1][2] Jonathan Potter, Sean Barrett and David Christian. The website went live in May 2010.[3] As of June 2017, the company has processed over €4.8 billion,.[4]

Operation[edit]

CurrencyFair describe themselves as "an online dating bureau for people who want to swap money but avoid hefty fees".[5] 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.[6] 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).[7] A transfer of currency of a CurrencyFair account costs £3, €3, $4 or equivalent.[8] These fees are much lower than that charged by conventional market players including banks and online foreign exchange brokers.[9][10][11][12] The CurrencyFair Mobile App was launched in September 2015 and is available in the App Store and Google Play.

How CurrencyFair Works[edit]

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.

Awards[edit]

In November 2012, CurrencyFair was one of four companies to be named Best of Show at the inaugural FinovateAsia conference in Singapore.[13] In 2013, CurrencyFair won the IIA Dot IE Net Visionary Awards for Most Insightful and Intriguing Internet Innovation.[14]

Media attention[edit]

In December 2013, Irish Taoiseach Enda Kenny officially launched CurrencyFair's new website[15] and announced the creation of 30 new jobs in 2014.

Sébastien Chabal featured in CurrencyFair's first TV campaign in January 2014, as the "CurrencyFairy".[16]

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"[17].

Regulation[edit]

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.[18][19]

Alternative providers[edit]

References[edit]

  1. ^ "Entrepreneur Interviews: Brett Meyers, CEO, CurrencyFair". Forbes. Retrieved 2014-01-26. 
  2. ^ "Currency Fair: the P2P Marketplace to Exchange Currency on your Terms [INTERVIEW". VisibleBanking.com. 2012-08-30. Retrieved 2014-01-26. 
  3. ^ Expat Money. "Currency exchange - the fair way". Telegraph. Retrieved 2014-01-26. 
  4. ^ Tom Lyons – 03 November 2013 (2013-11-03). "Currency startup poised to grab bigger slice of market". Independent.ie. Retrieved 2014-01-26. 
  5. ^ Patrick Collinson. "Don't fancy the foreign exchange rate? Now you can set your own | Money". The Guardian. Retrieved 2014-01-26. 
  6. ^ "CurrencyFair FAQs | How to save money when sending money abroad". Currencyfair.com. 2013-09-13. Retrieved 2016-04-11. 
  7. ^ Stay informed today and every day (2012-05-19). "Remittances: Over the sea and far away". The Economist. Retrieved 2014-01-26. 
  8. ^ "Foreign Currency exchange fees from CurrencyFair | Send money online". CurrencyFair. 2013-09-13. Retrieved 2014-01-26. 
  9. ^ "Get the Best Exchange Rate: Bank Wire, Xoom, XE Trade, Western Union, USForex, CurrencyFair". Thefinancebuff.com. 2013-09-03. Retrieved 2014-01-26. 
  10. ^ "Currency barter undercuts banks". Theaustralain.com.au. Retrieved 2014-02-23. 
  11. ^ "Full Page - Overseas money transfers". CHOICE. 2013-04-03. Retrieved 2014-01-26. 
  12. ^ "La conversion de devise en P2P (sans frais bancaires) « Korben Korben". Korben.info. Retrieved 2014-01-26. 
  13. ^ Bruene, Jim (2012-11-06). "FinovateAsia 2012 Best of Show Winners: CurrencyFair, Finantix, SocietyOne and Ubank". Finovate. Retrieved 2014-01-26. 
  14. ^ "2013 Winners Announced - IIA Dot ie Net Visionary Awards 2013". Netvisionary.ie. Retrieved 2014-01-26. 
  15. ^ Roisin Burke – 12 December 2013 (2013-12-12). "Kenny announces 30 new tech jobs at CurrencyFair". Independent.ie. Retrieved 2014-01-26. 
  16. ^ "VIDEO: VERY STRANGE French rugby legend Chabal is a currency fairy... | Mail Online". Dailymail.co.uk. Retrieved 2014-01-26. 
  17. ^ Charlie Taylor – 27 April 2017 (2017-04-27). "Fintech firm CurrencyFair targets SMEs with revamped offering". Irishtimes.com. Retrieved 2017-04-27. 
  18. ^ "Regulation - Protection, Security and Requirements". CurrencyFair. 2013-09-13. Retrieved 2014-01-26. 
  19. ^ "CurrencyFair | CrunchBase Profile". Crunchbase.com. 2013-11-19. Retrieved 2014-01-26. 

External links[edit]