Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

CurrencyFair Ltd

CurrencyFair is an online peer-to-peer currency exchange service that helps users achieve good rates and avoid fees when transferring currency abroad. The company is headquartered in Northern Ireland and has been in business since 2009. It was founded by Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. The website itself was launched in May 2010 and as of May 2015 has helped process transfers worth €1.9 billion. The company has offices in Australia, Ireland and the UK.

While they currently focus on money transfers between the U.K, Europe and Asia-pacific, there is room for expansion and the company shows no signs of slowing down. In April 2015, CurrencyFair secured an additional €10 million worth of funding from Octopus Investment and Frontline Ventures.

The service provided by CurrencyFair matches two users who wish to transfer currency and swaps funds between them at a rate set by the user. This avoids the bank fee and also leaves no room for quarrel or dispute. A user simply deposits their funds, exchanges the deposit with another users deposit in the currency they want, and then sends the new funds to a beneficiary account.

The transactions take place entirely on the Currencyfair website and are protected by 25 6-bit encryption and handled in a secure data centre, with segregated customer accounts held with one of the world’s largest financial institutions.

currency fair logoFurther security is on offer thanks to regulation by the Central Bank of Ireland, whose benefits include protection of client funds, detection of financial crime and management vetting. The site also has software safeguards such as identity verification, automatic logout and contract information confirmation. All transfers are tracked and logged for your own records.

The customers of CurrencyFair come from different demographics but many are either members of a mobile workforce, retirees or foreign property managers. The service excels for transfers above £2000, where its rates are far better than the banks. CurrencyFair takes a 0.3% cut of each transaction instead of the 3% some banks charge.

Recently, the business has witnessed the transfer of the Australian dollar become the fastest growing portion of its business. Part of the funding raised by Octopus Investments will be put towards expanding the team in Australia from its current staff of seven. Australian banks charge around 5.5%, meaning CurrencyFair’s low rate will appeal to those trading the dollar.

The security, ease of use and saving potential offered by the business has seen them grow from an Irish start-up headed by three ex-bankers to a global business that has witnessed over a billion euros worth of transfers, won tech awards, has a bustling testimonials section on their site and has been covered in publications like the BBC, New York Times and Financial Times. With three offices and a team that has grown to 50+ employees, the business looks forward to a bright future.