CurrencyFair is an online peer-to-peer currency exchange marketplace that enables individuals and businesses to exchange currencies and send funds to bank accounts.
CurrencyFair solves the pain experienced by anyone that needs to send money abroad. Expats, overseas home-owners, and SMEs typically pay large spreads (up to and even exceeding 5%) and high international transfer fees of around €25 on every payment.
CurrencyFair was established in April 2009 by co-founders Brett Meyers, Jonathan Potter, Sean Barrett and David Christian. The company is headquartered in Ireland also with employees in UK, Australia and Poland. The company also has an office in Newcastle, NSW, Australia. CurrencyFair provides international transfers in 18 global currencies.
CurrencyFair helps its customer access the real exchange rate, while charging a small transparent margin on each transaction. While this charge varies depending on which currencies are being exchanged, the average margin is around 0.45% of the overall trade. In addition there is a small fee of €3 when transferring money out of your account.