CurrencyFair Avoid hidden bank fees and bloated exchange rates. Use CurrencyFair to save up to 90% of the cost of international money transfers.
Describe the company – the elevator pitch …
CurrencyFair is a peer to peer currency transfer service that empowers people to send money from their domestic bank account to their, or a third parties, foreign bank account up to 90% more cost effectively than they can using a bank or broker.
— CurrencyFair (@CurrencyFair) October 20, 2015
How are you different?
CurrencyFair differs from banks and brokers in that it matches you with people looking to send money in the opposite direction. That way no money actually has to cross any currency borders and it effectively replaces one expensive international transfer with two cheap domestic ones. It differs from later entries into the peer to peer currency transfer market by having a genuine order driven marketplace at its core and by offering customers the choice of being a price taker, exchanging instantly at the current exchange rate, or a price maker, posting a better rate and waiting to be matched. By opting to be a price maker 11% of our customers beat the interbank rate which is something no other provider can offer their customers, on or offline, peer to peer or otherwise. Our competitors in the peer to peer space only offer the price taker option and can leave you up to two days before being matched thus exposing you to exchange rate drift. CurrencyFair is also amongst a small number of providers that show the live exchange rates that customers actually get rather than so called ‘indicative ‘ rates that have not had the providers fees and margin applied.
Why will the company / product do well?
Because we’re open and transparent and offer people a genuine opportunity to save money.
Where are you based?
Ranelagh Dublin until 01 Nov when we’ll be moving to Ballsbridge Dublin. (We also have a smaller office in Newcastle Australia.) We’ll be at both for the foreseeable. The broadband is good.
— CurrencyFair (@CurrencyFair) October 28, 2015
When was the company launched?
What have been your biggest wins to date?
We’ve been covered by just about every publication going from The Economist to the Irish Sun. Being the first peer to peer currency transfer service to transfer $1 billion last year was pretty big. We’ve now transferred over €2.5 billion.
What type of people (market segment) are you trying to attract to your product?
The product is ideally suited to people living or working abroad or who own a property or business in more than one county. While we help people send amounts from as little as €8 all the way into the millions the most common amount people choose to send is €5,000. The age range is pretty wide, most of our customers being between 25 to 65. We think that they are a pretty impressive lot, have the wherewithal not only to take opportunities in a country other than that of their birth but also to adopt a pioneering money transfer service like CurrencyFair.
Tell us about your team?
There are eleven nationalities in our team and many of us are either currently, or have recently been, expats, meaning that we get what our core customers want and need.
What are you long term plans for your product / company?
Our vision is a world of fair financial services that empowers and delights people.
What are your favourite tech gadgets?
Cheese grater and bottle opener.
What tech gadgets do you wish you could use to help you?
A time machine or self replicator.
Anything else you’s like to add / we should have asked you?
Best way to contact you? [email protected]