Which? Finds CurrencyFair to be the cheapest way to send £10,000 to Europe.

By @SimonCocking. Irish FinTech success story CurrencyFair continue to do well since we featured them last November.

The UK Consumers Association Which? exists, according to Wikipedia, ‘to promote informed consumer choice in the purchase of goods and services, by testing products, highlighting inferior products or services, raising awareness of consumer rights and offers independent advice.’

Which? Money research published recently features a table ranking 16 providers in order of competitiveness and places CurrencyFair at the top. The table includes 8 high street banks, two further traditional providers and 6 challengers.

Which? Money found that someone sending £10,000 overseas to a euro account could be over €400 better off using CurrencyFair over the least competitive bank, €258 better off than using the most competitive bank and €13 better off than using the next most competitive challenger.

Further insights include the fact that providers make most of their money from their exchange rate margin and that CurrencyFair’s exchange rate margin is just 0.15% when automatically matched with one or more people transferring in the other direction. CurrencyFair’s margin is between 0.4 & 0.5% when providing the liquidity itself and it has a fixed fee of €3.

Read the whole article, and see those  they beat listed in the table here –   http://www.which.co.uk/news/2016/01/new-providers-beat-banks-on-international-payments-431244/

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at Simon@IrishTechNews.net or on Twitter: @SimonCocking