CurrencyFair
June 28th, 2010 - Chris Marshall
I needed to exchange some money earlier but wasn’t in a huge rush as to when it arrived, so I was surfing away on the old Internet (well Netherlands v Slovakia really wasn’t that interesting) and I came across what seems to be a new service from a company called CurrencyFair.
CurrencyFair puts people who want to sell Pounds, Euros, Dollars or whatever in touch with other people who want to buy them.
Note that word ‘people’.
What we’ve done is create a Marketplace in which people can do business with each other. No banks involved. No middlemen in pinstripes. No eye watering commission. Just CurrencyFair, smoothing the process along.
If it sounds familar you are probably thinking BetFair, and you wouldn’t be wrong as a general concept in the fact that both companies have taken an existing service and put a new twist on it …… people!
CurrencyFair allows you to place your request to exchange money into a ‘market’, where you can accept the current ‘offer’ or hold out for a better offer ………. you can almost hear Brucie shouting higher, higher, lower, lower!
So I have signed up, added my funds, had my account verified and now I am waiting to see if my asking price for the exchange rate I am after is accepted.
Who would have thought exchanging money could be so exciting!
