June of this year saw Irish company CurrencyFair launch its service in New Zealand. CurrencyFair, the world’s first online person-to-person foreign exchange marketplace, lets people cut out the banks and get a better deal.
Headquartered in Dublin, CurrencyFair’s rapid growth reflects its global appeal with offices now in the UK and Poland, and an office due to be opened in Australia later this year.
CurrencyFair is a unique, fully regulated, internet-based marketplace, where users from around the world can exchange currencies with each other, at rates only otherwise available to multinationals and international money market professionals. It hands back power to the people who want to change Kiwi Dollars for Pound Sterling, or Aussie Dollars, or any one of the fifteen leading currencies currently available with more planned
CurrencyFair works by matching two people with complementary currency exchange needs, putting the two together, anonymously, over cyberspace and makes sure the transaction is safe and secure. Although the matching algorithms are fiendishly complex the concept itself is simple.
Savings
A customer exchanging NZD 2,000 will save around NZD 50 on the rate and NZD 40 on the transfer fee. An exchange of around NZD 10,000 will see the customer saving about NZD 300.
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Currencyfair
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Broker
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The average CurrencyFair customer, regardless of transaction size, pays approximately 0.3 to 0.55 percent of the amount exchanged plus a flat rate NZD 5 per transfer
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A specialist brokers will normally charge 1-1.5 percent plus NZD 30 per transfer.
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For further information about Currencyfair contact Brett Meyers. Managing Director, Currency Fair +353 87 227 7741 brettmeyers@currencyfair.com