CurrencyFair is yet another peer-to-peer model of currency trading that has greatly taken off in recent years. Similarly to Transferwise, which is often compared to it. The recent that CurrencyFair has become so successful is because it has taken on the excessive fees that banks have been charging for years and has essentially, provided a better service for a lower price. Even though CurrencyFair has already experienced a great deal of success, it is highly probable that they will continue to expand in the foreseeable future given the consumer’s desire for reform in the banking industry with regards to excessive fees and wait times between currency transfers.
When contemplating this disparity that is still prevalent in the global financial sector, consider the following recommendations below as to how CurrencyFair could benefit you as a consumer or a business owner with your prospective currency transfer transactions to markets across the globe.
How CurrencyFair Works
CurrencyFair possesses a sensational business model that allows individuals to transfer money into currencies from foreign jurisdictions by using a peer-to-peer transaction model. What this peer-to-peer transaction model means is that if an individual needs to send money abroad, CurrencyFair pairs that individual with another individual in a foreign country that needs to send money to the individual’s home country. What this process achieves is the potential for the money to be transferred immediately without the excessive fees that traditional banking institutions cost due to the minimal amount of “actual moving” that each currency is actually doing.
The process is quite simple for the consumer or business owner to consider when contemplating how is the most cost effective and efficient way to send their money to a different country. The consumer or business owner merely needs to send their desired amount of currency to CurrencyFair and CurrencyFair will match them to another prospective individual that needs to transfer funds in the opposite way. What this achieves is the potential for both individuals to pay money to CurrencyFair in their respective currencies and ultimately, receive a trade without either currency converting into another currency.
This is precisely what allows CurrencyFair to charge such affordable rates because the traditional notion of the conversion between the two currencies is essentially not transpiring. Due to this incredible innovation, CurrencyFair is able to allow consumers and business owners that were being inundated with excessive wiring fees have access to a better service for a fraction of the price. Due to the marketability of this concept, it is no surprise that CurrencyFair already has quite the following and continues to grow daily betfred promo codes 2017.
How You Can Benefit from Using CurrencyFair
Forgetting the very affordable exchange rate, CurrencyFair also allows consumers to receive and make trades with ease. This is a major asset to them because they are able to run their business and/or personal fiscal transactions at a far more rapid rate in that they no longer have to wait for excessive periods of time for banks to slowly transport their money between currencies. Consumers and/or business owners that decide to take advantage of this option will be to move money with ease and ultimately, take away one more headache from their financial transactions.
Regarding the affordable exchange rate, the rates that CurrencyFair is able to offer will make a substantial difference in the long term for both consumers and business owners because they will save a substantial amount of capital on larger amounts especially. Consumers who are paying for real estate or business owners that are acquiring new investments will be able to use the capital that they saved towards future potential investments. This is absolutely a worthwhile consideration rather than being overcharged by banks and essentially, losing a great deal of time and money in the process.
Final Remarks on the Subject
To conclude, CurrencyFair is another financial company to surely watch because they are going to be yet another corporate entity that has their aim on dismantling the power that the traditional banking industry has on both consumers and businesses alike. It is for this reason that CurrencyFair will be able to expand into a plethora of currency markets in the world because the sentiment is the same among consumers in that they want to be able to move substantial amounts of capital with ease, efficiency, and without substantial currency conversion fees. The more consumers that begin to demand this, the more companies such as CurrencyFair will begin to operate with an entirely fresh business model that will put a major dent in the profitability of banks.
With the era of globalization upon us, it will be fascinating to see how companies such as CurrencyFair spread their wings in the coming years and how they further transform the landscape of global commerce for both consumers and business owners to have the potential to transfer moneys in a space with essentially, no borders and minimal fees.