Can the rates really be that much better than any other online FX payment service?
2% all-in seems to be the going rate for the ones I've used. Since both sides on an exchange are looking for the market price, that only gives you 1% of potential improvement assuming the market is sufficiently liquid and efficient.
If one user beats the interbank rate, that implies that the other side of the trade lost out. The same number of customers who 'beat the market' also lose out by definition, so I think that's something to be wary of marketing.
In any case, my 1% assertion seems to be correct judging by a €600 purchase compared against FairPay (£513.73 rather than £519.26).
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Can the rates really be that much better than any other online FX payment service?
2% all-in seems to be the going rate for the ones I've used. Since both sides on an exchange are looking for the market price, that only gives you 1% of potential improvement assuming the market is sufficiently liquid and efficient.
We have a blog post[1] which gives a good outline as to why CurrencyFair beats other options, allowing users to even beat the market rate.
[1] http://www.currencyfair.com/best-exchange-rate
[edit: missing words :( ]
If one user beats the interbank rate, that implies that the other side of the trade lost out. The same number of customers who 'beat the market' also lose out by definition, so I think that's something to be wary of marketing.
In any case, my 1% assertion seems to be correct judging by a €600 purchase compared against FairPay (£513.73 rather than £519.26).
Incidentally, is your name inspired by Betfair?