Marketplace Focus: CurrencyTransfer
We often write about traditional marketplaces around the world, some general such as eBay and Amazon, others more niche such as NotOnTheHighStreet and Yumbles. CurrencyTransfer are a marketplace who have found a new niche and have launched what they call “The world’s first marketplace for international payments”.
Many Tamebay readers will be making purchases from overseas, perhaps sourcing stock from China and paying in US dollars. Chances are that you don’t have dollars to hand so the first thing you’ll need to do is convert sterling or Euros to Dollars before you make the payment. That’s where CurrencyTransfer can help and typically they reckon you can save up to 85% in hidden fees with their service compared to banks and brokers.
CurrencyTransfer is a bit like landing on a single product detail page on Amazon – you know what you want to buy and are now presented with a number of different offers from different suppliers. The only difference is that you’re buying currency, not physical goods. What’s unique about CurrencyTransfer however, is that you can you can compare rates from about a half a dozen FCA regulated currency suppliers and select the best deal for you on the day.
Rather than shopping around banks and brokers looking for quotes, or possibly even worse still using the same service you used five years ago because they once did you a good deal, CurrencyTransfer give you real time up to the second quotes to compare allowing you to book the best rate today. By enabling competing foreign exchange brokers to bid for your business, Currency Transfer also avoids the trap of offering you an attractive rate to hook you in but the broker then gradually widening the exchange rate in their favour for future transactions.
Of course you can also forward book currency – if you’ve a payment coming up in a few weeks or couple of months time and would like some certainty of what it’ll cost you then you can lock in an exchange rate today and be protected from future currency fluctuations.
If you’ve a bill to pay in a foreign currency in the near future, take a look at CurrencyTransfer and see what rates brokers will compete to offer you. You can try the service which is free and there’s nothing to pay until you decide to book your first currency transfer and start saving money.