Which? Finds CurrencyFair to be the cheapest way to send £10,000 to Europe
The UK Consumers Association Which? exists, according to Wikipedia, ‘to promote informed consumer choice in the purchase of goods and services, by testing products, highlighting inferior products or services, raising awareness of consumer rights and offers independent advice.’
Which.co.uk research published recently features a table ranking 16 currency providers in order of competitiveness and places CurrencyFair (www.currencyfair.com) at the top. The table includes 8 high street banks, two further traditional providers and 6 challengers. CurrencyFair say they are confident that their rates won’t be beaten by any bank or competitors, but it’s always nice to have it confirmed by a respected and established authority on the topic.
Which? Money found that someone exchanging £10,000 into euros could be over €400 better off using CurrencyFair compared to the least competitive bank, and €258 better off than using the most competitive bank. They are also €13 better than the next most competitive challenger.
Further insights include the fact that providers make most of their money from their exchange rate margin and that CurrencyFair is just 0.15% when automatically matched with one or more people transferring in the other direction. Their margin is between 0.4 & 0.5% when providing the liquidity themselves, plus of course they have a fixed fee of €3.
You can read the whole article, at Which? Money and take a look for yourself –http://www.which.co.uk/news/2016/01/new-providers-beat-banks-on-international-payments-431244/