CurrencyFair - Avoid Bank Charges when converting currencies
- 38 mins on-demand video
- 2 articles
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Understand the charges that a bank levies when converting from one currency to another.
- Avoid bank charges using a peer-to-peer service like CurrencyFair.
- Move money between one bank account (and currency) to another bank account (and currency).
- Students don't need any prior knowledge before starting the course.
Have you ever been shocked at how much your bank charges you to convert your money into a different currency? Not only are there transaction fees, but you also lose an additional percentage in the currency exchange margins that banks use for these transactions. It's a double hit on your pocket.
I've been working online for over a decade, and getting most of my income in US dollars. That's really not ideal, because I live in Spain where we use the Euro. To complicate it even more, I also have a bank account in the UK in pounds sterling. I regularly have to convert currencies and send money between my bank accounts, but using banks ends up costing me a fortune in fees. This is where CurrencyFair came to my rescue.
Currency Fair is a peer-to-peer network that cuts out the middle man (the bank), meaning you get to keep more of your money when converting from one currency to another.
Here is an example of how it works:
- Person A has euros and want pounds sterling.
- Person B has pounds sterling and wants euros.
- CurrencyFair has created a marketplace where you can effectively swap currencies at an exchange rate that suits person A and person B.
It's a simple idea, and it works extremely well.
In this course, I'll introduce you to the idea of using a service like Currency Fair for your currency conversions. I'll explain my own situation, and why I needed a service like this. I'll then take you through the process, from signing up, to getting your currency converted and sent to your bank account.
I'll show you how much a bank would charge for a typical transfer, and then I'll show you a real conversion of mine, that I did with CurrencyFair. This is an up to date conversion that I did as I was creating this course, so you'll get to see how much I managed to save on the currency conversion.
This course is for anyone that needs to transfer money between one currency to another.
- This course is for anyone that needs to convert money from one currency to another, but doesn't want to pay the bank fees.
- This course is only for people living in the EU/EEA, Canada, Australia & New Zealand
Most people will just automatically go through their banks for currency conversions and pay whatever fees are levied at them. This lecture takes a quick look at alternatives to your bank.