CurrencyFair - Avoid Bank Charges when converting currencies
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CurrencyFair - Avoid Bank Charges when converting currencies

Learn how to use a peer-to-peer service like CurrencyFair when you need to convert currencies.
4.6 (36 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,864 students enrolled
Created by Andrew Williams
Last updated 5/2017
English
Price: Free
Includes:
  • 38 mins on-demand video
  • 2 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • 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).
View Curriculum
Requirements
  • Students don't need any prior knowledge before starting the course.
Description

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:

  1. Person A has euros and want pounds sterling.
  2. Person B has pounds sterling and wants euros.
  3. 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.

Who is the target audience?
  • 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
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Curriculum For This Course
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Introductions
1 Lecture 07:53

This lecture introduces the concept of using a currency conversion service and why that is a good idea.  It also introduces you to the instructor for this course, Andy Williams.

Introduction
07:53
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Currency Exchange Services
2 Lectures 06:18

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.

A Number of Alternatives
02:30

With so many services available, why did I choose CurrencyFair?  This lecture answers that question.

Currency Fair - My Chosen Service
03:48
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The Three Step Process
6 Lectures 22:33

To open and use a CurrencyFair account, you have to go through the manual approval process.  This is easy.  You just have to prove you are who you say you are, and where you live.  This lecture looks at the kind of documentation you need to upload.

The Approval Process
04:20

To transfer money to and from CurrencyFair, you need to enter your bank accounts.  It's very easy in CurrencyFair.

Adding Bank Details
03:14

This lecture looks at the process of uploading money into your CurrencyFair account.

Uploading Funds to CurrencyFair
02:59

Once your money is in CurrencyFair, you need to exchange it for the currency you want.  This lecture shows you the options, and looks at how to get the best rates.

Exchanging the Currency
06:41

This lecture shows you how easy it is to get your converted currency into your chosen bank account.

Withdrawing your Currency
03:15

So how much does a currency conversion cost, in real terms?

This lecture walks you through a real transfer, showing how much I saved by exchanging my currency via CurrencyFair over a normal bank to bank transfer.

Total Cost of Moving the Money
02:04
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Example of Real World Currency Conversion
2 Lectures 03:16

In this lecture, I'll go through a real currency conversion and transfer.  I actually do better than the interbank rate with this one.

A Real-Time Currency Conversion & Transfer
02:56

This bonus lectures offers you a link that will get your first currency transfer for free.

BONUS: First Exchange is Free
00:20
About the Instructor
Andrew Williams
4.5 Average rating
4,335 Reviews
32,132 Students
23 Courses
Wordpress & SEO Expert, teacher and author

I have written and published a number of books that are available on Amazon, including best selling books on Wordpress ("Wordpress for Beginners 2017") and search engine optimization ("SEO 2017 & Beyond").  I also run a website called ezSEONews, where I teach my visitors and newsletter subscribers a number of skills required for running a successful website.

As an ex-schoolteacher, I hope I can make complicated topics simple to understand. I certainly enjoy trying!