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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:
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.
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|Section 1: Introductions|
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.
|Section 2: Currency Exchange Services|
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.
With so many services available, why did I choose CurrencyFair? This lecture answers that question.
|Section 3: The Three Step Process|
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.
To transfer money to and from CurrencyFair, you need to enter your bank accounts. It's very easy in CurrencyFair.
This lecture looks at the process of uploading money into your CurrencyFair account.
This bonus lectures offers you a link that will get your first currency transfer for free.
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.
This lecture shows you how easy it is to get your converted currency into your chosen bank account.
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.
|Section 4: Example of Real World Currency Conversion|
In this lecture, I'll go through a real currency conversion and transfer. I actually do better than the interbank rate with this one.
I run a website called ezSEONews, where I teach my visitors search engine optimization (SEO) skills, and the art of building websites with Wordpress. I have also written and published a number of books that are available on Amazon Kindle and as paperbacks, including best selling books on Wordpress ("Wordpress for Beginners") and SEO ("SEO 2014 & Beyond").
As an ex-schoolteacher, I hope I can make complicated topics simple to understand. I certainly enjoy trying!