Interview with CurrencyFair’s CEO and C0-founder Brett Meyers
This article is part of the Spotlight series brought to you by TawiPay, the comparison site for international money transfers. The Spotlight series aims at helping people who send money abroad get all the information they need on key money transfer companies, and follow the latest trends of the money transfer industry. This month, we are putting the spotlight on CurrencyFair. To find out more, you can read now our in-depth review of CurrencyFair. We also invited the CEO and Co-founder of CurrencyFair, Brett Meyers, to tell us more about their service.
Tell us a bit about yourself and why you created CurrencyFair?
I’m originally from Perth, WA, and came to Ireland (via the UK) over 15 years ago.
As an expat myself, I was really annoyed when I realised that my bank took so much of my money each time I wanted to send money across borders. So, my friends and I used to exchange funds with each other instead, circumventing the banks’ fees altogether. We’d decide on the rate ourselves, which more or less gave birth to the idea of CurrencyFair.
How does CurrencyFair work?
CurrencyFair works by matching sellers of a given currency with people looking to buy that same currency. For example, if you’re in the UK but need to send money to Sydney, there’ll be somebody in Australia looking to send the opposite way. What we do is use domestic transfers at each end of the transaction (we have local bank accounts), meaning there’s no international transfer taking place, and you get a much better end result – more money in your pocket.
What makes you different from other money transfer companies?
Our MarketPlace is something no other company offers. As well as offering an instant exchange, we also allow users to set their own rate for their transfer and wait for it to be matched by the market. This sense of empowerment is something we’re very proud of, and the feedback from our customers confirms it’s something unique in the finance industry. We also pride ourselves on exceptional support and service, something our customers regularly applaud.
There are hundreds of providers in this area, but nobody does currency exchange quite like we do – or for a better price. Not only that, but around 10% of our customers get a rate better than the interbank rate – our unique model means we’re the only provider who can offer that.
How can people who have never used CurrencyFair trust that their money will be safe from start to finish?
We’re regulated by the Central Bank in Ireland under the European Communities (Payments Services) Regulations 2009, and all client funds are kept in segregated accounts. So, in the very unlikely event of something going wrong, customers’ money is safe. We use the most up-to-date security available, as well as 2FA (2 factor authentication) and Touch ID for iOS, so not only is your money safe, your CurrencyFair account is too.
What is your take on the issue of the lack of transparency in the money transfer industry?
It’s that same lack of transparency that motivated us to start CurrencyFair in the very beginning. Banks held all the cards, and customers instinctively trusted them with their money. Little did they realise the huge fees and exchange rate margins that were being creamed off the top. Part of our goal is education, to make people aware of the legacy systems and how they don’t really play fair. Once they see this, they’ll look for a better way to do their transfers, and that’s where we step in.
What’s next for CurrencyFair?
There is literally trillions in currency being sent across borders each year, so our chief aim is to continue expanding and helping more and more people save money. We’re constantly monitoring to improve our product, making the registration process and the various exchange features as smooth, delightful, and empowering as possible.
Do you have a message for TawiPay users?
It’s your money – take control of it and don’t throw it away needlessly on fees that you simply don’t have to pay.
Send money abroad with CurrencyFair by going to their site.