Transferring money WISely across currencies while avoiding onerous wire transfer fees - foreign exchange marketplaces - currency transfer networks ... the disintermediation of institutional currency exchange - 0.3% currency exchange fees vs the typical 3% or greater via "banks" - cheaper remittances
From my own experience there is a lot of potential here.. I've done bilateral currency exchange transactions with trading firms (import/export - particularly those with an import bias) who are typically always in need of foreign currency.. they've always sought out further transactions, and will always offer better than bank - usually somewhere between retail to interbank, and in times of extreme scarcity at retail ...i.e. they'll buy from you at the bank's retail offer price.
Characteristics:- person to person currency exchange marketplace, customers exchange currency with customers
- review and choose the best rate on offer from other customers
- place your own rate and wait to be matched
- no dependence on "interbank rates", customers sometimes achieve better rates than interbankWhat I've found so far at the date of this post, please add any others you're aware of in comments:
- http://CurrencyFair.com (supporting >10 countries/currencies) the best one so far IMHO
- http://TransferWISe.com (only supports EU and GBP)
- http://PeerTransfer.com (student payments)
Further reading:
- http://onforb.es/JipFd9 (on transferWISe)
- http://bit.ly/I1m4ku (CurrencyFair review)
- http://bit.ly/I5Breg (peerTransfer coverage)