| As the recession takes its toll many are opting | | | | of what is on offer in the marketplace. |
| for vacation rentals to allow them more | | | | The Value: |
| expendable cash. If you are renting a spot in | | | | Currently on Currency Fair is you'll get around |
| Destin, or one of the villas on France, then a new | | | | 1,200.10 euros for 1000, this is a marked |
| service has started to help you save even more | | | | difference from 1,170.15 euros you'd currently get |
| money on your holiday. | | | | with a bank. |
| Banks make a good deal of cash with their | | | | Yet the values change and it is about shopping |
| exchange rates, as they charge customers 5% | | | | around. Though Currency fair promises to never |
| or more on the money they exchange for their | | | | be less than 0.5% lower than interbank, making it |
| travels, and transferring cash abroad. Now a new | | | | reliably good value. The company charges a fee |
| service has opened online to try and help | | | | that it promises to keep below 0.5%. |
| travelers get a better deal, giving you more travel | | | | How Money is Transferred: |
| bucks for your buck. | | | | This is one of the areas in which Currency Fair is |
| Currency Fair is a peer-to-peer website that | | | | begins to look less appealing. The service only |
| allows customers to trade money with other | | | | works if you have an account in the currency of |
| traveler, so if you are wishing to travel to France | | | | the country in which you wish to travel. |
| for a few months and exchange a good amount | | | | Therefore to buy US dollars, you would need an |
| of money, you can exchange your Pound Sterling | | | | account in America to transfer the money in to. |
| for Euros with someone who may be wishing to | | | | So for now it only really works for those wishing |
| travel to England. | | | | to procure large funds abroad. |
| The website considers itself as akin to a dating | | | | The service may broaden and improve its |
| service, facilitating the union between two | | | | product offering a card service. |
| interested parties, though with the goal of letting | | | | Presently it takes around 3 days to transfer cash |
| them swap their money, for which they charge a | | | | in to your bank account, though that is an |
| small fee. | | | | improvement from doing it via the bank, who can |
| Still in its early days, the website seems to be | | | | take weeks to transfer money abroad. |
| prospering, though many questions loom over its | | | | Will it Take Off? |
| head. Will people trust the service? How will it | | | | So far the project is going well, but to really |
| work for relatively small sums? Will people choose | | | | prevail mass is integral. What it really seems to |
| it over the convenience of other services such as | | | | offer is money for those wanting to buy |
| Travelex or Thomas Cook? | | | | properties, or planning on long stays, perhaps villa |
| How it Works: | | | | owners who wish to have a large sum for visits |
| The website is a marketplace rather than a bank. | | | | to their second home. You do not need to bother |
| You register for an account and deposit the funds | | | | with a broker and so forth, simply you get the |
| you want to exchange. Then you search the site | | | | money at a fair price without being taken |
| for the best match on the site. The sums do not | | | | advantage of by a third party. |
| have to match exactly; instead you buy a portion | | | | |