CurrencyFair – Avoid Bank Charges when converting currencies | Finance Online Course by Udemy

Finance & Accounting Online Course by Udemy, On Sale Here

Learn how to use a peer-to-peer service like CurrencyFair when you need to convert currencies.

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CurrencyFair – Avoid Bank Charges when converting currencies

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 USdollars. 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. CurrencyFair 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: Person A haseuros and want pounds sterling. Person B has pounds sterling and wants euros. 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 CurrencyFair for your currency conversions. I’ll explain my own situation, and why I needed a service like this. I’ll thentake you through the process, from signing up, to getting your currency converted and sent toyour bank account.I’ll show you how much a bank would charge for a typical transfer, and then I’ll show youa real conversion of mine, that Idid with CurrencyFair. This is an up to date conversion that Idid as Iwas 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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