P2p Cambio De Divisas

Cambio de divisas - Intercambio entre pares (P2P)

Currency matching es un método nuevo e innovador para enviar dinero al extranjero. Esencialmente, usted está negociando a través de un mercado de divisas. El servicio de correspondencia de divisas permite a las personas intercambiar monedas con otras personas. Este método de intercambio de pares a pares elimina totalmente la necesidad de comprometerse con los márgenes extorsivos del tipo de cambio bancario o cualquier tipo de intermediario. Dado que no hay bancos involucrados cuando coincide con la moneda, tampoco estará sujeto a comisiones o cargos inflados. Sobre la base de nuestra investigación, en todos los casos, obtendrá una tasa de cambio que está muy cerca de la tasa interbancaria. Si usted necesita vender la libra esterlina, los euros, los dólares o los siclos, usted será emparejado con la gente que necesita comprar la modernidad, creando casi como un "mercado en línea" para el intercambio de modernidad. Dentro del mercado, puede ver los tipos de cambio que los participantes están dispuestos a aceptar.

¿Quién puede utilizar el servicio de intercambio de pares a pares?

Cualquier persona con una necesidad de enviar fondos en el extranjero puede utilizar el servicio de correspondencia de moneda a continuación. Tal vez usted es un expatriado que necesitan enviar una gran cantidad de dinero en el extranjero. Tal vez usted ha encontrado un segundo hogar de sueño y la necesidad de hacer un pago de propiedad en el extranjero. Alternativamente, tal vez su negocio requiere que usted pague proveedores en el extranjero.

Para garantizar la seguridad y la seguridad de los fondos, todos los proveedores de concordancia de monedas que figuran en la lista son examinados para asegurarse de que operan cuentas segregadas de clientes. Esto protege sus fondos y está totalmente separado del funcionamiento diario de los negocios enumerados abajo.

¡Pruebe el intercambio de pares a pares hoy, vea cuánto podría ahorrar!

Transferir dinero a España

Compare las principales compañías de divisas del mundo

Nuestro Veredicto: El servicio Western Union Money in Minutes permite la transferencia rápida de dinero con pago en efectivo en cuestión de minutos en más de 400,000 ubicaciones en todo el mundo. Proceso de registro muy sencillo y una excelente manera de aprovechar la vasta red de localización global de Western Union. Puede pagar en línea a través de tarjeta de débito o de crédito y el dinero está generalmente disponible para ser recogido en cuestión de minutos.

NOTA . Los precios mostrados arriba son una "guía de tipo de cambio" y sólo con fines indicativos. Es posible que no sea el tipo de transacción final que reciba al realizar un pago internacional. Las tasas de cambio cambian constantemente a lo largo del día y pueden cambiar en el momento de realizar una reserva. Se basan en un margen promedio especialistas en divisas generalmente se llevará - añadido a una tasa interbancaria en vivo cerca de su tamaño del comercio especificado. Las tarifas sólo se pueden garantizar en el punto donde una compra de divisas se lleva a cabo ya sea en línea o por teléfono. Para acceder a una tasa de negociación final (de lo contrario, sólo se le citará un "tipo indicativo") tendrá que abrir una cuenta gratuita con un especialista en moneda extranjera de arriba.

Haga clic en cotizar / aplicar en el proveedor que mejor se adapte a sus necesidades de divisas.

Las firmas de intercambio peer-to-peer recortan los bancos y corredores

Intercambio de moneda peer-to-peer tiene como objetivo recortar a los bancos y corredores, proporcionando un lugar de encuentro en línea anónimo para aquellos que buscan comprar las monedas de cada uno.

Trabajan combinando compradores y vendedores de euros, dólares estadounidenses, libras esterlinas y varias otras monedas. Usted no envía su dinero directamente al comprador (o vendedor), sino que lo envía a la empresa de cambio de moneda que luego lo transmite.

Si no hay nadie que quiera comprar libras a cambio de zloty polaco, por ejemplo, la empresa hará el cambio por sí mismo utilizando un banco o una plataforma de pago internacional como la nube de divisas para compensar la diferencia.

Con las principales monedas esto es raro, aunque puede ser utilizado para grandes cantidades y monedas menores.

No hay una cantidad mínima y las cantidades máximas son generosas, por lo general superando a £ 1 millón, aunque CurrencyFair (currencyfair. com) dice que su mayor transferencia única fue de 17 millones. TransferWise, que comenzó hace tres años, ahora ha transferido más de £ 1 mil millones.

Related News and Reviews:

3 thoughts on “ Peer to peer currency exchange PeerFX to launch soon ”

Really, of all the currency pairs, CAD-USD seems the most useless. My bank already lets me exchange between the two fee-free. Of course, there’s still spread – I believe 2% – but I’m sure this business must make money somehow, too.

CAD-EUR or GBP would also seem more useful. I can’t exchange between the two without paying a $5 transaction fee, plus the spread. It’s the same whether it’s cash at the bank, or taking it out of a European ATM. Minor currencies usually have a 1% higher spread, and while credit card purchases are fee-free in all currencies, they also take 1% more in spread – that annoying, hidden fee – than withdrawing cash, so it adds up to the same thing.

I’ll be interested to see exactly how this model works, and whether it can actually save a person money.

Well the whole point of this is to do away with that 2% spread. For those of us who exchange large amounts between CAD and USD that 2% can take a huge cut and with many Canadians hopping the border to buy cheaper American goods, myself included, this might just come in handy.

“You can nearly always pay with plastic”. I don’t know anyone but Americans who do this when travelling abroad.

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Peer to peer foreign exchange (P2P FX)

Definition of "Peer to peer foreign exchange (P2P FX)"

P2P foreign exchange (peer-to-peer foreign exchange) is a growing sector within foreign exchange, which cuts out the middleman - banks and brokers - and the costs associated, by connecting the two parties to an exchange directly.

Connecting companies on both sides of an exchange through P2P foreign exchange and therefore cut out the "spread" that banks and brokers typically apply to the exchange rate.

The exchange rate offered is therefore the mid-market rate (the true market exchange rate) and it allows for access to the best exchange rates at any given time, therefore driving down foreign exchange costs, cutting down on administration time and increasing transparency.

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Peer-To-Peer Currencies: What’s Driving Bitcoin?

Peer-to-peer currencies are nothing new, but their usage continues to evolve. The most widely talked about such currency is bitcoin. And while bitcoin may not have lived up to the early hype of replacing government-issued paper money, the digital currency continues to attract merchants, consumers, regulators, and investors. To help financial leaders stay on top of this quickly evolving ecosystem, Bloomberg is hosting a special “Bitcoin: Beyond the Currency” event in New York today.

Here’s a brief overview of the trends and developments expected to drive the discussions among our expert panelists.

In the third quarter, bitcoin fell nearly 40% to close at $386.27 on Sept. 30, wiping away more than $3 billion of the digital currency’s market value. Recently, it has recouped those losses and then some, trading around $397 on November 17, 2014. However, the volatility hasn’t diminished total trading volume on bitcoin exchanges, which has steadily risen over the past year. Nor has it curbed the enthusiasm of venture capitalists for digital currency investments either. VC firms invested a total of $317 million in cryptocurrency startups worldwide, $60 million of that coming in the third quarter, according to CoinDesk .

A More Appealing Way to Pay?

Bitcoin’s appeal among mainstream retailers has grown. More than 76,000 merchants, including Dell, Expedia and Overstock. com, now accept bitcoin. Merchants adopt bitcoin largely because of consumer demand and its lower transaction fees compared with traditional credit card networks, such as MasterCard and Visa. Two major payment processors, PayPal and Square, have integrated bitcoin into their systems.

That success speaks to a widely held view that current payment methods should be improvedApple Pay, a feature available to iPhone 6 users, has quickly become a popular mobile payment system. A group of large retailers, known as the Merchant Customer Exchange, are also developing their own mobile wallet app, called CurrenC, which will launch next year. These alternative payment systems could dramatically change how merchants and customers transact in-person and online.

New Options for Investors

TeraExchange LLC launched the first regulated hedging product where people can hedge the risk of owning bitcoins. The company offers a U. S. dollar-bitcoin swap contract and registered it with the U. S. Commodity Futures Trading Commission. A merchant can use TeraExchange’s system to lock in today’s bitcoin price by finding a buyer willing to pay that price in 30 or 60 days.

Another startup, Hedgy Inc. is raising venture capital to build a system to hedge bitcoin using the blockchain, the digital currency’s online ledger that tracks all bitcoin transactions. Hedgy wants to encode all the trading and escrow details of bitcoin futures contracts right into the blockchain, eliminating the need for a third party. More applications are on the horizon. Advances in bitcoin could revolutionize the $500 billion global remittance industry and create a system that makes micro-payments easy for consumers. Jon Matonis, board director of Bitcoin Foundation, told Bloomberg Television’s The Pulse that bitcoin has “emerged as a noncorrelated asset class.” He said bitcoin exchanges are becoming more like banks and bitcoin will soon integrate with retail and wholesale foreign exchange trading platforms.

The closure of online black market Silk Road, which relied on bitcoin transactions, and the bankruptcy of major bitcoin exchange Mt. Gox tarnished the currency’s reputation and prompted further regulatory scrutiny. And bitcoin fraud continues to be a risk as well. Federal prosecutors in Manhattan charged Trendon Shavers, founder of Bitcoin Savings and Trust, with fraud and accused him of masterminding a first-of-its-kind Ponzi scheme tied to the digital currency. In September, the Securities and Exchange Commission had brought an enforcement action against Shavers, fined him $4.6 million and banned him from trading bitcoin.

However, regulators for the most part have not prohibited use of the crypto-currencies or their protocols, and have even helped to facilitate it’s usage to a degree. Fincen, the NY State Dept of Finance, and the Internal Revenue Service have all commented on Bitcoin without prohibiting it’s use. In a recent op-ed piece, CFTC commissioner Mark Wetjen stated that bitcoin could provide “tremendous benefits” to individuals .

Disrupting Finance: P2P Currency Exchange

Why Read This Report

Peer-to-peer (P2P) currency exchange platforms like CurrencyFair, TransferWise, and Walutomat. pl match customers with one another to facilitate currency exchanges. These startups offer better exchange rates than retail banks and international money transfer firms do and have already saved customers millions of dollars in transaction fees. Read this report to learn who the main players are, to assess their disruptive potential, and to understand how to outflank them.

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1. What is P2P currency exchange?

2. Who are the main players?

3. What problem are they trying to solve?

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June 23, 2014 | Stephen Walker

Weeleo. P2P cash currency exchange

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From Weeleo: STOP wasting your money in exchange offices CHANGE with Weeleo, peer-to-peer platform to exchange cash currenciesWeeleo is a peer-to-peer platform to exchange foreign currencies in person and based on the current rate. We have built a trusted community where travelers get to know each other and exchange valuable travel tips -- while saving on currency exchange fees. How does it work? Lets get you signed up: create your profile and give us a few details about yourself Create your offer: wanted currency, where and when Match making: we notify you when we have found potentials exchangers, based on their location, availability and appropriate currency Meeting up: we introduce exchangers on app and help you to schedule your meeting Feedback: after your exchange rate and comment your transactionWeeleo now allows you to share the following currencies: - Euro - Pound Sterling - US Dollar - Swiss Franc - Korean Won - Australian Dollar - Turkish Lira - Canadian Dollar - Mexican Peso - Chinese YuanYou can exchange your currency in the following cities:// USA :San Francisco, Los Angeles, New York// France :Paris, Marseille, Lyon, Toulouse, Nice, Nantes, Strasbourg, Montpellier, Bordeaux, Lille, Rennes, Reims, Le Havre, Saint-tienne, Toulon, Grenoble, Laval, Calais, Roubaix, Dijon, Mulhouse, Besanon// United Kingdom :London// Belgium :Brussels// Switzerland :Basel, Geneva, Lausanne// Brazil :Rio de Janeiro, Sao Paulo, Salvadore, BrasiliaThen, we will grow rapidly with others currencies, countries and routes. To get more information subscribe to our newsletter:www. weeleo. com

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The Peer-To-Peer Marketplace Revolution: 50+ Companies That Are Changing The World

Peer-to-peer marketplaces are really booming right now. It’s not just us talking about the peer-to-peer revolution – news sites like Forbes. Mashable. and others are also loving this new way of doing things.

Before we look at the list of over 50 peer-to-peer marketplaces that are changing the world, what do we mean when we use the phrase: peer-to-peer marketplace?

Typically, an online peer-to-peer marketplace brings people and/or businesses together online to deal with each other directly without having to go through a slow, expensive middle man.

Take CurrencyFair as an example. Widely used by expatriates working or living abroad and businesses dealing across borders, CurrencyFair’s peer-to-peer currency exchange allows people to cut out the middle man to get the best possible exchange rate for various currencies, whilst avoiding expensive and often hidden bank charges. Using CurrencyFair’s MarketPlace platform, buyers and sellers are brought together to exchange funds directly with each other, setting their own rates in the process. For individuals not restricted by time, they can set highly competitive exchange rates and wait to be matched with a buyer, often achieving a better rate than high-flying traders.

Another example is Kiva – a wonderful peer-to-peer micro finance website that aims to alleviate poverty by allowing everyday people in developed nations to finance budding entrepreneurs in developing nations.

On a more day to day level, here’s an example of life being made easier and more fun by a P2P (peer-to-peer) marketplace.

The family home holiday accommodation P2P marketplace Love Home Swap does these things as well as save people money.

So, why have peer-to-peer (or P2P) websites like these suddenly become so popular? What’s so great about them? Consider these reasons:

The biggest reason consumers flock to peer-to-peer marketplaces is to save money . Value for money is everything when making a purchase online and people will shop around for hours to make sure that they get the best deal on something. With P2P marketplaces you are effectively cutting out the middle man, taking away his commission, and replacing it with a much lower commission charged by the website for facilitating the transaction. This reduces the overall cost for the consumer and increases the profits of the provider.

Another benefit of P2P marketplaces is the convenience they offer. This means they save time for the consumers by having everything in one place, allowing them to choose and select with ease 24 hours a day.

The highly specialised nature of these websites is yet another benefit they are bringing. They do one thing, but they do it well.

It’s fun. Peer-to-peer feels a lot like sharing and who doesn’t enjoy the feeling that comes with being a little more connected to society?

Check out this cool infographic showing how to make the most of peer-to-peer marketplaces within your daily routine http://t. co/UYOf2Bohkc

Finally, to show you just how awesome P2P marketplaces are, we’re sharing a list of peer-to-peer marketplaces we like:

Travel Peer-To-Peer Marketplaces

Love Home Swap – A members-only home swapping site. Home swap holidays are revolutionising the way people travel. With 53,000+ inspiring homes listed in every corner of the globe, those looking to house swap can save themselves thousands on holiday accommodation costs.

AirBnB – Discover amazing, unique accommodations in 192 countries. With more than 10 million nights booked worldwide, AirBnB is the world leader in travel rentals.

HouseTrip – The revolutionary holiday rental online booking site, offering a wide selection of self-catering apartments, cottages, villas and chalets.

Vayable – While there are a million guidebooks and blogs out there, nothing really beats having a human point of contact when arriving in a new place.

EasyNest – To meet people to split the cost of hotels when travelling.

OneFineStay – Offering opportunities to rent someone’s house/rent out your house while on holiday.

HomeAway – Find vacation rentals worldwide, including Florida vacation rentals, Hawaii vacation rentals and villa rentals in Europe. Rent direct from owners and save with HomeAway.

Work & Service Peer-To-Peer Marketplaces

TaskRabbit – Get just about anything done by friendly, trustworthy people. Vetted TaskRabbits can help with errands, cleaning, delivery and so much more.

AirTasker – Access thousands of skilled people for your home and office tasks. From furniture assembly to data entry.

Mechanical Turk – Peer-to-peer marketplace for work. Giving businesses and developers access to an on-demand scalable workforce. Workers can work at home and make money by choosing from thousands of tasks and jobs.

Craigslist – Online classified ads.

oDesk – Find freelancers and freelance jobs on oDesk – the world’s largest online workplace where savvy businesses and professional freelancers go to work.

Elance – Access over 2 million skilled freelancers from around the world. Find rated web developers, mobile programmers, designers, writers, translators, marketing pros, virtual assistants and more.

BidWilly – A leading website for finding guaranteed quality and low cost services for handymen, maids, and lawn care services.

Freelancer – Hire freelance programmers, web developers, designers, writers, data entry and more at a fraction of the cost on the world’s largest outsourcing marketplace.

crowdSPRING – The world’s #1 marketplace for logo design, web design, and naming.

Hailo – Use Hailo to get a taxi wherever you are, whenever you want. All it takes is two taps on your iPhone or Android phone. Pay cash or card, with no hidden fees.

Uber – Connects passengers with with drivers of vehicles for hire or ride-sharing. P2P taxi service

LiquidSpace – Find meeting rooms, office rentals & co-working spaces booked by the hour or for the day. LiquidSpace provides high quality temporary workspaces and office rentals.

ShareDesk – Rent short term, affordable, on-demand, flexible offices, private studios, co-working spaces, shared workplaces, and meeting rooms.

DesksNearMe – A convenient solution for individuals looking to list or rent office space from anywhere in the world.

PivotDesk – Pivotdesk helps startups and small businesses find affordable, short-term office space by helping companies drive income from their excess office space – all without long-term leases.

Commerce Peer-To-Peer Marketplaces

eBay – Online auction site (used to be fully P2P, now also used as a shop front by companies).

Etsy – Buy or sell homemade and vintage items.

Quirky – Invent and sell/shop for invented products.

The Grommet – Shop for unique gifts, innovative tech gadgets, and more. The Grommet discovers products everyday by makers worth supporting.

Car Sharing Peer-To-Peer Marketplaces

BlaBlaCar – Connects drivers who have empty seats with people looking for a ride through the largest car share service in Europe.

Sidecar - Matches everyday people in their own car with people nearby for shared rides.

Car2Go – The pioneer of free-floating car sharing

Zipcar – The world’s largest car sharing and car club service. It is an alternative to traditional car rental and car ownership.

DriveNow – The innovative mobility venture from BMWi, Mini and Sixt. Get in and out wherever you like. Experience urban driving pleasure.

GetAround – Social car sharing: Rent cars by the hour from people around you. Start renting out yours today and earn cash.

Money Peer-To-Peer Marketplaces

Bitcoin – Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

CircleUp – A leader in equity-based crowdfunding, CircleUp focuses on angel investments in consumer products companies.

Kickstarter – The world’s largest funding platform for creative projects. A home for film, music, art, theatre, games, comics, design, photography and more.

CurrencyFair – Peer-to-peer currency exchange. CurrencyFair gives you cheap, fast and secure international bank transfers. Avoid costly foreign exchange charges when sending money abroad.

IndieGogo – International crowdfunding platform

GoFundMe – The #1 do-it-yourself fundraising website to raise money online.

Education Peer-To-Peer Marketplaces

Skill Share - Online learning, offering classes in a wide range of subjects.

PopExpert – Face-to-face video lessons with hand-picked experts.

Loan Peer-To-Peer Marketplaces

Lending Club – Apply for a low, fixed rate personal loan or invest to earn solid returns.

Kiva – Make a loan to an entrepreneur across the globe for as little as $25. Kiva is the world’s first online lending platform connecting online lenders to entrepreneurs across the globe.

Prosper – Personal loans meet online investing at America’s leading online destination for borrowing money and investing in personal loans.

Zopa – The UK’s largest peer-to-peer lending service. Zopa matches sensible borrowers looking for low rate loans with smart savers looking for high interest on their savings.

Wellesley & Co. – Wellesley & Co is the UK’s first peer-to-peer lending platform to use its own money to part fund every loan. Wellesley & Co funds all loans in the first instance using its own capital which allows a quick response to applications made for borrowing.

Gambling Peer-To-Peer Marketplaces

Recreation Peer-To-Peer Marketplaces

VoulezVousDiner – An open and social marketplace for eating with locals everywhere in the world. Try a unique and authentic food experience.

Shapeways – Online 3D printing community. Make, buy and sell products.

Breather – Shared rooms to give you a chance to take a rest.

Pet Peer-To-Peer Marketplaces

DogVacay – Better than a kennel, find a real home for dog boarding while you’re away. Get peace of mind with insurance, photo updates and emergency support.

Clothes Peer-To-Peer Marketplaces

Rent The Runway – Rent designer dresses and accessories.

RocksBox – Unlimited jewelry on subscription.

Finally, the Search For Aliens!

SETI@home – Scientific experiment that uses Internet-connected computers in the Search for Extra-terrestrial Intelligence (SETI).

As a leading peer-to-peer marketplace that helps people save money, we say: Vive la révolution!

London's next $1bn firm? TransferWise raises $58m in funding round

London-based peer-to-peer foreign exchange service TransferWise has become the latest company to join Silicon Valley super-venture-capitalists Andreessen Horowitz’s portfolio.

The company raised $58m in a fundraising round led by A16Z, in which the company’s existing investors such as Richard Branson, Index Ventures and Seedcamp also participated. The Series C funding round is thought to value the company at almost $1bn, although it refused to confirm or deny the figure.

TransferWise operates a foreign exchange service which uses an element of peer-to-peer funding to cut costs for users. The company directly pairs up users wanting to buy a currency with those wanting to sell it, avoiding the need to actually convert money – and saving on expensive foreign exchange fees.

TransferWise cofounder Taavet Hinrikus said Andreessen Horowitz’s interest showed how ripe financial services are for disruption. “For too long legacy providers’ dominance of the market has allowed consumers to be hoodwinked into paying huge hidden charges for services as basic as currency exchange.”

Ben Horowitz, one of A16Z’s co-founders along with former Netscape founder Marc Andreessen, will be joining TransferWise’s board following the investment, and Hinrikus said the company was “excited” to have him. “His experience will help us take our revolution in financial services across the globe, starting with the US offices we’re launching,” he added.

It plans to use the investment to boost its global expansion, opening an US office in February and offices in Germany and Australia after that. But as it grows, its unique business model could find it difficult to scale up.

Its business model relies on a relatively even flow of money to and from countries in which it operates, although it smooths out temporary imbalances by buying supply from conventional financial markets.

Some worry that as the company grows, and it introduces more currency pairs, the imbalance of money flows may become difficult to manage. If that happened, “TransferWise would have to resort to financial markets to fill the gap and lose the cost-advantage of the P2P model, or keep fund flows balanced but limit market growth,” suggests analyst Wayne Wong .

“The latter option does not sound too bad considering how the pie for international money transfer is huge and there are existing inefficiencies in remittances that TransferWise could iron out.”

The fundraising follows the success of London’s Shazam, which became the latest British startup to hit a $1bn valuation in mid-January. It raised $30m from unnamed parties, despite having not turned a profit for at least eight years .

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Peer to Peer Currency Exchange vs Brokers

Peer to peer currency exchange platforms are the upstart rivals to established currency brokers.

This form of exchange works by anonymously matching people who want to swap complimentary amounts of foreign currency. For example, if Mike in the UK wants to exchange £5000 into Euros it could match him with Julio in Spain, who is looking to exchange an equivalent amount of Euros into pounds .

How do peer to peer currency exchange services differ to that offered by brokers – and how do they compare head-to-head?

This is one of the big sells for peer to peer foreign exchange companies. They often promise significant savings with low headline commission rates. It pays to read the small print carefully though, as commission levels can vary depending on the amount exchanged. So in practice users can pay much more than the headline rate.

Quality brokers either give you a clear no-obligation quote, or for larger amounts won’t charge commission at all.

Most peer to peer currency exchange providers use the Interbank buy and sell mid point rate, which is often better than the rate offered by banks.

Brokers use their in-depth knowledge of the currency markets to help their customers exchange at the best possible point.

Even peer to peer platforms admit that their exchange services take between one to four days to complete, and their hours of service can be restricted by the banking hours where they are located. This is caused by transferring the money between several different accounts.

In contrast brokers are able to exchange money much more swiftly.

Currency markets can be confusing, and by offering a simple exchange contract peer to peer currency exchange can seem easier to understand. This is particularly true for users who are used to making international bank money transfers.

However, these simple one-time transfers might not be the best fit for everyone’s situation. Brokers are able to execute a wider range of foreign exchange contracts. This include Forward (fixes rate for up to two years), Limit (waits for when rates hit a desired point) or Stop Loss (exchanges are not made when the rate dips below a certain point) Contracts. For some users, these offer much better value for money.

One reason that peer to peer currency exchange platforms can offer low rates is that the customer does a lot of the work, from signing up to required bank accounts to performing the transfers. Although they tend to have advisors on call to help talk users through the process, they generally won’t be able to offer detailed advice tailored to the user’s individual situation.

Currency brokers employ experienced currency traders who can give personalised advice to their clients. Once the client signs the agreement and makes the initial transfer, their work is done.

The availability of currencies varies between peer to peer platforms, with some only offering exchanges in US dollars, pounds Sterling and Euros. This is because they need to make sure that they have enough people to be able to match prospective exchangers.

In contrast, brokers have access to a wide range of currencies through global markets, making them invaluable for those looking to exchange smaller currencies.

To access most peer to peer currency exchange services users need to not only sign up for an account with the platform, but sometimes also a specific bank or money transferring service. This can be somewhat laborious and, in the long-term, these accounts could have security vulnerabilities.

A reputable broker just requires their clients to make the transfer into a dedicated client account, which is maintained by the brokerage, which simpler and more secure.

Anyone considering using a peer to peer currency service needs to be aware of how secure their deposit is. Although the best platforms are authorised by the Financial Conduct Authority (FCA), only money held in UK-regulated current or savings account is covered by the government backed compensation scheme which guarantees deposits of up to £85,000.

As well as being FSA-authorised, good quality brokers keep your money in a British bank account, display their credit rating and use Irrevocable Payment Documents (IPDs) so a client’s money can be tracked at all times through the exchange process.

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Peer-to-peer currency exchange service Transferwise handles $13.4m in its first year

Peer-to-peer currency exchange startup Transferwise has announced today that it’s transacted €10m ($13.4m) in its first year.

The company makes it cheaper to send money abroad. Rather than send the money directly, you send it to Transferwise, which then converts your funds at the mid-market rate, cutting out the currency exchange markets and saving you money. It charges just £1 ($1.60) per transaction under £300 ($475). The company is backed by Seedcamp, and we’ve previously covered its appearances at the fund’s events in London and New York .

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Transferwise currently only supports conversion between euros and British pounds sterling, and vice versa, however co-founder Taavet Hinrikus (who was also employee number one at Skype) says that more currencies will be added this year.

“We’ll start by adding a few more European currencies and then will be expanding to other popular currencies. Also we’ll be thinking about product development – there are many areas where we can go next, by adding an API or business services or faster payments or a mobile client.”

TransferWise estimates that the €10m figure represents €500,000 in saved fees for its customers. Despite the high value, the actual number of transactions completed in the company’s first year is reasonably low, at around 5500. The company will no doubt be looking to boost that number significantly this year.

Martin Bryant is a reporter from Manchester, UK. Happy to hear your thoughts on martin@thenextweb. com or @MartinSFP on Twitter.

Martin Bryant is Editor-at-Large at The Next Web. You can find him on Twitter. subscribe to him on Facebook and visit his personal site. He's based in Manchester, UK and has a thing for quirky American music and Japanese video games.

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Peer-to-peer currency exchange for your business: manage exchange rates and save money

Avoid international bank transfer fees

with peer-to-peer currency exchange

Imagine you are Irish but you work in London. Your family is still based in Ireland, though, so you take the last flight out on a Sunday evening and the earliest possible flight in on a Friday evening. Your salary is paid in pounds sterling into your British current account, but you still have to pay the mortgage on your house in Ireland in euros.

In a different scenario, your child might be spending a year abroad, teaching English in Norway. Until they receive their first salary, you are tiding them over and would like to transfer some money to their newly opened Norwegian account. However, Norway doesn’t have the euro: its currency is the Norwegian krone.

In both cases, if you make an international transfer using your bank, the bank fees won’t be negligible and will eat up some of the amount.

Until recently, there was little you could do to avoid this. This has changed now, thanks to peer-to-peer currency exchange services like CurrencyFair. TransferMate and TransferWise. CurrencyFair and TransferMate are Irish companies and they have been hailed as the Irish FinTech sector’s latest success stories. confirming Dublin as the financial management capital of Europe.

There is phenomenal growth in this area. These P2P transfer services may become the vehicle of choice in the coming years, as this sector progresses from just early adopters to mainstream usage. According to a quote given to the Financial Times. “CurrencyFair … estimates the market for P2P foreign exchange is growing at 500 per cent annually and will provide £250bn of currency transfers by 2017. The UK accounts for between 40 and 50 per cent of this.”

What is peer-to-peer currency exchange?

It’s a service that pairs up somebody like you, who might be paid in pounds but needs to make payments in euros, with somebody who has the reverse problem: they are paid in euros on a bank account in, say, Ireland, but they need to make payments in pounds sterling.

Imagine that you paired up with a friend who works in Ireland but is based in the UK. From your British bank account, you could transfer money in pounds sterling to their British bank account, while they transfer euros from their Irish account to yours. They give you the money to pay your Irish mortgage, whilst you give them the money to pay their British bills, for example.

National money transfers being much cheaper (or free) and much faster, you would both save a lot of time and money. However, if you were doing this informally with a friend, problems might arise if the two of you don’t need the “same” amount: you need to cover a €1000 mortgage every month, while your counterpart only needs to make their once-a-year car insurance payment for £745.

These “FinTech” (financial technology) companies solve the problem by pairing up lots of people in many different countries. Your €1000 monthly payment isn’t covered by a single person wishing to make a payment for the exact same amount in pounds sterling.

I’m not comfortable sending money online…

Is peer-to-peer currency exchange a scam?

In my experience the service has been very reliable and it’s made a big difference when doing business in non-euro currencies. CurrencyFair is regulated by the Central Bank of Ireland and licensed to do business in the EU and Australia; TransferMate has regulatory licences in the EU, 36 American states, Canada, Australia, New Zealand and Hong-Kong; TransferWise is fully authorised by the UK Financial Conduct Authority as a payments institution.

Decreasing the cost of doing business

These services are extremely useful for small businesses as they make operations much simpler, cheaper and hassle-free, like many other online services .

Perhaps you are involved in international trade and driving forward with an exports-led business? Perhaps you’re not… but you may still have international payments to suppliers and contractors. For example, you might be paying for web hosting in dollars, sourcing goods in yuan or attending a conference in London and the registration is to be paid in pounds. You might be using your credit card to pay for these services, as I used to. However, when I saw the exchange rate I was being given and the extra international transaction fees, I started asking for invoices and bank transfer details so that I could use my peer-to-peer currency exchange account instead of my company’s credit card.

By virtue of the fact that so much business is done online today, it’s quite likely that you’re incurring expenses in a different currency.

I was lucky to start in business just as these services were born in Ireland. I could instantly see the saving potential so I set up a currency account from the very start of our company’s history and it has saved us a fortune in hidden fees that can so easily eat into profit. As well as euro, we generate revenue in dollars and sterling; I travel to the UK and the US a lot, so we have travel, accommodation and expenses in both currencies too.

When you are starting to export, those initial orders are often covering previous upfront marketing expenses or are quickly reinvested in the business. Therefore, in our case, I was so delighted to save the extra percentage (about €100 out of every $5000), and it was only a ten-minute investment to submit the required documentation. Today, that saving has been repeated many times over, without any extra effort on our behalf whatsoever.

What peer-to-peer currency exchange

allows you to do

Transact at spot (or very, very close), that is, at the most up-to-date rate of the currency at the moment you are making the transaction. That moment might be right now or, in the case of a “limit” order, when and only when the rate you have specified is met in the market.

Make international transfers following the transaction.

All peer-to-peer currency exchange services do this but they have some differences, so before you set up the account, ensure that they have exactly what you need:

Can you hold money in the account? In some cases, you can actually hold a currency in the account and then either exchange it or transact it when you want. In other cases, you need to move that money within x number of days, which means you do save the bank charges and all other related fees, but you don’t have the capacity to wait until a favourable exchange rate comes about, or to store the money.

Are there fees involved in transactions both with the company and with your own financial institution. For example, there may be a charge incurred if you receive or send money to a certain jurisdiction or country because the company doesn’t have a license in that area, and hence can only receive transfers into a non-jurisdiction account with a fee. For example, a peer-to-peer currency exchange service company might have a UK bank account that will accept dollars but with a cost involved. Also, perhaps there is a transfer fee out of the account: they don’t charge to receive money or transact it, but if you want to move it on to your own bank account, they might charge you. Finally, maybe there is an incoming wire fee to receive wire payments into your own account.

What peer-to-peer currency exchange accounts

can’t do, and when to look for more developed

servicios

At this point, it’s unlikely that a currency account will be able to write or receive cheques, be able to offer you a payment card or have the facilty to withdraw cash. It’s not a bank, but a holding account.

There comes a time when you will need a full suite of banking services. We set up a sterling bank account because clients wanted a bank account to pay us, hotels want to be paid by card and we have a subcontractor in the UK. However, we still have and use the currency account, because we still need to transact currencies. It still makes financial sense to move the sterling from our UK bank account to the currency account, exchange it at spot and then transfer it into the Irish bank account if we need the money to invest in a larger project. The issue here is that each transfer takes time (and if it’s urgent, it can cost more).

Of course, the more accounts you have, the more paperwork you have, so you have to take this into account also.

Nevertheless, the savings are truly significant.

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WeSwap is the latest company to jump on the peer-to-peer bandwagon with its bid to solve currency exchange problems.

The London-based startup provides a platform where users can exchange currencies at the interbank rate for a flat fee, and in some cases for free. Currently, when travellers want to exchange currencies, the middle man or exchange agencies quote a higher price (commission) than the interbank rate, WeSwap is aiming to remove this middle man and maximize the monetary benefit in the exchange process.

How it works: User A is planning to exchange US$ into GBP and User B is planning to exchange GBP into US$. Both users upload their amount in respective currency into their WeSwap account. Then the platform does the conversion (and takes 1% flat fee), deposits the money in a prepaid Mastercard and sends it to the user (free of charge).

In case a match is not found for exchange, then WeSwap converts the money (at interbank rate) for a flat 1.5% fee.

WeSwap was founded by Jared Jesner and Simon Sacerdoti. The company’s service can be accessed via its mobile apps – IPhone. Android .

How it works – WeSwap

Q&A with founder Jared Jesner:

Tell us how you founded the company, why and what made you decide to jump in and create the business.

I wasn’t driven by a desire to create a business or be an entrepreneur – I felt deeply that travellers should be allowed to swap currency with each other directly and that banks and corporates have no right taking massive hidden commissions from travellers.

A very strong belief in this idea combined with a feeling of restlessness in my job made me jump. It was a big jump – I had to sell my house to pay the bills in the early days. It’s not cheap living in London with three little kids!

But I wasn’t the only one who jumped. I was introduced to Simon whilst still at my old job. He immediately saw the huge potential in this idea and saw a gap in the market for a peer-to-peer travel money exchange service.

Simon’s extensive experience in corporate finance and advising successful entrepreneurs, and the fact that he had been involved with online businesses for over 20 years, enabled us start commercialising the idea.

Together we founded WeSwap and that’s how the business was born.

Size of the team, names of founders, management roles and key personnel?

Simon and I are the founders of the business and we’re very hands on from day to day. We currently have 15 members of staff working in our London office.

I look after technology, product and marketing. Simon’s focus is on operations, customer service, compliance and finance. In reality we make joint decisions across all areas. The business seems to perform better that way.

We have raised approximately £2.25 million to date. All of our funding at this point has come from angel investors and a couple of super angels, as well as the initial £300k which was raised from friends and family. More funding news to follow.

Estimation of market size?

The travel money market is enormous. In the UK alone travellers spend around £38 billion abroad each year. Currently, WeSwap is live across 10 markets.

Our USP – we offer travellers the best possible rate on their foreign currency by cutting out the middle man – it’s as simple as that!

We’re also unique in that we provide a prepaid MasterCard, which allows customers to access their cash anywhere completely free of charge. We are the only product of our kind that allows you to complete the full sign up process and go on to swap money via our app, so we’re truly a mobile business.

Whilst plenty of travel money businesses exist (e. g. Travelex) no other business offers a peer-to-peer (P2P) exchange for travellers, giving travellers the ability to swap money at the interbank rates and pay a very low, transparent cost.

WeSwap also offers online travel businesses unparalleled insight into traveller’s behaviours enabling an ultra-personalised user experience. In fact, our offer to OTAs and metasearch businesses is almost as innovative is the core business of currency swapping.

Revenue model and strategy for profitability?

Our business model is based around cutting out costs from the supply chain.

WeSwap allows consumers to swap directly with one another, who can thereby avoid expensive bureaus who charge commission on top of the interbank rate. As a result, this brings down the cost of currency exchange and offers an unbeatable proposition to travellers.

The key to our revenue model is to get people to swap. Swapping enables us to run the business in a far cheaper and more efficient way, we can then pass that saving on to customers and continue to drive down the cost of travel money while still maintaining a profitable business.

How did the initial idea evolve and were there changes/any pivots along the way in the early stages?

The core WeSwap offer to travellers has not undergone any significant pivot – it’s working extremely well.

Whilst we have some great improvements in the coming months, the core product remains the same.

The biggest change has been our approach to distribution. We have developed an OTA/metasearch offering that is unique and compelling. It offers WeSwap a superb route to market whilst providing select travel players serious competitive edge.

Why should people or companies use the business?

People should use the business because it offers an unbeatable deal for travellers. WeSwap allows users to sign up, load your account with money then organise a currency swap at the real mid-market exchange rate, paying only 1% commission.

On top of this, customers get a multi-currency MasterCard with the currency pre-loaded so you can use it abroad free of charge, and the WeSwap app means that accessibility to your account to manage your swaps and balances is easy and fast.

It’s a really flexible product that’s perfect for consumers heading abroad on holiday or even business travellers in need of multiple currencies regularly. What is the strategy for raising awareness and the customer/user acquisition?

A key part of our marketing strategy is partnerships with OTAs. The OTAs distribute WeSwap to their travelling customer base. In addition to this approach, we employ a range of social and content strategies across our markets.

On top of this, the product is built to encourage word of mouth referrals. If you sign a friend up, you both get free swaps with each other for life!

Where do you see the company in three years time and what specific challenges do you anticipate having to overcome?

In the long-term, we want to revolutionise the travel money exchange industry and to become the leaders in travel money across the world.

Ultimately, we want to disrupt the currency exchange market and inspire a world where swapping money is the norm. Our goal is to spread the word about WeSwap even more, to educate travellers in this new way to exchange currency and to extend our reach to more countries to offer the WeSwap service.

The main challenge that we face is having to overcome some pretty entrenched thinking in the world of payments. The need to persuade the key players that what they believed was impossible is in fact possible is also crucial to WeSwap’s future success.

What is wrong with the travel, tourism and hospitality industry that requires another startup to help it out?

The travel industry is awesome. The rapid innovation from high street travel agents to instant mobile bookings and metasearch has been incredible.

The winners over the next few years in this industry are those players that personalise the best and have the most engaging mobile apps. WeSwap can help them achieve this in a really big way. What other technology company would you consider yourselves most closely aligned to in terms of culture and style… and why?

There are lots of cool peer-to-peer models on the market right now. One of the most successful of those is Airbnb. We’re aiming to do with the travel currency market what Airbnb has done with accommodation – disrupt the norm and show consumers that there is an alternative that puts you in the driving seat and helps to save you money.

WeSwap’s business model is interesting and simple. Because, it solves a real pain point for a traveller, and it is based on the peer-to-peer model that is gaining momentum globally.

The pain point of not knowing the best available rates available in the market (lack of transparency) and charging a commission on top of interbank rates brings frustration to the exchange process.

The problem is so much that, in India, a startup company launched a service where a user can place a currency exchange request and agents can bid with their best possible exchange rate.

It is worth mentioning that there are commission free currency exchange services available in the market, however, the exchange rates vary.

While the solution offered by WeSwap looks easy, there might be legal complications. For example, in India, exchanging Indian Rupees to other country currencies mandates (by law) the user to submit their local address proof, travel details, and PAN card (similar to SSN in the US) documents.

Peer-to-peer – Midpoint’s new way to exchange currency

A new peer to peer, online foreign exchange and international payments platform has been announced, enabling businesses and individuals to save money by using a currency exchange matching service, providing industry low rates and a flat, transparent fee structure.

With Midpoint. com, a business exchanging £5,000 into euros each week could typically experience savings of more than 2%, a £100 saving per transaction. This activity level would offer customers around £5,000 a year saving over traditional currency exchange methods.

Midpoint's patented technology was the first to 'match' foreign exchange requirements for individuals and companies in euros, US dollars and sterling. For example, Midpoint matches an order to buy British pounds with euros, to an order that buys Euros with British pounds. By directly matching businesses and individuals with opposite currency needs, Midpoint is able to eliminate the 'spread' or 'margin' component from all transactions. This is the mechanism by which current providers generate hundreds of millions in profits each year in the global foreign exchange markets.

With Midpoint, at the time of the match both parties receive the same exchange rate - the mid point - the real time Interbank buy and sell rate. This ensures Midpoint's rates are the best available and as a result, customers save money on each and every currency exchange, paying only a clear and transparent fee to use the service.

Commenting on the announcement Mike Hampson, Midpoint Managing Director said "Millions of people buy and sell currency every day, mostly via traditional, higher cost options. We want to shake up the currency exchange market, motivating importers and exporters, small businesses, individuals, overseas students and foreign holiday home owners to switch and focus on the actual rate and demand a fair, secure and transparent approach to currency exchange.

"The rates set by banks and brokers often obscure the underlying charges, favouring large corporates who conduct large transactions. This scenario discriminates against smaller and infrequent users - small businesses and individuals, hence our approach to target these users first. With Midpoint, everyone receives the same, fair, industry leading exchange rate. We anticipate the most frequent currency amounts exchanged with Midpoint will be within the £1,000 - £30,000 range, but all users can benefit from this service."

Midpoint customers do not need to pre-fund their account. Money is securely transferred when the match is confirmed - guaranteed within 24 hours. This can benefit organisations sensitive to short term cash flow, whilst keen to secure the very best currency exchange rate for their business. Midpoint successfully trialled its service with a range of businesses and individuals experienced in currency exchange. One of these first customers, Meena Bhandari, Finance Manager at Radium One commented: "Midpoint is an excellent platform to exchange large amounts of money. They offer extremely competitive rates - close to the spot rate. Their service is easy to use, efficient and invaluable to my business. Put simply, Midpoint saves our organisation money."

The team behind Midpoint brings a wealth of complementary skills to the business: Mike Hampson, Midpoint Managing Director has substantial experience in international finance and banking. He will be responsible for the overall direction of the business and for regulatory activities. Brad Lemkus, Midpoint Operational Director enjoyed success as an entrepreneur and importer and at Midpoint will be responsible for the development of the system and operations.

Midpoint is initially offering customers the ability to match and exchange in US dollars, sterling and euros, more currencies will be added as the business grows. New users can register now at www. midpoint. com and enjoy the access, flexibility and cost savings of a non pre-funded matching currency exchange account.

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News & Updates

Odd Wiki SocialSynergy Peerto Peer Currency Exchange

peer to peer currency exchange

(Originally Posted at P2P Foundation )

Moneytwins. com describes itself as:

the first service that allows individuals and small companies to exchange their foreign currency notes directly with each other without using the services of a bank. There is a unique price for each currency at which transactions happen, the same that is used by the largest financial institutions,

Many people just keep foreign money as a souvenir, because it is often not worth exchanging it upon returning home. Or, sometimes, in my case I give it to friends and family travelling to the same destination.

Moneytwins. com seeks to become a way to find other people who want that currency, and trade with them at current exchange rates, and without fees. (Moneytwins has started out offering the service for free to attract users. Eventually, they plan on charging a small listing fee of about .05%, similar to what ebay is doing, see this interview). The money is then exchanged at a pre-arranged location, or via shipping through delivery services like UPS or DHL. Security is based around ReputationSystems. where users rate past transactions. Moneytiwns also wants to facilitate remittance of money between immigrants and their families back home.

This is a great idea. Although the Moneytwins application still has some bugs to work out of their system, based upon my experience of registering there and looking around.

Securing A P2P Currency Exchange

Another consideration with P2P currency exchanges, and P2P banking functions in general, is that international organized crime could seek to use these systems as a way to launder money. The Moneytiwns model is moving in the right direction by employing reputation systems. However, if people wanted to launder money through a system like this, they could easily set up hundreds of IDs. They would be motivated to maintain good reputations, because their incentive is to find an easy way to transform and hide currencies, and not to stand out in the system. A P2P currency exchange could help organized crime achieve at least one money laundering function. Reputation alone would would not be enough of a deterrent. In this case, reputation would have to be combined with some sort of accurate identity verification.

There are similar security considerations for exchanging money to and from VirtualWorlds. like SecondLife. and game worlds like Ultima Online. These virtual and game worlds are beginning to feature money exchanges from real world money to VirtualMoney. Or, in some cases, we see a market of people selling VirtualMoney for real currency in online auction sites like ebay. These systems could also be targets for money launderers, because they potentially allow people to disguise or fake identity.

Here is a chart from Kenya, in East Africa that - could really use disruption in the peer-to-peer money transfer. There's certainly opportunity. Mobile Money operators charge as high as 160% in Uganda to send money over a cellular phone P2P. $1500 large amounts are charged 0.9%. Micro payments in cash are a bulk of the economy; informal, small payments, micro purchases. p. ej. bus fare $ 0.25, fresh vegetables $ 0.25. Think micro finance then think digital currency for the informal/financially excluded.

Why the huge disparity? Margins? Cost? Well then, there must be some way to leverage digital currency/virtual currencies to lower these rates, In this podcast, John Ledgard https://soundcloud. com/da vid-bol. sees a future where digital currencies are widely used for targeted informal sectors or groups. Here's an FT article How a digital currency could transform Africa - FT. com

Meanwhile, here is the chart: Kenya - BITCOIN takes on MPESA and mobile money operators Dan Abrahams how's this for *some* data?

There is a loot of hype around P2P Payments - in many cases, especially for x-border remittances, it is more of a marketing hype rather than an entirely different back-end process (for more, you could read our assessment of TransferWise. TransferWise: Rebel, What is Your Cause? )

Business sense aside, mathematically, we would need to calculate how much of $0.6T in x-border money transfers are matched across corridors. It could be done by uploading data from here: Migration & Remittances Data or Remittance Flows Worldwide in 2012. Result would be 5-10% or around $50B annually.

Of course, for Intra-Western-Europe, the mathematical P2P portion could be much larger - see response from CurrencyFair 's CEO

But for top global corridors, disbalance in flows is excessive (USA-to-Mexico: $20+B, return - $1B) - it is correlated with major flows in migration worldwide

R. Jay

For the latest statistics on the biggest money transfer markets globally, see the infographic from Penser Consulting - World's biggest money transfer markets

True peer-to-peer currency exchange?

One of the biggest problems currently facing the Bitcoin economy is the exchange market. The market suffers from continued concentration and price volatility. In order to maintain their links to the traditional banking world, these businesses have the unenviable task of attempting to shove Bitcoin into the world of bank accounts and anti-money laundering policies. New exchanges are joining the Bitcoin economy but regulatory compliance is no small barrier to entry. The few existing online exchange services continue to be significant points of failure for the Bitcoin economy.

A network of small, peer-to-peer transactions would likely bypass many of these issues and would be a fitting solution for the brilliantly decentralized Bitcoin network. But is such a thing possible? The guys behind MetaLair. a UK based start-up, think so and are working hard to develop the software and find the investors to make it a reality.

Their vision is a decentralised exchange mechanism which will facilitate peer-to-peer exchanges between crypto-currencies and in the future fiat to crypto exchanges. The MetaLair network would be similar in structure to the Bitcoin network featuring…

No central servers

Open-source software

Incentives for all network operators

A proof-of-work based system

If they are successful in achieving funding, MetaLair will develop both a free open-source version and a pay version with added features. The business intends to make money by charging for the client software with additional features that will include added security, trading and analysis tools. They hope that this could become the defacto standard wallet and trading platform for Bitcoin and other crypto-currencies.

MetaLair’s developers believe that the project will benefit the crypto-currency community as it is open-source and fully decentralized; this ensures that should MetaLair not be around the decentralised exchange will simply carry on.

“For me personally I’m only ever interested in a business if it has a primary social benefit” explains lead architect Johnathan Turrall who just returned from a trip to Cuba and South America. “The reason I went to Cuba was to look at communism and the impact that it had on financial systems, processes, business and industry. … I think potentially this system could be of great benefit to people in those areas so that is one of the motivations behind it.”

Johnathan and his business partner, Kerry Fraser-Robinson, will release their design papers whether or not the business obtains funding with the hopes that the project will eventually be developed even if they are unable to finish it themselves.

MetaLair will create and distribute the exchange software, but will not handle any funds or transfers. All transfers happen between users of the network. The system uses an escrow service in all exchanges; however, all escrow actions are either automated, or are carried out by the human users of the system.

The projects development will be in two phases with initial development focusing on crypto-to-crypto exchange. Theoretically MetaLair can work with any crypto-currency that uses a blockchain and has M of N transaction capability. This allows the exchange software to act as the escrow agent for the transfer of both crypto-currencies in the exchange.

Explanation of M of N Transactions

An M of N transaction is essentially an escrow system built into the Bitcoin protocol that removes most of the need for trust that a traditional escrow would require. This capability allows a party to the transaction to act as an escrow without actually having access to the funds held.

The most common form of an m-of-n transaction is a 2 of 3 transaction. In this case there are three parties and three private keys, any two of which are needed to sign the transaction for it to be valid.

All parties involved in the transaction can verify that the address belongs to the transaction they are participating in.

All parties can view the funds in the destination address.

Escrow requests must be signed first or second by the escrow in the chain of events.

The escrow is able to grant access to the funds to sender or receiver.

Escrow is unable to access the funds themselves.

Sender and receiver can still cooperate so that one party receives the funds without the need to rely on the escrow.

Any crypto-currency using the Bitcoin source code will support this feature and can therefore be used on the decentralised MetaLair exchange.

For example a Bitcoin/Litecoin exchange would begin with two parties entering buy and sell orders via the MetaLair network. The system correlates the matching bid/ask and, using a 2 of 3 transaction, will act as an automated escrow agent for both the Bitcoin and the Litecoin transfer.

Bitcoins are transferred between the parties via the Bitcoin network and litecoins are transferred between the parites via the Litecoin network with MetaLair acting as the escrow agent for both transfers. If MetaLair’s decentralised exchange mechanism notices that double spending has occurred before the maximum specified number of transactions has been reached it reverses the transaction and refunds each party.

In the crypto-to-crypto scenario the MetaLair software is acting as the automated escrow agent, which makes for a very low trust system; but of course fiat to crypto exchanges would be more complicated.

Fiat currencies in their digital form exist only on the servers of banking institutions. As such, fiat to crypto exchanges require the services of those who have access to the banking system. MetaLair sees a number of options for fiat exchange escrow agents. These options include very large and well respected businesses that may use their name and existing banking relationships to bring in a large volume of trades. Of course this scenario might look at lot like existing Bitcoin exchanges that have to take many steps to comply with regulation to appease their banking partners as they cannot offer exchange services with access to traditional banking.

On the other end of the spectrum, there is the possibility of individuals offering escrow services in their spare time. For example you may have an exchange in India that would only involve a small amount of Rupees moving between local accounts and would likely not draw any attention from regulators.

Essentially what MetaLiar is providing is an open protocol to allow anyone to set up as an escrow to facilitate fiat to crypto transactions, complimented with an underlying trust based system. The fiat exchange may simply be a small transaction between individuals or small businesses. “That’s an added benefit of this approach.”

As Johnathan explains, “what we are creating is an open system. The details of how the fiat to fiat transactions occur between the entities are effectively between them, we are just providing an interface by which they can do that.”

Fiat to crypto exchange also require an escrow service, however, due to the nature of the banking system, this escrow cannot be automated via the MetaLair software. Funds will have to be held by an intermediary individual or business acting as an escrow service. “The key innovation with our system is, because it’s fully decentralized, that it lets a lot of different escrows sign up from anywhere in the world and offer their services via an API .” There are many ways in which a fiat to crypto exchange could take place, but below is how possibility might work…

Bob is looking to sell his bitcoins for Euros and enters a sell order (ask) via the MetaLair network.

Alice is looking to buy bitcoins in exchange for her Euros and enters a buy order (bid).

The MetaLair system connects Bob and Alice who both agree to use Ivan as the escrow agent.

Ivan is a small time Europe based escrow agent who has a good trust rating via the MetaLair network.

Ivan acts as the escrow agent for the fiat funds and holds Alice’s Euros in his bank account.

Ivan therefore also acts as the escrow agent for the Bitcoin transfer which is done via the Bitcoin network using a 2 of 3 transaction. (or this may be automated)

The Bitcoin transaction completes successfully.

Ivan transfers the Euros to Bob’s bank account.

Ivan receives a fee for his services.

MetaLair will leave regulatory compliance as a decision for the users of the network and they do not expect to deal with any financial regulation themselves as the business is not an exchange. “In the same way that Satoshi has provided Bitcoin we’re providing the decentralized exchange mechanism. You don’t pay Satoshi for any of the transactions you do on the network. It’s distributed; you pay the people who are working on the network. It’s the same process with our decentralized exchange mechanism.”

This is an attempt at setting up a network in which anyone is free to join and offer their services or exchange currencies between themselves. Should it succeed it could offer a wide variety of options in what is currently a concentrated and under pressure market.

As the big exchanges face regulatory scrutiny and continue to impose more and more conditions on their users, the network that MetaLair is attempting to create could offer much needed options for consumers.

P2P Currency Exchange TransferWise Raises $6M Led By Peter Thiel’s Valar Ventures, With Participation From SV Angel, Others

Q&A Pioneer Formspring Says It’s Been ‘Saved’ From The Deadpool, Is Now Under New Management

Here’s some encouraging news for the European startup scene, and London in particular. TransferWise. the online currency exchange that uses the crowd to undercut traditional money transfer services, has announced that it’s closed a $6 million series A round led by Peter Thiel’s Valar Ventures — the first investment in Europe by the PayPal co-founder and early Facebook investor’s international fund.

We also understand that Ron Conway’s SV Angel has joined this round, along with a small number of angels, and TransferWise’s existing backers IA Ventures, Index, Seedcamp, and TAG. This brings the total raised by the company to $7.35 million since its launch just two years ago.

Originally billing itself as the “Skype of money transfer ,” TransferWise enables individuals and businesses to send money between countries for a fraction of the price that banks and others charge, using a peer-to-peer, “crowdsourced” model — where money destined for transfer doesn’t unnecessarily actually leave each country. It passes on these saving by charging a small flat fee per transfer.

(It’s the P2P element that playfully draws the Skype comparison, as well as the fact that TransferWise co-founder Taavet Hinrikus was the Internet calling giant’s first employee, while other members of his team also worked at the company.)

The company also pitches itself as the preferred method of money transfer for European startups, recently garnering some decent PR with an offer to waive the fees for a total of $100 million worth of international money transfers for qualifying startups using the TransferWise platform. Interestingly, Thiel was one of a host of names publicly endorsing the campaign, so we probably should have known something was going down.

Hinrikus tell me that the new funding will enable TransferWise to continue expanding, both in terms of the number of currencies it plans to support, and in raw head-count. It started out offering British Pound and Euro transfers, and has since added support for the U. S. Dollar, Swiss Franc, Polish Zloty, and Danish, Swedish and Norwegian Krone. In total, the company claims to have transferred over £125m worth of customers’ money, saving £5 million-plus in banking fees (though it isn’t without competition ). Meanwhile, the team has grown to 33 members of staff.

“There’s another dozen currencies to be launched this year and 20 more people needed in the team,” says Hinrikus. “Also we need to launch locally in key European markets – Germany, France and Spain.” Hinrikus says TransferWise continues to grow between 20-30 percent a month, which to date equals roughly 10x year-on-year growth. “Doing what’s in the pipeline puts us on track to do another 5-10x this year,” he says.

Staying on message, London-based TransferWise (with an office also in Tallinn, Estonia) is now calling itself a Tech City startup. Tech City, headed up by Joanna Shields, ex-Google, AOL/Bebo, and most recently Facebook’s head of EMEA operations, is the UK government’s re-branding of the London tech scene and, specifically, East London’s “Silicon Roundabout” area.

Cue the now prerequisite statement from Shields: “Transferwise is a shining example of the successful businesses that make Tech City a thriving ecosystem. London has a real strength in financial services and technology, with many companies like Transferwise transforming financial services for consumers, for the better.”

That said, TransferWise’s HQ is on Shoreditch High Street, which doesn’t get any more Silicon Roundabout than that. And certainly, a $6 million series A is no mean feat for a European startup, and nor is attracting a top tier Silicon Valley investor like Peter Thiel.

Foreign Currency Exchange Calculator

Posted May 21, 2003 by cweber

Globalization and International Accounting Business globalization continues to grow. To accommodate globalization, a business operation requires additional information, research, and tools. As a company expands its business across borders and overseas, the accounts payable department faces such new challenges as:

The set up of foreign companies as new vendors

Processing invoices denominated in one or more foreign currencies

Processing payments for foreign currency denominated invoices

Paul Holt, in his article “What Is an International Accountant?” describes how doing business with companies in other countries is creating a new “international accounting specialty.” Such an accountant must be knowledgeable about how to handle the transactions that result from international trade. So too do you, the accounts payable manager. As soon as a company enters into a transaction with a company based in another country, you have a new set of accounting issues to handle in your department. When a vendor invoice is denominated in a foreign currency, you face accounting challenges that encompass international accounting rules. Generally Accepted Accounting Principles, or GAAP, require a foreign currency transaction to be recorded in the currency in which you maintain your corporate records. This is described as the ‘functional currency’ of the entity (your company).

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Video: P2P foreign currency challenges, SCAMs and opportunities

The foreign exchange market (FX or forex) is a global decentralized financial market for the trading of currencies. It covers all aspects of buying, selling and exchanging currencies at current or pre-defined prices. FX is the largest market in the world with a daily average trading of US$5 trillion. Essentially it allows individuals and businesses to convert one currency to another foreign currency. International banks remain the biggest participants in forex trade with financial centers acting as anchors of trade between buyers and sellers.

CurrencyFair was founded on the principle that transferring money abroad should be simple, fast and cheap. CEO and co-founder, Brett Meyers (photo right) wrote on this blog that “as an Australian living in Ireland, I needed to send money home on various occasions and for various different reasons and I just got sick of paying the ridiculous fees. It seemed the internet was coming into every other aspect of my life. Why wasn’t it sorting out the way I transferred money?”

Meyer says that CurrencyFair is in the money transfer business and as such complies with local regulations such as Payment Services Regulations in Europe and Australian Securities and Investment Commission (ASIC) in Australia. In contrast P2P lending is still an issue for a lot of regulators.

He says that the traditional money transfer business as conducted by banks is expensive because of switching costs and the trust element. The financial crisis of 2008 has made consumers more willing to try alternative forms of money transfers.

Watch the video for more in-depth discussion on the world of FX and money remittance.

Institutional FX

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Kantox Surpasses $1 Billion in FX Transactions as Clients Attracted to Low Cost P2P Model

Earthport Signs Up Peer-To-Peer Exchange CurrencyFair As Client

[ 06 Aug 2015 08:45 ]

LONDON (Alliance News) - Earthport PLC, the provider of cross-border payment network systems said on Thursday it has signed the peer-to-peer currency exchange company CurrencyFair Ltd as a new client.

Earthport said that CurrencyFair's peer-to-peer currency exchange marketplace enables consumers to make the exchange of funds quickly and simply. As a client of Earthport, CurrencyFair will use Earthport's payment network to deliver payments locally on behalf of its customers.

Earthport has signed money transfer companies, TransferWise, BEO Group and WorldRemit as new clients in the last twelve months.

No financial details on the deal were disclosed.

"The mass migration of labour, explosive growth in global trade and rise of digital commerce continues to fuel the growing demand for cost-effective, reliable, simple ways of transferring money across borders. We are proud that Earthport, through its global payment network, is bringing about a new era of cross-border payments, streamlining the back-end infrastructure for payments service providers," said Earthport Chief Executive Officer Hank Uberoi.

Shares in Earthport trade up 3.5% at 41.91 pence Thursday morning on the news.

By Preten Patel; pretenpatel@alliancenews. com

Earthport Signs Up Peer-To-Peer Exchange CurrencyFair As Client - Alliance News

Kantox Hits $1B in Business Foreign Exchange Transactions: FX P2P Innovator

February 11, 2015 @ 2:43 pm By Erin Hobey

Kantox, the peer-to-peer (P2P) foreign exchange (FX) platform for businesses, has reached $1 billion in FX transactions. Over 20% of this volume was achieved in the last two months, with $100 million worth of FX transactions made in December alone.

“It’s a real testament to our business and technology that global companies are coming to us for FX management, rather than traditional banks, during a time of economic uncertainty. Reaching $1 billion worth of transactions and transferring over $100 million in December 2014 alone is evidence of the appetite for FinTech alternatives amongst the business community,” Philippe Gelis, CEO and co-founder Kantox commented on the milestone. “P2P is already shaking up the consumer space. Now banks need to worry about their corporate clients, who are turning from banks and showing clear trust in simple, innovative, transparent alternatives.”

Against a backdrop of global economic uncertainty and currency volatility, Kantox’s business grew 250% over the course of 2014, as troubled businesses turned away from traditional banks and brokers to alternative solutions to help protect their profits from FX risk, shared the company. Although consumers have been the early adopters of FinTech, particularly in the retail P2P currency exchange space, the desire for control and transparency is now sweeping across the business world, and driving a new phase of FinTech disruption.

Launched in 2011, Kantox challenges the traditional FX banking model, which provides corporations with access to the live-market rate for foreign exchange transfers. By enabling businesses to transfer currency between themselves and providing them with access to the real-market rate, Kantox seeks to democratize the FX industry for smaller and mid-sized companies.

This strategy has proven popular with Kantox’s 1,000 plus business customers who rely on Kantox to transfer money in over 25 currencies across 50 countries. Last year saw Kantox achieve its biggest single transaction to-date, when a corporate client transferred $21 million from euros to dollars via the online platform. In a recent global survey, Kantox found that businesses are increasingly side-stepping traditional banks in favor of alternative financial services providers – over half (51%) of respondents had utilized alternative players for services including P2P lending, invoice financing, foreign exchange and international payments. Just under one third (32%) of business respondents admitted to being dissatisfied with their bank, with 44% feeling that traditional banks charge unreasonably high commission or fees. Meanwhile 78% of international businesses that had relied on traditional banks in the past two years stated that “banks are providers that are mandatory, but they are only concerned with their own interests.”

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Oliwia Berdak's Blog

This is a guest post by Alexander Causey.

Have you ever sent money abroad and been shocked by the amount the recipient is left with? Why can’t you ever get anything close to the exchange rates advertised on the likes of xe. com ?

As a customer, transferring money internationally is often a costly experience. Despite claims of no fees, the exchange rate spreads are often significant. That’s where P2P currency exchange comes in.

Startups such as CurrencyFair, Kantox, Midpoint and TransferWise hope to solve this problem by using the power of peer-to-peer networks to match customers, both individuals and small business, with one another to significantly reduce the cost of currency exchange.

By matching currency orders travelling in opposite directions, these platforms remove the need for money ever having to cross borders, thus avoiding costly international transfer fees. Thanks to low overheads, they also offer exchange rates at (or very close to) the midmarket rate that you see on xe. com. As you can see from Midpoint’s calculator below, the savings can be substantial.

If you’re interested in finding out more about this emerging sector - one that has been backed by the likes of Peter Thiel, Richard Branson, and Andreessen Horowitz - you can read mine and Oliwia’s new report here. The report, the latest in our ongoing series about digital disruption in retail financial services, answers the following questions:

1. What is P2P currency exchange?

2. Who are the main players?

3. What problem are they trying to solve?

4. What headway have they made?

5. Should we (retail banks and international money transfer firms) be worried?

6. How can we outsmart them?

The Next-Generation Digital Currency Exchange

Extensive Digital Currency Support

With blockchain technology continuing to innovate, Bittrex supports established and emerging currencies

The cryptocurrency landscape is in constant state of expansion as brand new cryptocurrencies innovate on blockchain technology and develop business opportunities with the power of the blockchain. At Bittrex. com, we take pride in supporting both new and established cryptocurrencies, providing you with an ever-growing selection of trading and investing opportunities. We conduct compliance audits on all new coin launches, ensuring that our users have the information they need to make informed trades.

Below you will find a selection of the 190+ cryptocurrencies we support.

Bitcoin (BTC)

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U. S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.

Jumbucks (JBS)

The core idea behind Jumbucks is to create a coin for everyone to use. Jumbucks is not only meant to be fun and experimental, but it is designed to be a beacon towards which all cryptocurrencies should be headed. Jumbucks' use cases will fund honest developers for future coin development, and encourage people to keep their wallets open (and staking!) by offering unique wallet features. Compelling and self-sustaining use cases are planned for Jumbucks, many of which have never yet been seen in the world of cryptocurrency. Jumbucks’ core is a fork of ShadowCoin, so it will immediately offer great features such as P2P encrypted messaging and anonymous dual-key stealth addresses. Between its core functionalities, its sustainable use cases, and its unique wallet features, Jumbucks is a coin designed for the whole cryptocurrency community.

Litecoin (LTC)

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Blackcoin (BLK)

BlackCoin is a peer-to-peer digital currency with a distributed, decentralized public ledger; that unlike ones held at traditional banks, are viewable and easily audited by the people. The ability to manage transactions and issue additional BlackCoins is all handled by the network of users utilizing BlackCoin. Because the BlackCoin network is run by the people, holders of BlackCoin receive a 1% yearly interest through a process called staking.

Dash (DASH)

Dash (DASH) is a privacy-centric digital currency with instant transactions. It is based on the Bitcoin software, but it has a two tier network that improves it. Dash allows you to remain anonymous while you make transactions, similar to cash.

With Bitcoin, transactions are published to the blockchain and you can prove who made them or to whom, but with Dash the anonymization technology makes it impossible to trace them. This is important because the blockchain is accessible to anyone with an internet connection – a significant drawback for those don’t wish their transaction history and balances to be publicly available. Dash does this through a mixing protocol utilizing an innovative decentralized network of servers called Masternodes, avoiding the need for a trusted third party that could compromise the integrity of the system.

Dash transactions are almost instantly confirmed by the Masternodes network. This is a great improvement on Bitcoin’s system, where confirmations take much longer because all the work is done by the miners.

Ethereum (ETH)

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

Ethereum is how the Internet was supposed to work.

Ethereum was crowdfunded during August 2014 by fans all around the world. It is developed by ETHDEV with contributions from great minds across the globe.

Gambit (GAM)

Gambit (GAM) is an experimental trading token that combines cryptocurrency trading, hedging, and asset acquisitions. It is a fully proof-of-stake (PoS) coin with an initial distribution via InitialCoinOffering. com. Gambit features a flat yearly staking interest of 5% to keep inflation low, but at the same time provides Gambit holders the ability to earn tokens for helping to secure the network.

Gambit features a large BTC trading pool that is managed by day traders as a side pot to their regular positions. These traders are in constant competition to outperform eachother on the trader spreadsheet. Seventy-five percent (75%) of all trading profits from these allotments will go directly into buy support on the GAM/BTC markets and/or towards refilling the fund. Every single GAM that is purchased this way will be permanently burned, steadily reducing the total supply of Gambit so long as trading remains profitable.*

* Owning any cryptocurrency (such as Bitcoin or Gambit) is a high-risk activity with potentially volatile price movements. We strongly advise you to carefully consider your risk tolerance before joining the Gambit community. The risks of loss in digital currencies are substantial. You may sustain a total loss of funds. Digital currencies are experimental and may succeed or may fail.

Gridcoin (GRC)

Gridcoin (Ticker: GRC) is a decentralized, open source math-based digital asset (crypto-currency). It performs transactions peer-to-peer cryptographically without the need for a central issuing authority. It is the first block chain protocol that delivered a working algorithm that equally rewards and cryptographically proves solving BOINC (Berkley Open Infrastructure for Network Computing) hosted work, which can be virtually any kind of distributed computing process (ASIC/GPU/CPU/Sensor/Etc).

Gridcoin provides benefits to humanity through contributions to scientific research. It is the only crypto-currency that rewards individuals for BOINC contributions without the need for a central authority to distribute rewards.

TransferWise was nominated as one of the top 20 innovative companies in 2015 and its aim is to solve the problem of high fees associated with sending and receiving cross border foreign exchange.

Traditionally, using a bank was the only option to send and receive foreign currency, and it is still used by individuals and large […]

Protesters take to the streets in protest against hidden bank charges

Bitsquare, The First P2P Bitcoin Exchange?

The Bitcoin protocol in itself is a masterpiece when it comes to security, but as many people have found out the hard way, the exchanges that handle Bitcoin trading are not quite on the same level. It is unfortunate, but Bitcoin’s anonymity and irreversible transactions make it a juicy target for cyber-criminals the world over. Bitcoin exchanges today are under a constant barrage of hacking attempts that do not show any sign of slowing down, one can only assume as Bitcoin becomes even more widespread there will be no shortage of Bitcoin exchange heists.

One of the ideas being proposed to counter the central nature of exchanges, is a decentralized cryptocurrency P2P exchange mechanism. A group of programmers and visionaries under the umbrella name Bitsquare are attempting to bring the first functional Bitcoin-Fiat decentralized exchange platform. Bitsquare’s platform will enable anyone to purchase Bitcoin with certain types of fiat bank accounts over a P2P distributed exchange system. Bitsquare was started in early 2014 by Manfred Karrer. over the past several months the developer team has grown to 3 full time developers and 3 communications specialists along with many other contributors from the cryptocurrency arena.

The Bitsquare project funded its first alpha stage using it’s own resource, but the additional development stages of the project will be crowdfunded on a per-milestone basis using Lighthouse’s crowdfunding platform. Bitsquare has split the development and crowdfunding process into 10 stages, in order to proceed to the next stage, the prior stage has to be fully funded and developed. With this development roadmap Bitsquare hopes to provide full transparency and confidence to the backers of the project. Backers of the Bitsquare project will also have access to “WAN Parties ”, which are testing sessions designed by the development team to give users the ability to test the current software and flush out bugs and give feedback on functionality and design. The current funding camping hopes to raise 120 BTC for the next stage of the development process, the campaign is scheduled to end on the 9th of February. According to the figures displayed on the funding page, as of today the project has raised approximately 55 BTC for the second stage. All of the development funds that are raised from the crowdfunding campaigns are kept in multisig wallets and are publicly viewable (3HRnSE6H9eznFXSW4Z3eD1R54D4mcHYUc2).

The first Version 0.1 was delivered in December of 2014 and has basic trading functionalities such as placing bids and offers, order book and a functional p2p network. There is also a video demonstration of the basic functionality of the exchange platform which shows a very slick and intuitive trading interface. This is one of the most ambitious and straightforward crowdfunded projects, but can the holy grail be had? A functional P2P exchange purely between digital currencies is very much doable, but one between fiat and cryptocurrency presents quite a few challenges. The Bitsquare system in a nutshell uses a Bitcoin “security deposit” that is required of both buyer and seller in order to initiate a transaction. These deposits along with a few other fees and the BTC being traded are held in a multisig wallet until both parties have confirmed the necessary fiat electronic currency transfers at which point all funds are released from the multisig wallets and the trade is complete. If something goes awry during the transaction process there is a 3rd party called an “Arbiter” that can step in and mediate the transaction. The one issue with any kind of traditional bank transfer is a charge back. There are certain bank transfers which are not so easily reversible and Bitsquare plans to utilize these on it’s P2P exchange, but under the right circumstances just about any bank transfer can be reversed. This will be an interesting technical challenge and it remains to be seen how Bitsquare will deal with this pesky problem from a technical perspective. If Bitsquare can raise the necessary funding and actually deliver a working P2P Bitcoin exchange, a new frontier in cryptocurrency trading will be open.

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P2P International Currency Exchange

“..the first service that allows individuals and small companies to exchange their foreign currency notes directly with each other without using the services of a bank. There is a unique price for each currency at which transactions happen, the same that is used by the largest financial institutions,…”

Moneytwins. com seeks to become a way to find other people who want that currency, and trade with them at current exchange rates, and without fees. (Moneytwins has started out offering the service for free to attract users. Eventually, they plan on charging a small listing fee of about .05%, similar to what ebay is doing, see this interview ). The money is then exchanged at a pre-arranged location, or via shipping through delivery services like UPS or DHL. Security is based around a reputation system, where users rate past transactions. Moneytiwns also wants to facilitate remittance of money between immigrants and their families back home. This is a great idea. Although the Moneytwins application still has some bugs to work out of their system, based upon my experience of registering there and looking around.

Securing A P2P Currency Exchange

Another consideration with P2P currency exchanges, and P2P banking functions in general, is that international organized crime could seek to use these systems as a way to launder money. The Moneytiwns model is moving in the right direction by employing reputation systems. However, if people wanted to launder money through a system like this, they could easily set up hundreds of ID’s. They would be motivated to maintain good reputations, because their incentive is to find an easy way to transform and hide currencies, and not to stand out in the system. A P2P currency exchange could help organized crime achieve at least one money laundering function. Reputation alone would would not be enough of a deterrent. In this case, reputation would have to be combined with some sort of accurate identity verification.

There are similar security considerations for exchanging money to and from virtual worlds, like Second Life. and game worlds like Ultima Online. These virtual and game worlds are beginning to feature money exchanges from real world money to virtual currency. Or, in some cases, we see a market of people selling virtual currency for real currency in online auction sites like ebay. These systems could also be targets for money launderers, because they potentially allow people to disguise or fake identity.

WRITTEN BY

Sam Rose

Peer-to-peer currency exchange TransferWise opens for business customers

London, United Kingdom (PRWEB UK) 10 May 2011

Three months after opening its online bankless currency exchange service for individuals, TransfeWise opens its service to business customers. Now business customers too can enjoy the same mid-market exchange rates that banks get on their interbank market.

Kristo Käärmann, CEO and co-founder of TransferWise says "Our service has been really well received by individuals, with more than 1M USD processed in the first three months, and with 70% of transactions coming from repeat customers". He added that business-to-business currency transfers have been the most popular customer request to date.

Traditionally customers pay between 3-6% for foreign currency payments at their bank, made up from margins between buy and sell prices plus fixed fees. Using TransferWise, businesses can make currency transfers at mid-market rates and without paying bank fees, except for a flat fee of £1 for a single transaction regardless of the amount exchanged.

TransferWise currently offers currency transfers between British Pound and Euro, with plans to offer a wider range of currencies in the future. According to Käärmann transactions have been made by customers in all of the 17 Eurozone countries but two, as well as countries outside of the Eurozone such as the UK, Poland and Latvia.

TransferWise was founded in London in March 2010 by Taavet Hinrikus and Kristo Kaarmann. Taavet was part of the small team that started Skype in 2003 and has recently worked with a number of startups as an angel investor and advisor. Kristo had financial services background from Deloitte and PricewaterhouseCoopers. TransferWise is registered as Exchange Solutions Ltd and is licensed by the UK Financial Services Authority.

For more information about TransferWise, please visit http://www. transferwise. com or contact Taavet Hinrikus at +44 20 7873 2221 or taavet(at)transferwise(dot)com.

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Bitcointalk member BTCLuke suggested the following six criterion for a P2P Exchange:

A P2P Distributed Exchange MUST:

Be without any central points of failure, since a government or two WILL be coming after it one day. I suggest a Bitorrent-like software schematic.

Show everyone a very large number of possible trades to choose from, (thousands?) so assets can form a stable price. (e. g. a Bitcoin is going for $120)

Transact trades pretty much INSTANTANEOUSLY, so when you're watching a graph and want to trade at a very specific time you can do so. (This is extremely important for arbitragers and other traders who help keep the price fluctuation down.)

Offer Graphs and APIs for for graphing like MtGox does.

Have three-user (trustless) trading, so a non-interested 3rd party always hosts the trade between the buyer and seller. (And should provide Escrow too!)

Hold and transfer IOUs without the need for trust

Does there exist a whitepaper or open sourced project that has a solution for all six criterion? Furthermore, who in the community has been working on P2P exchanges and what regulations would impact them?

asked May 22 '13 at 18:31

Decentralized peer to peer exchange of digital currencies to/from fiat currencies will always have the following constraints:

Fiat currencies cannot be encrypted and represented digitally by a decentralized entity/organization/system. Therefore, fiat currencies will always need to be transferred between traders through the banking system or physically using cash.

Peer to peer trades of fiat<=>digital currencies will always depend on trust. A peer to peer exchange protocol could easily ensure that one party would always send the Bitcoins. The transaction can be verified. The protocol could safely hold the Bitcoins until the other party sends the dollar (Decentralized escrow). But the protocol can never confirm the dollar transaction. It can never know for sure that the transaction has occurred. This introduces the below:

Who's going to send first?

I sent the money. No he didn't

Who will this person be that I'll receive a transfer from? Is he a criminal? Are the funds stolen?

What if this person tells his bank that I fraudulently received this payment.

I went to the cash exchange and had to confirm the transaction at gun point

Remember that transactions within the banking system are monitored, they can be reversed and funds can be frozen.

I have studied all projects aiming to accomplish a peer to peer decentralized exchange:

Dark Exchange

BitcoinX

Ripple - which is actually a payment system that will hypothetically allow trades as well.

I haven't seen a solution for the above mentioned constraints. All of these projects will be bound by them.

Ripple protocol proposes to allow dollars to be represented on the network and allow peer to peer transfer of dollars, therefore enabling btc->dollar trades. However, their model depends on Gateways - the entry/exit points of fiat currencies to the network. Users will still need to trust that these Gateways will actually hold and be able to pay the amount of dollars within the network as/when needed. There is no guarantee that these Gateways will not fraud the network or individuals. Neither is there a guarantee that the governments will not shut them down. (Read the first line here: https://ripple. com/wiki/Gateway_List )

My view on the future of fiat=>dollar exchanges:

First and foremost: The significance of exchanges will diminish as the adoption of Bitcoin grows. The less the need to trade your Bitcoins, the less important exchanges are. I truly believe this.

Are you saying that we not need exchanges? Absolutamente no. No matter how much the adoption rate grows, there will always be a need to trade Bitcoins - this will be true for at least our lifetime. So we need better and more exchanges.

So what's it gonna be? A ton of local options for people to buy/sell Bitcoins and lots of big exchanges that local shops can trade with. You need to remember that currency exchange does not always have to be in continuous double auction format. When you go to an exchange office and buy euros with dollar, they are not actually matching that with another order. They put a safe profit margin on the price and we pay it. See: CoinBase

Overall . I truly hope that I'm proven wrong. But I don't think a peer to peer decentralized exchange can be built.

Important last note: All of the above are true only for fiat to Bitcoin exchanges. A digital to digital currency exchange can be made peer to peer and decentralized given that both allow peer to peer public transfers and both are decentralized. (Ex. Litecoin to Bitcoin)

answered May 28 '13 at 22:43

I think the best we have as a P2P exchange is Ripple. Citing their website:

Ripple is a payment system for any currency with support for cross-currency transactions. You can use Ripple to send and receive money in dollars, euros, yen or Bitcoin without having to do extra work for foreign exchange transactions. Now, you can spend and receive your Bitcoin as easily as any fiat currency.

So, Ripple can be used as an exchange for different currencies.

However, it does not comply with all the requirements you listed. Let me go over them.

Be without any central points of failure, since a government or two WILL be coming after it one day. I suggest a Bitorrent-like software schematic.

Ripple itself has no central point of failure if their intended network topology is followed. However, for exchanging currencies, Ripple still depends on gateways that do the actual exchange. Still, these gateways need only to be trusted for a limited amount of currency. If you would really want to, you could see them as the trackers in BitTorrent's paradigm.

Show everyone a very large number of possible trades to choose from, (thousands?) so assets can form a stable price. (e. g. a Bitcoin is going for $120)

In Ripple, all trades happen through gateways. So for every gateway you could have an order book. Probably it's more useful if every gateway just shows its current exchange rate and trade volume. For a more detailed market depth, you will probably be referred to the gateway's website.

As far as I know, things in Ripple itself are instantaneous. Exchange delays will most probably end up being very gateway-specific.

Offer Graphs and APIs for for graphing like MtGox does.

This is an interesting one. I don't think Ripple currently supports exchanges via gateways. But Ripple is really still very immature (the server code isn't even released yet), so it is very much possible that this is coming.

Since most open software tries to make it possible to do the exact same thing via the API as you can do by using the software itself, this will most probably come to the API.

Have three-user (trustless) trading, so a non-interested 3rd party always hosts the trade between the buyer and seller. (And should provide Escrow too!)

Ripple plans to support escrow. Whether that will apply to XRP transactions as well as gateway exchanges is unsure to me.

Hold and transfer IOUs without the need for trust

Since the whole thing Ripple is built upon is trust . I think it just fails this one. It can hold IOU's though, in fact that's basically all it does.

So, I know Ripple is not the ideal solution you were looking for. But still, Ripple is very much about exchange of currencies, so maybe some day it will be suitable as a true P2P-like exchange.

(Also, I'm no Ripple expert. Feel free to correct me if I made a mistake!)

AntonAnsgar's answer covers most of the major concerns I would have but there is one idea I've seen that does have some merit.

The crux of the challenge is that a decentralized exchange requires you to trust someone with your fiat.

The basic idea is you establish lines of credit with people you trust.

A simple scenario is when the two people wanting to make a transaction have a person in common who they trust. Paraphrased from the article:

Mark and Brian are strangers who want to make an exchange. Mark is willing to sell 0.5 BTC to Brian in exchange for $50 (USD).

Brian has previously established a line of credit with his friend John for up to $100.

And John happens to live with and be friends with Mark and they also have agreed to trust each other for up to $100 of credit.

So once John has been notified that the transaction is valid he pulls out his wallet and pays Mark the $50.

Brian now owes John $50 and since they trust each other they can sort that out when and as they wish.

A picture (source: Ripple) might help.

This can easily be extended to chains of trust so that a person in common isn't needed.

I still have a couple of small concerns with this model:

Collecting for larger amounts could be a burden and not very timely since it would be spread across a large number of your trusted friends.

There is some risk with your total debt obligation to friends. It would be rare, but if you agree to give a credit line to 100 friends, each for $50 and the majority of them need to draw on that in the same week you would need to come up with something approaching $5000 in cash. The system would need to include a "max amount per day / week / month" that you would be willing to cover.

Chasing friends for the cash they owe you could get very annoying. It would have to be automated somehow for it to be practical.

But it seems like the minor concerns I have could be addressed in an automated way, so I think this model has some promise. Now Ripple just needs to finish decentralizing the still centralized elements of their network (the UNLs for example as explained in this question ) and this model could have some potential. In aggregate, I actually trust my friends far more than I trust my bank.

answered Mar 29 '14 at 10:12

Peer to peer foreign exchange explained

Understand how to peer to peer foreign exchange works with this quick explanation, and how your company will benefit from using our system for your currency exchange needs. We give our clients the live mid-market rate in real-time. The ways of how the peer to peer system works are explained in detail on the reputed finance website, Cash and Treasury Management File. Click here for full access to the article.

About Cash and Treasury Management File

Cash Treasury Management File is a source of invaluable information and analysis for corporate treasury departments, corporate treasurers, cash managers and finance directors from all around the world. The CTM file provides background information, recent developments, news from the web, case studies and surveys/reports.

Excerpt from the CTMF article:

Peer to peer foreign exchange explained

“Kantox offers the opportunity to match your transactions with other companies. In other words, you can buy or sell currencies to other companies, while at the same time side-stepping banks and brokers. It is the most efficient solution to exchange foreign currencies. When no matching is available with another company, Kantox provide access to the wholesale FX market (as they are FCA regulated) to trade at very tight spreads that they are able to achieve thanks to their size, Approach 2 in Figure.”

To read more, please click here for access to the full article.

Mensaje de navegación

How You Can Use Peer-to-peer Money Transfer Services to Your Advantage

Save money on your personal or business international money transfer today. Fill in the form and youвЂ™ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

Buying property abroad

Emigrating

Regular overseas payments

Gestión de riesgos

Forecasting

How do peer-to-peer money transfers work?

The process of a peer-to-peer money transfers (also known as a P2P money transfer) is simple. First, you need to select how much money you wish to transfer and where youвЂ™re sending it. You can then upload your funds to your money transfer provider, which will then convert your money at the mid-market rate and match you up with a person sending funds in the opposite direction. So if youвЂ™re sending money from Australia to the United States, youвЂ™ll be matched with someone sending funds from the United States to Australia.

This allows customers to cut out the middlemen in the exchangeвЂ”the banksвЂ”and enjoy better exchange rates and lower transaction fees.

Peer-to-Peer vs Bank

Lauren wants to send $1000 to her mother in the UK. In order to find the best possible money transfer deal, she compares the services offered by her вЂ˜big fourвЂ™ bank with a peer-to-peer money transfer service like TransferWise or CurrencyFair. The results can be seen in the table below.

As can be seen in the example above, if Lauren sent her funds using a peer-to-peer service she would be sending an extraВ ВЈ41.90.

How do I compare peer to peer-to-peer money transfer services?

YouвЂ™ll need to take the following features into account when comparing peer-to-peer money transfer services.

Exchange rates. The exchange rate is a very important factor when determining how much money you can save, so look for the company that offers the best rates. However, keep an eye out for companies that suck you in with great rates but then slug you with high fees.

Matrícula. Make sure youвЂ™re aware of all the fees attached to your transaction. Does the company charge a flat fee or is it a percentage based on the amount youвЂ™re transferring? Is the fee waived entirely if you transfer more than a certain amount?

Minimum and maximum transfer amounts. YouвЂ™ll need to check how much a company will allow you to transfer, as minimum limits might be too highВ for some and maximum limits may be too little for others.

Transfer methods. Compare whether your transfer can be lodged only online, or whether there are phone and in-person options available as well.

Other extras. Compare whether providers allow you to lodge forward contractsвЂ”where you lock in an exchange rate for a transaction that will occur at a later dateвЂ” or limit orders, which is where you lock in a minimum exchange rate and the transaction is not completed until the market fluctuates and your chosen rate is available.

Customer service. Is the company known for providing excellent customer assistance? Is there an online help centre and live chat available? Can you email or phone for support, and during what hours is each providerвЂ™s support centre open?

What currencies are available? YouвЂ™ll need to compare which currencies each provider offers and which destinations you can send money to.

What are the pros and cons of using a peer-to-peer money transfer service over a regular service?

Pros

Better rates. Peer-to-peer money transfer services usually offer better exchange rates than banks.

Lower fees. YouвЂ™ll typically pay less to transfer money via one of these providers than you would through a bank.

Rápido. Peer-to-peer money transfer services regularly offer faster processing times than banks, with transfers often able to be completed within one business day.

Contras

Supported currencies. While more supported currencies are added all the time, as peer-to-peer money transfer providers are relatively new, they do not yet offer the same number of exotic currencies and transfer destinations as majorВ money transfer services.

¿Hay algún riesgo?

When youвЂ™re making an international money transfer, itвЂ™s important to keep an eye out for exchange rates and fees. Poor exchange rates can eat up a big chunk of your money if youвЂ™re not careful, while hidden fees can be a nasty surprise if you donвЂ™t read the fine print before lodging a transfer.

ItвЂ™s also essential that you ensure you are dealing with a reputable company. Do your research before you commit yourself so that you donвЂ™t end up the victim of a dishonest provider.

Preguntas frecuentes

Do these companies charge a commission?

The fees charged vary between providers. While some charge a low flat fee, others will charge a fee which is a percentage of the funds you are transferring.

What currencies are available?

Major world currencies like the United States Dollar, the Euro, the Great British Pound, the Japanese Yen and plenty more are available. For a full list of supported currencies, contact a provider.

Can I use these services for business transactions?

Yes, you can use a peer-to-peer money transfer service for a legitimate business transaction.

Who provides this service?

You can find more information about peer-to-peer services you can compare in the table above .

A P2P platform simply brings together people with complementary currency exchange requirements. So if User A wants to exchange dollars for euros and User B is looking to exchange euros for dollars, they can do so over a P2P currency exchange. By harnessing the power of the crowd, users are thus able to obtain much better exchange rates than they would get through traditional currency exchange mechanisms.

CurrencyFair Ltd , for instance, claims that it can save up to 90% on international currency transfer fees. While £2,000 transferred through a typical bank could cost as much as £100 (£40 in international transfer fees and £60 in exchange rate margin), the same amount sent through CurrencyFair would only cost about £9 (a fixed £3 transfer fee plus £6 exchange rate margin). CurrencyFair charges an average of 0.35% of the amount exchanged as its margin, while TransferWise Ltd charges 0.5%.

The mechanism for P2P currency exchange is straightforward. A client opens an account with a P2P exchange and deposits money into the account. He or she then converts the money into the desired currency by “matching” with other clients on the P2P exchange. The foreign currency is then transferred to an overseas bank account nominated by the client.

Some P2P companies are controlled by FCA rules for example Midpoint and Transferwise whilst other are covered by EU rules such as Currency Fair, so you might want to check who regulates the P2P that you choose.

It can take up to 48 hours to match a deal which could be an issue in some cases.

The cost is definitely cheaper but in addition on large deals you may be able to negotiate further savings.

Compartir este:

It can take up to 48 hours to match a deal which could be an issue in some cases.

The cost is definitely cheaper but in addition on large deals you may be able to negotiate further savings.

Compartir este:

CurrencyFair stellt einen Onlinemarktplatz zum Umtausch von Fremdwährungen direkt zwischen Privatpersonen (Peer-to-Peer) bereit. Der Anbieter unterliegt der gesetzlichen Regulation.

"CurrencyFair is the best way to exchange currency and send funds to bank accounts worldwide. Our unique, new peer-to-peer marketplace ensures big savings on exchange rates and fees, and puts YOU back in control. There’s now an efficient and safe alternative to ridiculous bank and broker charges – sign up for free today and start saving!" (currencyfair. com)

Peer-to-Peer Foreign Exchange unter Umgehung klassischer Banken

Im Fall von ungenügenden Handelsvolumen stellt CurrencyFair als klassische Foreign Exchange ausreichende Liquidität sicher

Información adicional

Unternehmen

Anbieter: Non-Bank

Unternehmensbeschreibung:

Unternehmenssitz liegt in Dublin/Irland

Unterliegt der Regulation als Zahlungsdienstleister (sowhl nach Irländischem Recht, als auch nach australischem Recht)

Land: UK Australien weltweit

Launch Date: 2010

Offizielle Webseite

Carga

It's simple. Load your account with the amount in NGN, GBP, USD or EUR that you’d like to exchange. You can do this by making a typical bank transfer.

Comercio

Once your account is credited you will be able to exchange for any other currency at the price of your choice on the Trading Floor.

Enviar

After you have made your exchange, you can transfer the exchanged funds to any account of your choice worldwide.

More from Startups

Caracteristicas

A CURRENCY website is offering rock-bottom foreign exchange rates that are lower than the wholesale rates the banks charge to buy and sell from each other.

Currency Fair, Britain’s first online peer-to-peer currency service, brings together people who want to exchange 17 different currencies, including the US dollar and euro.

The website allows users to buy and sell currency, avoiding fees. Once registered, customers either get the rate offered at the time they log on or wait for a better deal from another buyer looking to make a purchase.

Since launching in 2010, it says, it has saved customers £15m in total compared with using banks, which often charge high transfer fees and offer a poor exchange rate.

Some sellers are eager to offload foreign currencies, so the exchange rates offered can be very competitive.

The firm said that, since the start of the year, 11% of its customers had

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Patent application title: PEER-TO-PEER CURRENCY EXCHANGE AND ASSOCIATED SYSTEMS AND METHODS

Abstracto:

Peer-to-peer currency exchanges and associated systems and methods are disclosed herein. In one embodiment, a computer-implemented method of facilitating a currency exchange transaction between multiple users of a peer-to-peer currency exchange system can include receiving user instructions at the currency exchange system for a currency exchange transaction. The method can also include funding corresponding user accounts at the currency exchange system based on the respective user's selected amount of money to be converted and a current exchange rate between the first currency and the second currency. The method can further include aggregating funds from the corresponding user accounts at the system and, after aggregating the funds, matching user requests for a conversion of funds into a selected currency pairing. The matching process is based, at least in part, on one or more predetermined matching parameters. The method can also include transferring the converted funds to a corresponding external account of the respective user.

Claims:

1. A computer-implemented method of facilitating a currency exchange transaction between multiple users of a computerized peer-to-peer (P2P) currency exchange system, the method comprising:receiving user instructions at the currency exchange system for a currency exchange transaction, wherein individual user instructions include (a) a selected amount of money to be converted, (b) specification of a first currency in which the funds in which the funds are to be provided, (c) specification of a second currency different from the first currency into which the funds are to be converted, and (d) specification of a period of time in which the transaction is to be completed;funding corresponding user accounts at the currency exchange system based, at least in part, on the respective user's selected amount of money to be converted and a current exchange rate between the first currency and the second currency;aggregating funds from the corresponding user accounts at the currency exchange system;after aggregating the funds, matching user requests for a conversion of funds into a selected currency pairing, wherein the matching process is based, at least in part, on one or more predetermined matching parameters; andfor each matched user request, electronically transferring the converted funds to a corresponding external account of the respective user.

2. The computer-implemented method of claim 1 wherein matching user requests for a conversion of funds into a selected currency pairing comprises prioritizing the user requests for a particular processing cycle based on at least one of the following matching parameters--the total number of transactions;a total transaction volume;a user or customer rating; anda chronological order in which the user instructions were received.

3. The computer-implemented method of claim 2, further comprising assigning a weighting factor to individual matching parameters relative to the other matching parameters before prioritizing the user requests in a given processing cycle.

4. The computer-implemented method of claim 2 wherein a first set of matching parameters is used for a first processing cycle, and wherein a second set of matching parameters different from the first set of matching parameters is used for a second processing cycle.

5. The computer-implemented method of claim 1 wherein aggregating funds from the corresponding user accounts and matching user requests for conversion comprises a first processing cycle, and wherein excess aggregated funds that are not transferred to external accounts of the users are rolled over into a second, subsequent processing cycle.

6. The computer-implemented method of claim 1 wherein transferring the converted funds to an external account of the respective user occurs at least 24 hours after receiving user instructions at the currency exchange system.

7. The computer-implemented method of claim 1 wherein transferring the converted funds to an external account of the respective user occurs no more than three business days after receiving user instructions and funds at the currency exchange system.

8. The computer-implemented method of claim 1 wherein transferring the converted funds to a corresponding external account of the respective user includes transferring a lump sum of the converted funds to an external payment processing entity, and wherein the payment processing entity disburses the converted funds to the corresponding external accounts of the respective users.

9. The computer-implemented method of claim 1, further comprising registering multiple users with the currency exchange system before receiving user instructions at the currency exchange system for a currency exchange transaction, wherein each user is assigned an account with the currency exchange system.

10. The computer-implemented method of claim 9, further comprising linking a first and a second external financial account of a user with the respective user's account at the currency exchange system, wherein the first external financial account is based on the first currency and the second external financial account is based on the second currency.

11. The computer-implemented method of claim 1, further comprising receiving confirmation at the currency exchange system that the funds have been received into corresponding user accounts from an external financial account of the corresponding user before aggregating funds from the corresponding user accounts.

12. The computer-implemented method of claim 11, further comprising linking a first and a second external financial account of a user with the respective user's account at the currency exchange system, wherein the first external financial account is based on the first currency and the second external financial account is based on the second currency, and wherein transferring the converted funds to a corresponding external account of the respective user comprises transferring the converted funds to the external financial account based on the appropriate currency.

13. The computer-implemented method of claim 1, further comprising electronically reporting details of each completed transaction to one or more regulatory agencies.

14. The computer-implemented method of claim 1 wherein funding corresponding user accounts at the currency exchange system includes using an electronic funds transfer from an external financial account of the corresponding user to fund the user's account at the currency exchange system.

15. The computer-implemented method of claim 1 wherein receiving user instructions at the currency exchange system for a currency exchange transaction includes electronically receiving user instructions from remote client devices via a communication network.

16. The computer-implemented method of claim 1, further comprising cancelling a particular user request if the transaction request is not matched within the period of time in which the transaction is to be completed, and wherein unmatched user requests are not fulfilled by the currency exchange system.

17. A peer-to-peer (P2P) currency exchange system for facilitating foreign currency exchange transactions between multiple users the system comprising:one or more data storage components configured to store user account information, user instructions for currency exchange transactions, and one or more predetermined transaction matching parameters; andone or more data processing components coupled to the one or more data storage components, the one or more data processing components configured to--process user instructions for currency exchange transactions, wherein the individual user instructions include a selected amount of money to be converted from a first currency to a second, different currency and a time period in which the transaction is to be completed;debit funds from one or more external financial accounts of each user to fund the respective user's account at the currency exchange system;group the user requests and funds from corresponding user accounts;match two or more of the grouped user requests for a conversion of funds into a selected currency pairing based, at least in part, on the one or more predetermined transaction matching parameters; anddisburse the converted funds to a corresponding external financial account of the corresponding user.

18. The currency exchange system of claim 17 wherein the one or more data processing components are further configured to:process an application of an applicant to become a user of the currency exchange system;upon approval of the application, link a first external financial account and a second external financial account of the of the new user with the user's account at the currency exchange system, wherein the first external financial account is based on the first currency and the second external financial account is based on the second currency.

19. The currency exchange system of claim 17 wherein the one or more predetermined transaction matching parameters include at least one of the total number of transactions during a particular processing cycle, a total transaction volume during the processing cycle, a user or customer rating, and a chronological order in which the user instructions were received.

20. The currency exchange system of claim 17 wherein the one or more data processing components are further configured to cancel a particular user request if the request is not matched within the period of time in which the transaction is to be completed.

21. The currency exchange system of claim 17 wherein disbursing the converted funds to a corresponding external financial account of the corresponding user occurs between at least approximately one business day and three business days after processing user instructions for the particular transaction.

22. The currency exchange system of claim 17 wherein the one or more data processing components are further configured electronically notify users of completion of currency exchange transactions and disbursement of funds to the particular user's external financial account.

23. One or more computer-readable media collectively storing computer-executable instructions that, when executed, perform a method for facilitating a foreign currency exchange transaction between multiple entities, the method comprising:registering multiple users with the currency exchange system, wherein each user is assigned an account with the currency exchange system;receiving at the currency exchange system a plurality of user requests for currency exchange transactions, wherein the individual requests include a selected amount of money to be converted from a first currency to a second currency, and a desired period of time in which the transaction is to occur;debiting funds from one or more external financial accounts of each user to fund the respective user's account at the currency exchange system based, at least in part, on the selected monetary value of the respective user's request;pooling funds from multiple transaction requests together at the currency exchange system and, after pooling the requests, processing user requests for a conversion of funds in a selected currency pairing based, at least in part, on one or more predetermined factors; andtransferring converted funds to a corresponding external account of the respective user.

24. A system for facilitating a peer-to-peer (P2P) foreign currency exchange transactions, the system comprising:means for receiving user transaction instructions at a currency exchange system, wherein individual user instructions include (a) a selected amount of money to be converted, (b) specification of a first currency in which the funds in which the funds are to be provided, (c) specification of a second currency into which the funds are to be converted, and (d) specification of a period of time in which the transaction is to be completed;means for funding corresponding user accounts at the currency exchange system based, at least in part, on the respective user's selected amount of money to be converted and a current exchange rate between the first currency and the second currency;means for matching multiple user requests for a conversion of funds into a selected currency pairing based, at least in part, on one or more predetermined matching factors; andmeans for transferring the converted funds to corresponding external accounts of the respective users.

25. The system of claim 24, further comprising means for registering multiple users with the currency exchange system and assigning each user an account with the currency exchange system.

26. A computer-implemented method of facilitating a currency exchange transaction between multiple users of a peer-to-peer (P2P) currency exchange system, wherein the currency exchange system includes at least one currency exchange server coupled with multiple remote client devices via a public computer network, and wherein the method comprises:receiving from a user instructions for a currency exchange transaction, wherein the user instructions include a selected amount of money to be converted from a first currency to a second currency, a desired period of time in which the transaction is to occur, and a specification of one or more external financial accounts of the user from which at least a portion of the particular user's transaction will be funded;providing the instructions for the currency exchange transaction from a remote client device to the currency exchange server via the public computer network, wherein the instructions cause at least one of the currency exchange server and corresponding remote client devices to--pool funds from multiple transaction requests together at the currency exchange system and, after pooling the requests, process transaction requests for a conversion of funds in a selected currency pairing based, at least in part, on one or more predetermined factors; andtransfer converted funds to a corresponding external account of the respective user;receiving at the remote client device confirmation that the converted funds were transferred to the external account of the user; anddisplaying by the remote client device the confirmation to the user.

27. The computer-implemented method of claim 26, further comprising:receiving application instructions at the remote client device from an applicant to become a user of the currency exchange system;providing the application instructions to the currency exchange server; andreceiving at the remote client device confirmation of approval of the application before providing instructions for the currency exchange transaction to the currency exchange server.

Descripción:

[0001] The following disclosure relates generally to peer-to-peer currency exchange and associated systems and methods.

[0002] To exchange currency, a person typically walks into a bank or approaches a currency exchange kiosk at an airport, railway station, or the like, and completes the transaction. For example, upon arrival in a foreign country, an international traveler may use such an exchange to obtain local currency with which to conduct transactions during his or her trip. At the end of the traveler's stay in the particular country, the traveler may again use such an exchange to convert any excess funds in the local currency back into the currency of the traveler's home country or region. In another example, a company located in a first country (e. g. Canada) may conduct a significant amount of business with one or more companies (e. g. suppliers, vendors, etc.) in a second country (e. g. the United States), and may need to exchange currency on a regular basis to make payments to the one or more companies in the second country.

[0003] Although conventional currency exchange methods are readily available, the transaction fees associated with such exchanges can be very high. For example, although currency exchange rates vary, it is not uncommon for such fees to be as much as 3% for each transaction. For individuals or businesses who conduct a large number of currency exchange transactions, the total cost of such fees can be significant.

BRIEF DESCRIPTION OF THE DRAWINGS

[0004] FIG. 1 is a block diagram of a basic and suitable computer that may employ aspects of the disclosure.

[0005] FIG. 2 is a block diagram illustrating a computing environment suitable for implementing a peer-to-peer currency exchange system and method in accordance with embodiments of the disclosure.

[0006] FIG. 3 is a block diagram illustrating components of a peer-to-peer currency or value exchange system configured in accordance with an embodiment of the disclosure.

[0007] FIG. 4 is a flow diagram illustrating a method for opening a new account with a currency exchange system in accordance with an embodiment of the disclosure.

[0008] FIGS. 5A-5C are screen displays illustrating representative Web pages for various aspects of the method of FIG. 4

[0009] FIG. 6 is a flow diagram illustrating a method for conducting a currency exchange transaction between two or more persons or other entities via peer-to-peer trading in accordance with an embodiment of the disclosure.

[0010] FIGS. 7A and 7B are screen displays illustrating representative Web pages for various aspects of the method of FIG. 6.

[0011] FIG. 8 is a block diagram illustrating data flow between various components of a P2P currency or value exchange system in some embodiments.

[0012] FIG. 9 is a block diagram illustrating data flow between various components of a P2P currency or value exchange system in some embodiments.

[0013] The following disclosure is directed generally to peer-to-peer (P2P) currency exchange and associated systems and methods. Aspects of the disclosure, for example, are directed to matching buyers and sellers of currency directly to facilitate currency exchange transactions between users of the currency exchange system. In this way, the currency exchange system can avoid the currency carrying risks associated with many conventional exchange dealers and provide conversions at or around the median of the bid-spread rate, which is significantly lower rate than most conventional currency exchanges.

[0014] As described in greater detail below, one feature of various embodiments of the system and methods described below is that, in almost all situations, the currency exchange system can complete currency exchanges for the users of the system in a timely and predictable manner regardless of demand imbalances during any given processing cycle. The foreign exchange market is a highly dynamic and volatile market. Various embodiments of the currency exchange systems and associated methods in this disclosure, however, are expected to provide users with a single entity that can handle foreign currency exchange needs for a disparate group of users in an efficient, low-cost, and secure manner.

[0015] One aspect of the disclosure is directed toward a computer-implemented method for facilitating a currency exchange transaction between multiple users of a computerized peer-to-peer (P2P) currency exchange system. The method can include receiving user instructions at the currency exchange system for a currency exchange transaction. The individual user instructions can include (a) a selected amount of money to be converted, (b) specification of a first currency in which the funds in which the funds are to be provided, (c) specification of a second currency different from the first currency into which the funds are to be converted, and (d) specification of a period of time in which the transaction is to be completed. The method can also include funding corresponding user accounts at the currency exchange system based, at least in part, on the respective user's selected amount of money to be converted and a current exchange rate between the first currency and the second currency. The method can further include aggregating funds from the corresponding user accounts at the currency exchange system. After aggregating the funds, the method can also include matching user requests for a conversion of funds into a selected currency pairing. The matching process is based, at least in part, on one or more predetermined matching parameters. The method can further include, for each matched user request, electronically transferring the converted funds to a corresponding external account of the respective user.

[0016] In another aspect of the disclosure, a peer-to-peer currency exchange system for facilitating foreign currency exchange transactions between multiple users can include one or more data storage components configured to store user account information, user instructions for currency exchange transactions, and one or more predetermined transaction matching parameters. The currency exchange system can also include one or more data processing components coupled to the one or more data storage components. The data processing component(s) can be configured to process user instructions for currency exchange transactions. The individual user instructions include a selected amount of money to be converted from a first currency to a second, different currency and a time period in which the transaction is to be completed. The data processing component(s) can also be configured to debit funds from one or more external financial accounts of each user to fund the respective user's account at the currency exchange system. The data processing component(s) can further be configured to group the user requests and funds from corresponding user accounts, and match two or more of the grouped user requests for a conversion of funds into a selected currency pairing. The matching process can be based, at least in part, on the one or more predetermined transaction matching parameters. The data processing component(s) can further be configured to disburse the converted funds to a corresponding external financial account of the corresponding user.

[0017] Certain specific details are set forth in the following description and FIGS. 1-9 to provide a thorough understanding of various embodiments of the disclosure. Well-known structures, systems, and methods associated with such systems have not been shown or described in detail to avoid unnecessarily obscuring the description of the various embodiments of the disclosure. In addition, those of ordinary skill in the art will understand that various embodiments of the disclosure may be practiced without several of the details described below.

[0018] The terminology used in the description presented below is intended to be interpreted in its broadest reasonable manner, even though it is being used in conjunction with a detailed description of certain specific embodiments of the disclosure. Certain terms may even be emphasized below; however, any terminology intended to be interpreted in any restricted manner will be overtly and specifically defined as such in this Detailed Description section.

A . Suitable Computing Environments in Which Aspects of the Disclosure can be Implemented

[0019] FIGS. 1 and 2 and the following discussion provide a brief, general description of a suitable computing environment in which aspects of the disclosure can be implemented. Although not required, aspects and embodiments of the disclosure will be described in the general context of computer-executable instructions, such as routines executed by a general-purpose computer, e. g. a server or personal computer. Those skilled in the relevant art will appreciate that the disclosure can be practiced with other computer system configurations, including Internet appliances, hand-held devices, wearable computers, cellular or mobile phones, multi-processor systems, microprocessor-based or programmable consumer electronics, set-top boxes, network PCs, mini-computers, mainframe computers and the like. Several embodiments of the disclosure can be embodied in a special purpose computer or data processor that is specifically programmed, configured, or constructed to perform one or more of the computer-executable instructions explained in detail below. Indeed, the term "computer", as used generally herein, refers to any of the above devices, as well as any data processor.

[0020] Several embodiment of the disclosure can also be practiced in distributed computing environments, where tasks or modules are performed by remote processing devices, which are linked through a communications network, such as a LAN, WAN, or the Internet. In a distributed computing environment, program modules or sub-routines may be located in both local and remote memory storage devices. Aspects of the disclosure described below may be stored or distributed on computer-readable media, including magnetic and optically readable and removable computer discs, stored as firmware in chips (e. g. EEPROM chips), as well as distributed electronically over the Internet or over other networks (including wireless networks). Those skilled in the relevant art will recognize that aspects of the disclosure may reside on a server computer, while corresponding portions reside on a client computer. Data structures and transmission of data particular to aspects of the disclosure are also encompassed within the scope of the disclosure.

[0021] Referring to FIG. 1, one embodiment of the disclosure employs a computer 100, such as a personal computer or workstation, having one or more processors 101 coupled to one or more user input devices 102 and data storage devices 104. The computer is also coupled to at least one output device such as a display device 106 and one or more optional additional output devices 108 (e. g. printer, plotter, speakers, tactile or olfactory output devices, etc.). The computer 100 may be coupled to external computers, such as via an optional network connection 110, a wireless transceiver 112, or both.

[0022] The input devices 102 may include a keyboard and/or a pointing device such as a mouse. Other input devices are possible such as a microphone, joystick, pen, game pad, scanner, digital camera, video camera, and the like. The data storage devices 104 may include any type of computer-readable media that can store data accessible by the computer 100, such as magnetic hard and floppy disk drives, optical disk drives, magnetic cassettes, tape drives, flash memory cards, digital video disks (DVDs), Bernoulli cartridges, RAMs, ROMs, smart cards, etc. Indeed, any medium for storing or transmitting computer-readable instructions and data may be employed, including a connection port to or node on a network such as a local area network (LAN), wide area network (WAN) or the Internet (not shown in FIG. 1).

[0023] As mentioned above, aspects of the disclosure may be practiced in a variety of other computing environments. Referring to FIG. 2, for example, a distributed computing environment includes a system 200 having one or more user computers 202, one or more banks or financial institutions 230, and at least one server computer 208 interconnected via a communication network 206 (e. g. the Internet). The individual user computers 202 can each include a client application, such as a browser program module 204 that permits the computer to access and exchange data with a communication network 206 (e. g. the Internet), including Web sites within the World Wide Web portion of the Internet (although other networks and network access applications may of course be employed). The user computers 202 may be substantially similar to the computer 100 described above with respect to FIG. 1. User computers 202 may include other program modules such as an operating system, one or more application programs (e. g. word processing or spreadsheet applications), and the like. The computers may be general-purpose devices that can be programmed to run various types of applications, or they may be single-purpose devices optimized or limited to a particular function or class of functions. More importantly, while shown with web browsers, any application program for providing a graphical user interface to users may be employed, as described in detail below. The use of a web browser and web interface are only used as a familiar example here.

[0024] The server computer(s) 208 coupled to the network 206 performs much or all of the functions for receiving, routing and storing of electronic messages, which may at times include web pages, audio signals, and electronic images. While the Internet is shown in the illustrated embodiment, a variety of different types of networks, such as an intranet, an extranet, virtual private network (VPN), a non-TCP/IP based network, or the like, may be preferred in some applications. The network 206 may have a client-server architecture, in which a computer is dedicated to serving other client computers, or it may have other architectures such as a peer-to-peer, in which one or more computers serve simultaneously as servers and clients. A database 210 or databases, coupled to the server computer(s), stores much of the web pages and content exchanged between the user computers 202. The server computer(s) 208, including the database(s) 210, may employ security measures to inhibit malicious attacks on the system 200, and to preserve integrity of the messages and data stored therein (e. g. firewall systems, secure socket layers (SSL), password protection schemes, encryption, and the like).

[0025] The server computer 208 may include a server engine 212, a web page management component 214, a content management component 216 and a database management component 218. The server engine 212 performs basic processing and operating system level tasks. The web page management component 214 handles creation and display or routing of web pages. Users may access the server computer 208 by means of a URL associated therewith. The content management component 216 handles most of the functions in the embodiments described herein. The database management component 218 includes storage and retrieval tasks with respect to the database 210, queries to the database 210, and storage of data such as video, graphics and audio signals. Importantly, the server computer 208 may obtain data from other computers (and their associated databases), including other server computers (not shown).

[0026] In embodiments including multiple servers 208, a load balancing system (not shown) may be employed to balance load(s) on the server computers. Load balancing is a technique well-known in the art for distributing the processing load between two or more computers, to thereby more efficiently process instructions and route data. Such a load balancer can distribute message traffic, particularly during peak traffic times. A distributed file system may also be used in such embodiments to couple the servers to multiple databases. A distributed file system is a type of file system in which the file system itself manages and transparently locates pieces of information (e. g. content pages) from remote files or databases and distributed files across the network, such as a LAN. The distributed file system also manages read and write functions to the databases. In other embodiments, the computing environments described above can have other arrangements, including more, fewer, and/or different components.

B. Embodiments of Peer-to-Peer Currency Exchange Systems and Associated Methods

[0027] FIG. 3 is a block diagram illustrating the interaction and data flow between various components of a P2P currency exchange system 300 configured in accordance with an embodiment of the disclosure. The system 300 can be used for conducting a currency or value exchange transaction between two or more persons or other entities via peer-to-peer trading. The system 300 can include a number of computer components having features generally similar to the computer and network components described above with reference to FIGS. 1 and 2.

[0028] The system 300 can include, for example, a currency exchange or fund exchange server 310 having a storage component 311 configured to store various information used to facilitate currency exchange transactions. The information can include, for example, personally identifying information for registered users of the system (e. g. name, company name, address, telephone number(s), electronic mail address, etc.), financial information for registered users (e. g. bank or financial institution account information, transaction preferences, etc.), transaction records, account balances, security data, and the like.

[0029] The currency exchange server 310 can also include a processing component 312 configured to receive and confirm transaction details from registered users, and process such transactions. As described in greater detail below with reference to FIG. 6, the processing component can match and optimize all the currency exchange transaction requests from the users, and disburse funds from the completed transactions into external accounts of the corresponding users.

[0030] The currency exchange server 310 can also include a communication component 313 that handles communication between the server and various system components that interact with the server via the network. For example, the communication component 313 can handle hosting and routing of web pages associated with various aspects of the currency exchange system and method. Although only a single currency exchange server 310 is shown, it should be understood that more than one currency exchange server may be used, either individually or in a distributed manner, and that other servers providing additional functionality may also be interconnected to any component shown in the system 300 either directly or over a network.

[0031] The system 300 may also include a payment solution component 314 configured to disburse funds to individual users after completion of each conversion transaction. The payment solution component 314 may be an integral component of the currency exchange server 310, or the payment solution component 314 may be an external entity interconnected with the currency exchange server 310. Suitable external commercial payment solution providers include, for example, hyperWALLET Systems Inc. of Vancouver, British Columbia, or Paystone Technologies Corp. of Vancouver, British Columbia. The payment solution component 314, however, is an optional component that may not be included within the system 300 in certain embodiments.

[0032] The system 300 can also includes two or more users 320 (two are shown as a first user 320a and a second user 320b) interacting with the currency exchange server 310. The users 320 can include individuals (e. g. travelers, international students, etc.), businesses, or any of a variety of different entities wishing to exchange currency. The first and second users 320a and 320b can use any of a variety of different client devices to interact with the currency exchange server 310. The client devices can include a personal desktop computer, workstation, kiosk, cellular telephone, personal digital assistant (PDA), laptop, or any other device capable of interfacing directly or indirectly with the currency exchange server 310 via a network. As described previously, for example, the client devices can run a browser program module (e. g. Microsoft's Internet Explorer, Mozilla's Firefox, or the like, or a microbrowser such as a WAP enabled browser in the case of a cell phone, PDA or other handheld wireless devices) that permits the device to access and exchange data with the currency exchange server 310 via the network, and browse pages and forms provided by the currency exchange server 310. In other embodiments, the users 320 may interact with the currency exchange server 310 using other suitable methods and/or systems. Moreover, although only two user devices 320a and 320b are shown, it will be appreciated that more than two user or client devices 320 may be interconnected to the currency exchange server 310.

[0033] The first and second users 320a and 320b can link their respective accounts at the currency exchange server 310 with external bank or financial accounts (e. g. checking or savings account, credit card account, bill payment account, brokerage account, a service such as PayPalВ® or some other electronic fund transfer system, or the like). In the embodiment illustrated in FIG. 3, for example, the first user 320a has linked a first bank account 330a and a second bank account 330b with the first user's account at the currency exchange server 310. The first bank account 330a is a Canadian dollar account, and the second bank account 330b is a U. S. dollar account. The first and second bank accounts 330a and 330b may be at different banks or financial institutions, or the accounts may be separate accounts with the same bank or financial institution. The second user 320b also has linked a first bank account 332a (e. g. a Canadian dollar account) and a second bank account 332b (a U. S. dollar account). In other embodiments, a different number of accounts may be linked with the corresponding user accounts. Furthermore, the individual bank accounts can be based on any type of currency, and are not limited to Canadian and/or U. S. dollar accounts.

[0034] The system 300 may also include a number of security features to ensure and enforce security for currency exchange transactions and actions related to such transactions. In several embodiments, for example, suitable encryption techniques may be used to encrypt communications between the individual system components. In addition, the entity operating the system 300 may conduct a security audit to ensure that the system configuration adheres to established security guidelines for foreign currency exchange transactions. The system 300 can also include a number of tracking and reporting features to ensure that the system complies with local, national, and international guidelines governing foreign currency exchange transactions. Each of the security and reporting components can be readily updated and/or modified as the need arises so the system 300 can maintain compliance with all necessary regulations.

[0035] For purposes of brevity and clarity, the block diagram of FIG. 3 is referred to in its entirety as illustrating a currency exchange system 300. It will be appreciated, however, that this description may also be applied to various individual components or subsets of components of the block diagram of FIG. 3. Furthermore, the arrangement of the various components in the system 300 is merely intended to demonstrate one possible architecture of a currency exchange system configured in accordance with aspects of the disclosure. In several embodiments, for example, the currency exchange system 300 may be a subcomponent of, linked with, or otherwise associated with a larger electronic commerce system (e. g. an e-commerce Web site, a travel Web site, a financial institution Web site, etc.). In still other embodiments, the system 300 can have a variety of other arrangements and/or features.

[0036] FIG. 4 is a flow diagram illustrating a method or routine 400 for opening a new account with a currency exchange system in accordance with an embodiment of the disclosure. In one aspect of this embodiment, the method 400 can be at least partially performed by an applicant from a remote location (e. g. the applicant's home computer). In one aspect of this embodiment, some portions of the method 400 may be performed by an applicant from a remote location (e. g. the applicant's home computer), and other portions may be performed by a currency exchange system. In other embodiments, however, various portions of the method 400 can be performed by other entities using other networked or non-networked devices to open the account with the currency exchange system. FIGS. 5A-5C are screen displays illustrating representative Web pages of various aspects of the method 400. The following discussion refers to FIG. 4 to describe the various stages of the method 400, and FIGS. 5A-5C to provide examples of representative Web pages in accordance with aspects of the method 400. In other embodiments, the method 400 can include different steps and/or the screen displays illustrated in FIGS. 5A-5C can have different arrangements and/or content.

[0037] In block 402, the applicant accesses a new account Web page from the currency exchange system to begin the application process. HIGO. 5A, for example, is one particular embodiment of an application or "Account Sign Up" page 500. The application page 500 can include a number of personal identification fields 510 for entry of the applicant's personally-identifying information. In the illustrated embodiment, for example, the personal identification fields 510 include first and last name, company name, country of residence, address, telephone and fax numbers, and a company contact person (if applicable). In other embodiments, the personal identification fields 510 can include other arrangements and/or request different information from the applicant.

[0038] The application page 500 can also include transaction detail fields 520 for entry of information regarding the applicant's desired currency exchange transaction preferences. In the illustrated embodiment, for example, the transaction detail fields 520 include transaction range, transaction frequency, and the particular day on which the applicant normally places the currency exchange request. In other embodiments, the transaction detail fields 520 can include other arrangements and/or request different information from the applicant.

[0039] In block 404, the applicant can link external financial accounts to the newly created user account with the currency exchange system. The external financial accounts can be used to fund the applicant's new account with the currency exchange system, and the external accounts can be used to receive exchanged funds after a currency exchange transaction. Referring to FIG. 5B, for example, an external account page 530 can include first account information fields 540 for entry of details regarding a first external financial account of the applicant based on a first currency, and second account information fields 550 for entry of details regarding a second external financial account of the applicant based on a second, different currency. In the illustrated embodiment, for example, the first account information fields 540 include the institution name, account number, and transit/routing number of a Canadian dollar account of the applicant. The second account information fields 550 include the institution name, account number, and transit/routing number of a U. S. dollar account of the applicant. As mentioned previously, the two different accounts may be with the same financial institution (e. g. the Bank of Montreal), or the accounts may be at different financial institutions (as shown in FIG. 5B). Further, as discussed previously, the external accounts can be based on any type of currency, and are not limited to Canadian and U. S. dollar accounts.

[0040] After entry of the external account information, the method 400 continues at block 406 with verification of the applicant's external account information. After successfully verifying the account information, the method 400 can continue at block 408 with display of an approval message. Referring to FIG. 5C, for example, an approval Web page 560 in accordance with one embodiment of the disclosure can include notification that the applicant's account information has been approved and verified. The approval page 560 can also include a user identification field 562 and a password field 564 for the applicant to select a user ID and password for the new account.

[0041] In several embodiments, the method 400 may also include one or more disclosure steps in which the applicant is provided with a number of legal disclosures for review, such as those required by federal and international banking laws, money transfer regulations, anti-money laundering policies, privacy policies, and other necessary regulatory disclosures. In some embodiments, one or more disclosure pages may also include an electronic notice and consent agreement that the applicant must view and accept (e. g. by clicking a checkbox to affirm that the applicant has read and accepted the terms of the agreement). After block 408, the method 400 ends.

[0042] FIG. 6 is a flow diagram illustrating a method or routine 600 for conducting a currency or value exchange transaction between two or more persons or other entities via peer-to-peer trading in accordance with an embodiment of the disclosure. In one aspect of this embodiment, some portions of the method 600 may be performed by a currency exchange system and other portions may be performed by a user. In other embodiments, however, various portions of the method 600 can be performed by other entities. FIGS. 7A and 7B are screen displays illustrating representative Web pages of various aspects of the method 600. The following discussion refers to FIG. 6 to describe the various stages of the method 600, and FIGS. 7A and 7B to provide examples of representative Web pages in accordance with aspects of the method 600. In other embodiments, the method 600 can include different steps and/or the screen displays illustrated in FIGS. 7A and 7B can have different arrangements and/or content.

[0043] In block 602, the user accesses a Web site of the currency exchange system and, after successfully logging in to the system, submits a transaction request to begin the transaction process. The transaction request can include a particular currency need for the user and a desired period of time in which the user wishes the transaction to be completed. HIGO. 7A, for example, is one particular embodiment of a transaction request page 700 for entry of information regarding the user's currency needs and desired currency exchange preferences. The transaction request page 700 can include an account balance field 702 showing the user's current account balance(s). In the illustrated embodiment, for example, the user has an account balance in both a Canadian dollar account (e. g. $110.00) and a U. S. dollar account (e. g. $5.00). In one embodiment, these balances can reflect the particular user's account balance with the currency exchange system itself. In another embodiment, however, the balances may reflect the balances in the user's linked external financial accounts. In still other embodiments, the transaction request page 700 may not include the account balance fields 702.

[0044] The transaction request page 700 can also include currency exchange fields 704. The currency exchange fields 704 include a first exchange field 706 in which the user can select a desired quantity of currency to exchange. In the illustrated embodiment for example, the user has requested an exchange of $100.00 Canadian dollars to U. S. dollars. In other embodiments, however, the user can select any amount of currency to convert from one type of currency to any other type of currency (e. g. Euros, British pounds, Japanese Yen, Swiss Francs, Mexican Pesos, or any other suitable currency). In still other embodiments, the user may select an amount of currency to convert from one type of currency (e. g. U. S. dollars) to two or more other types of currencies (e. g. a portion in Canadian dollars, and a portion in Euros). It will be appreciated that because the currency exchange system conducts transactions using peer-to-peer technology, the particular types and volumes of currency exchange transactions that may be performed are only limited based on the availability of matching respective currency exchange transactions. Further details regarding transaction matching and optimization features will described below.

[0045] The currency exchange fields 704 can also include a second exchange field 708 in which the user can enter a particular currency need in a selected type of currency. For example, rather than requesting a conversion of $100.00 Canadian dollars to U. S. dollars, the user can request a particular quantity of currency (e. g. $100.00 U. S. dollars). As described in greater detail below, this currency request can be funded using various methods before the transaction is completed.

[0046] The transaction request page 700 can further include a transaction timing field 710 in which the user can select a desired period of time in which the user wishes the transaction to be completed. In this particular embodiment, for example, the user can select a period of between 1 to 3 business days for the transaction to be completed. In several embodiments, a waiting period may be necessary in order to create a sufficiently large volume of individual requests to exchange within the currency exchange system. In other embodiments, however, the waiting period times can vary or there may not be any waiting period for such transactions.

[0047] In several embodiments, an exchange rate may be locked in for the user's transaction as soon as the user enters all the necessary information on the transaction request page 700 (and provided that the user has the required funds to conduct the transaction). If the user does not have the required funds in the user's account at the currency exchange system, the currency exchange system may provide a period of time (e. g. one business day) for the user to fund the account before cancelling the transaction (and the locked-in exchange rate). In other embodiments, different arrangements may be used to provide the user with a locked-in, guaranteed, or preferred exchange rate for a transaction. In still other embodiments, however, the exchange rate may not be locked in at this stage, or at all. Because the exchange rate movement between the most currency pairs (e. g. the Canadian dollar and the U. S. dollar) during the span of a single day is negligible, however, the impact of a delay of at least approximately 24 hours between order placement and order fulfillment is expected to be immaterial for most users.

[0048] The transaction request page 700 may also include a transaction execution field 712 in which the user can make a selection as to whether the requested transaction should be completed based on an "all or nothing" model, or based on a "partial fill" model. In the particular embodiment illustrated in FIG. 7A, for example, the user has selected a three-day time period and the "all or nothing" button. Accordingly, the user's request for conversion of $100.00 Canadian dollars to U. S. dollars should be fully completed within three business days and, if this request cannot be fully satisfied, the user would like the transaction cancelled. In another embodiment, however, the user may select the "partial fill" model in which the exchange request can be rolled over to one or more subsequent days if the request cannot be filled within the three-day time period. Alternatively, the exchange request may be completed using a "market fill" process in which at least a portion of the currency exchange is completed using a third-party broker, rather than the currency exchange system's peer-to-peer trading. In still other embodiments, the transaction request page 700 can include other arrangements and/or request different transaction request information from the user.

[0049] In block 604, the user selects a funding method for the desired currency exchange transaction. As described previously, for example, one or more external financial accounts can be used to fund the user's account with the currency exchange system and/or to fund specific transaction requests. HIGO. 7B, for example, is one particular embodiment of a transaction funding page 720 for entry of funding information associated with the user's desired transaction. The transaction funding page 720 can include a funding selection field 722 in which the user can select how to fund the current transaction. In the illustrated embodiment, for example, the user has selected to fund the current transaction with funds from the user's currency exchange system (e. g. PeerFXВ®) account. If the user's currency exchange account does not have sufficient funds for the transaction, the user may be asked to fund at least a portion of the transaction with another funding source. In other embodiments, the user may elect to fund the transaction using a wire transfer or a credit card. In still other embodiments, the funding selection field 722 may include other suitable options with which the transaction can be funded,

[0050] In block 606 of the method 600, the currency exchange system obtains the current market rate for the desired currency exchange transaction and provides the quoted rate to the user. In one embodiment, for example, the currency exchange system obtains the so-called "noon rate." In another embodiment, however, the currency exchange system may use the so-called "closing rate." Regardless of which rate is chosen, the method 600 utilizes the median rate for conducting currency exchange transactions. In many conventional currency exchange transactions, the bank or dealer "sells" you foreign currency at one rate, but will "buy" the same foreign currency back at a lower rate. The difference between these rates is known as the bid/ask spread. In many transactions, the bid/ask spread can be as much as 3% (or even more) per transaction. In contrast, the method 600 utilizes the median rate for transactions-buyers and sellers exchange currency at the same rate. Embodiments of the method 600 are accordingly expected to save users of the currency exchange system up to 80% in transaction fees per transaction.

[0051] In decision block 608, the method 600 continues with the user confirming the rate and other details of the transaction, and deciding whether to proceed with the transaction. The transaction funding page 720, for example, can include a transaction overview field 724 that provides various details of the requested transaction (e. g. the user-provided details from the transaction request page 700 of FIG. 7A along with the market rate obtained in block 606). For instance, continuing with the previous example, the transaction overview field 722 provides details regarding the user's request to convert $100.00 Canadian dollars to U. S. dollars. In one particular aspect of this embodiment, the transaction overview field 724 provides a quote to the user of the current exchange rate (e. g. 0.9995) between the selected currencies and an approximate final value (minus a service charge on the amount the user would like to convert) that will be deposited into the user's selected external financial account (e. g. the user's U. S. dollar account). Although the service charge in the illustrated embodiment is 0.35%, this value can vary. Moreover, in at least some embodiments, there may be no service charge for the transactions. In other embodiments, the transaction funding page 720 can include other arrangements and/or include different features. In still other embodiments, the funding selection field 722 and the transaction overview field 724 may be on separate Web pages presented to the user.

[0052] If the user agrees with the various transaction details and wishes to proceed, the method 600 continues at block 610. If the user wishes to change one or more details of the transaction, however, the method 600 returns to block 602 and a new transaction request process can begin.

[0053] In block 610, the currency exchange system sends an order/transaction confirmation to the user via electronic mail. The method 600 can also include entering the transaction details into a user record database. The method 600 continues in block 612 with the currency exchange system receiving funds from the user. As discussed previously, the user can fund the transaction in a variety of different ways. For example, in several embodiments, the user can fund the transaction with existing funds from the user's currency exchange system account. One advantage to using funds held in the user's currency exchange system account is that the user's transaction will not be subject to any holding periods associated with transferring funds from external accounts, and thus the user will receive his or her exchanged funds faster. If such funds are not available or insufficient, however, the user can be directed to his or her respective online banking or financial account Web site, the PayPalВ® Web site, or another selected electronic fund transfer system Web site to send funds to the user's currency exchange system account via an electronic funds transfer.

[0054] In several embodiments, a bill payment system may be used to make a "payment" to the user's currency exchange system account to fund the transaction. In this embodiment, the currency exchange system receives confirmation of the selected transaction information (at block 608) and issues an invoice to the user via electronic mail (at block 610). The system then directs the user to his or her selected bill payment system to pay the invoice, which will in turn "fund" the user's currency exchange system account. This process can happen in real time without significant delays between the issuance of the invoice and funding of the currency exchange system account. The only delay in this particular embodiment may be as a result of delays associated with the user's bill payment system. For example, many bill payment systems require at least one business day to make a payment to a third party. In yet another embodiment, the user can fund the transaction by mailing a check to an entity operating the currency exchange system. In still further embodiments, the transaction may be funded using other suitable methods. After completing the necessary funding step(s), the user will be sent a notification via electronic mail that the transaction request has been accepted once the currency exchange system receives the funds (block 612) from the user's external financial account.

[0055] In block 614, the currency exchange system enters the user's request into an aggregation or pool of other user requests and funds for currency exchange transactions. In block 616, the currency exchange system performs matching of the user requests. In the method 600, the matching process in done once daily. In other embodiments, however, the frequency of the matching process in block 616 can vary. For example, if the volume of transaction requests in the currency exchange system is sufficient, the matching process in block 616 may occur multiple times per day. In other embodiments, however, the occurrence of the matching process may be different.

[0056] The matching process in block 616 can be performed using a variety of different methods and can be based, to varying degrees, upon a number of different factors. In some cases, for example, the matching process may include simply looking for corresponding requests from different users and matching such requests together to facilitate the exchanges (e. g. a request from a first user wishing to exchange $100 Canadian dollars to U. S. dollars is matched with a request from a second user wishing to exchange $100 U. S. dollars to Canadian dollars).

[0057] In many cases, however, there will not be a large enough volume of user requests and exact matches between the various requests to match each request. Accordingly, the method 600 can include pooling all of the respective requests and applying one or more factors to optimize processing and help ensure that each user's request can be processed in a timely and efficient manner. Prioritizing the factors can help ensure that the largest total number of transactions and total transaction volume are processed during each processing cycle. In several embodiments, for example, the following P2P currency pooling algorithm may be used:

where X 1 . X m equals the transaction amount (after rate consideration) in Currency X for User 1. User m, and Y 1 . Y h equals the transaction amount (after rate consideration) in Currency Y for User 1. User h,

[0058] Based on the values X and Y from Equations (1) and (2):

Total Currency X amount demand on Day n =X n (3)

Total Currency Y amount demand on Day n =Y n (4)

Excess Currency X amount demand on Day n =E X n (5)

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How it works FAQs

What is a scheduled exchange?

Our unique scheduled exchange allows you the opportunity to transact at the mid-market rate. Essentially you, and other clients, deposit funds either side of the exchange and we aggregate as many requirements as possible to optimise opportunity to match currency.

Depending upon the currency pairing and demand we operate exchanges at periodic intervals throughout the day, with a minimum of one scheduled exchange at midday.

If an exchange is incompletely matched, you benefit from our market buying power. We pass through the wholesale rate we receive and share the split between matched currency and wholesale-acquired currency evenly across all exchange participants.

Is there a minimum or maximum amount that I can transfer?

We require a minimum transaction size of £10,000 (or currency equivalent). There is no maximum amount you can transfer.

How do I register?

Simply go to the ‘Sign up’ tab and you will be taken to our portal, where the simple steps will guide you through the process. It is recommended that you have all the necessary documentation to hand, although the documentation required would depend on whether you are a business or individual transferring money. Once you have registered, we will carry out our compliance checks. This takes no more than 24 hours.

Studio 101, The Print Rooms, 164 Union St, London SE1 0LH

Here's some encouraging news for the European startup scene, and London in particular. TransferWise. the online currency exchange that uses the crowd to undercut traditional money transfer services, has announced that it's closed a $6 million series A round led by Peter Thiel's Valar Ventures — the first investment in Europe by the PayPal co-founder and early Facebook investor's international fund.

We also understand that Ron Conway's SV Angel has joined this round, along with a small number of angels, and TransferWise's existing backers IA Ventures, Index, Seedcamp, and TAG. This brings the total raised by the company to $7.35 million since its launch just two years ago.

Originally billing itself as the "Skype of money transfer ," TransferWise enables individuals and businesses to send money between countries for a fraction of the price that banks and others charge, using a peer-to-peer, "crowdsourced" model — where money destined for transfer doesn't unnecessarily actually leave each country. It passes on these saving by charging a small flat fee per transfer.

(It's the P2P element that playfully draws the Skype comparison, as well as the fact that TransferWise co-founder Taavet Hinrikus was the Internet calling giant's first employee, while other members of his team also worked at the company.)

Hinrikus tell me that the new funding will enable TransferWise to continue expanding, both in terms of the number of currencies it plans to support, and in raw head-count. It started out offering British Pound and Euro transfers, and has since added support for the U. S. Dollar, Swiss Franc, Polish Zloty, and Danish, Swedish and Norwegian Krone. In total, the company claims to have transferred over £125m worth of customers' money, saving £5 million-plus in banking fees (though it isn't without competition ). Meanwhile, the team has grown to 33 members of staff.

"There's another dozen currencies to be launched this year and 20 more people needed in the team," says Hinrikus. "Also we need to launch locally in key European markets – Germany, France and Spain." Hinrikus says TransferWise continues to grow between 20-30 percent a month, which to date equals roughly 10x year-on-year growth. "Doing what's in the pipeline puts us on track to do another 5-10x this year," he says.

Staying on message, London-based TransferWise (with an office also in Tallinn, Estonia) is now calling itself a Tech City startup. Tech City, headed up by Joanna Shields, ex-Google, AOL/Bebo, and most recently Facebook's head of EMEA operations, is the UK government's re-branding of the London tech scene and, specifically, East London's "Silicon Roundabout" area.

Cue the now prerequisite statement from Shields: "Transferwise is a shining example of the successful businesses that make Tech City a thriving ecosystem. London has a real strength in financial services and technology, with many companies like Transferwise transforming financial services for consumers, for the better."

That said, TransferWise's HQ is on Shoreditch High Street, which doesn't get any more Silicon Roundabout than that. And certainly, a $6 million series A is no mean feat for a European startup, and nor is attracting a top tier Silicon Valley investor like Peter Thiel.

Peter is Clarium Capital's President and the Chairman of the firm's investment committee, which oversees the firm's research, investment, and trading strategies. He is also a managing partner at The Founders Fund. Before starting Clarium, Peter served as Chairman and CEO of PayPal, an Internet company he co-founded in December 1998 and was acquired by eBay for $1.5 billion in October 2002. Prior to founding PayPal, Peter ran Thiel Capital Management. the predecessor to Clarium, which started with.

Valar Ventures is an internationally-focused venture capital firm backed by Peter Thiel. Based in San Francisco, Valar invests exclusively in companies outside of the United States. Valar believes that over the next decade an increasing number of transformative technology companies will be started outside of the US, and that the founders of those companies will benefit from having a US partner that understands their unique challenges and opportunities and can help them access US networks.

SV Angel is the micro VC firm located in Silicon Valley and founded by angel investors, Ron Conway and David Lee. SV Angel provides capital investments to early stage companies focused on the Internet, e-commerce, and information technology markets. SV Angel is a venture fund which has raised investment from external investors or limited partners in industry parlance. In April 2010, the fund announced its size of $20 million. Per the firm, SV Angel initially expected to raise a.

CryptoCurrency

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Spanish bank Bankinter invests in p2p bitcoin exchange Coinffeine

Protesters take to the streets in protest against hidden bank charges

International money transfer business TransferWise warns about the dangers of hidden FX fees. In Barcelona, residents woke up this morning to a city-wide alert of “Toxic Fees”. Protesters in biohazard suits clutching beachballs marched down Las Ramblas to the beach to eliminate the threat posed by toxic banking fees. The protest calls on banks and brokers to stop misleading consumers with unfair exchange rates and hidden FX fees. British banks charge up to 5% when you send money to Spain. Banks and brokers in Spain even charge up to 5.5% for international money transfers to the UK.

It is led by Transferwise an international money transfer company, which is backed by Virgin’s Sir Richard Branson. If you’re transferring money from UK to Spain, using TransferWise makes it 10 times cheaper.

If you’re transferring from Spain to the UK, then using TransferWise makes it 11 times cheaper. A British expat or holiday homeowner in Spain could save up to €49 when sending €1000 back home.

TransferWise customers transfer over €700 million across the globe every month using the platform, saving more than €31.5 million.

BitCoin – Buy, Sell & Trade Using Anonymous Peer-To-Peer Currency

Earlier this month two prominent US politicians (Senators Charles Schumer of New York and Joe Manchin of West Virginia) wrote to US Attorney General Eric Holder to express concerns about the rise of a new online currency – BitCoin. abbreviated as BTC.

The anonymous, peer-to-peer currency has become very popular over the last few months, with websites popping up all over cyberspace enabling BitCoins to be exchanged or donated with nothing more than a unique, non-identifying public key.

What Is BitCoin?

In 2007 a supposedly Japanese programmer began working on BitCoin under the pseudonym “Satoshi Nakamoto” with the technology officially released in 2009. The currency is currently breaking new ground, and has already been heralded as one of the first working implementations of a crypto-currency.

By using cryptography (the act of hiding information) to both generate and transfer the currency, “Nakamoto” created a theoretically anonymous and self-contained economy. The idea was to cut out middlemen, denying a central authority the ability to issue currency or track transactions. Instead, these tasks are handled by the network of connected peers and no identifying information is recorded (try masking your IP for total peace of mind).

Here’s an example of how it all works – you want to send your friend (let’s call him Mark) a BitCoin. On your side, Mark’s public key is added to the coin and this is signed on your end via a personal private code. Mark now owns the BitCoin, and you’re prevented from using it again thanks to the BitCoin network, which records and verifies transactions.

Luckily none of this is done by hand, but by free software which handles your BitCoin banking. This software is available for Windows, OS X and Linux and only requires a user’s public key to make a payment. You can download a version for your operating system and learn about storing your BitCoins on the BitCoin website .

How Do I Get BitCoins?

There are a couple of ways to acquire BitCoins, with the easiest way being simply buying them. Using a BitCoin exchange like Mt. Gox or #bitcoin-otc on IRC or by finding a BitCoin trader on TradeBitCoin. com. For asking prices you can check out how the BitCoin markets are doing on BitCoin Charts .

It may also surprise you that you can generate your own BitCoins – a process known as mining. This is essentially a way of processing and verifying transactions, by generating “blocks” which are permanent records of BitCoin activity on the network (a block includes all recent transactions, a random number and the preceding block’s hash) and new BitCoins.

These blocks are then added to the “block chain” in chronological order, and once added to the chain a block is very difficult to modify (making it hard to “double spend” your BTC) as each subsequent block must also be modified.

Once a block has been created, a bounty (currently 50BTC) is awarded to the individual who created it. This bounty halves every 210,000 blocks, and it is estimated that by the year 2140 the maximum number of BitCoins – 20,999,999.9769 BTC – will have been generated. The fact that transaction “fees” can be added to BitCoin transactions means that mining can remain profitable, even when the maximum number has been reached.

If you’re thinking of mining for BTC then you’ll need the right hardware and the right software. Mining using your PC’s processor (CPU) is inefficient and likely to be removed from BitCoin altogether, according to the official wiki, so you won’t need to spend lots on a speedy quad core chip. Instead you’ll have more joy using a graphics processor (GPU) on a high-end graphics card. ¿Por qué? The BitCoin wiki explains :

A CPU core can execute 4 32-bit instructions per clock (using a 128-bit SSE instruction) or 8 via AVX (256-Bit), whereas a GPU like the Radeon HD 5970 can execute 3200 32-bit instructions per clock (using its 3200 ALUs or shaders). This is a difference of 800 (or 400 in case of AVX) times more instructions per clock. As of 2011, the fastest CPUs have up to 6, 8, or 12 cores and a somewhat higher frequency clock (2000-3000 MHz vs. 725 MHz for the Radeon HD 5970), but one HD5970 is still more than five times faster than four 12-core CPUs at 2.3GHz.

You can find suitable software to become a BitCoin miner on this software page. If you have reduced grunt in your mining rig then you might want to consider pooled mining .

Silk Road, Spending & Safety

The two US Senators who initially raised the Attorney General’s attention to the BitCoin phenomena had noticed the popularity of a certain anonymous trading place called Silk Road. As BitCoins are also anonymous, they are currently Silk Road’s currency of choice for the sale and purchase of illicit drugs and other such illegal products.

The website requires Tor, a security tool which ensures visitors do not leave a trace on the website and uses BTC exclusively for all trades. It is likely that much of the negative press that has attached itself to BitCoin has come from Silk Road. The website operates both as a reputation system and as an internal escrow, though this doesn’t make it safe (all purchases are sent by snail mail, after all).

If you’d rather buy legal things with your BitCoins then check out the exhaustive list of merchants on the official BitCoin wiki. You might also want to visit weusecoins. com. which has plenty of privacy and security advice for newbies interested in BitCoin.

If you are going to invest time, money and effort into BitCoin mining or trading then beware that much like any risky financial venture the markets can crash and lose you a lot of money. This has already happened once, with the value of a single BTC falling more than 30% in a day, eventually recovering by 15%.

Physical safety is also a concern, especially if you’re intending on buying a lot of mining rigs and leaving them on 24/7. BitCoin Mining Accidents is a tongue-in-cheek website dedicated to reports of injury from around the mining world. According to the website one anonymous miner now has a touch of permanent brain damage due to his mining operation. and he warns you not to make the same mistakes.

Oh, and your electricity bill is bound to suffer too!

Conclusión

It remains to be seen whether BitCoins will be a total success, though early signs suggest that merchants are at least receptive to the new currency. The BitCoin wiki has a Myths page that runs through many misconceptions and sceptical statements, though it is naturally weighted towards the currency and thus biased. Only time will tell if BitCoin really is a viable, sustainable and usable decentralised currency.

What do you think of BitCoin? What do you think of Silk Road? Tried mining your own? Massive fad that’ll burn out? The future of online trade? Everyone’s got an opinion, and yours belongs in the comments box below this post.

I prefer to watch and see. It is sound in concept, but it’s greatest threat is huamn stupidity; such as the belief that ‘backing’ is anything more than trust. You can trust the backer, be it a government, a bank, or the belief that a precious metal has intrinsic value. They all are lies. The only thing of value is what you do and who you know, and the goods or services exchanged. Bitcoin covers this. But, the fundamental cluelessness of the human race, the effort spent on misinformation and propaganda that the stupid people prefer to beleive in, will be their own undoing now as it has always been in the past.

Its a novel concept, but like some famous currencies “flawed”, in the sense, it is not backed by something tangible – the whole concept of a currency is in its intrinsic value which is backed by gold.

Some countries are busy printing ‘funny’ money, which is not backed by equivalent gold – and many believe that such ‘funny’ money will eventually become worthless.

It is the same with bitcoin, instead of printing it in mints, they are ‘mining’ it in computers with good GPUs.

The speculators are having a fun day at the exchanges.

Not to mention the illegal traders using it as the currency of choice – because of it being next to impossible to track.

Now that politicians have stepped in, bitcoin may die a pre-mature death, – I don’t see any politician accepting bribes in bitcoins soon :)

Bitcoin is not going under. It had a boom. Think of back in the early 1800’s when America did not have a central banking system. It had big booms and big falls. I see bitcoins fallowing that trend. I am currently a miner but do not plan on using the currency. Too many shady merchants, out of the poor selection. There is a large variety of things to use bitcoins for, just not for my needs. I see it as a “short lived opportunity.” I sell my bitcoins and have the funds put in paypal.

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Midpoint Ltd

The Midpoint Concept

The Evolution of Exchange The evolution of the online business has increasingly driven a more dynamic interface between the service provider and the user. This has dramatically increased efficiencies while at the same time reducing costs. Midpoint harnesses the advantages of global connectivity to any business or individual wanting access to fair and transparent Foreign Exchange. Eliminating Banks from the FX Transaction Midpoint is a peer to peer Foreign Exchange and International Payments Platform that eliminates "the middlemen" from the foreign exchange component of the transaction. By directly matching businesses and individuals with opposite currency needs, we are able to eliminate the 'spread or margin' component from all transactions. This is the mechanism by which banks and brokers generate billions in additional profits each year in the global foreign exchange markets. Transparent Fees & Rates Our fees and rates are clear and transparent. We charge a single flat fee, depending on the amount of your transaction. This includes the delivery of funds to your Payee's bank account. Our rate is always the midpoint of the current Interbank rate and is set at the time of a currency match.

Специализация

International payments, Peer to peer, Foreign exchange

Веб-сайт

Creating Value Together: The Emerging Design Space of Peer-to-Peer Currency and Exchange

SIGCHI Conference on Computer-Supported Cooperative Work, CSCW2015

Paradigms for the collaborative creation of value through trade and exchange have developed over millennia. Thus, coins emerged in response to a set of challenges in barter and gift exchange. The development of paradigms for trade and exchange continues today, and is accelerating due both to crises in the mainstream global economy, and to new possibilities enabled by information technology. In this discussion paper, we consider alternative and complementary currency and exchange innovations, including local/community currencies, timebanks, crypto-currencies, and person-to-person collaborative economy microenterprises, as a technology design space for currency and exchange. We consider the consequences and trajectories of the rapidly evolving currency ecosystem, particularly with respect to research and development opportunities for CSCW.

citación

Carroll, J. M.; Bellotti, V. M. Creating Value Together: The Emerging Design Space of Peer-to-Peer Currency and Exchange. SIGCHI Conference on Computer-Supported Cooperative Work, CSCW2015.; Vancouver, BC Canada. Date of Talk: 3/14/2015

Foreign Exchange

Información importante

This information doesn't take into your account your objectives, financial situation or needs. You should consider these matters and read the relevant Product Disclosure Statement (PDS) and Terms and Conditions before you make an investment decision. A copy of the PDS and Terms and Conditions are available on hsbc. com. au, or by calling us on 1300 308 008.

# Eligibility criteria applies for HSBC Premier.

ˆReal time FX online rates are only available with Internet Banking and Mobile Internet Banking. Future-dated transactions cannot use the Get Rate feature, standard board rates apply to such transactions on the future date.

The foreign exchange market is subject to risks associated with exchange rate movements. These accounts should not be used for speculative purposes.

HSBC Premier Global View and Global Transfers

Personal Finance - Currency Transfers, P2P ++

-- Continued -- Savings On Foreign Exchange

July 4th, 2015 at 03:04 am

So, on my previous post, I told you about my meeting at the bank, with exact terms/ costs on Foreign Exchange transfers offered to me at the bank.

Now, I want to compare it to one company I work with (also affiliated with, but the stats are completely true).

That company is Currencies Direct. It's a UK-based company and one of the largest currency brokers in existence. Like the majority of Foreign Exchange companies, their focus is on high volume transfers, usually conduct by telephone, but on the other hand offer a platform for any transfer above 100 Pounds. It's FCA-regulated, with 18 offices worldwide, been in the business for almost 20 years now, won several awards etc. - very trustworthy and I feel very keen on recommending them (note: I have commercial interest; What I do for business is delivering clients to these sort of companies).

Note: They accept international clients; Mostly focused on UK, US, EU, Scandinavia and Australia. It's easier to sign up a UK-based individual or business than with other locations due to anti money-laundering which requires such companies to receive much documentation about their clients.

With Currencies Direct, you will get a better exchange rate than the bank. The exact margins that will be taken will depend on the volume of your trade, the currency pair and its liquidity (exotic currencies will induce high spreads), and the type of services you will need. If you need a straight-up FX transfer on the spot, and willing to haggle, you could probably get to very low exchange rates; if you need services from them (like following the rates and notifying you on the right moment to make the transfer - which is very much recommended in these times of volatility) - you might settle for the initial exchange rate offered to you.

If you compare it to the terms I have previous mentioned and taken from my bank (the actual number don't apply anymore since with the recent Greek crisis, the EURUSD has dropped significantly), you see the following:

Fees: My bank - $25, CD - $0

Commission: My bank - 0.2% (after the initial number was twice that much and I haggled for a while)

Spreads: My bank - 1.58%, CD -

1%, but could be much lower depending on volumes.

Service: Bank - nothing, CD - dedicated dealer following your requirements and finding the right time to transfer, plus hedging tools (they can secure current rate to make sure you will not be harmed by exchange rate fluctations.

Translation in hard cash:

- Save >25$ on your small $100 transfer (as no fees are incurred).

- Save about half on the costs of a medium $x, xxx transfer (about 1% of that amount).

- Save potentially as much as 1.5% on large $xx, xxx+ transfers. That can translate to thousands, or tens of thousands of dollars (if your a business transferring a lot of currency regularly).

You can find our complete list of recommended currency brokers on the homepage of InternationalMoneyTransfers. org. The easiest and most recommend thing to do is click on all recommended companies, sign up with them, and see which one is most suited to your needs.

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