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Currency Matching – Peer to Peer (P2P) Foreign Exchange
Currency matching is a new and innovative method for sending money overseas. Essentially, you are trading through a currency marketplace. The currency matching service allows people to exchange currencies with other people. This method of peer to peer foreign exchange totally eliminates the need to engage with extortionate bank exchange rate margins or any type of middleman. Given that there are no banks involved when currency matching, you will also not be subject to commission or inflated charges. Based on our research, in all instances, you will be getting a rate of exchange that is extremely close to the interbank rate. Whether you need to sell sterling, euros, dollars or shekels, you will be matched with people who need to buy the currency, creating almost like an 'online marketplace' for currency exchange. Within the marketplace, you are able to view the exchange rates that participants are willing to accept.
Who can use the Peer to Peer Foreign Exchange service?
Anyone with a need to send funds overseas can use the currency matching service below. Perhaps you are an expat needing to send a large amount of money overseas. Maybe you have found a dream second home and needing to make an overseas property payment. Alternatively, perhaps your business requires you to pay overseas suppliers.
To ensure safety and security of funds, all currency matching providers listed are vetted to ensure they operate segregated client accounts. This safeguards your funds and are totally separate from the day to day running of the businesses listed below.
Try out peer to peer foreign exchange today, see how much you could save!
Transfer Money to Spain
Compare the world's leading foreign exchange companies
Provider
Transfer type
Guide Rate
Amount Received
Fee
Speed
Quote/Apply
Moneycorp
HMRC :
FCA :
Trust Accounts :
One Off Transfers
Regular Payments
Hedging Service
FX Market Guidance
Business FX Online Platform
Our Verdict: Perhaps one of the most well known and established foreign exchange companies. Moneycorp have been in the industry for over 30 years, they started dealing in foreign exchange in 1979. Pride themselves on bank beating rates and lowest fees around. With over 600 employees and 11bn GBP traded in currencies last year, your money transfers are in safe hands. Offices in the UK (London), Spain and USA (Florida).
CurrencyFair
HMRC :
FCA :
Trust Accounts :
Peer to Peer Money Exchange
One Off Transfers
Telephone Assistance
Our Verdict: CurrencyFair is a person to person currency exchange website where customers can exchange straight away with other customers at exceptional rates, or place their own trade on the marketplace at a better rate and wait to see if another customer matches them. The average customer ends up paying approximately 0.3% of the amount exchanged, as opposed to a typical 3% from a bank.
Wise
HMRC :
FCA :
Trust Accounts :
Peer to Peer Money Exchange
One Off Transfers
Regular Payments
Our Verdict: Wise, with its innovative peer to peer approach to money transfer, provides customers with mid-market (interbank) exchange rates and an exceptionally low fee structure. Wise charges a 1 GBP fee for transfers below 200 GBP. Above 200 GBP, Wise charges a variable, clearly stated service cost - always less than 0.5% of the total amount being transferred.
OFX
HMRC :
FCA :
Trust Accounts :
One Off Transfers
Forward Contracts
Online Dealing
Telephone Dealing
24/7 Online Platform
Our Verdict: OFX has a market leading online foreign exchange platform. It is incredibly easy to send money abroad using OFX, wherever you are. The USP is a 24 hour online platform and access to telephone dealers. In addition, they provide for telephone service that enables individuals and businesses to make and receive overseas foreign currency payments over the phone at highly competitive exchange rates.
NOTE: The prices displayed above are an 'exchange rate guide' and for indicative purposes only. It may not be the exact final dealing rate that you receive when making an international payment. Exchange rates constantly change throughout the day and can change at the time of booking a trade. They are based on an average margin currency specialists generally will take - added to a near live interbank rate for your specified trade size. Rates can only be guaranteed at the point where a purchase of foreign currency is conducted either online or by telephone. To access a final dealing rate (otherwise you will only be quoted an 'indicative rate') you will need to open a free account with a foreign currency specialist above.
Click quote/apply on the provider best suited to your foreign exchange requirements.
