Best Exchange Rates

Explaining Peer-to-Peer Money Transfers

Categories: Markets, Traveller

Peer-to-Peer is a recent innovation for international money transfers. The playing field is being levelled with retail customers benefiting from great rates that were previously only available to big companies. At the forefront of this innovation are ‘peer to peer’ money transfers.

Online peer to peer (P2P) first began in the early nineties, with file-sharing services like Napster, Bearshare and KaZaA. Since then, P2P developed into numerous other, more legal, uses. Skype, for example, uses a hybrid of P2P and client-server systems. P2P lending is increasingly common with sites like Lending Club and connecting individuals seeking funds with others able to lend money in return for interest. Even sites like Ebay and home rental service AirBnB come under the umbrella of P2P ‘collaborative consumption’.

Now peer to peer has come to the financial services industry too. Sites such as put the power in the public’s hands, allowing you to get a great exchange rate with a safe and secure money marketplace.

P2P currency exchange and money transfer providers such as CurrencyFair bring together a network of users, each looking to exchange money for another currency. By matching you with another user selling the currency you want to buy, the P2P provider is able to offer an exceptional rate, and unlike banks and brokers, the rates are NOT dependant on how much you exchange. Every customer gets equal access to the same fair rates. Gone are the large middleman fees charged by banks and brokers.

The P2P provider, as a regulated entity, also provides security and convenience. They ensure that you can exchange safely, and that your money gets where it needs to go efficiently and quickly.

Is peer-to-peer the future of international money transfers? Only time will tell.

Leave a Review

Your email address will not be published. Required fields are marked *

BER Newsletter

Subscribe for the latest exchange rates, currency news and special offers directly to your inbox.

Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers

Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service


This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.