'CurrencyFair' is a new app that allows users to exchange money and transfer funds without paying extra fees. Although there are a number of companies that help users transfer their funds, these services often come at a price. CurrencyFair claims to provide the same level of functionality as other services, but without the added fees.
The app contains a number of smart features that allow users to carry out different transactions. For instance, users can take photos of their ID to facilitate quick and secure money transfers. Users can also exchange funds using live currency exchange rates. The app uses a 'Money Matching' model which allows it to provide lower exchange rates than those available from banks. In total, the company claims that users can save up to 90 percent of the transfer fees that come from using a traditional bank or broker.
The app thus provides an inexpensive way for consumers to exchange money or transfer funds.