Brendan Burgess
Founder
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- 52,118
Currency Fair has changed its procedure so that it no longer holds any money on deposit.
The old procedure
Say you wanted to pay a US company $5,000
You would transfer in the euro equivalent + a bit more to cover fluctuations.
When the euro arrived in, you would pay $5,000 exactly and they would deduct the euros from your account
The new procedure
You set up the transfer of $5,000 first before you send in anything.
Then they tell you how much to send in - say €4,600
You send that in and as soon as they get it they send out the dollars - but they don't send out $5,000 - they send out the then current exchange rate which might be a bit more or a bit less.
The old procedure
Say you wanted to pay a US company $5,000
You would transfer in the euro equivalent + a bit more to cover fluctuations.
When the euro arrived in, you would pay $5,000 exactly and they would deduct the euros from your account
The new procedure
You set up the transfer of $5,000 first before you send in anything.
Then they tell you how much to send in - say €4,600
You send that in and as soon as they get it they send out the dollars - but they don't send out $5,000 - they send out the then current exchange rate which might be a bit more or a bit less.