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Which? Magazine finds CurrencyFair to be the cheapest way to send £10,000 to Europe.
The UK Consumers Association Which? exists, according to Wikipedia, ‘to promote informed consumer choice in the purchase of goods and services, by testing products, highlighting inferior products or services, raising awareness of consumer rights and offers independent advice.’
Which? Money found that someone sending £10,000 overseas to a euro account could be over €400 better off using CurrencyFair over the least competitive bank, €258 better off than using the most competitive bank and €13 better off than using the next most competitive challenger.
Further insights include the fact that providers make most of their money from their exchange rate margin and that CurrencyFair’s exchange rate margin is just 0.15% when automatically matched with one or more people transferring in the other direction. CurrencyFair’s margin is between 0.4 & 0.5% when providing the liquidity itself and it has a fixed fee of €3.
Read the whole article here, and see those we beat listed in the table below.
|Sending Money Overseas||Transfer Fees||Currency you can send for £10,000|
|1||CurrencyFair||€ 3||€ 13,696|
|4||World First||£0||€ 13,601|
|5||World Remit||£2.99||€ 13,594|
|8||Post Office||£0||€ 13,523|
|10||The Co-op||£8||€ 13,413|