We've been around for a few years now, but weren't expecting to see our name pop up on HN just yet. Of course, now that it's here, if anyone has any questions about what we do, feel free to ask and I'll get back to you asap.
If you're looking for a direct link, it's at the bottom of the OP, or: https://www.currencyfair.com
As a marketplace, reaching a critical number of users must be something to look forward to, even though I'd understand if you wanted to expand to select markets first (the article says 37% of your current users are in the UK, and 20% in Australia).
<marketing speak>We're at quite a large size already, having put > .5bn sterling through our system by now</marketing speak>, but more users is always a good thing!
Sure, we have a large user base in the UK and Australia, but really, those users are international - they're not all from those countries, and that's completely ignoring all of the European users we have ... so critical-mass is something we've pretty much already hit.
[edit: spelling]
That said, we're watching that world quite closely - we could well support it in the future ... just not right now.
[edit: formatting]
It's been absolutely fantastic. I was a little hesitant at first, sending smaller amounts through at a time. But now I'm regularly transferring 5 figure sums without a worry in the world.
The rate you end up with is way better than what you get straight from the bank. And if there's no rush, I just set an order up at a rate I fancy, and wait for the market rates to wobble a bit, and someone fulfills it.
Because of the way it works, your money isn't actually the money coming out of the other end (it never is, I guess, it's all electronic) -- it means that I can deposit $X from my bank in the US, and have that appear as £Y in my bank in the UK, on the same/next day!
I haven't personally had any need to contact them, but I've read their customer support is good, too.
Also, if you ever need to contact our support team, you won't be disappointed. They're always going the extra mile to help our customers out ;)
Anything over $10K requires an FBAR form (TD F 90-22.1):
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Transfering the money to trusts requires a 3520 form:
http://www.irs.gov/pub/irs-pdf/f3520.pdf
Plus you should also read this:
http://www.irs.gov/Individuals/International-Taxpayers/Forei...
I'm on an H-1B; every year the FBAR needs to be filed detailing how much money there is back home. Regardless of how it was earned, or whether it existed before I started working in the US.
2% all-in seems to be the going rate for the ones I've used. Since both sides on an exchange are looking for the market price, that only gives you 1% of potential improvement assuming the market is sufficiently liquid and efficient.
[1] http://www.currencyfair.com/best-exchange-rate
[edit: missing words :( ]
In any case, my 1% assertion seems to be correct judging by a €600 purchase compared against FairPay (£513.73 rather than £519.26).
Incidentally, is your name inspired by Betfair?
There's a good background to how CurrencyFair got started over on Forbes[1], if you're interested in reading more.
[1] http://www.forbes.com/sites/dansimon/2013/10/18/entrepreneur...
But the exchange rate is better than what I'd usually get at my bank and the transfer from Germany to Ireland is free too.
i mean, the moment this get more traction and the banks figure this out, the party is over and people get the international fees in their bills
