PeerFX showed off its quick and easy currency exchange application at Launch Party in downtown Vancouver on Thursday night. From what I saw with my own eyes and from what I've heard from the LPV5 crowd, this one is definitely a winner.
I hate losing money when I'm changing money. It just seems unfair. And I'm not looking forward to the prospect of losing a percentage when I head off on a short vacation abroad soon. So PeerFX immediately grabbed my attention, because they're going to save me money.
After just a two-minute demonstration to show how it worked, I know that this is something that tens of millions of people can benefit right now.
They're not promising completely free currency conversion, but it's certainly better than what the bank will give you. They actually give you the Interbank rate (During this current test phase, the charge is $3.50 per transaction, but that will change to 0.35 per cent per transaction - way better than the 2 per cent the banks charge you). In other words, you can change your money at the same rate that the banks exchange currencies to each other, instead of paying transaction fees like a retail-converting chump.
How do they do it? They've posted their secret sauce for all to see:
Our patent-pending peer-to-peer process allows us to give you significant savings on every transaction. By bringing peers together and converting currency on a pooled basis, we eliminate the bid-ask spread that you pay when you go to a bank, foreign currency booth or use a credit card to get currency.
And a simple three-step process gets you your money converted in minutes. Why would I ever go back to a bank if PeerFX can give me a lower rate every time? So I'm changing my habit. It just makes cents.