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Author Topic: CurrencyFair - experiences ?  (Read 3164 times)
Herodes
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July 28, 2012, 04:20:09 PM
 #1

I'm not affiliated with this site, but while researching different ways to convert between currencies, this site came up:

http://www.currencyfair.com/


It's apparently an exchange were private individuals exchange currencies in between themselves.

So my question is: Are there any bitcoiners using this service ? And could you tell a little about your experiences ?

Obviously the usage for bitcoiners of this service would be to exchange from for instance their national currency or EUR to USD for deposit with an exchange.

Thank you very much!

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Stephen Gornick
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July 28, 2012, 05:54:55 PM
 #2

Obviously the usage for bitcoiners of this service would be to exchange from for instance their national currency or EUR to USD for deposit with an exchange.

From the Bitcoin wiki:

Quote
CurrencyFair can convert funds added from your bank account to a growing number of foreign currencies. The converted funds can then be transferred to a beneficiary account that you specify.
[...]
This ability to send directly to the recipient's bank will likely make CurrencyFair a preferred method that will allow those purchasing bitcoins through a person-to-person marketplace, such as the Bitcoin-otc marketplace, to transact internationally.

 - http://en.bitcoin.it/wiki/CurrencyFair

So in addition to letting you convert funds for deposit at an exchange, you can use the service for person-to-person transactions.  

It would seem to be a great way for a trader to ship a foreign currency back home but because the deposit can only come from your own bank account (and not from a bitcoin exchange), then CurrencyFair doesn't serve this need.  

A couple other services that are similar, include TransferWise and for tuition, for instance, PeerTransfer.

 - http://en.bitcoin.it/wiki/TransferWise

Herodes
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July 28, 2012, 06:03:25 PM
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Thanks a lot, I will check out those additional services as well.
Bimmerhead
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July 28, 2012, 06:46:34 PM
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Looks similar in functionality to this:

https://www.bitcoinary.com/
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July 29, 2012, 08:40:29 AM
 #5

Looks similar in functionality to this:

https://www.bitcoinary.com/

With both TransferWise and CurrencyFair the funds are deposited and then the service itself sends out the payment.  With Bitcoinary, who takes the hit if a bank transfer is reversed?

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July 29, 2012, 09:50:03 AM
 #6

http://fxglobaltransfer.oanda.com/

It's much better for large amounts

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