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| Friday, September 25th, 2015

WHAT IS PEER-TO-PEER MONEY TRANSFER?

You’ve probably heard the term “peer-to-peer” quite often in the last few years in relation to file sharing and torrent downloading. However, the development of Peer-to-Peer (P2P) has branched into the mainstream, and is today used by many legitimate and legal services and industries.

But what exactly is Peer-to-Peer? At its most basic form, it’s when a system is used to connect consumers directly with the creators of a product or service, or allowing users to connect to each other in a similar fashion. It cuts out the middleman.

Peer to peer has added a new type of company to the world of foreign currency exchange by allowing senders and receivers of different currencies to set their own rates and trade directly with each other, cutting out the banks’ fees and exchange rate margins in the process. Both CurrencyFair and TransferWise are examples of peer-to-peer money transfer providers and can be found on FXcompared comparison listings.

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