{"id":3395,"date":"2013-10-02T17:57:03","date_gmt":"2013-10-02T17:57:03","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=3395"},"modified":"2014-03-07T02:07:36","modified_gmt":"2014-03-07T02:07:36","slug":"what-is-peer-to-peer-p2p-money-transfer","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/what-is-peer-to-peer-p2p-money-transfer\/","title":{"rendered":"What is Peer to Peer Money Transfer (P2P)"},"content":{"rendered":"<p>In today&#8217;s episode of MyCurrencyTransfer TV, we talk through some very exciting innovation in the world of currency. In particular, we cover <a href=\"http:\/\/www.mycurrencytransfer.com\">peer to peer money transfer<\/a> and how the power of crowdsourcing is helping individuals across the world slash the cost of sending money abroad. It&#8217;s very exciting &amp; we&#8217;re delighted to be part of the revolution by comparing on our aggregator the world&#8217;s leading peer to peer money transfer companies.<\/p>\n<div class=\"wistia_embed\" id=\"wistia_0pti74qk5g\" style=\"width: 640px; height: 388px;\">\n<div itemprop=\"video\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/VideoObject\"><meta itemprop=\"name\" content=\"What is Peer-To-Peer (P2P) Money Transfer\" \/><meta itemprop=\"duration\" content=\"PT5M38S\" \/><meta itemprop=\"thumbnailUrl\" content=\"http:\/\/embed.wistia.com\/deliveries\/b0b4998d782efa3530bb5a2469350ab2924fc827.bin\" \/><meta itemprop=\"contentURL\" content=\"http:\/\/embed.wistia.com\/deliveries\/c0af6810c4a8d61362623af9174594470af09bbc.bin\" \/><meta itemprop=\"embedURL\" content=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-07-03&amp;autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F942a9ca87bc0a9023b202ff756887e1fc9866aa7.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=338.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fb0b4998d782efa3530bb5a2469350ab2924fc827.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fc0af6810c4a8d61362623af9174594470af09bbc.bin\" \/><meta itemprop=\"uploadDate\" content=\"2013-10-02T13:02:05Z\" \/><object id=\"wistia_0pti74qk5g_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\" bgcolor=\"#000000\"><param name=\"allowfullscreen\" value=\"true\" \/><param name=\"allowscriptaccess\" value=\"always\" \/><param name=\"wmode\" value=\"opaque\" \/><param name=\"flashvars\" value=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F942a9ca87bc0a9023b202ff756887e1fc9866aa7.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=338.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fb0b4998d782efa3530bb5a2469350ab2924fc827.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fc0af6810c4a8d61362623af9174594470af09bbc.bin\" \/><param name=\"src\" value=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-07-03\" \/><embed id=\"wistia_0pti74qk5g_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" type=\"application\/x-shockwave-flash\" src=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-07-03\" allowfullscreen=\"true\" allowscriptaccess=\"always\" wmode=\"opaque\" flashvars=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F942a9ca87bc0a9023b202ff756887e1fc9866aa7.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=338.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fb0b4998d782efa3530bb5a2469350ab2924fc827.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fc0af6810c4a8d61362623af9174594470af09bbc.bin\" bgcolor=\"#000000\" \/><\/object><br \/>\n<noscript itemprop=\"description\">What is Peer-To-Peer (P2P) Money Transfer<\/noscript><\/div>\n<\/div>\n<p><script charset=\"ISO-8859-1\" type=\"text\/javascript\" src=\"http:\/\/fast.wistia.com\/assets\/external\/E-v1.js\"><\/script><script type=\"text\/javascript\">\/\/ <![CDATA[\nwistiaEmbed = Wistia.embed(\"0pti74qk5g\");\n\/\/ ]]><\/script><br \/>\n<script charset=\"ISO-8859-1\" type=\"text\/javascript\" src=\"http:\/\/fast.wistia.com\/embed\/medias\/0pti74qk5g\/metadata.js\"><\/script>Good morning everyone and welcome to yet another edition of MyCurrencyTransfer.com TV. Today, we\u2019re going to look at an exciting innovation in the world of international payments. Namely, peer to peer money transfer.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-3396\" alt=\"peer-to-peer\" src=\"http:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/peer-to-peer.png\" width=\"640\" height=\"496\" srcset=\"https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/peer-to-peer.png 640w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/peer-to-peer-300x232.png 300w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/peer-to-peer-206x160.png 206w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><br \/>\nForward thinking currency businesses are using the power of crowdsourcing to help cut the cost of sending your money abroad by up to 85%, and we\u2019re very pleased to be part of the p2p &amp; crowdsourcing of currency revolution. So much so, we\u2019re proud to list some of the top businesses on our market leading currency comparison aggregator.<\/p>\n<p><strong>So, what is peer to peer foreign exchange?<\/strong><\/p>\n<p>As an example, let\u2019s take the case of Alex &amp; Jennifer. Alex is from the UK has just bought his dream second home in Marbella, and needs to make a money transfer to spain, buying euros and selling his pounds.<\/p>\n<p>On the other side of this equation, we have Jennifer. Jennifer has spent the last few years working in Spain and is now ready to repatriate and move her money back to the UK. Jennifer needs to make a money transfer to the UK from Spain, selling euros and buying pounds.<\/p>\n<p>Enter the world of peer to peer money transfers. Instead of instructing their local banks to make the international money transfer at vastly inflated markups \u2013 often up to 5% of the amount that\u2019s being transferred, money transfer P2P marketplaces like Transferwise or CurrencyFair will match Jennifer &amp; Alex\u2019s funds.<\/p>\n<p>When there is enough liquidity and the two are matched perfectly, these companies essentially use the power of currency crowdsourcing to negate the need for currency exchange to take place. You subsequently only pay a very small fee for using the platform.<\/p>\n<p><strong>So, what happens if there isn\u2019t an exact currency match?<\/strong><\/p>\n<p>When there is not a 100% match up, you end up matching with the peer-to-peer currency platform. However, the exchange rate markups that are applied for the privilege of making this transaction are a tiny fraction of what would be taken by the bank, helping you transfer your money abroad at very low cost indeed, up to 85% cheaper versus the banks. It\u2019s fast, super simple and much much more cost effective than the old school conventional ways of moving your money abroad.<\/p>\n<p>I\u2019m personally very excited about this development &amp; truly believe in the power of peer to peer. Whether using the AirBNB P2P platform for slashing the cost of my hotel rooms on business OR matching foreign cash rates using the mid-market rates when I go on holiday with friends (my friend has shekels, I have pounds, why go to the bureau \u2013 let\u2019s just agree on a fair rate via reuters!), peer to peer is definitely the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today&#8217;s episode of MyCurrencyTransfer TV, we talk through some very exciting innovation in the world of currency. In particular, we cover peer to peer money transfer and how the power of crowdsourcing is helping individuals across the world slash the cost of sending money abroad. It&#8217;s very exciting &amp; we&#8217;re delighted to be part of the revolution by comparing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[115,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3395"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=3395"}],"version-history":[{"count":4,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3395\/revisions"}],"predecessor-version":[{"id":4105,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3395\/revisions\/4105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media\/4089"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=3395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=3395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=3395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}