Expired Hot Deals

[Guess] US<>CDN 0.5% fee currency exchange

  • Last Updated:
  • May 20th, 2009 1:43 pm
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[OP]
Sr. Member
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Sep 28, 2007
911 posts
47 upvotes

[Guess] US<>CDN 0.5% fee currency exchange

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https://www.peerfx.com/faq.aspx

Looks like the Peerfx site from the Dragon's Den show a few years ago is up. Interesting concept. Although I guess it's only useful if you don't need immediate on the spot currency exchange? Looks like they use EFTs and wires.

The FAQs says they're not insured by CDIC. They are FINTRACed too. Anyways read the FAQs if you think about using them.

I think the 0.5% fee is hot considering what the banks charge for conversion.

Edit to add:

Liquidity is known only to the site, and probably varies from day to day, so use banks, fx shops, or xe.com for important stuff. Use at your own risk.

Edit to add:

0.35% promo over. It's now 0.5%.
34 replies
Deal Addict
Dec 20, 2005
1286 posts
14 upvotes
Looks pretty cool. Interesting concept.
Sr. Member
Sep 17, 2003
702 posts
13 upvotes
Ah.. finally they're open for business. They were in closed beta-testing last year. This seems like a great alternative to XETrade
Newbie
Oct 17, 2007
86 posts
North York
try xe.com

good history and slightly better rate (i've got +0.0025% more than peerfx.com)
[OP]
Sr. Member
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Sep 28, 2007
911 posts
47 upvotes
andrij wrote:
Apr 30th, 2009 4:24 pm
try xe.com

good history and slightly better rate (i've got +0.0025% more than peerfx.com)
Really?

I don't get anywhere near 0.35% from xe.com. What size transactions do you usually do?
Sr. Member
Sep 17, 2003
702 posts
13 upvotes
andrij wrote:
Apr 30th, 2009 4:24 pm
try xe.com

good history and slightly better rate (i've got +0.0025% more than peerfx.com)
I thought XE's spread was 1%? and peerfx says they are 0.35%
[OP]
Sr. Member
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Sep 28, 2007
911 posts
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dracore wrote:
Apr 30th, 2009 4:28 pm
I thought XE's spread was 1%? and peerfx says they are 0.35%
I thought so too. Must be six figure transactions on XE to get near 0.35%?
Deal Fanatic
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Jun 19, 2001
7268 posts
1017 upvotes
the difference is peerfx isn't charging a spread, they are charging a transaction fee. Unless they attract a very significant number of users there won't be the liquidity for transaction to actually take place, at least not when you want them to.
Deal Addict
Dec 13, 2007
1588 posts
6 upvotes
Toronto
and whats the liquidity like?

this info is ok for the shallow consumer good addicts but you'll need more info to make this an actual hot deal for real users
Deal Expert
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Dec 11, 2005
18658 posts
1076 upvotes
jackwest wrote:
Apr 30th, 2009 4:36 pm
and whats the liquidity like?

this info is ok for the shallow consumer good addicts but you'll need more info to make this an actual hot deal for real users
The liquidity right now is low. BUt as the site gets popular it will grow.

IMO this kind of peer to peer service is the future of exchange and lending. With global connectivity and instant electronic transactions there is no longer the need for banks to be middlemen when looking for loans or doing currency exchanges.

I am a big fan of sites like LendingClub / Prosper and hope that they expand to Canada soon ( yes I am also watching CommunityLend ). Personally I think this is the future of finance.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Fanatic
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Jun 19, 2001
7268 posts
1017 upvotes
Prosper has been a massive loser and a lot of the lenders have lost their money too.

There have been a lot of peer 2 peer concepts that sounded good, on paper, but didn't work. Eg peerflix poured millions into dvd trading site before giving up.

I've to to think the currency one will be quite a bit harder to ever make work. People exchanging money want to do it right away, no wait until it can find a match (and rates move...and the vacation or whatever is over). they'd need a constant stream of people wanting to convert on both sides of the transaction, balanced in amount. Good luck...

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