P2p currency exchange...does it work?

fokoob

Hi all, I have seen recently a website in that allows people to exchange foreign currency notes directly with each other: https://www.moneytwins.com

I was wondering if anyone has ever used that sort of service or if there are other sites like this one. Banks in the Uk charge about 10-15% commission and spread to convert foreign currency into local and the idea looks like a good alternative because apparently it is free. Now I understand that it may be difficult to find the matching side, but again maybe some one already uses it.

Thanks a lot for your advice and experience.

S.

alex45_2

Hi!

I actually used this a little while ago and found it pretty easy to use, the site has recently been started but it looks very promising...

If everyone was using this thing, you'd never have to pay extortionary rates from the banks or from bureau de change!!!!

personnally, I really like the idea!

payless

interesting proposition,

for most people though there would need to be a fairly local / safe swap point


edit... New site, posted by a new user, immedaitely recommended by another new user, some might think that a little strange

fokoob

hi payless,

the security issue is the thing, don't really want to get in trouble with my cash, but yet again how do the people on e-bay do? Don't they meet sometimes? I don't really use e-bay myself, maybe you do....

alex45_2

well when I tried it, I used starbucks as a meeting point so it was fairly safe

as long as there's a lot of people around, it's fine

the only thing is that all currencies might not be available all the time as it really depends on a case by case basis

in my case, I used it for EUR/GBP exchange, and was satisfied!

fokoob

So looks like it works only if you live in a big town then...I am not in Central London though. How did you check that the currency was true?

alex45_2

To be honest I didn't, I just looked at the bills and they looked real enough...

payless

remember a lot of people on this site will ( or should be ) using a nationwide debit card ( or even their credit cards not that bad) to obtain goods and cash at a rate very close to market mid rate

alex45_2

well when you use a card, you get charged about 5/10% above mid rate

so basically, if you exchange 1000 USD, you save enough to go out in a pretty nice restaurant...

which is always nice.

I agree that it can be a hassle, but you're still saving a fair bunch of money

fokoob

100 dollars is not bad, but looks like it's the price of the insurance that you would give away if you were to use a bank....but I think I prefer to go without the insurance..

payless

alex45 wrote:

well when you use a card, you get charged about 5/10% above mid rate

so basically, if you exchange 1000 USD, you save enough to go out in a pretty nice restaurant...

which is always nice.

I agree that it can be a hassle, but you're still saving a fair bunch of money

sorry but thats a load of rubbish, my transactions have allways been within 1% of the mid rate