CurrencyFair unveils new peer to peer currency exchange app

Irish-based fintech firm CurrencyFair has unveiled a new peer to peer currency exchange app.

The app, which is available for iOS and Android, allows users of its currency exchange service to conduct transactions on their smartphones.

"We've spent considerable time building the world's first truly peer-to-peer currency exchange marketplace so that we have critical mass to release our app," said CurrencyFair founder and CEO Brett Meyers. "The app will maintain the usability and security of our desktop and mobile responsive site that has seen our users transfer nearly £2 billion to date."

Mr Meyers said the app would make life easier for expats and foreign property owners.

Among its features are the ability to allow users to take a photo of their identity documentation and upload it to set up their new account and the quick transfer of currency. Exchange rates are live, and it also displays the real exchange rate margin.

Established in 2009. CurrencyFair is a money exchange platform that aims to help users avoid large charges for exchanging foreign currency. Its average fee is 0.35 per cent, compared to between 2 and 5 per cent for other services.

Earlier this year the company raised €10 million in a funding round and said it would double its current staff in Dublin.