{"id":6101,"date":"2017-03-14T10:58:09","date_gmt":"2017-03-14T10:58:09","guid":{"rendered":"http:\/\/www.finder.com\/uk\/?p=6101"},"modified":"2026-02-18T11:43:59","modified_gmt":"2026-02-18T11:43:59","slug":"peer-to-peer","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/international-money-transfers\/peer-to-peer","title":{"rendered":"How to use peer-to-peer money transfer services to your advantage"},"content":{"rendered":"<p>Although <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\">international money transfers<\/a> were traditionally conducted via banks, it\u2019s now possible to use peer-to-peer (P2P) banking services for transfers. These services provide networks where people can share access to currencies without the need of a central server, allowing you to cut out the middle man. As a result, the money transfer process is simplified and helps you save money.<\/p><p>You can use the table below to compare P2P money transfer services based on fees, minimum transfer amounts and transfer speed. If you\u2019re interested in finding out more about a transfer service click \u201cMore\u201d, or if you\u2019d like to open an account click \u201cGo to Site\u201d.<\/p><p style=\"text-align: center;\"><a class=\"scroll\" href=\"#index_guide\"><button class=\"btn\">Learn about money transfers<\/button><\/a> | <a class=\"scroll\" href=\"#transfer\"><button class=\"btn btn-success\">Compare money transfer services now<\/button><\/a><\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-589419\" src=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg\" alt=\"Optimized-How peer-to-peer international money transfers work\" width=\"600\" height=\"964\" srcset=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=900 900w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=1200 1200w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/12\/Optimized-How-peer-to-peer-international-money-transfers-work.jpg?fit=1800 1800w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" loading=\"lazy\"><\/p><div class=\"luna-card luna-card--alt\"><div class=\"luna-card__block\"><h4>What's in this guide?<\/h4><em id=\"index_guide\"><strong>Jump to\u2026<\/strong><\/em><ul><li><a class=\"scroll\" href=\"#peer\">How do P2P money transfers work?<\/a><\/li><li><a class=\"scroll\" href=\"#compare\">How do I compare P2P money transfer services?<\/a><\/li><li><a class=\"scroll\" href=\"#pros\">What are the pros and cons?<\/a><\/li><li><a class=\"scroll\" href=\"#risks\">Are there any risks?<\/a><\/li><li><a class=\"scroll\" href=\"#faq\">Frequently asked questions<\/a><\/li><\/ul><\/div><\/div><h3 id=\"peer\">How do P2P transfers work?<\/h3><p>The process of a peer-to-peer money transfers (also known as a P2P money transfer) is simple. First, you need to select how much money you wish to transfer and where you\u2019re sending it. You can then upload your funds to your money transfer provider, which will then convert your money at the mid-market rate and match you up with a person sending funds in the opposite direction. So if you\u2019re sending money from the UK to the United States, you\u2019ll be matched with someone sending funds from the United States to the UK.<\/p><p>This allows customers to cut out the middlemen in the transaction (the banks) and enjoy better exchange rates and lower transaction fees.<\/p><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Example: Peer-to-peer vs Bank<\/h4><p>Lauren wants to send \u00a31,000 to her mother in the US. In order to find the best possible money transfer deal, she compares the services offered by her Big Four banks with a P2P money transfer service like Wise or CurrencyFair. The results can be seen in the table below.<\/p><table class=\"custom-table\" style=\"height: 112px;\" width=\"646\"><tbody><tr><th>Cost to send a \u00a31,000<\/th><th>Bank (NatWest)<\/th><th>P2P money transfer service (Wise)<\/th><\/tr><tr><td>Amount transferred<\/td><td>\u00a31,000<\/td><td>\u00a31,000<\/td><\/tr><tr><td>Exchange rate<\/td><td>1.17<\/td><td>1.21<\/td><\/tr><tr><td>Fee charged<\/td><td>\u00a35*<\/td><td>\u00a35<\/td><\/tr><tr><td>Total received (in USD)<\/td><td>$1,170.30*<\/td><td>$1,206.41<\/td><\/tr><\/tbody><\/table><p>As can be seen in the example above, if Lauren sent her funds using a P2P service she would be sending an extra \u00a336.11<\/p><p>*It is also important to note that when exchanging money from one bank to another, the receiving bank may also charge a transaction fee \u2013 meaning your savings could be even greater!<\/p><p><small><strong>* This is a fictional, but realistic, example.<\/strong><\/small><\/p>\n\n\n<\/div><\/article><h3 id=\"compare\">How do I compare peer to P2P money transfer services?<\/h3><p>You\u2019ll need to take the following features into account when comparing peer-to-peer money transfer services.<\/p><ul><li><b>Exchange rates.<\/b> The exchange rate is a very important factor when determining how much money you can save, so look for the company that offers the best rates. However, keep an eye out for companies that suck you in with great rates but then slug you with high fees.<\/li><li><b>Fees.<\/b> Make sure you\u2019re aware of all the fees attached to your transaction. Does the company charge a flat fee or is it a percentage based on the amount you\u2019re transferring? Is the fee waived entirely if you transfer more than a certain amount?<\/li><li><b>Minimum and maximum transfer amounts.<\/b> You\u2019ll need to check how much a company will allow you to transfer, as minimum limits might be too high for some and maximum limits may be too little for others.<\/li><li><b>Transfer methods.<\/b> Compare whether your transfer can be lodged only online, or whether there are phone and in-person options available as well.<\/li><li><b>Other extras.<\/b> Compare whether providers allow you to lodge forward contracts \u2014 where you lock in an exchange rate for a transaction that will occur at a later date \u2014 or limit orders, which is where you lock in a minimum exchange rate and the transaction is not completed until the market fluctuates and your chosen rate is available.<\/li><li><b>Customer service.<\/b> Is the company known for providing excellent customer assistance? Is there an online help centre and live chat available? Can you email or phone for support, and what hours are each provider\u2019s support centre open?<\/li><li><b>What currencies are available?<\/b> You\u2019ll need to compare which currencies each provider offers and which destinations you can send money to.<\/li><\/ul><p><a class=\"more-link-arrow\" href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/international-money-transfer-apps\">Phone apps make it easy to pay (and collect) among friends<\/a><\/p><h3 id=\"pros\">What are the pros and cons?<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li><strong>Better rates.<\/strong> Peer-to-peer money transfer services usually offer better exchange rates than banks.<\/li>\n                                    <li><strong>Lower fees.<\/strong> You\u2019ll typically pay less to transfer money via one of these providers than you would through a bank.<\/li>\n                                    <li><strong>Fast.<\/strong> Peer-to-peer money transfer services regularly offer faster processing times than banks, with transfers often able to be completed within 1 business day.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li><strong>Supported currencies.<\/strong> While more supported currencies are added all the time, as peer-to-peer money transfer providers are relatively new, they do not yet offer the same number of exotic currencies and transfer destinations as major money transfer services.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3 id=\"risks\">Are there any risks?<\/h3><p>When you\u2019re making an international money transfer, it\u2019s important to keep an eye out for exchange rates and fees. Poor exchange rates can eat up a big chunk of your money if you\u2019re not careful, while hidden fees can be a nasty surprise if you don\u2019t read the fine print before lodging a transfer.<\/p><p>It\u2019s also essential that you ensure you are dealing with a reputable company. Do your research before you commit yourself so that you don\u2019t end up the victim of a dishonest provider.<\/p><p><a class=\"more-link-arrow\" title=\"Compare\" href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\">Compare money transfer services<\/a><\/p><h3 id=\"faq\">Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Do these companies charge a commission?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>The fees charged vary between providers. While some charge a low flat fee, others will charge a fee which is a percentage of the funds you are transferring.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">What currencies are available?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Major world currencies like the United States Dollar, the Euro, the Great British Pound, the Japanese Yen and plenty more are available. For a full list of supported currencies, contact a provider.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Can I use these services for business transactions?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes, you can use a peer-to-peer money transfer service for a legitimate business transaction.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Who provides this service?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>You can find more information about peer-to-peer services and compare them in the <a href=\"#table\">table above<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>A guide outlining everything Peer-to-Peer. How to compare the different P2P services, the pros and cons and most importantly, how they work.<\/p>\n","protected":false},"author":645,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[13],"tags":[],"asset_tag":[],"class_list":["post-6101","post","type-post","status-publish","format-standard","hentry","category-international-money-transfers"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Compare Peer-to-peer money transfers | Finder<\/title>\n<meta name=\"description\" content=\"Peer-to-peer money transfers match up people trading 2 specific currencies, which saves on fees and exchange rates by cutting out the middle man.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/peer-to-peer\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to use peer-to-peer money transfer services to your advantage\" \/>\n<meta property=\"og:description\" content=\"Peer-to-peer money transfers match up people trading 2 specific currencies, which saves on fees and exchange rates by cutting 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I wish to sell my home for over half a million. However, I wish to make a trial and if not happy return to U.K. I would buy a one bed flat in U.K and with the other part transfer at least 300K to buy and accommodate myself abroad. Would the government permit 300,000 to be transferred? 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