About XferMoney

Xfermoney is a token based on ethereum blockchain with security and transparency between peers (P2P). Xfermoney itself is involved in the field of currencies that we can exchange our money in a very secure, fast and transparent way. Xfermoney will certainly make it much easier for us to change our currency when we want to travel abroad. we don't need to take too long at the bank just to change our currency. Xfermoney will be a very good solution to solve the problem, in addition to currencies. Xfermoney also has a multi-currency debit card, so we can store our currency in a card as a debit card.

Built with advanced technology and racially stacked with the blockchain ecosystem, this platform is a fast, easy and secure way to send money across countries at almost no cost. Its easy-to-use interface makes money transfers easier and more secure. Connects participants from all countries to the platform to exchange money directly and reduces the mediator and the costs associated with them.

Purpose of XferMoney

The main objective is to provide retailers with the opportunity to exchange money worldwide with other people, companies or their own accounts in another country at minimal cost. This should benefit all those who have paid high compensation to existing banks, institutions or brokers to transfer funds to other countries. Experience in software development, block chain and Forex market allows us to create a P2P solution to benefit end consumers and improve the security of currency trading worldwide.

The Problem and Challenges of the Marketplace

All foreign exchange transactions are conducted through third parties, such as banks, brokers, etc. and other intermediaries. This increases the cost, time and complexity of the process.

Retail customers in general have to pay a very high price for the privilege of exchanging one. for another room At a time when commissions, rates and spreads are taken into account, a retail customer could easily see a total margin of 5% or more between the buy and sell price of a currency.

For example, if a US resident is looking to buy $5,000 and his financial institution quotes $1.17 / $1.23 (based on a cash price of $1 = $1.20) it would cost $6,150. That's 2.5% That's $100 more than you would have paid if the transaction had been made at the spot spot rate of $1.20, in which case you would have paid $6,000 to buy your euros.

Retail customers and small and medium-sized enterprises (SMEs) have long faced significantly higher prices due to the strength of established intermediaries (banks) and the absence of alternative trading alternatives. However, they now have a sustainable and much cheaper alternative in the form of peer-to-peer (P2P) networks.

In short, no one has democratized this space and much remains to be done to make these money transfers painful and free for retail customers.

How Does it Work?

With XferMoney, everyone can send money abroad and it works in a few steps. A user (Sender) opens an account at XferMoney and deposits money in their account in local currency. Then place an order in the desired currency with a designated account in the foreign country, then XferMoney matches the order with other users with orders in the opposite direction and processes the transaction. The recipient (account designated by the sender) receives the money via local XferMoney transfer, the same applies to orders in the opposite direction.

Multi-Currency Debit Card

XferMoney will bring a multi-currency debit card and all customers will open an account with XferMoney to access it. Customers with the debit card will be able to spend money abroad as their local currency in whatever they have in their XferMoney account.

Mainly, customers who do not have a bank account abroad, for example, tourists, travelers will enjoy the benefits of our multi-currency debit card as they can convert their money and spend it abroad at no cost.

For example: the client in Australia opened an account with XferMoney, deposited the amount in AUD and then converted their AUD amount to EUR. You can now spend the amount in Euros with your XferMoney debit card in countries that accept the EUR as their primary currency at no charge.