When you sign up with currency fair, your account's first funding (local transfer in USD, EUR, AUD, NZD, etc., etc. - usually free) has to come from one of your own bank accounts (via local transfer at 0.00 cost).
After that funding, or transfers in (or paying customers) may be from third parties by doing local transfers to the different Currency Fair accounts in there local jurisdictions (USD, EUR, AUD, NZD, etc., etc.). The destination Currency Fair account is used as a reference to allocate these incoming funds to the correct Currency Fair user account. MtGox might implement a unique random amount of cents to be added to the transferred amounts to allocate third party transfers to his Currency Fair account to his different user base: Say at any specific day User A and User B wants to transfer USD100 to MtGox at the same time: MtGox would request User A to transfer USD100.17 and User B to transfer USD100.73. The amount showing up into MtGox's Currency Fair account as USD100.73 would indicate that User B has done a successful third party transfer at that time to the MtGox's Currency Fair account.
For transfers out: Members send their LOCAL (USD, EUR, AUD, NZD, etc., etc.) banking details to MtGox, and gets added as beneficiaries into MtGox's Currency Fair account. When a user wants to withdraw from MtGox, MtGox sends money to the user's bank account via local transfer in the correct currency, all with the help of Currency Fair's built-in functionality. There is a cost related to transfers out, this is within reason, in order for Currency Fair to run a profitable business.
Here are some current conversion rates, what you would get when selling your 1 USD =, 1 AUD =, or 1 EUR = (compare to current effective credit card conversion rates?):
| 1 USD = 3.6520 AED | 1 AUD = 3.6175 AED | 1 EUR = 5.1030 AED |
|
| 1 USD = 1.0040 AUD | 1 AUD = 0.9979 CAD | 1 EUR = 1.4029 AUD |
|
| 1 USD = 1.0068 CAD | 1 AUD = 0.9440 CHF | 1 EUR = 1.4082 CAD |
|
| 1 USD = 0.9531 CHF | 1 AUD = 0.7056 EUR | 1 EUR = 1.3312 CHF |
|
| 1 USD = 0.7118 EUR | 1 AUD = 0.6166 GBP | 1 EUR = 0.8697 GBP |
|
| 1 USD = 0.6222 GBP | 1 AUD = 7.642 HKD | 1 EUR = 10.780 HKD |
|
| 1 USD = 7.714 HKD | 1 AUD = 1.3051 NZD | 1 EUR = 1.8412 NZD |
|
| 1 USD = 1.3171 NZD | 1 AUD = 2.7502 PLN | 1 EUR = 3.8785 PLN |
|
| 1 USD = 2.7754 PLN | 1 AUD = 1.2776 SGD | 1 EUR = 1.8027 SGD |
|
| 1 USD = 1.2896 SGD | 1 AUD = 0.9849 USD | 1 EUR = 1.3898 USD |
|
| 1 USD = 6.774 ZAR | 1 AUD = 6.708 ZAR | 1 EUR = 9.466 ZAR |
See live bids/offers now at:
http://www.currencyfair.com/view-live-forex-market