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Using NoBanx is sort of like…. When a totally new product or concept hits the market it can be difficult to convey exactly what it’s all about. The basis of the NoBanx service is as old as commerce itself. It’s simply bartering or trading commodities, only in this case the commodities are different types of money. Historically people did not use a middleman or merchant to trade, because they were close to each other and traded or bartered directly. But as commodities started to come from near and far, merchants started to appear because the person selling and the person buying were not in contact with each other and had to rely upon the merchant to find someone who wanted their goods. Obviously the commodity of money still comes from around the globe, only now, the people who want to trade have a means of direct contact – the internet. No longer do they have to rely on merchants (banks) to act on their behalf to trade their currency. Foreign currency exchange works in exactly the same way as the traditional three tiered retail system AND currency is treated in exactly the same way as any other commodity. We have the supplier (seller of currency), the retailer (the bank or foreign exchange dealer) and the consumer (buyer of currency). What normally happens is the supplier sells to the retailer, who in turn puts their margin on the item and then resells to the consumer.            But what can happen is this: I know a woman who was considering the purchase of a lounge suite from a retailer for $1,200. I also know a guy who has the factory where the lounge suite is made and he sells them to the retailer for $800. So I introduce these people on the condition they each give me $5.00 and they agree that the lounge would be sold for $1,000 – the buyer saves $195 (after my $5.00) and the seller makes an extra $195 (after my $5.00). I (NoBanx) make $10.00 and the retailer (bank) makes nothing Or I am in New Zealand and you are in Australia. We know each other and have agreed to swap houses for our annual holiday. Both of us need spending money whilst in the other's country so rather than change our money through the bank, or use our credit cards, we decide to do the following: I will leave $1,000 NZ on my dining table for you to use when in NZ and you will use the Australian equivalent in Australian dollars on your dining table for me to use whilst I'm in Australia. What rate to use – Buy? Sell? No, we'll use a rate approximately halfway between the two. Let's call it the "Midrate". We 've both got our overseas funds at a good rate and we've paid no fees.The difficulty comes when you and I don't know each other and this is where NoBanx comes in. NoBanx acts as a faciliator to match you up with each other to exchange at the midrate and charges a small fee to each of you for the service. You still deal direct with each other, NoBanx simply helps make the match

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