A social currency exchange website launched in Hungary

After taxi drivers and hotel owners, money-changers can also start dreading social business. Following the pattern of Uber and Airbnb, the recently launched Midrate.com aims to introduce commission-free currency exchange. Origo.hu believes that the name – midrate – suggests what they have to offer.

You can enter their website with your Facebook profile and give the type of currency you’d like to buy or sell with only a few clicks. You can think outside the euro-forint relation because you could even buy Icelandic krona for Croatian kuna – if your demand meets with a similar supply.

Regarding the trade in Budapest, it’s probably mostly about euro exchange, because not too many people have joined Midrate so far. One client wanted to buy kuna, but the transaction lasted for one week, so if you’re in urgent need of foreign currency, you might want to get rare ones from different sources.

Origo tried to contact the Hungarian operators of the website, but they haven’t received answers yet. However, they managed to find out that the website and service was created by Midrate S.L., a company based in Pamplona, Spain.

The business was started in the summer of 2014. It arrived in Hungary last summer, but its popularising campaign only started in the beginning of this year. They have a Hungarian website and Facebook page, but that’s about it when it comes to information about the Hungarian operators and the parent company.