Member matching is the way that TransferWise converts your money. It's rather simple - if you want to send £50 to euros, and there are other TransferWise members who want to send euros to pounds, we match your pounds with their euros, and their euros with your pounds, in order to keep the bank transfers local and complete the transfers at the mid-market rate at that time without any additional banking fees. Simple!
With all transfers, no matter how big or small, you will always exchange money in this way with at least one other TransferWise member, and whilst this may sound a bit daunting, we can assure you it is not. TransferWise manages this whole process for you, so there is no need to worry about finding people to exchange money with yourself and we do not share any of your sensitive data with any other members.
On top of this, we always guarantee to have this exchange done within two working days of receiving your deposit (affected by public holidays in both the sending and receiving countries), and exchanges can be done between multiple parties so if you are sending £50, you do not need to wait for someone sending exactly £50 of euros back the other way for the exchange to happen.