When Brett Meyer was living in Dublin a decade ago, he figured out how to beat the exorbitant bank fees to transfer money back home to Perth.
Little did he know that his cunning plan to utilise a circle of expat friends living in Ireland, England and Australia would end up revolutionising the banking industry.
His move to expand the operation on an international scale led him to create CurrencyFair, a brokerage worth tens of millions of dollars, and which charges a small fraction of the usual bank fees for international transfers.
A small number of other brokers have since copied the concept, sparking a new peer-to-peer marketplace in banking.
Banking analysts believe the practice could become mainstream in two to five years.
CurrencyFair developed when Dublin-based Mr Meyer figured out that he could avoid international transfer fees by depositing money into local Irish and British bank accounts held by friends living in Australia who regularly visited the two countries.
In return, these friends would deposit the same amount into his Australian bank account for him to use when he was in Perth.
The system meant that money was never transferred abroad - only locally - so each party avoided the hundreds of dollars normally levied on international transactions.
Banks fees these days are worth up to 6 per cent of the total transfer amount, often through a partially hidden cost that was chipped into the exchange rate.
The former Rossmoyne High School student, who launched CurrencyFair in 2010, said the brokerage acted as a kind of "online dating agency" to match people seeking to move money around the world.
Those who could not find an immediate match on one of 17 countries could pay a few dollars extra to match with CurrencyFair.
The website transfers about $2.5 million every day, and has been endorsed by consumer watchdog Choice.
Mr Meyer said the beauty of the international concept is that it avoids fees because money is, quite simply, never actually sent overseas.
"The reason there is no receiving or intermediary fee with currency is that we don't send the funds internationally," Mr Meyer explained.
"We send the money via a domestic payment so, for example, we send British pounds from our account in London. This means it is not treated as an international transfer by the bank on the receiving end so they generally don't charge to receive it."
Mr Meyer said users had to have a bank account in both the country where they lived and the destination country, though in some cases hotels and other businesses accepted payment from tourists through CurrencyFair.He said small businesses regularly used the system, as they made increasing use of offshoring. Australia was the company's fastest growing market.