Online currency exchange? Check out how can you save money
Do you shop in foreign stores online? Maybe you are planning to go for a trip abroad? See how much money you can save by exchanging currency online.
Online currency exchange became popular in Poland in 2011. This was the time when the anti-spread act was introduced. The regulations of this act made it possible for the borrowers to provide the bank with the currency for paying the debt by themselves. Today, online currency exchange is used not only by people who own credit in foreign currencies. This method is also a source of savings for entrepreneurs, people who work abroad, travelers, and people who shop in foreign stores online.
Where to buy the currency?
Currency exchange offices at the airport are definitely the worst place in which I have exchanged currency. In June 2015, I was buying pounds shortly before visiting my friends in England. The exchange rate in stationary currency exchange offices, on my departure date, was approximately six PLN. Unfortunately, they did not have enough units on hand, so I decided to buy more at the airport. The exchange rate there was approximately one zloty higher. However, I did not have a choice, so I had to pay – says Michal from Zielona Gora.
According to the data from the kantory.pl website*, the average cost of one thousand euro is approximately 4262 PLN, and the average cost of one thousand dollars is 3762 PLN.
The exchange rates in banks, near the highways and national borders, are far less attractive. One of the most popular banks charges approximately 4448 PLN for one thousand euro, and approximately 3903 PLN for one thousand dollars. This is significantly more than in traditional currency exchange offices.
The least favorable offers are at airports and train stations. The exchange rates offered at these locations are often much higher than the market average. One thousand euro can cost up to approximately 4870 PLN, and the cost of one thousand dollars is approximately 4290 PLN.
The most attractive exchange rates are offered by online currency exchange companies. One of the most popular is Cinkciarz.pl. This company offers one thousand euro for approximately 4252 PLN, and one thousand dollars for approximately 3732 PLN. The savings in comparison with the exchange rates offered by the banks are approximately 170 PLN in the case of dollars, and up to 190 PLN in the case of the euro. Exchanging currency at airports exposes you to a risk of overpaying by 618 PLN and 558 PLN, respectively.
How to exchange currency online?
Online currency exchange companies give you an opportunity to perform a transaction in several different ways. In the case of transactions from a bank account, you will require two bank accounts in your selected currencies. For example: you're going on a holiday in Greece, and you want to buy euros. First, you transfer the zlotys into the company's account. The transferred amount is then converted and sent back to the customer's currency account.
Transactions can also be made from a currency wallet. The currency wallet needs to be topped-up, and the currency exchange takes only seconds. Money can be exchanged as many times you want, as long as there are funds remaining in your wallet. In the case of a social transaction, customers do not need to worry about the cost of the spread, which is the difference between the cost of purchase and the sale of the currency. The customers exchange currencies between themselves without any participation from the agents. All it takes to complete this type of transaction, is a person who finds your offer attractive enough.
*Exchange rates as given on 04.04.2016
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