There is a risk of exchanging currencies in online currency exchange offices because nobody supervises them?

In internet currency exchange offices the currency spread is even 70% lower than in a bank. However, many customers are concerned about whether the cashless exchange of currencies through such platforms is 100% safe. However, it turns out that Internet exchange offices must obtain a permit for their activity and are subject to regulations adopted by the Polish Financial Supervision Authority (KNF).

What does online currency exchange look like?

As the expert explains, the rate at which the customer exchanges the currency must be first approved (the user has 10 seconds to do so), and only after this action is the process of exchanging funds carried out. The currency is sent to the customer's account at the Internet exchange office. Thanks to this, the client exchanges the currency at a rate consistent with the current exchange rates on the currency market.

How safe are the Internet exchange offices?

According to Madejski, the identification and authentication of data in Internet exchange offices is a process in which there are no compromises. "All customers must first be verified before they can have full access to this e-service under the Anti-Money Laundering and Terrorist Financing Act of 16 November 2000. All customer data is treated as confidential and data transmission is secured by a special network protocol called SSL certificate.

What is the currency spread?

Internet exchange offices offer the exchange rates with the lowest currency spread in the market, which on average ranges from 0.48 to 0.58%. This leads to significant savings for customers. For comparison, currency spreads in banks can be as high as 7.4%.

In conclusion

In addition to ensuring an adequate level of security, Internet exchange offices place great emphasis on making the conditions of use of the service as transparent as possible for the customer. Customers want not only to exchange currencies safely and cheaply, but also to be sure that they will not face any hidden costs along the way. And that's the service we've been providing for them for 7 years. Read it too: Foreign currency account - how much can you save?