Bank of Cyprus pioneers, innovates and continuously develops its products and services. True to its commitment, to existing and new customers, to provide simplified, high-quality services, it launched its new eFx convert service, which is available on the 1bank Mobile app and Internet Banking.
Via eFx convert enables the Bank's customers to immediately carry out currency conversion transactions with real-time exchange rates and without commission charges.
The new feature is available in the “Transfers” section and only applies to transfers/conversions between accounts in different currencies, to linked accounts or to accounts of other customers within the Bank.
Real-time exchange rates are available for short pre-set duration on transfer screen once transaction details are filled. The transaction is executed and processed by direct debit to the account when the customer confirms the acceptance of the offered exchange rate.
The eFx convert solution is available for more than 45 currency pairs including all major currency pairs and is available on working days from 7:30 AM to 5:30 PM. Currency conversion transactions entered outside of business hours will be processed as forward execution orders if chosen by the client which will be executed at the opening of the next business day at the available exchange rates.
Customers who trade in different currencies and make remittances to third parties outside the bank can also benefit from the new service after opening accounts in the currencies they trade. Through the new online service they will perform currency conversions in the currency of payment and then process remittances to non-bank customers electronically through 1bank.
The new service offers great flexibility to the Bank's customers as it provides transparent and live, fee-free pricing, allowing them to easily and quickly perform currency conversions, electronically without the need for human intervention.
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