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eFX CONVERT seal in currency conversion, the new service of the Bank of Cyprus changes the data

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Σφραγλδα eFX CONVERT στη μ εττρομισηναυηρε αησασαλεδ ;εδομeνα

Currency conversion is a particularly important process in today's globalized environment, both for business and for citizens. It is enough to consider how many transactions, necessary for business operations, are processed on a daily basis for imports and exports of various products, payments for services, investments, and even simpler operations such as tuition payments to universities abroad.

Among the main concerns of those who rush to convert their coins are the speed, the security of the process and of course the amount of commission that will be required. However, currency conversion has historically been a not-so-simple process and until recently it even required a physical presence in a bank branch. With the development of online banking, customers could perform their conversions online but without immediate processing and without knowing the final exchange rate in advance.. In any case it was a time-consuming process.

A new era begins with the introduction by the Bank of Cyprus of the new eFx convert service, which is available through the 1bank Mobile app and Internet Banking. In fact, it becomes the only bank in Cyprus that provides its customers with the possibility to carry out currency conversion transactions directly with real-time exchange rates and without charging commissions.

The complete digitization of the currency conversion process removes and makes all these labyrinthine processes a distant memory as Bank of Cyprus customers can use eFx convert to instantly get the exchange rate according to the currency's trading price in the market at the given time. This is a solution that works to the benefit of its customers as the transaction is completed immediately, quickly and reliably without the need for anyone to go through the process.

More than 45 currency pairs

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.

The new service applies for transfers/conversions between accounts in different currencies, to linked accounts or to accounts of other customers within the Bank. 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 the currency conversions in currency of the payment and then they will process remittances to non-bank customers electronically through 1bank.

It is understood that the electronic execution of currency conversion, from the computer or mobile phone, without requiring human intervention provides great user flexibility combined with transparent and live-time pricing with no commission fees.

Source: www.philenews.com

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