Moneta expands the possibility of a better exchange rate for the euro or the dollar

Monety online trading now runs continuously, i.e. in 24/7 mode. Earlier, people could use it only on weekdays from 8 am to 5 pm.

It allows customers with current accounts to obtain euros or dollars at an exchange rate close to the best physical exchange or applications such as Revolut. Before the actual exchange, the parties involved see the current exchange rate, which is constantly changing according to developments on the financial markets.

Euros or dollars exchanged via the online exchange will remain in the customer’s account in the corresponding currency. The bank automatically opens a foreign currency account for him at the first shift. Not only is the use of the exchange office free, but also the establishment and management of the relevant account is free. Payment cards (physical or virtual) in the specified currency are also provided free of charge.

“Customers will appreciate online currency exchange even when they are on vacation. If they transfer funds from their current account to a foreign currency account and make a payment using the card they received for free, they will automatically be paid in the local currency at no additional cost,” Artur Galstyan, Senior Manager of the Deposit and Cards Product Team at Moneta, explains the benefits.

The exchange rate of Monety online exchange is significantly better than the classic exchange method used by banks when paying into kroner accounts with ordinary cards abroad – on the contrary, the latter is advantageous in the long run This is one of the worst on the market.

Same as competing banks or similar services online and in-person Exchange Office Then it depends on the development of the exchange rate in the next few days: timely “swapping into stocks” may be advantageous – if the market rate deteriorates in the next few days, the client already has money to buy at a better rate before. And vice versa: if the market rate improves, it is worth waiting.

Moneta’s online currency exchange is reusable – there is no set maximum number of exchanges per month or day. It also has no monthly or daily limit on the amount of money you can transfer. The only restriction is the minimum amount you can exchange: always at least two thousand crowns.

Currency exchange is available in the Smart Banka mobile app and online banking. Moneta Money Bank The service was launched in autumn 2019, following the FX Money service which was previously only available in online banking.

The service also offers variants for entrepreneurs and companies – their accounts provide access not only to the exchange EUR or Dollarbut also GBP, Swiss Franc, Polish Zloty, Hungarian Forint or Romanian Leu.

For example, after noon today, customers with a Tom Plus current account can convert kronor to euros at the Monety online exchange at an exchange rate of 25.67. This is worse than what he is offering at the same time. revolution (25.47) or the best physical exchanges (around 25.50 to 25.60), but better than Moneta’s rate for card-to-krona account transactions (26.24). Have a Premium Gold Account They can now get a better exchange rate on Monety online exchanges than on Tom accounts – although the bank did not specify by how much.

In addition to the fintech app, Raiffeisenbank also offers a similar service, and since this summer, ČSOB has also done so. Like Revolut, they offer a 24/7 service (all operators ensure a fixed rate or a surcharge for rate fluctuations during the weekends when financial markets are closed).

Online currency exchange Raiffeisen Bank At the same time, it offers a better exchange rate than Moneta (25.56 CZK per EUR). But there is a 40,000 CZK monthly limit. On top of that, it is not free by default. Raiffeisenbank wants a monthly fee of 39 CZK for online currency exchange (which can be activated and deactivated only when needed). Sign up or become a paying new customer Active Accountsthey will now temporarily receive free exchange offices for a year. The foreign currency account required to use the exchange offices is only positive A Dedicated accountwhile Smart Accounts A flat rate of 29 kroner is paid every month (except for months when there is no change or the amount is less than 100 kroner).

This summer, the company also launched an electronic transaction feature in its banking app. Joe SobHowever, unlike its competitors, it does not offer a better exchange rate than standard transfers – after midday today, the euro was 26.09 Czech crowns. The foreign currency account required to use electronic exchange can only be maintained free of charge by Premium accounts ČSOB Premiumfor current accounts Plus Account Each foreign currency portion is 25 SEK per month.

Peter Kucera

Editor-in-chief of the Peníze.cz website. It focuses on a wide range of personal finance and consumer topics. He graduated from the Faculty of Law at Charles University in Prague, but prefers the media to paragraphs. He leads coverage of the Czech… Other articles by the author.

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