FAQ

General

  1. How does Waluty.Kokos.pl work?
  2. Who owns the site?
  3. Does it cost anything to sign up for an account with Waluty.Kokos.pl?
  4. How do I register in Waluty.Kokos.pl?
  5. Who can use Waluty.Kokos.pl?
  6. What data are subject to verification process?
  7. What bank accounts can be assigned to my profile?
  8. What is my default bank account number?
  9. What bank accounts should I add to my profile?
  10. Where can I add other bank accounts?
  11. What is the Purse in Waluty.Kokos.pl?
  12. What is the limit of the Purse?
  13. What is the Balance in Waluty.Kokos.pl?
  14. What happens with my money after the exchange?
  15. What is Fast Exchange?
  16. I don't want to wait untill my offer is fully completed. Can I pay out the exchanged funds now??
  17. What happens if I close my offer with Fast Exchange option?
  18. What is Payout to balance?
  19. Is Payout to balance subject to any extra charges?
  20. How can I receive alerts about FX rate changes?
  21. I cannot open my transaction confirmation. What should I do?
  22. How can I quickly block my account? I think that someone unauthorized has logged into my profile account.

Money deposits and withdrawals

  1. Will it cost me any money to add funds on my Purse or Balance?
  2. How can I add funds into my Purse or Balance?
  3. How can I quickly transfer funds to my Purse or Balance?
  4. Which banks are supported for free?
  5. Are payments in/to BRE, mBank and Multibank handled in real time and for free?
  6. When my transferred funds will be available on my Purse or Balance?
  7. I have already transferred the funds but I still cannot see it on my Purse or Balance, why?
  8. I exceeded the limit on the Purse, what now?
  9. How can I switch from Purse to Balance?
  10. Will it cost me any money to withdraw funds from my Purse or Balance?
  11. How can I withdraw funds from my Purse or Balance?
  12. I cannot withdraw funds from the service, why?
  13. Can I set my default payment method?
  14. What are pay in and payout limits?

Currency exchange

  1. How does the exchange process in Waluty.Kokos.pl work?
  2. How can I add my exchange currency offer?
  3. What is minimum exchange rate?
  4. What is maximum exchange rate?
  5. How long does currency exchange take?
  6. How can I exchange currencies faster?
  7. Where can I check the status of my offer?
  8. How can I select an advantageous exchange rate?
  9. Is there a minimum amount I can exchange?
  10. Do I have to buy the whole offer of the seller?
  11. Can I exchange currencies on free days?
  12. Why service transactions are rounded down?
  13. Which transactions are reported to GIIF?

Mini Dictionary

1. How does Waluty.Kokos.pl work?

Waluty.Kokos.pl is a currency exchange service where users can exchange currencies with each other, not with a bank. When the users request an exchange from one currency to another, they create their exchange offer by indicating:

  • amount and foreign currency they want to buy or sell,
  • exchange rate at which the exchange shall take place,
  • payout method of exchanged funds.

Before the offers become active, Users shall deposit the funds they want to exchange. The exchange offer is then aggregated and paired with the offers of other Users. The speed of the exchange transaction depends on the appearance of the matching offer(s) with complimentary currency needs to these defined by the User. If the rate you set matches the rate the Users specify, then an exchange occurs. See an example:

USER AUSER B
I BUY EUR for PLN I SELL EUR for PLN
I exchange 100 PLN I exchange 25 EUR
at. max rate 4,20 at min rate 4,00
to EUR to PLN

The transaction of User A is automatically linked to the transaction of User B.
Assuming that the first offer submitted on the site Waluty.Kokos.pl was the offer of User A, User B will have exchanged 25 EUR at the favourable exchange rate of 4.20 Polish Zloty to the euro. However, User A will exchange 100PLN at the exchange rate of 4,20 zl per 1 EUR, so on his Purse or Balance he will receive 23,80EUR.

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2. Who owns the site?

The owner of the site is Blue Media SA. The company has been on the market since 1999. Its long-term activity has resulted in becoming the leader among the companies providing business solutions used in the area of Internet. Products provided by Blue Media SA are i.e. Kokos.pl, BlueCash.pl, Blue.pl, Faktura.pl.

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3. Does it cost anything to sign up for an account with Waluty.Kokos.pl?

  • Registration on Waluty.Kokos.pl is completely free. The commission is charged only after the successful completion of the currency exchange and it is 0,15% of the exchanged amount (but never less than 0,01 PLN, 0,01 EUR, 0,01 GBP, 0,01 USD, 0,01 CHF).
  • Deposits in PLN are free if you make a standard bank transfer. Deposits in foreign currencies are free if the funds are transferred from banks in which the Service has open foreign bank accounts (Alior, Pekao SA, PKO BP, Inteligo, BZ WBK, Deutsche Bank).
  • Automatic withdrawals of funds in PLN are free when following the completion of the exchange offer with the option Fast Exchange. Widthdrawals of foreign currencies are also free if the funds are transferred automatically after completion of the exchange offer (Fast Exchange) to an account open in one of the banks mentionned above. All withdrawals of funds (in PLN, EUR, USD, CHF or GBP) from the Purse or Balance which are made manually by the user, require the additional fee of 0,0025% (Payout from Purse) or 0,075% (Payout from Balance) of the value of the amount to be paid out (more information here).
  • Other fees for additional options - ie. Forex Rate SMS alerts.

See our Price List in order to learn more.

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4. How do I register in Waluty.Kokos.pl?

It takes 3 easy steps to open your account:

  • Complete the registration form .
  • Activate your account by clicking on the link sent to your email address.
  • Fill in your personal information and confirm it with a SMS code.

If you are already a user of the service Kokos.pl, you can log in using your login data in Kokos.pl, then confirm your personal details.
What next? Before you start using the Service, we encourage you to read the short instructions which will explain the general rules of currency exchange process in our Service. If you do not find the information you were looking for, please let us know: contact@waluty.kokos.pl.

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5. Who can use Waluty.Kokos.pl?

Waluty.Kokos.pl’s user can be both an adult person or a company residing or having its registered office in Poland who owns bank accounts in Polish banks.

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6. What data are subject to verification process?

Personal data/Company's name when verifying your bank account - the data on your Waluty.Kokos.pl account should match the names of the wire transfer account.
Phone Number when you are asked to insert a SMS code sent to your given phone number when registering your account.
Email Address when you click on the activation link.

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7. What bank accounts can be assigned to my profile?

To your profile you can assign PLN accounts and foreign currency accounts opened in Polish banks. Remember that you must be the owner of the given bank accounts used to pay in or pay out your funds (your name and surname must appear as the account holder).

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8. What is my default bank account number?

Bank accounts assigned to your profile can be defined as default accounts, one for each currency. The default account will be displayed as first in the list when submitting the exchange offer with the Fast Exchange option or when you decide to pay out your funds from the service to your personal bank account. The default account is also used when ordering refunds of amounts exceeding the limit of the Purse.

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9.What bank accounts should I add to my profile?

In the section My Account/Bank accounts you should provide your bank accounts, assigned to the currencies you want to exchange on the site. Example:
If you exchange Polish zloty to Swiss francs, then assign to your profile PLN bank account and CHF bank account. It is required to provide the bank details of your account used to pay out your funds after currency exchange transaction.

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10. Where can I add other bank accounts?

You can add your additional bank accounts in the section My Account/Bank accounts.

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11. What is the Purse in Waluty.Kokos.pl?

Before your exchange offer becomes active, you must first deposit money to be exchanged and until the completion of the Offer, it will be stored on the Site in your Purse or on your Balance. Depending on your preferred payout method, by the time of completion of the exchange transaction, the exchanged funds are transferred to your defined bank account or stored in your Purse or Balance.

The Purse is a payment instrument that allows you to rotate the means under the limit of the amount equivalent to 500EUR calculated for each currency separately. Each newly registered user who completes his/her personal data and accepts the rules of the service, opens his/her Purses in all the currencies supported by the Service.

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12. What is the limit of the Purse?

As the Purse is not a payment account but only a payment instrument, there are some limitations. Using the Purse means that the amount of the funds stored in each of your Purses (one Purse for one currency) may not exceed the equivalent of 500EUR. Otherwise, the exceeding amount is not credited on your Purse and in order to allocate it into your account on the Website you will need to start using the Balance. Of course, you may decide to keep using your Purses without opening Balances - in this case, the amount will be refunded to your default bank account. The limit applies to Purses in each currency separately. The resources available in your Purse can be withdrawn at any time - check the Price list.

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13. What is the Balance in Waluty.Kokos.pl?

The Balance is a payment account maintained for the user, which in contrast to Purses is not subject to limits of stored funds. The Balance is ideal for users who plan to turn the larger amounts. To open the Balance, you shall simply complete the form with your personal data and accept the Rules of the Balance. Remember that when opening the Balance, at the same time you close your Purses in currencies PLN, EUR, USD, CHF , GBP , and the means stored in your Purses will be automatically transferred to your Balances. The funds available on your Balance can be withdrawn at any time - check the Price list.

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14. What happens with my money after the exchange?

By submitting an offer, you need to define the payout method of your funds after the exchange. There are two possible payout methods: Fast Exchange or Payout to balance.

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15. What is the Fast Exchange?

If the funds should be automatically transferred to your bank account after the full completion of the exchange transaction, you should select Fast Exchange when submitting the exchange offer. In this case, you need to define upfront your bank account to which the exchanged funds should be transferred to. Remember that the funds will be credited to your bank account only after the full completion of your offer. Automatic withdrawal of funds to your bank account after the completion the offer with Fast Exchange option is not subject to the fee of 0,0025% or 0,075%.

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16. I don't want to wait untill my offer is fully completed. Can I pay out the exchanged funds now?

Yes, if your offer is partially matched and the exchanged funds are blocked in your Purse or Balance and awaiting the full completion of the offer, you are able to close the offer and the blocked funds already exchanged will be automatically transferred to your dedicated bank account. The remaining amount to be exchanged will be available in your Purse or Balance, ready to post a new offer or to pay out.
In order to close your offer, go to the section My Account/My exchange offers, open the offer in question and click on the button Close the offer.

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17. What happens if I close my offer with the Fast Exchange option?

You can close your offer at any moment. If your offer was already partially matched, the exchanged funds will be automatically transferred to your dedicated bank account. The remaining amount to be exchanged will be credited in your Purse or Balance and ready to post a new offer or to be paid out. If you offer was not linked with any other opposite offer, the whole amount will be credited in your Purse or Balance.

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18. What is the Payout to balance?

If your intention is to use your exchanged funds to post new exchange offers and you do not require the automatic transfer of the exchanged funds to your dedicated bank account, you should select Payout to balance (Purse or Balance) option when submitting the exchange offer. After each transaction, partially or fully matched, your exchanged funds will automatically be credited into your Purse or Balance (accordingly to payment tool you use) as funds available to post new offers or to be withdrawn.

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19. Is the Payout to balance subject to any extra charges?

Payout to balance is not subject to extra fees. However, withdrawal of your funds from Purse or Balance to your personal bank account ordered manually by the User requires the fee of 0,0025% (Purse) or 0,075% (Balance) of the value of the amount to be paid out. Remember that if you pay out funds in foreign currencies from your Purse or Balance to your bank account located in a bank in which Waluty.Kokos.pl does not have foreign currency bank account, you will be charged also for the transfer fees according to the Price List. Transfers in EUR are made with SEPA and transfers in GBP, USD and CHF to foreign banks are made with SHA option. Check our Price List.

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20. How can I receive information about changes of forex rates?

If you are interested in receiving SMS alerts about changes of forex rates of chosen currencies, go to the section My Account / Exchange rates and purchase your SMS package in order to get notifications to your phone number provided in your personal data form. You can define the type of the change and the frequency of SMS alerts to be sent.

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21. I cannot open my transaction statement. What should I do?

Transaction confirmation is generated as PDF file. If your computer is not properly configured to open this type of file, the displayed document may be unreadable. You will not have this problem if you download the transaction confirmation into your PC and open it with a program designated to open PDF documents. If you do not have any PDF reader installed, you can download Adobe Reader installer at: http://get.adobe.com/reader/.

If  after clicking on the PDF icon, a window "Otworz potwierdzenie-nr" (Open confirmation-no) appears, download the document or in Open with field select the program that you use to open PDF files. You may have to select manually the program - select Other application option in Open with field, choose the program from the list on your computer, i.e. Adobe Reader, and confirm.

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22. How can I quickly block my account? I think that someone unauthorized has logged into my profile account.

If you suspect that an unauthorized person is using your account, or if you notice any suspicious transactions immediately lock your account. We provide several ways to block the account:

1. In the section My Account / Settings, press the buttom Block account.
2. or Contact our Customer Service department.
3. or Fill out the form to block accounts available here. When filling out a form you will need to provide your authorization data, including the authorization code that you set yourself in the section My Account / Settings.

Once your account is blocked, you will not be able to log in untill the issue is resolved.

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Money deposits and withdrawal

1. Will it cost me any money to add funds to my Purse or Balance?

The Waluty.Kokos.pl service does not require any internal commissions nor interests from funds paid to your Purse or Balance by a standard bank transfer, but there is a commission charged for online payment service in PLN.  Remember that some transfers in foreign currencies may be subject to transfer costs imposed on Blue Media by the User's bank, ie the Sender of the transfer. You are required to pay all transfer fees. Your Purse or Balance will be credited with the exact amount received by the Service reduced by the bank fees imposed on Blue Media. The Service will not charge you for deposits of funds in Polish currency from all the Polish banks.

In order to avoid any unnecessary transfer costs, check your bank pricing. Especially when you transfer money from a bank other than the beneficiary bank. Fees are included in the Price List. When selecting charging option for transfers in foreign currency, always choose SEPA (for EUR) or SHA/OUR option (for GBP, USD, CHF).

* Your bank name is not listed among supported banks? Write us a message including your bank name and currency at contact@waluty.kokos.pl

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2. How can I add funds to my Purse or Balance?

Just go to the section My account/Pay in and select the most convenient payment method.

If you select a standard bank transfer, after providing the currency you want to pay in and your bank, we will show you the data necessary to transfer the funds including the transfer title which is obligatory to deposit funds into your Purse/Balance.

If your bank is not on the list with available banks, select the option I have an account at another bank. It is important especially when your transfer foreign currency. Such deposits are directed to our bank which does not charge the Service for receiveing foreign transfers. Remember that the payments to your Purse or Balance may be subject to transfer costs which should be entirely paid by you. The amount to be credited on your Purse or Balance will be reduced by the bank fees imposed on the Service by your bank.

Remember that if you transfer funds from a bank other than the beneficiary bank, it will result in reclassification of funds between the two banks, which will surely lengthen the completion time of the transfer.

Note: do not perform on the same day few payments of identical amounts. Otherwise, each following payment will be locked in order to verify whether or not it was wrongly transferred by your bank. To avoid this problem when making more payments on the same day, always try to transfer different amounts.

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3. How can I quickly transfer funds to my Purse or Balance?

Use the following rules to deposit funds on your Balance quickly:

  1. Choose the currency you have and intend to pay into your Purse/Balance, and not the one you want to receive after the exchange
  2. Make the payments from one of the banks indicated in the beneficiary bank list available in My Account/Pay in section.
  3. Add funds only from your personal bank account (transfer details will be compared with those provided in your Personal Data section).
  4. Always double check if the title and beneficiary account data are the same as the data displayed on the site.
  5. Do not to transfer funds through financial institutions, i.e. counter credit, nor from foreign banks.

In case of incorrect payment, your funds will be returned to the bank account from which they have been initially received.

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4.Which banks are supported for free?

The Service supports for free:

  • payments in and payments our in PLN to/from all Polish banks (if made by standard bank transfer)
  • payments in and payments out* in foreign currencies to/from: Alior, BZWBK, Deutsche Bank, Inteligo, Pekao SA, PKO BP.

*manual withdrawals from Purse are subject to 0,0025% charge and manual withdrawals from Balance are subject to 0,075% charge.

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5. Are payments in/to BRE, mBank and Multibank supported by the Operator?

Incoming and outgoing transfers to mBank and Multibank are supported using accounts open at BRE. Although all three banks belong to the same group and operate under the name mBank SA, deposits and withdrawals to mBank and Multibank are not immediate. However, their entry in the accounts takes less than in the case of deposits / withdrawals from external banks. Only deposits and withdrawals to/from BRE Bank are executed in real time. Deposits and withdrawals of forreign currencies to/from the banks of the group mBank SA are subject to charge indicated in the Price List.

Execution times outgoing transfers:
- Between ex BRE accounts: min 3 hours;
- to/from MBank/MultiBank: min 3-5 hours in PLN, min 5-24 hours other currencies.
Note: These are approximate times for payments ordered on working days from 8 to 17 o'clock.

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6. When my transferred funds will be available in my Purse or Balance?

The transferred funds will be available in your Purse or Balance as soon as they will be entered in the beneficiary account. Depending on the banks and currencies, the time when the funds will be credited on your Purse or Balance is 1-3 working days.

  • payments in PLN - transfers to the banks displayed on the list (Pay in) are made in real time*, transfer to other banks - max. 1 working day
  • payments in foreign currency - transfers to Alior, BZWBK, Deutsche Bank, Pekao SA, PKO BP are made online*, transfers to other banks - max 3 working days.

The specified time is approximate and does not include delays resulting from the banks. In exceptional cases, the time of booking can be extended to 12 hours. Transfers ordered on holiday or at night can be executed in the next working day.
* Applies to deposits and withdrawals ordered on working days from 8 a.m. till 11 p.m.

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7. I have already transferred the funds but I still cannot see it in my Purse or Balance, why?

Please make sure that you followed the rules concerning the deposit of funds onto your Purse or Balances.
If your transfer has been made correctly, and the funds are still not available in your Purse or Balance, send us confirmation of the transfer you have made with a short description of where the funds should be transferred to: contact@waluty.kokos.pl. See where you can get a transaction cofirmation.
In most banks, you can generate a PDF confirmation of your transfers in the section with the account history. Then simply attach a PDF to an email.
If you cannot generate a PDF, please send us the details of the transfer included in the body of an email:

  1. Date of the transfer.
  2. Name of the owner of the bank account used to transfer the money from.
  3. Transfer title.
  4. Amount of the transfer.
  5. Bank account to which the funds were transferred.

We will try to solve the problem as soon as possible. Please wait for our response.

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8. I exceeded the limit of the Purse, what now?

If the amount of your deposit is too large, the service will credit your Purse only to the upper limit of the amount allowed to be stored in the Purse. The exceeding amount will be refunded within 7 days onto your default account (provided that you have defined the default account in the currency of return) or credited to your Balance if you decide to switch from Purse to Balance and you open the Balance.

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9. How can I switch from Purse to Balance?

If you already use Purses and you want to start the Balance and use the Service without the limit of stored funds, complete your personal details and accept the Terms of the Balance. By opening Balances you close your Purses in PLN , EUR, USD, CHF and GBP. The funds stored in your Purses will be automatically redirected to your Balances in PLN , EUR, USD, CHF and GBP. If there is any amount that was not allocated into your Purse due to exceeding the limit of funds, it is automatically credited to your Balance .

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10. Will it cost me any money to withdraw funds from the Balance?

If you order withdrawal the funds stored in your Purse/Balance in My Account/Pay out section, this manual withdrawal will be subject to 0,0025% (Purse) or 0,075% (Balance) charge. Only automatic withdrawals (Fast Exchange) are not subject to this 0,0025% and 0,075% charge.

It is required that you pay all transfer fees for withdrawal of your funds from your Purse or Balance. Internal transfers both in PLN and other currencies in most of the banks are free. In order to avoid any unnecessary transfer costs, check our Price List. Please note that your bank my charge your for receiving the transfer. Check your bank pricing.

The fees for withdrawal of funds to your bank account will be deducted from your Purse or Balance when requesting the payout.

* Your bank name is not listed among supported banks? Write us a message including your bank name and currency at contact@waluty.kokos.pl

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11. How can I withdraw funds from my Purse or Balance?

You can withdraw funds from your Purse or Balance at any time provided that the funds are not allocated to any running exchange offer.
In order to withdraw your funds, go to the section My Account/Pay out. Before requesting to pay out your funds, you should define your bank account to be used to receive payments in a particular currency.

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12. I cannot withdraw funds from my account, why?

Remember that funds can be withdrawn only if they are not blocked. It means that if the funds are allocated to any running/pending exchange offer, they are locked until the exchange offers either complete or is cancelled by you. If your funds are not locked and you are stil unable to pay out your funds, you either do not fit into the payout limits or payout requires to pay the transfer fees for which you do not have enough resources in your Purse or Balance.

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13. Can I set my default payout method?

Yes, in order to do this go to the section My Account/Settings in order to define your default payout method of exchanged funds. If you select "to bank account (Fast Exchange)", you will be required to indicate your default bank account number dedicated to receive funds in a particular currency. You can assign your bank accounts dedicated to receive exchanged funds in the section My Account/Bank Accounts. The default payout method allows you to submit offers rapidly.

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14. What are payout limits?

The maximum amount of currency that can be transferred as a one-time payment is 20,000 units of foreign currency accepted for exchange, which means, transfers up to 20,000 GBP, 20,000 EUR, 20,000 USD and 20,000 CHF; and 50,000 units of Polish Zloty.
The minimum amount of foreign currency to be paid out is the equivalent of 5 PLN.

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Currency exchange

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1. How does the exchange process in Waluty.Kokos.pl work?

Read the information: How does Waluty.Kokos.pl work?

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2. How can I add my exchange currency offer?

1. Add funds to your Purse or Balance in the currency that you want to exchange.

2. Set exchange offer details by indicating:

      • currency that you want to buy or sell
      • amount of the foreign currency that you want to buy or sell
      • payout method of the exchanged funds.

If there are active offers which meet your requirements, your offer will be immediately completed.

Remember that your offer can be activated only if the funds to be exchanged are already credited in your Purse or Balance.

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3. What is the minimum exchange rate option?

You can set your Minimum exchange rate when you sell exchange foreign currencies for PLN (sell offer), e.g. exchange from EUR to PLN.
See example of currency exchange from EUR to PLN:
By indicating the minimum rate when exchanging foreign currency to PLN, you set the minimum quantity of PLN that will be transferred to your Purse or Balance after the exchange. In the event if an opposite offer appears and its exchange rate is higher than your minimum exchange rate, the amount of PLN may be higher than the amount assumed by you. Check it:
I exchange 100 EUR at min.exchange rate of 4.20 to PLN
The amount that you will surely get if you exchange the whole amount will never be less than 420 zl.

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4. What is the maximum exchange rate option?

Maximum exchange rate is set when you buy foreign currencies (buy offer) for PLN, e.g. exchange of PLN to USD.
See example of currency exchange EUR to PLN:
By indicating the maximum rate when exchanging PLN to foreign currencies, you set the minimum amount that you want to receive after PLN exchange. In the event if an opposite offer appears and its exchange rate is lower, the amount of PLN may be higher than the amount assumed by you. Check it:
I exchange 100 PLN at max.exchange rate of 4.20 to EUR
The amount that you will surely get if you exchange the whole amount will never be less than 23,81 EUR.

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5. How long does currency exchange take?

Currency exchange continues until the opposite offer appears. You can check current exchange rates by looking at the offers actually posted by the users. If you care about the time the currency is exchanged, you can choose the exchange rate matching actual offer of another user of the Service. Your offer will be automatically linked to the best opposite offer and depending on the payout method, your funds will be transferred to your dedicated bank account or to your Purse or Balance.

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6. How can I exchange currencies faster?

First of all, make sure that when opening your offer, the funds are already in your Purse / on Balance. If you are looking for fast completion and does not want to set a specific exchange rate, select the top offer on the list with available offers and confirm the submission of the offer. You also have the option to purchase or sell the best deals currently available on the Website: on Exchange offers section you enter the amount of currency you want to buy / sell. Then the system automatically shows you whether there is currently possible to make the transaction and at which average exchange rate.

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7. How can I check the status of my offer?

Go to the My Account/My Offers section in order to check the status and the completion percentage of your offer. Your offer can be:

  • open - your offer is processed and if you refresh the page its status will change to the one of the following
  • awaiting payment - do not have enough funds to post new offer. You must pay the missing amount to activate the offer
  • awaiting completion - the offer is active on the site and waiting for opposite offers
  • completed - all funds are already exchanged; or offers partiallu matched but closed
  • uncompleted- offer closed by the user or the offer has expired.

To see the most current offer status, refresh the page.

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8. How can I select an advantageous exchange rate?

Always check the current exchange rate of the currency that you need to exchange.
If you are looking to have a bigger profit, post your offers considering the exchange rate that is forecasting.
Lower if you buy a currency, higher if you wish to sell the currency.
If you are interested in a quick currency exchange, select the exchange rate that appears in the opposite actual offer of another user of the Service.

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9. Is there a minimum amount I can exchange?

The minimum amount to be exchanged is 6 PLN, 2 EUR, 2 USD, 2 CHF or 2 GBP.

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10. Do I have to buy the whole offer of the seller?

There is no such need. You can buy only a part of the amount offered by the seller (partially matched).

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11. Can I exchange currencies on free days?

Currencies can be exchanged 7 days a week for 24 hours. However, please remember that exchange rates do not change from approx. 22.00 on Friday till Sunday inclusive and banks transfer funds only during working days.

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12. Why service transactions are rounded down?

We put emphasis on the security of transactions. For security reasons the amount received after currency exchange is rounded down to two decimal places in favour of the User whose offer's value was higher. Rounding down the lower transaction protects the user offering large amounts of currencies who risk to sell or to buy currencies at a disadvantageous exchange rate. Check how the currency exchange works:

Offer of User A - olderOffer of User B - new
Exchange of USD to PLN Exchange of PLN to USD
I sell 1000 USD I buy 10,01 USD
at min.rate 3,0386 at max.rate 3,0388

Transaction of user B will be automatically matched with the offer of User A as the they meet their requirements.

1. As the offer of the User A was posted earlier, the system will match the offers at at the exchange rate favourable for the User B 3,0386.
2. The system will block 30,41PLN on the User B Purse or Balance in order to activate the offer.
3. Exchange transaction can now be processed. After the exchange of 30,41PLN User B will receive 10 USD - as the amount received after currency exchange will be rounded down to two decimal places in favour of the higher offer (30,41PLN divided by the fixed rate 3,0386 gives 10,007898 USD). User A will receive 30,41 PLN at the rate 3,041, and the amount 990 USD will still wait for new opposite exchange offers.

Rounding down the transaction results in changing the real exchange rate of the transaction. In the example above two offers were matched at the rate 3,041.

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13. Which transactions are reported to GIIF?

In connection with the Act on Counteracting Introduction into Financial Circulation of Property Values Originating from Illegal or Undisclosed Sources, each entity involved in money brokering is required to provide to the Chief Inspector of Financial Information (GIFI) information about operations with a value exceeding 15 000EUR.

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Mini Dictionary

Spread - The difference between the price asked by a financial institution (e.g. bank) and bid for a particular currency. The spread value is generally about a few percent (approx. 6%).

BIC (Bank Identifier Code) – an international bank identifier composed of a 8- or 11-characters, used to identify banks and their branches. These codes are generally only used by financial institutions trading abroad, to conduct business between banks, such as wire transfers. BIC should be provided by the person who transfers the money in order to avoid any additional costs calculated by certain banks for manual handling of payments non-STP.

IBAN (International Bank Account Number) - a standard numbering system developed to identify accounts in banks and other financial organizations from around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries. IBAN allows recognizing the receiving country and account, as well as checking whether the given account is correct. In the case of Poland, IBAN number is 28 characters long according to the scheme: PL 11 2222 2222 3333 3333 3333 3333

SEPA transfer – a unified Euro payment standard under which the processing of national and international euro transfers is harmonized within European Union, the SEPA transfer amount is transferred to the recipient's account without deducting any charges by forwarding banks. The ordering bank may charge only its own customer, and the cost of the recipient bank may be covered only by the recipient of the SEPA transfer. Sepa transfers shall be made ​​in Euro through the electronic banking channel with a standard currency date and SHA cost option and must include a valid BIC / SWIFT code of the beneficiary bank and the beneficiary's account number in the IBAN format.

Transfer with SHA option - a transfer where fees are shared by both sender as well as receiver.

SWIFT transfer - when ordering transfer, the sender can determine whether the transfer charges will be paid by him (OUR) or by the recipient (BEN), or will be shared by the sender and the recipient (SHA). We accept bank transfers made with SHA or OUR option.

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