Internet currency exchange offices a real threat to traction currency exchange offices

Internet exchange offices grow like mushrooms after the rain. Everyone tries to get as many customers as possible looking for cheaper currency purchases. Currently, the target group of Internet exchange offices are mainly foreign currency loan holders, who due to the weakness of the national currency pay much higher installments than a year ago. There are nearly one million such persons, and the total value of housing loans is estimated at USD 310 billion.
So there is someone to fight for. According to the principle of “first come, first served”, each of the entities tries to gain and get used to the customer. The latter have something to choose from. The following companies are currently operating on the market , , , , . the next players will certainly come soon.
The advantages of Internet exchange offices, apart from more advantageous courses, are above all the convenience, time saving and cash security. The entire currency exchange operation via the Internet can be carried out calmly from your home computer, without wasting time searching for an exchange office and standing in a queue quite a while. The advantage of Internet exchange offices is a lower monthly installment of a housing loan. According to the data, in 2011 its customers exchanged currencies worth USD 1.1 billion and saved USD 15 million. This means a saving of more than 1%. The amount of $1.1 billion in turnover seems to be enormous for a small platform with 25 thousand clients. This is the best evidence of a potential market.
A few days ago, the Polish Financial Supervision Authority (KNF) published information indicating that 300 thousand loans in Swiss francs have a value higher than the value of the property purchased thanks to them. These 300 000 families are in a kind of trap. All they can do is look for a way to pay lower installments until the franc office returns to a level below 3USDco would be a pocket relief.
The banks, seeing what is happening, do not sit idly down.
Parallel to the development of Internet exchange offices, their banking competition in the form of currency exchange platforms is emerging. Such platforms are already owned by, among others, the company (Autodealing), Raiffeisen Bank (R-Dealer), BNP Paribas (Deal on Planet). TMS Brokers has also launched its platform under the name of .
The currency exchange platforms created by the banks seem to have one advantage over the others. Even if they offer slightly worse exchange rates, they are owned by banks, which are well-known and, what is very important, remain under financial supervision. This makes it easier for them to entrust their money without fear. The rapid development of Internet exchange offices sooner or later may result in the appearance on the market of an entity that decides to use fashion and simply deceive its customers.
Such things happen in the case of e-shops or cheap payment agencies, which are quite popular in the USA. The most extreme situation is when an entity collects money from customers and simply disappears with them. Probably the best known case of this type is the “Grosik” agency, which operated in the USA a few years ago, and its owners have appropriated USD 1.7 million, which customers have spent on paying their bills through the agency. In the case of the owners of “Grosika” at the end of 2011, court judgements were passed.
It remains to be hoped that there will be no such cases among the Internet exchange offices, but common sense is always at stake. If you decide to use the services of an internet exchange office, let’s check its history. Let’s look at the Internet, let’s look for information, opinions, etc. Every well-known entity has its own history on Google. If 20-30 entities operate more easily on the market, they will be able to
o the fall and the choice of a newly established cantor with an unknown brand. It is better to wait and turn to those who are well-established.
What next?
Internet exchange offices, after acquiring a large number of customers, will certainly strive to offer further services. The customer’s currency exchange alone once a month to pay a credit instalment is not enough for them. The possibilities are considerable, such as helping to obtain a better exchange rate for a currency resting on a foreign currency deposit, or needed to make such a deposit.
It is the simplest form of using internet exchange offices as a help in investment decisions.
Another easy to apply example is the cheaper purchase of a currency and its transfer to a foreign currency account before a holiday outside the country. You can then pay with the card attached to your account or withdraw your currency from an ATM in another country.
It is also certain that some entities will be able to interest their clients in investing in foreign investment funds, whose units are denominated in foreign currencies. In such cases, the final result is often determined by the office of purchase and sale of participation units. If we manage to buy a currency as cheaply as possible and sell it more expensive than in a bank, the profit may be higher by 2-3%, and this is quite a lot considering, for example, the interest rate on bank deposits.
Internet exchange office, currency exchange platform, autodealing, , , , , , ,

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