Foreign Exchange
Better Rates Guaranteed
FX rates carry great significance in cross-border payments. Even a minor difference in the rate can lead to a significant loss. Walcy ensures that the provided exchange rates are unbeatable in any jurisdiction.
Check the best exchange rates & convert them to the desired currency.
Mid-Market Rates - Possibly The Best Exchange Rate Globally
When people talk about Foreign Exchange rates, they should remember Mid-Market rates. It provides the best real-time rates, making it simple to understand.
KEY FEATURES
What you can expect about FX with Walcy
Competitive Foreign Exchange Rates
Walcy offers its clients competitive exchange rates, helping them to save money on their FX transactions. If you are a trading business, you can offer competitive rates to your customers with low purchase costs.
Low & Transparent Fees
Always strive for the lowest rates. With Walcy, you can save up to 90% on making cross-border transactions. Additionally, you shouldn’t worry about any hidden costs.
Real-Time Currency Conversion
With Walcy you can execute currency conversions instantly on the platform, with up-to-date exchange rates. You should not worry about the total sum of the amount you will receive after the conversion.
Institutional Grade Security
Being a Fintech institution, you shall worry about security. We apply the same security standards as commercial banks and we are fully authorised by the FCA.
Competitive foreign exchange rates
Offers clients competitive exchange rates, helping them to save money on their FX transactions
Real-time currency conversion
Can execute currency conversions instantly on the platform, with up-to-date exchange rates.
Low & Transparent fees
Always strive for the lowest rates. Save up to 90% in fees when sending money home
Institutional grade security
Apply the same security standards as commercial banks and we are fully authorised by the FCA.
How and Who Determines FX Rate?
When you exchange dollars for pounds or pounds for euros, you will get a lesser or greater amount depending on the currency value.
You must be aware that this currency value is determined by the exchange rates. But do you know how are the exchange rates determined and who determines it?
There is no single answer for how the exchange rates are determined as it is affected by multiple factors such as the country’s economy, inflation, public debt, etc. Banks and other financial institutions determine the exchange rates.
Nevertheless, there is, in essence, a “real” rate available known as the Mid-Market rate.
Traps To Look Out For During Foreign Exchange
Our values drive us
Deceptive pricing
An offer of "0% fee," or "zero commission," may be presented to you. However, you will never know the hidden costs they will be charging thereafter
A predefined "day rate"
Most fintech companies use the mid-market rate as a base and add a hidden margin on top. Thus, you are unaware of the extent to which they are overcharging you.
Unfair Deal
Some providers might trick you by offering an unfair deal. Remember, such offers might sometime be too good to be true.
Making FX transactions with Walcy
Here is a step-by-step guidance on FX and its management using Walcy.
Frequently Asked Questions
Simply put, the foreign exchange transaction is a process of exchanging one currency for another.
Using the Walcy Platform for FX can have Multiple benefits for the customers such as unbeatable FX rates, Instant transactions, and cheap service charges.
The Midmarket rates are the average rate, at which the buyers and sellers are ready to purchase and sell the currencies. It is the fairest rate while making global payments.
No, Walcy is cheaper than the traditional banks in all aspects like FX rates and Service charges, transaction fees, etc. Additionally, It is quicker too.
Walcy is not exactly like a conventional bank but rather a neobank, which facilitates financial services by aggregating offerings such as opening bank accounts, managing payments, facilitating FX, and providing virtual cards. Like most fintech companies, Walcy offers these services through intuitive web and mobile applications.