Converting currencies
François Cosnier avatar
Written by François Cosnier
Updated over a week ago

iBanFirst allows companies to convert currencies online, with live, transparent foreign exchange rates.

Converting currencies is a simple, 2-step proces:

  • Go to Conversions > Convert currencies and select the currencies to buy and sell and enter the conversion amount and currency

  • Select the settlement date, which is the date on which currencies debited and credited from your accounts

  • Click Next to review the conversion, including the live, applicable foreign exchange rate, if available, before validating to book the conversion

Live exchange rate

Live foreign exchange rate is based on the foreign exchange interbank rate minus the iBanFirst spread. Both are transparent and shown when validating a currency conversion.

Live exchange rate might not be available for a given currency pair or because foreign exchange market is closed. You will be able to send instructions to iBanFirst trading room to book the conversion over the phone or when the market re-opens.

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