iBanFirst allows companies to convert currencies online, providing live and transparent foreign exchange rates.
Converting Currencies
The currency conversion process is simple and consists of 2 steps:
Go to Conversions > Convert Currencies, select the currencies to buy and sell, and enter the conversion amount.
Select the settlement date, which is the date on which the currencies will be debited and credited from your accounts.
Click Next to review the conversion details, including the live applicable foreign exchange rate, if available, before validating to book the conversion.
Live Exchange Rate
The live foreign exchange rate is based on the interbank rate minus the iBanFirst spread. Both the rate and the spread are transparent and shown when validating a currency conversion.
Please note that the live exchange rate may not be available for a given currency pair, or it may not be accessible when the foreign exchange market is closed. In such cases, you can send instructions to the iBanFirst trading room to book the conversion over the phone or when the market reopens.