5 myths and truths about online currency exchange

It is known that the digital transformation in the financial sector has entered with attractive proposals for all users. However, exchanging currency through a web page or an app can generate distrust, whether in the business or private public.

However, isn’t leaving the money on public roads more dangerous? It would be a matter of evaluating the risk factors assumed by the money changer (or physical exchange house) and the user in a city where citizen insecurity is the daily bread.

Javier Pineda, CEO of billex, Peruvian digital platform that -through a trust- connects people and companies to buy and sell dollars, reveals the most common myths about carrying out foreign exchange operations and the truths behind each one of them.

MYTH #1: “It’s not safe, I can’t find a guarantee that the money will arrive”

Truth: The ‘fintech‘ Forex exchanges that work allied with financial entities such as banks and obtain a subscription with a trust, as in the case of Billexavoids 100% that the money can be lost during the transaction.

MYTH #2: “It takes much longer than a traditional exchange house”

Truth: The proposal of manyfintech‘dedicated to currency exchange is to carry out the transaction in minutes, Billex for example, carries it out in a margin of 30 minutes even to accounts in other banks.

MYTH #3: “They charge additional costs at the exchange rate”

Truth: The negotiated exchange rate is the final cost that must be assumed, there should be no additional charges to the operation.

MYTH #4: “They are not competitively priced”

Truth: All ‘fintech‘Foreign exchanges compete with a competitive exchange rate that can be very similar or better than that of a money changer or physical exchange house.

MYTH #5: “You don’t get personalized attention”

Truth: Customer service is not left out in this type of business. On the contrary, it is a day-to-day job to retain the greatest number of customers so that they always think of returning and there is a safe frequency in operations. That is why one-on-one attention was one of the most important triggers for the growth of Billex.