Bank of Cyprus: currency conversion in the eFx convert era

Bank of Cyprus (BoC) continues to lead the way, constantly innovating and evolving its products and services. True to our commitment to provide customers with simplified, high-quality services, we’ve rolled out eFx convert – a new service available on 1bank, the BoC Mobile App and Internet Banking.

eFx convert will enable customers to carry out currency conversion transactions, instantly, using real time exchange rates, with no additional charges.

The new service is available under the ‘Transfer’ section in 1Bank. It applies only to transfers/conversions between accounts in different currencies, made to connected accounts or to the accounts of other Bank of Cyprus customers.

Real-time exchange rates are available on the transfer screen for a short, preset time, once the transaction data is filled in. The transaction is executed and processed, instantly crediting/debiting accounts once the customer confirms acceptance of the exchange rate offered.

eFx convert is available for more than 45 currency pairs that include all major currencies. The service is available on any business day, from 7.30am to 5.30pm. Transactions involving currency conversions posted outside business hours will be processed at the start of the next business day, with the real-time exchange rates at the time.

Customers transacting in various currencies and who wish to make payments outside the bank, may also benefit from this new service, provided they’ve opened accounts in the currencies in which they transact. They’ll be able to execute currency conversions in the currency of the payment and then carry out payments to customers outside of the bank, online via 1bank service.

The eFx convert service gives Bank of Cyprus customers great flexibility, providing transparency and real-time pricing without any charges. Customers can perform quickly and easily their currency conversions, digitally, without the need for any human intervention.