Currenge is a Fintech company, offering an online currency transfer and conversion service at highly competitive currency rates. Currenge can do so, as it facilitates preferable currency trading room rates. Currenge operates as a fully licensed and regulated, financial-assets service provider, that allows business and personal currency transfer and conversion transactions.
The Currenge service may instantly save up to nearly 1% of your transaction amount*.
The name Currenge is a portmanteau of the words Currency and Exchange, which together stood as the basis for Currenge founder’s vision, of making currency transactions fair and transparent.
Located in Haifa, Israel, Currenge is an independent company, which was established and financed by its CEO and founder, Ehud Ziegelman.
In addition to banks’ conversion fee, which may be 0.2% of transaction amount, and which you can save when served by Currenge, in currency transactions, the “big money” is hidden as a hidden cost within exchange rate.
First, we would explain which rate should NOT be used, when checking if a big hidden cost is hidden within a currency rate offered to you? The cost hidden within exchange rate is not calculated based on the Bank of Israel published official currency rate, which is a figure that the Bank of Israel publishes based on currency trade conducted between 13:15 to 15:15 PM on weekdays and 10:15 to 12:15 on Friday, as seen on Reuters monitors, and is calculated as an average of currency rates from few sampled conversion transactions. This rate is published soon after those time slots.
So how could you find the cost hidden in exchange rate offered to you?
You could look at the website of a bank where you hold an account, in real time, and check for both the Bid and Ask currency pair rates. This way, you would look at the two Buy and Ask rates, that your bank actually offers to you. For example, The bank’s buying rate for the US Dollar against the Israeli Shekel, as well as at the selling rate of the same currency pair at the same moment in time.
Then, calculate the average of these two buying and selling rates, and calculate the percentage that the difference between the buying and average rates constitute out of the average amount. What you likely would see, for a customer who does not enjoy currency rate beneficial terms at its bank, is that there is a hidden cost of about 0.8-0.9% of the transaction, which is hidden with the offered rate. This is a cost which is relative to the average of a Bid-Ask rates, in real time. Adding this cost to a conversion fee of about 0.2%, brings the cost of a foreign currency transaction, executed for you by a bank, to be of about 1% of your transaction money.
With Currenge, your transactions are executed by us, with transparency. The cost of such transaction, are clearly stated to be:
1. The Currenge fee which is only a 0.1% of your transaction amount, with a $20 minimum,
2. A bank transfer fee for transferring the proceeding to your beneficiary, which would be negligible if is with one of the five banks serving Currenge, and
3. A small cost of up-to, less than 0.1% of your transaction amount. That cost is part of the currency rate we achieve for you at a trading room. If we would be able to match your transaction, with a second complementary Currencge client, you would be spared of that cost.
To receive a service from us, you may also have to spend a few US Dollars, for a currency transfer of foreign currency, within the same bank which serves you as well as us. Currenge currently has bank accounts with HaPoalim, Leumi, Discount, Mizrahi and the first international banks.
At the bottom line, on a $100,000 transaction, you may have savings of about $800. This savings would be seen either by receiving more Shekels for your US Dollars, or by having to pay much less US Dollars than the amount you would have had to pay to a bank, for having the same certain amount of Shekels available for your transaction.
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