Your main benefits, from having Currenge serve your transaction, are the following two:
The first is you being served by a currency specialist firm. We offer you an accessible service, where our professional specialist is available for you, something often not offered at a bank branch.
And, the second is byproduct service, as a courtesy, of the conversion, associated with your transaction, taking place on such a rate, which may instantly enable you of a saving reaching up-to the scale of 0.8% out of your served money. Such advantageous conversion rates could be available for You through Currenge, as Currenge servers as an aggregator, enabling clients gain access to trading room rates, usually reserved for high volume clients.
On a transaction served by Currenge, there would be the following three cost components: the transparent cost hidden with the currency trading room rate, the Currenge direct net fee, and bank transfer fees related to the Currenge transaction. We will soon elaborate below, regarding those three cost components.
The amount Currenge charges you out of the served transaction amount is composed of two components. The first, is the Currenge direct net fee, which is an amount equal to 0.1% of transaction monies received at Currenge’s bank account, with a minimum of $20.
And, the second is composed of any amount carried by Currenge, for specifically serving your transaction. On a foreign currency transfer made between two different bank accounts that are both held in one of the banks HaPoalim, Leumi, or a bank from the First International Bank Group, the cost of each foreign currency transfer is, as of the end of 2024, in the range of $2.85-7.5, for a digital transfer, executed on a bank’s Website. At Discount Bank, for Currenge there is a discounted charge for such transfer so the cost of a foreign currency transfer that Currenge transfers is $5, while for another party, the cost may be higher.
Currenge converts client monies in a trading room, in a conversion including the Israeli shekel and a major currency as the US dollar or European EU, at a Bid-Ask margin of approximately 0.12-0.14%, and possibly even lower than that. That Cost for a client, which is embodied in the rate, is represented by half of such margin. Such margin is one that is available to Currenge on currency trading days, where there is no unusual volatility in the currency markets, with an emphasis on the trading of shekels versus other major currencies. If possible, Currenge would convert Clients monies versus a second Currenge client’s monies, thus possibly enabling a some conversion, on a zero spread. Conversions of more exotic currencies, or a direct conversion between two currencies that do not include the Israeli shekel, may be done at a higher Bid-Ask spread.
Please note, that in such transaction of yours, which begins with foreign currency held by you, you are expected to bear the costs for two foreign currency transfers. The first one that you transfer to Currenge, and you pay independently, and the second one from Currenge, which transfers foreign currency to a trading room on your behalf.
This is where, in a transaction, which begins in Israeli shekels, you are expected to bear the cost of only one foreign currency transfer charge, for the foreign currency transfer by Currenge to a beneficiary’s account.
Please also note, that in a transaction involving bank accounts, held at two different banks, You, and/or a third party involved in the transaction, may also bare some costs associated with the transaction, let it be a charge for sending Currenge money, and/or receiving money from it, without limitation possibly including a correspondent bank charge.
Please note:
The above Comparison, was done for July 1st, 2022, and is relevant for conversions of the equivalent of $20,000 and above, for a client without any beneficiary terms on its bank account, where the bank serving him/her offers conversions on a 1.8% Bid-Ask currency pair spread, and whom pays the bank a 0.2% conversion fee, where clients monies are within such a bank Currenge holds a bank account at, or they are part of an international money transfer, with Israel either the destination or the source of such monies transfer. Actual client saving might be lower, possibly relating to the terms such client has in its bank account. Currenge currently has bank account held at HaPoalim, Leumi, Discount, First International bank of Israel, and Mizrachi-Tefahot banks.
You are welcome to contact us, prior to your transaction, so you would better understand your possible savings.
A Currenge potential saving calculator indicator, featured on the Currenge website, may present an initial estimation of potential saving when transacting via Currenge, compared to doing so on a local Israeli bank branch.
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