Bank of Cyprus Introduces eFx Convert for Seamless Currency Transactions
In a move that underscores its position as a leader in banking innovation, the Bank of Cyprus (BoC) has unveiled its latest service, eFx convert. This service is designed to streamline the currency conversion process for its customers, offering real-time exchange rates without any additional charges. Accessible through 1bank, the BoC Mobile App, and Internet Banking, eFx convert represents a significant enhancement in digital banking convenience.
eFx convert is poised to change how customers engage in currency conversion transactions. By providing real-time exchange rates directly on the transfer screen, the service ensures that customers are fully informed of the rate they will receive before they confirm the transaction. This feature is available for a brief period after transaction details are entered, allowing customers to make quick decisions with the most up-to-date information.
Available under the ‘Transfer’ section in 1Bank, eFx convert caters to transfers and conversions between accounts in different currencies. This includes transactions made to connected accounts or to those of other Bank of Cyprus customers. The service supports over 45 currency pairs, encompassing all major currencies, and operates during business hours from 7:30 am to 5:30 pm. Transactions initiated outside these hours are processed at the beginning of the next business day with the prevailing real-time exchange rates.
Customers who frequently transact in multiple currencies will find eFx convert particularly beneficial. It allows for seamless currency conversions into the currency required for payment, and then enables online payments to customers outside of the bank through the 1bank service. This is contingent on customers having opened accounts in the respective currencies of their transactions.
The introduction of eFx convert by the Bank of Cyprus marks a significant step forward in digital banking services. It offers customers a high level of flexibility and transparency, enabling them to perform currency conversions digitally, quickly, and effortlessly without needing to involve bank personnel or incur extra costs.