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Bucharest
August 4, 2021
BUSINESS BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Telekom Banking brings new functionalities to the Online Currency Exchange trading platform

Telekom Banking, the financial project developed within the partnership between Telekom Romania and Alior Bank, the local branch of one of the largest banks in Poland, announces new functionalities for the Online Currency Exchange trading platform, namely the 100% online registration in the platform, through the solution of verifying the identity of customers through selfie video, which the institution also implemented for opening remote bank accounts at the beginning of this year, and the launch of the Online Currency Exchange mobile application.

The Online Currency Exchange Platform is a unique solution on the Romanian market, being at the same time a foreign exchange trading platform that offers the possibility to make 24/7 exchanges at real-time updated rates, and not at a reference exchange rate, but also a package of products and services for the administration of funds in foreign currency. The Online Currency Exchange platform operates independently of the rest of the products and services included in the Telekom Banking offer and is addressed especially to customers interested in foreign exchange transactions, at advantageous exchange rates, without conditions for collecting salary or accessing a current account package.

The Online Currency Exchange platform offers customers a 100% online experience for opening accounts in foreign currency, for currency trading in the main 10 currencies and subsequently for using the amounts resulting from foreign exchange, by making transfers or operations with currency cards. The funds from the accounts opened through the Online Currency Exchange platform are guaranteed within the limit of 100,000 euros by the Polish Deposit Guarantee Fund.

Online registration in the platform involves a few simple steps, which can be done from anywhere and at any time, accessing www.schimb.telekombanking.ro from a computer or laptop. For Telekom Banking customers, the registration process is simplified, while new customers need their ID card and a second identification document (for example a passport or a driver’s license) to upload them to the platform. Subsequently, the person who registers will receive on the mobile phone a link to upload a selfie video of a few seconds, to verify his identity by the bank. The solution belongs to Onfido, a fintech company that offers technology for verifying the identity of users through smartphones.

 After registration, customers can access the Online Currency Exchange platform through the mobile app available for free in the AppStore and Google Play. To access the application and to authorize the operations, customers can opt for methods with biometric elements (fingerprint or facial recognition).

In addition to the benefit of real-time exchange rates updated according to market developments, the Online Currency Exchange platform offers customers various functionalities for making currency exchanges in the most advantageous way and with minimal effort. For example, they can schedule automatic currency exchanges at the exchange rate at which they want the transaction to take place, at a certain date and time, or with a certain frequency. The platform also allows direct currency exchanges between EUR, USD, CHF and GBP currencies. At the same time, customers can set alerts to be notified when the exchange rate reaches a certain value and can make currency exchanges, even if at the time of initiating the transaction they do not have sufficient funds, accessing the option “reserve exchange rate”. For this, it is necessary to consider at least 5% of the transaction amount and will ensure in a maximum of two days the difference necessary to complete the transaction.

Through the Online Currency Exchange platform, customers can transfer free of charge the amounts traded, regardless of currency, anywhere in the world, and to other users of the platform can send or request money easily and quickly, directly to their phone number or email address. Customers can request cards in EUR, USD and GBP without issuance and administration fees, which are delivered free of charge by courier, anywhere in Romania, and the first cash withdrawal of the month is free, from anywhere in the world, regardless of value. Use of the platform is also free.

„The Online Currency Exchange Platform has competitive exchange rates 24 hours a day, 7 days a week. The platform offers a fintech, user-friendly experience with various tools useful both to those who optimize their foreign exchange costs and to those who usually trade larger amounts in various currencies. Issuance of cards in foreign currency is free, as well as transfers made with the amounts exchanged”, said Vasile Tanasa, Director of the Product Management, Digital Transformation and Marketing Department, Alior Bank SA Warsaw – Bucharest Branch.

“As we announced at the beginning of the year, Telekom Banking is faithfully following its digitalization strategy in Romania by launching the new Online Currency Exchange platform with 100% remote enrollment, through a few simple steps. In addition, the platform brings the security of trading currency online, which can sometimes be considered a vulnerable environment, through a banking application that benefits from the most modern methods of data protection, and amounts up to EUR 100,000 are guaranteed by the Fund Deposit Guarantee in Poland”, said Ana Cernat (photo), General Manager of Alior Bank SA Warsaw – Bucharest Branch.

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