We are happy to reveal that from today you can convert currency directly on Mintos marketplace to invest it in loans denominated in other currencies.
At Mintos, we take feedback very seriously, and therefore we have been continuously improving our platform by implementing your suggestions to make it easier to use.
Already since December you can invest in loans denominated in multiple currencies, such as Danish krones, Czech korunas, Georgian lari, Polish zloty, Romanian Leu and more to follow in near future. We introduced this opportunity to help you and other investors eliminate currency risk.
Now, we are taking the next step and introducing the opportunity to convert currency directly on our platform. That means you will be able to convert the money in your Mintos account to other currencies within an instant. No more money transfers in and out from the Mintos account, no need to use a bank or other currency exchange service provider.
The introduction of the currency exchange on Mintos platform coupled with investment opportunities in multiple currencies brings us closer to our goal at Mintos – to facilitate the free movement of capital across borders enabling integrated, open and efficient financial markets and services that work for the benefit of both investors and borrowers.
How it works
The currency conversion is available under the section Deposit/Withdraw on Mintos marketplace once you’re logged in your account. To convert the money, fill in the amount you want to sell and the currency you wish to buy, and click “convert”. That’s it. You’re good to start investing in more currencies.
We will use the mid-market rate to convert your money. That is the rate which banks and other money transfer service providers use trading currency between themselves before they add their fees and sell the currency to customers like you with a premium on top. Exchanging money at this rate you will get the most currency for your bucks.
What are the benefits
Faster currency exchange. Since it happens on the Mintos platform it is almost instant. No need to go to a bank or other currency conversion provider to convert your money.·
Transparent currency exchange rate. You will use the mid-market rate to convert your money to other currency.
Cheaper currency conversion costs. There are no hidden fees or conditions behind the small print. Our fee is low, transparent and displayed upfront before conversion. No markup to the exchange rate or anything like that. Even more, during the beta phase we will void any fees altogether!
Better diversification. You can now invest in a broader number of loans in multiple currencies and by that build a diversified investment portfolio accordingly.
Time is money and life is short. Check out now how the currency conversion works on the Mintos marketplace.