Currency Conversion
Converting money between Foreign Currency Accounts or into your euro account
Easily exchange currency between your accounts with Currency Exchange in Internet Banking Business. Exchange at the current rate and receive the money directly into your account. Convenient and with no surprises later, just in a few clicks.
How does Currency Conversion with Internet Banking work?
Exchange currency in just three easy steps within Internet Banking Business:
Step 1
Open Internet Banking Business and log in to your account.
Step 2
Click on the three dots in the upper right corner of your screen.
Step 3
Now click on 'Exchange currency' or 'Convert currency'.
More foreign exchange services
Dealstation Next
For more treasury needs, you can request Dealstation Next. With Dealstation Next you can trade on the global money and currency markets online 5 days a week, 24 hours a day with one of the following products:
- FX Spot
- Money market deposits
- FX Forwards and FX Swaps
Hedging currency risks
Holding money in foreign currency comes with some risk. The value of the euro compared to other currencies changes with the exchange rate. Also, the interest rate on a Foreign Currency Account can change each month. Changes in exchange rates can also negatively impact your business results. If you want to protect your business from these currency risks, we offer solutions. Our Treasury Management services can help you guard against unwanted currency changes.
Features
What is Currency Conversion?
Currency Conversion is a feature in Internet Banking Business that makes it easy to switch money between your accounts in different currencies. It uses real-time exchange rate information, so you always convert at the current rate. You can do Currency Conversion transactions online five days a week, 24 hours a day.
Who is this for?
Currency Conversion is for businesses with cash flows in foreign currencies. To use Currency Conversion, you need access to Internet Banking Business and at least one foreign currency account.
Available currencies
You can use Currency Conversion if you have a Foreign Currency Account in one of the following currencies:
- USD - United States Dollar
- GBP - British Pound
- AED - United Arab Emirates Dirham
- AUD - Australian Dollar
- CAD - Canadian Dollar
- CHF - Swiss Franc
- CNY - Chinese Yuan
- CZK - Czech Koruna
- DKK - Danish Krone
- HKD - Hong Kong Dollar
- HUF - Hungarian Forint
- JPY - Japanese Yen
- ILS - Israeli New Shekel
- MXN - Mexican Peso
- NOK - Norwegian Krone
- NZD - New Zealand Dollar
- PLN - Polish Zloty
- RON - Romanian Leu
- SEK - Swedish Krona
- SGD - Singapore Dollar
- THB - Thai Baht
- TRY - Turkish Lira
- ZAR - South African Rand
Costs
ABN AMRO adds a margin, which can be a small extra charge or a discount on the buying and selling price of the currency. This margin is a percentage added or subtracted from the interbank rate, which is the exchange rate banks use with each other.
Conditions
Besides the General Banking Terms and Conditions, the Currency Exchange Terms and Conditions also apply. These are included in the Foreign Currency Account terms and conditions. You can find these conditions below:
Frequently asked questions about transactions
What rate do I receive?
ABN AMRO gives you an estimated buying and selling rate based on the details you provide, like the currency pair and the amount. With this information, you can ask for a price you can trade at. We will keep this exchange rate for you for a few seconds. Once you accept the rate, the Currency Conversion transaction is finished, and the amounts will be added and subtracted from your accounts.
What is the maximum amount I can convert?
The maximum amount you can convert per Currency Conversion transaction is €5,000,000 or, for a Currency Conversion transaction between two foreign currencies, an amount equal to €5,000,000.
When will the converted amount be credited to my account?
The Currency Conversion transaction always happens on the same day (value date today), and the transfer will show up in your credit and debit statements right away. However, if it's not a trading day for the chosen currency pair, like on a bank holiday, it may not appear immediately.
At which times can I use Currency Conversion?
You can carry out Currency Conversion transactions online 5 days a week, 24 hours a day.
Other frequently asked questions
Can I use Currency Conversion in the ABN AMRO app?
No, Currency Conversion is only available through Internet Banking Business.
Who has access to Currency Conversion?
All business clients with a Foreign Currency Account, who are authorized to make payments from it, can do Currency Conversion transactions. Business clients who can only view the Foreign Currency Account cannot perform Currency Conversion transactions.
Why can’t I see a certain Foreign Currency Account in Currency Conversion?
If you cannot see a specific Foreign Currency Account, it means you are not authorized to perform transactions for that account. The account holder or a general authorized member of your company can give you the right access through Internet Banking Business.
How is Currency Conversion different from transferring foreign currency directly to one of my accounts?
- You do not pay international transfer fees when you convert money via Currency Conversion.
- With Currency Conversion you convert at the current exchange rate, whereas with an international transfer you exchange against the day rate.
Can I convert money moving between the accounts of different entities?
Yes, you can carry out Currency Conversion transactions for money moving between different entities as long as the accounts are registered within the same group and you are authorized to carry out transactions from these entities.
Questions
If you have any questions please feel free to contact us.