Exchanging one currency for another can be done in several situations:
- When you want to send money in a different currency than the one(s) you already hold in your Settle Account(s)
- When you are paying to a business in a foreign country that charges a different currency
- When you move money (Add money, Payout) between your Settle Accounts, your payment cards, or your bank account and the recipient account has a different currency than the sender
In all these situations, you can choose what account or card you want to pull money from and what amount and currency you are paying. For example, if you want to send 100 EUR to a friend in Germany, but you are pulling money from your main Settle Bulgarian Account, which is denominated in Bulgarian Leva (BGN), you will be offered to do an exchange from BGN to EUR.
Besides the exchange you can do in most payment situations, you can also buy and sell currency like this:
- Swipe up “Menu”
- Tap Exchange
- Choose the currency and amount you want to buy
- Select what account you want to charge
Settle will automatically calculate the exchange and propose a valid rate for a certain period. You will see the total amount you will be charged for the exchange, and all transactions are instant.
Note that exchange rates fluctuate and usually go up outside trading hours (such as when banks and markets are closed). Buying and selling currency (exchange) entails a certain amount of risk.
If you exchange or receive money in a new supported currency, Settle will automatically create a new, free Settle Account in that currency. That account will be visible under the “Accounts and cards” in the Profile section.
