Baku, Azerbaijan, Oct. 16
By Azad Hasanli – Trend:
PASHA Bank, the largest corporate bank in Azerbaijan, has provided its clients with the opportunity of round-the-clock currency exchange via the Internet banking service.
Director of the Treasury Department of the Bank Jeyhun Hajiyev talked about the benefits of the new service and how the exchange process will be carried out in an interview with Trend.
- What is the advantage of carrying out currency exchange operations via the Internet banking service in comparison with the physical exchange in the bank branches?
- The main advantage is that the client does not lose travel time to the branch of the bank, does not spend his time in the queue: the transaction is carried out as quickly and safely as possible - using a computer or smartphone. It is just enough to go to the appropriate section of the bank’s website, enter username and password and begin to make transactions for the sale of currency.
A client can choose accounts from and to which the money will be transferred, the amount and the currency into which funds will be converted. Thus, actively introducing digital solutions into the daily lives of its customers, the Bank strives to save their time as much as possible, thereby providing them with a competitive advantage.
What opportunities does a 24-hour currency exchange service offer business?
Imagine a situation when, for some reason, the client did not manage to complete the transaction and purchase a certain amount in foreign currency for his business needs before the end of the business day at the bank. In this case, the client will have to wait until the next day, but it is quite possible that the new exchange rate will be less profitable or not profitable for his business in the framework of the planned deal. Therefore, the main competitive advantage provided by PASHA Bank with this service to its customers is the opportunity not to be tied to the timeframe of the trading day and conduct currency exchange operations at any time convenient for the client in accordance with the exchange rate set for that day.
What currencies are available for round-the-clock currency exchange service?
Our clients can open accounts in any currencies that are quoted by the Central Bank of Azerbaijan. According to our statistics, most often clients open accounts in US dollars, euros, rubles, Turkish liras and British pounds. Currently, the round-the-clock currency exchange service applies only to US dollars and euros, since the demand for them among our customers is the highest.
What rate will be used for currency exchange and will there be a fee for the service?
As you know, the rate is regulated on the basis of supply and demand in the foreign exchange market. Accordingly, at night or after the close of a banking day, the rate can either rise or fall. There is no additional service charge.
What category of customers can use round-the-clock currency exchange service?
All our clients including both legal and physical persons can use this service. I think this service will be very popular among all categories of our customers, especially among those whose business is related to the import of products, and who, accordingly, have a constant need to purchase foreign currency.