Currency Exchange

Currency Exchange

What is a 'Currency Exchange’

A currency exchange is a business or financial institution that has the legal right to exchange one currency for another currency to its customers. A currency exchange may be a stand-alone business or may be part of the services offered by a bank or other financial institution. The currency exchange profits from its services either through adjusting the exchange rate or taking a commission.

Solbit has adopted Peer-to-Peer transaction to overcome limitations of SWIFT which is complicated, existing in financial institutions. It usually takes at least two or three business days. In addition, people have to pay high commissions even though they transfer small amounts of money. But now Solbit provides lower fee regardless of amount of money you transfer.