Online money exchange service Walutomat — opinions, currency exchange rates & fees

What are the pros and cons of Walutomat money exchange? What exchange rates does it offer? What are the fees for exchanging money? Read our review to find out if Walutomat is made for you.

Walutomat online currency exchange service - currencies, exchange rates, fees, transaction time & clients' reviews

Walutomat is one of the most popular online money exchange services, which was established in 2009 in Poland. The service is used by half a million customers, carrying out transactions worth hundreds of millions of zlotys. In 2019 Walutomat won the prestigious awards for Best FinTech, organized by "Wprost" magazine. We're not surprised - Walutomat is one of the best online currency exchange services on the market.

How to exchange money at Walutomat?

Exchanging money with online money exchange service Walutomat is super-easy. You just need to create a free account and provide all the necessary details. Then you choose how you'd like to pay for your transfer. Walutomat charges a 0.2% commission for the currency exchange. Then we need to choose the way of receiving money: transfer to our account, transfer to a third party's account or cash pick up in one of the 300+ Bank Millennium branches all over Poland

Online Currency Exchange Service Walutomar - currencies and currency exchange rates

At Walutomat, we can exchange online only 5 currencies: PLN, EUR, GBP, CHF, and USD. Euro, British pound, US dollar, and Swiss franc exchange rates are among the best on the market. You can exchange the currencies at the best available rate or buy/sell currencies directly with other Walutomat's customers.

Walutomat - methods of payments and of the money exchange

At Walutomat, we can convert the currencies in two ways: with currency wallet or bank transfer.

We also need to choose how we want to pay for our transfer: fast transfer with Przelewy24 payment service, bank transfer, card, or QR code. Then you select the currencies you wish to exchange (PLN, EUR, GBP, USD or CHF).

Walutomat - fees and commissions

Walutomat charges a 0.2% commission for the currency exchange. We are informed about the commission before our transaction. Despite charging this fee, it offers better exchange rates than other online currency exchange services.

The fee for transfers in PLN to all Polish banks is 0 PLN. The cost of currency transfers (EUR, USD, CHF GBP) to domestic banks (in which Walutomat has an account) is also PLN 0. The exception is mBank - the transfer to this bank will cost us 5 zlotys. If Walutomat does not have an account in a given bank, we incur the following fees for the transfer: in PLN - 0 PLN, in EUR - 4 PLN, in CHF, USD, GBP - 9 PLN.

How long does it take to exchange currencies at Walutomat?

The time of your transaction depends on the currency conversion method you choose. If we accept the current exchange rate, the transaction will take place immediately. If we set our own exchange rate at which we would like to exchange our money with other Walutomat's customers, currency conversion will take place only after obtaining the exchange rate indicated by us.

Bank transfers at Walutomat

Transfer time depends on the exchanged currencies and a bank to which we send the money. Transfers in PLN to the following banks: PKO BP and Inteligo, BZ WBK, Millenium, Alior Bank, Pekao, Deutsche Bank, ING Bank Śląski and Raiffeisen Polbank can be carried out in 30 minutes. To PKO BP bank - 40 minutes, to mBank - 2 to 4 hours, and to other banks in 1 business day. Transfers in EUR to Polish banks take 30 minutes to 2 business days, while transfers in USD, GBP, CHF from 30 minutes to 3 business days.

Customer reviews of the Walutomat online currency exchange service

Walutomat is a top choice when it comes to online currency exchange. The service has excellent customer reviews on Opineo. Nearly 99% of the feedback rating the company 4.9 out of 5 stars on almost 5000 reviews.

We've also decided to check the quality of Walutomat's currency exchange service. The conversion was super-fast, and the money was already on our account within an hour. We also contacted Walutomat's customer service - the consultants professionally answered all our questions.

International transfers with Walutomat

Currently, we can transfers EUR to 33 countries while in GBP, USD, and CHF up to 42 countries. Walutomat doesn't transfer money to the US. The costs of foreign transfers with Walutomat are the following:

• A transfer in EUR (SEPA) - 4 PLN
• A regular transfer in EUR (outside the SEPA zone), USD, GBP, CHF - 9 PLN
• A fast transfer in EUR, USD, CHF, GBP - 20-80 PLN, depending on the transaction method.

There are also additional fees charged by intermediary banks, which can be as much as PLN 200!

International transactions take slightly longer than transfers to a domestic account. Delivery time depends on the bank, the currency being transferred, and the type of international transfer. Regular transfers in EUR takes from 1 or 2 business days, in USD, GBP, CHF - 2 to 3 business days. Fast transfers will be on the recipient's account on the same day (or a maximum of 1 business day).

That's why it's always worth comparing Walutomat's offer with other online money transfer operators to make your transaction abroad faster and much cheaper!

What Monito Likes About Walutomat

• Favourable exchange rates
• Fast transaction processing time
• Professional & helpful customer service
• Several pay-in methods: bank transfer, Przelewy24 service, card (Visa, Mastercard), QR code
• Intuitive and easy to navigate website

What Monito Dislikes About Walutomat

• Commission on currency conversion - 0.2%
• Only 5 currencies can be exchanged: PLN, EUR, USD, GBP and CHF

Credibility security

• Walutomat uses the same safety features as banks.
• The service uses an SSL certificate and top-notch technical infrastructure.
• It has a license issued by the Polish Financial Supervision Authority (KNF) for the provision of payment services.
• The customers' money is stored on separate accounts.
• What is more, Walutomat holds the "Reliable Company" and "Financially Reliable Company" certificates.