How does Walutomat round off the amounts exchanged?
Walutomat compares the size of the orders and rounds one of them down, to the detriment of the smaller offer.
This is because, in the case of standard rounding, by repeatedly making small bids, there would be a risk of manipulation of the exchange rate.
For example, making an offer of PLN 2.07 per EUR at an exchange rate of 4.1788 we would have:
2.07 / 4.1788 = 0.495, i.e. after rounding off 0.5.
2.07 / 0.5 = 4.14, which would result in an effective rate of 4.14 instead of 4.1788 to the detriment of the person issuing the larger EUR amount.
Rounding is therefore carried out downwards. The person placing the smaller bid receives 0.49 which results in an exchange at the rate of 4.2244, benefiting the person whose order had the higher value.
The current solution prevents manipulation of the exchange rate. Multiple small bids do not adversely affect the rate of those selling larger amounts.
- What is the exchange with your own rate and how do I order it?
- How do I exchange currency at Walutomat?
- Which currency pairs can I exchange on Walutomat?
- Can I exchange currencies on public holidays?
- How long does it take to exchange at the rate you set?
- Will it be possible to exchange other currencies?
- Over-the-threshold transaction (equivalent to over EUR 15,000)
- How does Walutomat round off the amounts exchanged?
- What happens to the money I don’t exchange?
- Do I have to buy the entire amount of currency I see at a particular rate?
- How is the exchange done by wire transfer and how do I order it?
- What is the exchange at the currently best rate and how do I order it?
- Can I amend an order already placed?
Discount voucher for new customers!
Enter your email address and we will send you a 50% discount codea
for the commission on your first exchange.
Receive an e-mail!
We have sent you an email with a 50% discount code for the commission on your first exchange! Click on the link in the email and register to use the discount.