Poland the world leader of the online currency exchange. Global players are aware of it.

Currently, according to calculations Kurencja.com, in Poland there are already more than 30 exchange offices and P2P trading platforms online. The value of the currency exchange market in Poland could reach 3.5 billion EUR.
 
KRAKOW, Poland - Oct. 26, 2013 - PRLog -- Poland the world leader of the online currency exchange.
Global players are aware of it.

Poland is a medium sized, post-socialist country whose economy was traditionally based on industry and agriculture. Polish companies rarely are world leaders in their respective industries, the Poles are not often great innovators (though exceptions occur). But it is quite an important field, and it belongs to the services of a new economy, in which Polish companies are very strong. This area is the currency exchange on the Internet.

Polish online currency exchange market
The first operator in Poland to allow exchange rates over the Internet directly between the users (P2P model) was the exchange platform - Walutomat.pl, which started operating on the Internet in 2009. The first currency dealers in the network (since 2010) was InternetowyKantor.pl.

Currently, according to calculations Kurencja.com, in Poland there are already more than 30 exchange offices and P2P trading platforms online. Monthly they exchange currency for a total of about 285 million EUR. In 2013, the value of the currency exchange market in Poland could reach 3.5 billion EUR. The largest operator in the market - the social network platform Walutomat.pl is likely to meet in this year's 1.4 billion EUR trading. For comparison, a large western CurrencyFair.com service, one of the world leaders exchange the currency in 2013 for a total amount equivalent to 0.5 billion , which is three times less.

In total, it is estimated that the services of money changers and Internet platforms has more than 300 thousand active users and they perform an average of one transaction in two months. Individuals make more than 87% of all foreign exchange transactions on the Internet. Euro accounts for nearly half of all foreign exchange transactions. In second place is the Swiss Franc associated almost exclusively in Poland with housing debt. Another currency is U.S. Dollar and the British pound, which earns a number of Polish immigrants.


Why this phenomenon
Although the Poles are much poorer than Western Europeans, and that Poland is the only country in the medium there are the reasons for which Poland is a global powerhouse in the foreign exchange B2C and P2P. These reasons are several. But among the specific factors should first mention two: a substantial share of foreign currency loans and high levels of emigration in recent years.

1 ) Foreign currency loans. 750 thousand Poles need of every month at 400 Euros per installment
Polish banks granted in 2004-2010 a total of 750 thousand foreign currency loans, with an average equivalent of 100 thousand EUR for a total of about 54 billion EUR.

The most popular currency in which they are denominated loans was the Swiss franc, the EUR and the USD. According to data of the Polish Financial Supervision Commission in May 2011, nearly 62% of all mortgage loans were those denominated in foreign currencies, and as much as 86% in CHF. For autumn 2011, forex borrowers in most cases, they were forced to exchange Zlotys currency at the exchange rate of the bank table where credit contracted. In general, these rates differ significantly compared to the disadvantage of traditional cantors courses (spread in the tables banks ranged from a few to several percent). Only change Polish law (publishing of the so-called Antispread Act in September 2011) has enabled many borrowers to conclude (free) annexes to loan agreements and repayment of currencies bought outside the bank. It can be assumed that 750 thousand credit holders need each month to pay their rates: CHF 350 or 280 EUR or 360 USD. The benefits that can be achieved by paying off 30 year loan rate currencies bought outside the bank, assuming that one installment save EUR 12 are: 30x12x12 = 4 320 EUR. Quite a few.

2) Working abroad
In the years 2004-2013, after Polish accession to the EU and open borders for workers emigrated from the country for work about 2 million Poles. Mainly to the UK, Germany, Ireland, the Netherlands and Italy. Some of these people leads a new life in a foreign land, there earns and spends money. However, a large percentage of regularly sends money to the Polish and exchange them for PLN.

Other factors
In addition to factors unique to the Polish described above, the development of the foreign exchange market is also influenced by directing money changers offer an online business (especially the smaller ones that may not have offered the interbank market), the development of tourism (Polish currency exchange on the Internet for the purpose of traveling abroad) and in failing before the end of the common currency euro, at less than full convertibility of the zloty.

Polish market. The biggest global players are aware of it.
Large global sites have long recognized the potential of the Polish market. The page TransferWise.com (http://transferwise.evyy.net/c/73464/27052/985), one of the global market leaders by default opens course in English, but Polish is also one of the major languages. On CurrencyFair.com (http://www.currencyfair.com/?channel=kurencja) Polish is the only alternative for the primary language of English. For both operators Polish Zloty (PLN ) is one of the major currencies.

TransferWise.com and CurrencyFair.com recently joined the rankings of the largest Polish comparison chart of platforms and bureaux de change Kurencja.comand showcase their services alongside 25 major Polish sites.

The Polish market is very important to us. Cooperation with the largest Polish comparison chart Kurencja.com is proof of how seriously we take this market and how we want to reach the Polish users. We believe that this cooperation will be very fruitful - said Taavet Hinrikus co-founder of TransferWise.com.

Poles are one of the most important group of customers for us. No wonder, then that we focus largely on the PLN transfers. We are very pleased to start presenting in the comparison table of Kurencja.com. We are sure this will be great for both sides - said Brian Monaghan, head of online marketing at CurrencyFair.com.

A strong presence of leading international online currency exchange services only confirms the importance of the Polish market in the world. In view of the receding prospects of Polish accession to the euro zone and the unlikely involuntary conversion on housing loans to local currency PLN (as was the case in Hungary) Poland may remain for a long time mecca for global online exchanging currency operators.

About Kurencja.com: the biggest Polish online exchange services comparison chart. It compares 25 Polish leading and 2 top global sites. Kurencja.com presents real-time rates, which do not include incidental promotion, making it objective, reliable ranking of bringing together both the currency exchange offices and community platform exchange. Kurencja.com give information and advice and allows users to exchange opinions and experiences of foreign exchange over the Internet. Kurencja.com is also the publisher of market reports analyzing the state of the foreign exchange market online.
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