Payset prespective
February 2, 2023

Foreign Exchange Services

You might really benefit from using a foreign currency exchange online. There are many reasons to use an online currency exchange service, for example, for convenience and time-saving, as it makes it much easier to check exchange rates and make a transaction from anywhere at any time of the day. Ever considered using a foreign currency exchange service? You might really benefit from using one. Take a look at our guide to see if it could suit you.

If you buy, sell, or invest in foreign currencies, you may want to use an online foreign currency exchange — also known as a digital exchange service or forex broker.

Though you can typically purchase foreign currencies through your bank, online e-currency exchanges and other similar services provide greater access to a variety of foreign currencies. They’re ideal for those who live, work, and invest globally.

Here’s how e-currency exchanges work and why you might want to use one.

What Is a Digital Currency Exchange Service?

A digital currency exchange is a service that trades in various types of legal tender. 

Though digital currency exchanges can work with many types of assets, they typically work with fiat currencies, forex currencies, or traditional money.

Often, each currency that you hold will be shown as a balance in its own account. You can send these funds over traditional banking networks and other services.

Many payment tools, including Payset, offer support for dozens of foreign currencies. That means you can send, swap, and store more than one foreign currency at a time. 

New innovations, such as stablecoins and central bank digital currencies (CBDCs), are supported by some services and some countries. However, e-currency exchanges typically manage traditional currencies and represent it as a digital account balance.

Why Might You Use an Online Foreign Currency Exchange?

You might use an online foreign currency exchange if you need to buy or sell a particular foreign currency or if you are investing in the forex market more broadly.

For example, if you plan to travel, you might choose to swap your local currency for a foreign currency prior to your trip. With a foreign currency exchange online, you can even swap currencies during your trip or whenever you make a purchase.

If you are a business user working with international companies, one or both sides of the business relationship may want to receive a foreign currency. With an online currency exchange, you can arrange and settle payments in multiple currencies as needed.

If you are investing in forex markets in order to capitalize on price differences, digital currency exchanges are once again useful, as they allow you to purchase the most profitable foreign currencies at any given moment.

How Can E-Currency Exchange Help Me When Trading?

Currency exchange online can help you participate in forex trading (or international currency trading) by allowing you to manage multiple currencies at once.

It’s important to choose an online currency exchange that offers fast settlements and low fees. By doing so, you’ll be able to buy foreign currencies as soon as they become profitable (or sell them as soon as they become unprofitable). You should also choose a service with low conversion fees and withdrawal fees so that you don’t lose money while trading.

Various services, including digital wallets, forex brokers, and even traditional banking institutions, can provide currency exchange services. 

However, not every EMI that provides a currency exchange online will necessarily provide market analysis data and trackers. As such, you may need to use another service alongside your foreign currency exchange for a full forex trading experience.

What Are the Risks of Using an Online Currency Exchange?

Digital currency exchanges are always safe and secure. Every major provider, including Payset, follows laws and regulations to protect user accounts.

However, foreign currency investment necessarily carries financial risk because of fluctuations in the market. You aren’t guaranteed to make a profit on any investment, and your holdings are not guaranteed to remain stable in value.  Any foreign currency investment can quickly become unprofitable — and it, therefore, carries risk.

But by investing wisely, you can potentially profit from forex trading. It is a calculated risk for those who are knowledgeable about the forex market.

Not all foreign currency trades are made for profit. Some are made for practical reasons, such as international spending and business transactions.

In this case, you can use services like Payset to quickly obtain the currency that you need. Here, the risk of foreign investing is eliminated entirely ⁠— you can use an exchange solely for spending money and making transactions.

What Payment Methods Are Supported with Payset Digital Currency Exchange Services?

Digital currency exchange services can support various types of payment methods, primarily those that are based on traditional banking networks.

At Payset, we offer support for multiple payment networks, including SWIFT, ACH, Faster Payments, SEPA, and CHAPS. These networks can be used if you want to deposit money into your account, withdraw it to your bank, or send funds elsewhere. Our supported networks are ideal for users in the UK or Israel but can move funds worldwide, including local payments in the UK, EU, USA, and Canada.

If you are trading money that you have already deposited, you will not need to use any of these networks. Instead, you can trade through our built-in currency exchange.

When Is the Best Time to Begin Using a Digital Currency Exchange?

It’s best to start using a digital currency exchange if you find yourself traveling between countries or working with international businesses.

In fact, you may want to deposit money in your foreign currency exchange account before you actually need it. Even though forex trades can be settled fairly quickly, it might take longer for your bank to send funds to your currency exchange. It may also take time for the exchange to process your deposit.


By depositing your funds before you even start trading, you won’t need to wait for a balance to show up in your exchange account.

It’s best to start thinking about using a digital currency exchange earlier rather than later. That way, you’ll be able to start using your money as soon as you need it.

What Features and Services Are Offered by Payset Digital Currency Exchange?

Payset’s built-in currency exchange includes support for 38 different currencies, and it can be used in more than 200 different countries.

We also offer numerous features in addition to our built-in foreign exchange. By signing up with Payset, you’ll gain access to multi-currency IBAN accounts, prepaid cards, and more.

With tailored fees and free transfers to other Payset customers, you’ll be able to send and trade funds in a simple and affordable way — no matter which currency you need.

To find out more, click below.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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