XTB has removed the 0.5% currency exchange commission on its
multi-currency cards, which are set to launch in the Polish market in a little
over two months. This change applies only to the multi-currency card product,
while the 0.5% exchange fee remains on the broker’s platform for foreign
securities trading.
Virtual Cards Available via App for Payments
The multi-currency cards allow users to pay using funds
stored in virtual wallets, which can hold balances in PLN, EUR, USD, GBP, HUF,
RON, and CZK. The commission-free exchange applies to all virtual wallet
holders without limits or additional conditions. These wallets can be accessed
by individuals with an investment account at XTB.
The cards are licensed by Mastercard and issued through
DiPocket UAB, an electronic money institution registered in Lithuania. Virtual
cards can be created in the XTB app without extra fees and added to Google Pay
or Apple Pay for mobile payments. However, physical cards are not yet
available.
Multi-Currency Cards Gain Popularity
XTB reports that the product is gaining popularity, with
positive user feedback. The company claims that the removal of the currency
conversion fee makes its offering the most affordable for the most commonly
used foreign currencies in Poland.
In addition to the card update, XTB has stated that it is
working on further improvements to virtual wallets, with plans to introduce
additional currencies and new features in the near future.
XTB Expands in Latin America, Seeks Brazil
XTB has received a securities
agent license from Chile’s Financial Market Commission (CMF), furthering
its expansion into Latin America. The license allows XTB to offer Chilean
investors access to international stocks, ETFs, and derivatives through its
digital trading platform, as reported by Finance Magnates.
XTB, currently serving over 1.36 million customers globally,
is expanding beyond its European core markets. In addition to Chile, the
company is also seeking regulatory approvals in Brazil.
XTB has been focusing on geographic diversification, with
recent regulatory approvals in Indonesia and the UAE to expand into Asian
and Middle Eastern markets.
This article was written by Tareq Sikder at www.financemagnates.com.
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