Currency Exchange
Within your Sokin account, you can exchange currencies between your wallets anytime from Monday to Friday.
To exchange a currency, follow these steps:
1. Select Transfers in the Sokin column.
2. Select Currency Exchange.
3. Choose a Source and Destination currency.
4. Enter an amount in the You send or You will receive field.
5. View the Transfer summary and click Next.
6. Select Submit to complete the currency exchange.
Source and Destination Currency
The source is the currency that will be debited, and the destination is the currency that will be credited.
You can enter an amount in either the You send or You will receive fields. The other field will automatically update with a figure based on the live exchange rate and fees shown in the Transfer Summary.
Transfer Summary
When attempting a currency exchange, a Transfer Summary will appear showing a breakdown of the following:
Exchange Rate – Sokin’s best indicative rate based on live exchange. This rate automatically refreshes after 20 seconds and will update the figures and fees accordingly.
Payment Fees – The fees debited from your account for doing a currency exchange.
Fixed Payment Fees –There is no fixed payment fee for currency exchanges between your wallets.
FX Fee – The % debited from your account for doing a currency exchange.
Amount we’ll convert – The source amount minus payment fees.
What the recipient will get – The amount you will receive into your destination currency wallet.
Cut-off time – Indicates the deadline for completing a transfer to ensure same-day processing. If this time has already passed, it will appear in red. Transfers can still be submitted, but they will be processed on the next business day
Submit Your Currency Exchange
The final stage of a currency exchange is to submit the conversion. you will have 20 seconds to submit the currency exchange at the displayed exchange rate.
If 20 seconds pass, you must refresh the exchange rate before submitting.
Once submitted, the currency exchange will occur immediately and the funds will be deposited into the destination currency wallet. The exchange details will appear in your Transaction History, showing a debit transaction against the source currency and a credit transaction for the destination currency.