You might have several questions regarding our FX rates. Please see several FAQ below.
Q: How do you determine your foreign exchange (FX) rates? At LianLian Global, we employ a comprehensive approach to determine our FX rates. Our rates are based on several key factors, including market conditions, interbank rates, and our operational requirements.
Q: What are interbank rates, and how do they influence your rates? Interbank rates are the rates at which banks trade currencies with each other. They are widely recognized as a benchmark for FX rates. We refer to these rates as a foundation for our pricing, taking into account factors such as market liquidity and volatility.
Q: Do you offer real-time rates? Yes, we strive to provide our clients with real-time rates as much as possible. However, please note that FX rates are subject to market fluctuations and may change rapidly. We encourage clients to monitor our platform or contact our customer support for live rates.
Q: Why do FX rates vary between providers? FX rates can vary between providers due to a range of factors. These factors include differences in business models, risk management strategies, liquidity sources, and operational costs. Our rates are determined based on our unique approach, taking into account these factors while aiming to provide competitive rates to our clients.
Q: Are there any additional fees or charges apart from the FX rate? We believe in transparent pricing, and we strive to keep our fee structure simple. When converting currencies, you'll see our competitive service fee (of 0.5%).
Q: How can I begin converting currency? Instead of providing quotes upfront, you can make a free account with us and get access to virtual bank accounts (VBA) for multiple currencies, free of charge. You can convert the currency and keep it in one of your VBAs or you can convert as you make a payment; whichever method works best for you.
This approach allows us to provide you with accurate and up-to-date rates based on the market conditions at the time of your transaction. It also ensures that the rates you receive reflect the most current exchange rates and minimize potential discrepancies between quoted rates and actual transaction rates.
If you have any issues or further questions, please contact our customer support team.