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A compendium of knowledge on the currency market, which includes definitions of terms and acronyms used for the execution of remittances and currency exchange.
SSL is a network protocol used for secure Internet connections. It was developed by “Netscape" and commonly adopted as a website encryption standard. The SSL certificate is a certificate used for encrypting data sent between a server and an Internet browser. SSL encryption provides 100% security. This means that no unauthorised person may see the packets of data sent online between the server and the browser. The protocol enables classification of all logins, passwords and transaction data. A green bar is awarded to an organisation upon prior verification. This gives the User more confidence that the page they have opened is owned by the specific company for which the certificate was issued. The SSL protocol is commonly used as one of the basic methods for ensuring security in financial transactions, for banks in particular.
The Bank Guarantee Fund is an institution established in 1994, which manages the system of deposit guarantees in the Polish banking sector. One of the key tasks of the Fund is to reimburse funds if the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF) decides to suspend the operations of a specific bank. The Bank Guarantee Fund (BFG) with its registered office in Warsaw, is a legal entity established by the Act of 14 December 1994 on the Bank Guarantee Fund (single text: Journal of Laws of 2009 No. 84, item 60;711), which has been in force since 17 February 1995.
The Fund is an institution that manages the deposit guarantee system in Poland. In establishing the Bank Guarantee Fund, the legislator set forth the rules of guaranteeing deposits by the institution and integrated it with a system of institutions supervising the security of the banking sector.
Legal regulations adopted in the Act on the BFG are fully consistent with Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC of 30 May 1994 on deposit-guarantee schemes.
Forex (Foreign Exchange) is a currency market of the largest global scale, on which the subject of international trade are currencies. Forex is a common name for the world’s largest foreign currency exchange market. It gathers investors from all over the world, which is why it is so large. It is becoming increasingly popular among individual investors with smaller sums of money thanks to companies like kantor.pl. The daily turnover on the market reaches more than USD 3 billion. Sceptics call it a market of speculators. As Forex does not have a registered office where all transactions are made, it is also called an OTC (Over-the-Counter) market. The development of innovative technologies, the Internet in particular, is beneficial for market participation and making online transactions. So far, it has been reserved only for the largest financial institutions, including banks. Only recently has it become accessible for individual investors through kantor.pl. Forex is characterised by accessibility and high dynamics of currency rate fluctuations. More importantly, you can earn not only on the ups in currency prices, but also on the falls thanks to the long transaction structure. London is the centre of Forex due to its share in the turnover, which makes up more than 1/3 of the trade on the Forex market. Investor behaviours are predicted through financial analyses and projections. Entry of new investors to Forex is not difficult, however, maintaining your position bears the financial risk related to falls. The Forex market is used by the kantor.pl online exchange platform to exchange currencies for its clients at a competitive rate.
The General Inspector of Financial Information is a one-person body of the government administration acting as undersecretary in the Ministry of Finance of the Republic of Poland. Organs of government administration competent for preventing money laundering and terrorism financing are:
Pursuant to Article 3(4) of the Act of 16 November 2000 on preventing money laundering and the financing of terrorism (Journal of Laws of 2003, No. 153, item 1505, as amended) The General Inspector exercises its duties through an organisational unit established for those purposes in the structure of the Ministry of Finance, i.e. through the Financial Information Department.
The tasks of the General Inspector include obtaining, collecting, processing and analysing information in a manner set forth in the Act and undertaking actions to prevent money laundering and the financing of terrorism. GIIF collects, processes and analyses information on transactions that include:
The competences of the Inspector General for Personal Data Protection (GIODO) are set forth by the provisions of the Act of 29 August 1997 on personal data protection (Journal of Laws of 2002 No. 101, item 926, as amended). In the light of the provisions, GIODO is authorised to:
In the case of violation of the provisions on personal data protection, the Inspector General orders restoration of the status compliant with the law by way of an administrative decision either ex officio or upon a stakeholder request. This means that the Ministry of Finance collects information on every transfer, purchase, deposit, withdrawal or other operation performed for any amount higher than EUR 15,000.
The National Bank of Poland, or NBP, is the central bank of Poland established in 1945. The National Bank of Poland (NBP) is the central bank of the Republic of Poland. It performs tasks set forth in the Polish Constitution, in the Act on the National Bank of Poland and in the Banking Law Act. All the said legislative acts warrant the autonomy of the NBP from any other bodies of the state. NBP performs three key functions: of an issuing bank, of the bank of banks and the central bank of the state. Its bodies include: the President of the NBP, Monetary Policy Council (Rada Polityki Pieniężnej – RPP) and the Management Board of the NBP. The NBP is headed by its President, who is appointed for a 6-year term by the Sejm upon the motion of the President of the Republic of Poland. NBP exchange rates are published on kantor.pl online pages.
The BIC code is made up of a series of eight digits and letters and enables identification of the financial institution to which an international transfer is sent. The BIC Code (Business Identifier Code) is used for international transactions. It is a common practice in Poland to call the BIC Code a SWIFT code, which may be very misleading. So, if an international partner asks for a BIC code of a Polish bank, they mean the SWIFT code. The SWIFT code is an open, unchangeable and unique code for every Polish and international bank. The SWIFT / BIC code of your bank will be required to make an international transfer. Every bank, and even each bank branch has their own BIC / Swift code. List of Polish banks SWIFT codes
A SHA (SHARE) transfer is one of the possible options to share costs charged for sending a foreign currency transfer. In practical terms, this means that each party (sender and recipient of the transfer) pays the costs related to the performance of the transaction at their bank. Receipt of an international transfer to kantor.pl accounts is free of charge (if the transfer to kantor.pl was made in the SHA option), the making of an international transfer “global transfer" to foreign accounts in the SHA option (shared costs of transfer) at a fee of PLN 3 per transfer in EUR and PLN 5 per transfer in USD, CHF, GBP, with “global transfers" made in the SHA option:
An OUR transfer is one of the possible options to share costs charged for sending a foreign currency transfer with kantor.pl. In practical terms, this means that all costs related to the performance of the transaction are paid by the transfer sender. Sending international transfers to foreign accounts via the OUR option (lump sum cost for the sender) costs PLN 60 for a transfer in EUR, USD, CHF, GBP. This is a secure solution for times when you are unsure of the costs of intermediary banks, especially when making transfers to the U.S. where not only may the recipient bank charge fees, but intermediary banks may as well (but do not have to). With OUR transfers, the costs of the beneficiary’s bank are not always covered. The beneficiary’s bank may charge the beneficiary for the receipt of the transfer. This depends on the parameters of the accounts offered by the bank.
A SEPA transfer is a type of transfer dedicated solely to the euro. SEPA transfers are used for sending euro to accounts at banks where we do not have an account in such currency. The transfer is posted on the User’s account within 1–2 business days. A fee for the bank transfer amounting to PLN 3 is added to the transaction. Making an international SEPA transfer requires entering the country code.
SEPA transfers may be made at banks which already implemented the SEPA system. The system is aimed at creating a single market for payment services in euro. Transactions in the system are quick, secure and inexpensive. It is a new business opportunity related to the introduction of innovation and replacement of the systems that are becoming obsolete with new ones that offer higher operational capacity.
A foreign currency spread is the difference between the purchase rate and the sales rate of the specific two currencies, e.g. Swiss francs and Polish zlotys in a listing at a bank or an exchange office. The term “spread" is frequently used in the context of a foreign currency loan. Many people who have a foreign currency mortgage loan in Swiss francs repay the foreign currency loan online through kantor.pl. In this case, it refers to the difference between the withdrawal rate and the rate of repayment of the obligation contracted.
The spread usually amounts to a percentage point. When grading a foreign currency loan, the bank calculates the loan at the purchase rate (which is lower) and takes the daily sales rate (which is higher) when repaying the loan.
The foreign currency spread is an additional opportunity for the bank to make money on your foreign currency mortgage. It is one of the indicators that should be taken into account when choosing the lending bank.
The Swiss franc (CHF) – subdivided into 100 centimes – is the legal tender for two Alpine countries, Switzerland and Liechtenstein. It is also the legal tender in the Italian enclave located in Switzerland, Campione d'Italia. Another enclave, i.e. the German Büsingen am Hochrhein, formally uses the euro. The Principality of Liechtenstein, which stays in a customs union with Switzerland, has been using the franc as its currency since 1921. The European market plays a vital role in the Swiss economy, and the introduction of the single currency euro led the Swiss National Bank to adjust its policy to tie it to the euro exchange rate in order to support the Swiss economy. When the European currency was introduced, the exchange rate was CHF 1.50 to EUR 1. The rate did not change until August 2011 when the euro suddenly depreciated to a record-breaking level of CHF 1.007 to EUR 1. Following such immediate increase of the Swiss franc rate towards the euro and other currencies, on 6 September 2011 the Swiss National Bank (SNB) set a fixed rate of the value of its currency towards euro at a rate of CHF 1.20 to EUR 1 in order to protect the Swiss economy against the consequences of high franc value. The rate was maintained by the Swiss National Bank (SNB) until 15 January 2015 when it was announced that the artificially maintained exchange rate would be abandoned and its value would be adjusted to the free market principles. Since then, the price of the franc has been highly volatile on the Forex market and in online exchange platforms such as kantor.pl.
EUR is the code for the euro currency (symbol €, subdivided into 100 cents) applicable in the Eurozone, which is the second – after the U.S. dollar – most important legal tender in the global currency system. Monetary policy in the Eurozone is actively pursued by the European Central Bank with a registered seat in Frankfurt am Main. The euro is the legal tender in 19 out of 28 Member States of the European Union and in six other non-EU countries. It is worth mentioning that the euro currency is primarily a political and social tool rather than an economic one, which is constantly developing, regardless of stress the media places on the crisis, which can be evidenced by the inclusion of Lithuania in the Eurozone at the beginning of 2015. An interesting fact is that the euro has become a reason for other international economic associations to consider the introduction of such a currency, like the American Amero, although these are only studies so far. Currently, the price of the euro is in a downward trend, which is related to crises in the EU, e.g. in Greece and in Ukraine.
GBP (Great Britain Pound) is an international code for the British pound sterling (£, pound sterling), which is the legal tender in Great Britain and its dependent territories. Until 1971, pounds sterling were subdivided into 20 shillings, which further divided into 12 pence. Therefore, one pound was made of 240 pence, however, in the year indicated above, a reform was introduced that divided the pound into 100 pence. An interesting fact is that in the United Kingdom, in addition to the Bank of England, which performed the role of a central bank, the right to issue banknotes is also granted to three Scottish banks (the Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank), four Northern Irish banks (the Bank of Ireland, First Trust Bank, Northern Bank and Ulster Bank) and local banks from the autonomous Isles of Man, Guernsey and Jersey.
The U.S. dollar (USD) is the legal tender in the United States and a number of other countries (Panama, Ecuador, El Salvador and East Timor, Zimbabwe and certain past American territories in the Pacific Ocean), and is subdivided into 100 cents. The U.S. dollar is the currency that is most frequently used in international transactions, and in many countries it is also broadly used for bank reserves. It is worth noting that all other currencies have an exchange rate towards the U.S. dollar. Currently, the U.S. dollar is gradually entering an upward trend, which is caused by, among other things, the growing US economy. It is also interesting to know that a few years ago, leaders of China and Russia (to name a few) attacked the dollar not only financially but also in propagandist terms as they insisted on introducing a new currency. Today, however, as a result of the appreciating USD, it is the currencies of China and Russia that are slumping into a deep crisis. Recently, the price of the dollar has been visibly increasing, which reflects gradually improving economic results in the U.S.
The zloty is the legal tender of Poland. It is subdivided into 100 grosz. The currency was established on 1 January 1995 after hyperinflation, when the new zloty (PLN) replaced the previous old zlotys (PLZ) at the rate of PLN 1 = PLZ 10,000. The currency is supervised by the National Bank of Poland (NBP), headed since 2010 by Marek Belka, a politician completely unrelated to the economy, which has led the zloty to a permanent disaster. Since Poland’s accession into the European Union, the zloty has been pegged to the euro, however, instead of maintaining a fixed rate, our currency was based on the openness of the market, which has led to numerous speculative attacks on it. Contrary to what politicians say, our currency meets practically none of the standards required to introduce the euro in Poland.
A currency option is simply an instrument on the currency market, an agreement concluded between the buyer and the seller for the right to buy or sell currency in a different currency at a specific rate, in a specific amount and on a specific date. This manner of currency trade fostered the popularity of the currency market. In time, investors started to hedge against the appreciating zloty using currency options. In the 1990s, the use of currency options guaranteed the stability of the euro exchange rate. This option right has a price in the form of a premium paid to the seller by the buyer. There are three types of options available on the market: the American option, the Bermuda option and the European option. The types of options differ in execution times. Many companies on the Polish market have strengthened their positions using the currency options. These include mainly bank institutions. Unfortunately, there are bankrupt companies, too, like Huta Szkła Krosno, once known for its manufacture of industrial glass, which lost on trading in currency options.
A trading platform is mainly software required to perform transactions on the FOREX market. It is an application made available to clients, which enables the exchange of currencies online. It is a relatively new tool on the Polish financial market, however in light of people’s access to the Internet, it has become very necessary and is dynamically growing in popularity and trust. Currently, trading platforms at online exchange platforms such as kantor.pl are a necessary tool for private investors to transact on the FOREX market. Thanks to platforms such as kantor.pl, FOREX is accessible to virtually anyone. Even with small amounts to invest, our clients can also operate on the Forex market, by placing purchase or sales orders through the trading platform that we have provided for them.
A public administration body that supervises the financial market in Poland. KNF is supervised by the Prime Minister. The aim of the supervision is to ensure proper functioning of the financial market, its stability, security as well as transparency, confidence in the financial market, as well as to ensure protection of the interests of the market participants. Members of the KNF include the president of the KNF, their two deputies and representatives of: the President of Poland, the Minister of Finance, the Minister of Labour and Social Policy as well as the President of the NBP (National Bank of Poland). KNF was established in 2006.
The scope of supervision exercised by KNF includes banking, pension and insurance supervision. It also includes supervision over the capital market and payment institutions, including supervision over the cooperative unions sector. One of the tasks of the KNF is to take part in the development and issuing of opinions on draft acts impacting the shape of the financial market and its operation. The Polish Financial Supervision Authority has an arbitration court that deals with disputes between financial market entities.
A mortgage loan is a commonly available long-term loan secured by a real estate mortgage. The mortgage loan agreement lasts for at least several years, with even 35 years of the repayment term. Most frequently, the mortgage loan is contracted for the purchase or construction of a specific residential property and/or its refurbishment or additional equipment. In addition to mortgage loans and mortgage and construction loans, there is also a homeowner loan that can be contracted for any purpose. Mortgage loans are granted by banks and can be denominated in zlotys and in foreign currencies, e.g. CHF. Repayment of foreign currency loans is made in a foreign currency. Kantor.pl has an attractive offer for holders of foreign currency loans by offering a competitive dollar rate, euro rate and Swiss franc rate. The borrower must show evidence of their creditworthiness for the loan and the operation may be supported by a bill of exchange or a surety. An additional security for the lender is mandatory loan insurance. The loan amount may be repaid in equal or decreasing instalments.
Debt spiral is a very dangerous phenomenon, which precedes remortgage. It is a situation characterised by higher debt, or more precisely a sum of monthly instalments payable higher then the sum of revenues per month. Remortgage partly reduces the debt by changing the loan agreement or the lender. As a result of remortgage of a mortgage loan, it is possible to change the interest rate and repayment schedule. If you select a more competitive mortgage loan proposal, you can save money on its costs, and changing the lender may provide you with additional time to breathe and bounce back by paying lower instalments than before. A new loan agreement may be adjusted to current needs, e.g. by consolidating obligations, joining a loan with another borrower. An advantage of remortgage is its cost, which is lower than acquiring a new loan. There are many forms of remortgage, from secured lending on the mortgage, loan consolidation, through to interest rate changes.
Currency conversion simply consists in the exchange of one currency into another one at an agreed exchange rate, e.g. from PLN to USD. The term “currency conversion" is most frequently used in the context of loans contracted in a specific currency which are converted to another currency as a result of a currency conversion order. Currency conversion, however, is not limited to the most popular currencies but also refers to an entire basket of currencies present in the international trade. It is not a currency exchange that results in a cash register operation: currency conversion is related only to a book posting. A change of the loan currency may entail changes to the interest rate, margin and other costs of the mortgage loan, or credit. In order to avoid additional costs as a result of currency conversion, you can take advantage of a more attractive exchange rate at kantor.pl when you maintain the original currency, and pay smaller instalments thanks to better exchange rates via kantor.pl.
A bank account is regulated with an agreement between a bank and a client. Bank accounts operate as a record of receivables between two persons. On the account, the bank accumulates funds in zlotys and foreign currencies and settles monetary transactions performed. A bank account agreement is a civil law agreement that is subject to the Civil Code and the Banking Law. More and more often, people conclude bank agreements remotely to set up online accounts. Some accounts come with interest for the accumulated funds, some accounts warrant bonuses for purchasing, offer specific services or allow holders to draw loans from the account, etc. There are personal accounts and corporate accounts, the latter targeted at entrepreneurs and institutions. A bank may charge a fee for keeping the account. The bank is obliged to keep bank secrecy with regard to the account history, account balance, etc., and at the same time it is allowed to execute instructions from the holder’s account without their consent on the basis of writs of execution from court judgments and collection orders.
Currency is a monetary unit used for settlement of trade transactions, services and labour. Currency is local money used in a specific country or a group of countries. The official currency (or legal tender) in Poland is zloty. Currency includes banknotes of pre-set denominations and coins. In international trade, a currency is a settlement or payment instrument. Every currency has a code which is a three-letter acronym standardised by the International Organisation for Standardisation (ISO). There are hard currencies and soft currencies. The latter are not convertible everywhere in the world, while hard currencies are considered the strongest and the best known currencies such as the U.S. dollar and euro.
An exchange rate of a currency is its price, or value expressed in another convertible currency. In other words, exchange rates mean relations of one currency to another on the currency market. The exchange rate depends on the local domestic monetary and economic policy, as well as on global trends and frequently speculative actions. When providing an exchange rate, we always operate with two currencies: the base currency and the quoted currency. Conversion of the local currency at an exchange rate of a given day into a foreign currency enables you to compare prices, e.g. instalments of a loan to be repaid. A currency exchange rate comes as two types: a buy rate and a sell rate. Exchange rates not only fluctuate daily but also hourly – and on the currency market, they may change even within seconds. The currency buy rate is slightly lower than the sell rate. Different exchange offices may have different exchange rates as the exchange rates include the costs of currency exchange by the exchange office, bank, or an authorised institution. The exchange rate is used both in book postings and in cash turnover. Online exchange platforms such as kantor.pl usually offer more favourable exchange rates because of the lower costs of their business and client service. An example presentation of a currency exchange rate: 3.1455/ 3.1499 PLN / USD.
An exchange office is a business that deals with money conversion. Stationary exchange offices are usually located close to border crossings, on airports, stations and in city centres. Online exchange platforms are gaining in popularity, however, their business consists in currency conversion without cash turnover, and is only based on book postings on bank accounts. Banks can also perform the functions of exchange offices. The currency exchange business is supervised by the state and is subject to legal regulations. The first currency exchange office in Poland was the one with a window opened in Świecko on 16 March 1989. Currently, Poland has several thousand currency exchange offices, which can be seen on the list of exchange offices in Poland.
Low margins and the convenience of making online transactions made the currency exchange business very popular and found a broad group of satisfied clients. The operations of an online exchange platform like kantor.pl consists in the exchange of the domestic currency into foreign currencies and vice versa in a completely remote manner. The transactions are performed remotely. A characteristic feature of online exchange platforms is their 24/7 availability and more favourable exchange rates compared to banks and stationary exchange offices. Using online banking services, the client transfers funds in one currency and receives their equivalent in another selected currency to a different account. The first online exchange platform was walutomat.pl established in 2009.
The object of the Forex market is currencies. The Forex market includes all the transactions of currency purchase and sales at exchange rates agreed between the commercial trade entities. Subjects of the Forex market include banks, exchange offices, clients, brokers, speculators. The currency market sees not only transactions between banks and clients but also between banks. The market is subdivided into the wholesale market (between financial institutions) and the retail market, as well as into spot (cash) market and a futures market. Until 1996, the international currency market was the largest market in the world. The main currency trade centres are financial centres in London, New York, Tokyo, Singapore and Frankfurt am Main.
Every monetary transaction and a decision to contract an obligation entails a risk, that is the probability of negative consequences of currency exchange at a specific rate. This is a risk of currency exchange rate fluctuation towards the base currency. Fluctuations of the exchange rates may either worsen or improve the situation: unforeseeability and surprise are the key components of the currency risk. There are two types of risk: transactional risk and accounting risk. The former is related to transactions settled in a foreign currency while the latter refers to assets and liabilities denominated in a foreign currency. Currency exchange rate fluctuations depend on the stability of a state’s financial policy, the global economy and political events. In the case of long-term liabilities, the currency risk may be very high because it is very hard to foresee the behaviour of the exchange rate.
Currency trade may be both legal and illegal. Illegal currency trade was present in post-war Poland and lasted until the political transformation of 1989. Legal currency trade includes buy and sell transactions in exchange for a value in the currency of another country set by the currency exchange rate. Currency trade may be performed in a conventional way and using online banking. Currency is traded upon the principles of currency convertibility and is subject to regulations regarding this sector of the market.
A cross rate is the relation of one currency to another currency without intermediation of the zloty, e.g. USD to EUR. Currency pricing always refers to a pair of currencies, hence the need to establish cross rates that enable the exchange of currencies to one another. Settlement of such currencies is performed at the set exchange rate. For the main currency pairs, the exchange rates are quoted directly by banks and other financial institutions. Less popular currency pairs have their prices established by breaking two rates quoted directly.
Currencies on the market are quoted to in pairs through a relative value of one towards another. Two currencies make an exchange rate, for example: EUR / USD. Pairs are quoted in line with the following formula: base currency / quoted currency. Currency pairs are established to compare their values; the most popular currency is eurodollar (EUR/USD), i.e. relation of the euro to the U.S. dollar. Another popular currency pair is GBP / USD, commonly referred to as “cable" as initially the rate was transmitted by the transatlantic cable between New York and London.
This is the lowest value in a currency pair for an exchange rate. In other words, this is the smallest change of the currency price in a unit. Every currency exchange rate is made up of four digits in the decimal system. Contrary to what it may seem, pip it not a grosz, a cent or a pence. This is the minimum value by which the currency price may change and it is usually the fourth decimal place. For instance, a change in the exchange rate for a pair from 4.5500 to 4.5501 means a change by one pip. In forex lingo, the value of 100 pips is called a “figure".
It is a group of countries that have adopted the common European currency euro as a legal tender and payment instrument. In order to ensure a single monetary policy for the Eurozone, the European Central Bank was established (ECB), which coordinates the functioning of the single currency. The Eurozone for cashless transactions has been operating since 1999, and for cash transactions – since 2002. Currently, the Eurozone includes 19 EU Member States (Lithuania, Latvia, Estonia, Slovakia, Malta, Cyprus, Slovenia, Greece, Italy, Portugal, Germany, Luxembourg, Ireland, the Netherlands, Spain, France, Finland, Belgium, Austria) and 4 non-EU countries that are members of the Economic and Monetary Union (Monaco, Andorra, San Marino and the Vatican). The Euro is also used by Montenegro and Kosovo.
Currency symbols are three-letter abbreviations established in accordance with an ISO standard. The symbol is made up of the first two or three letters of the name of the country that uses the specific currency. Usually, the first two letters identifying the country are accompanies by the letter “P" (as in “pound", meaning money). The most common currency symbols include: EUR (euro), GBP (British pound), CHF (Swiss franc), and USD (U.S. dollar). Currency symbols facilitate the recording of currency exchange rates and currency trade. Importantly, a currency symbol is an international symbol recognised globally.
A remittance is a service that consists in the acceptance of money and transferring the money to the indicated recipient. The difference between a remittance and a bank transfer is that the remittance sender does not have to have a bank account. Procedures applicable for the execution of remittances are regulated by the Act of 19 August 2011 on payment services. Entities authorised to execute remittances include in particular banks, credit institutions, payment institutions, mail offices, cash service offices, public administration bodies as well as savings and credit unions. International remittances are executed by, among others, Western Union, Money Gram.
You can find a comparison of costs at the above companies in terms of the margins and service costs in the table of example international currency transactions. If you want to make a remittance via WesternUnion, Moneygram or kantor.pl, you will easily be able to compare the costs and transaction execution time, which are the most favourable for the online exchange platform. You should therefore remember that the kantor.pl website makes money transfers with the lowest costs of international transfers in the market (from PLN 3 to PLN 5 per transfer, regardless of the amount) to any bank in the world. An advantage of remittances sent via the kantor.pl website is the speed of remittance delivery.