Cinkciarz Introduces Money Transfers From UK to Poland

LONDON, June 28, 2016

Cinkciarz shared with its users an account held in GBP in the ING Bank in the United Kingdom. This means that almost 700 thousand Poles living in the UK are now able to send money to Poland without high fees for international money transfers and unattractive currency spread.

“International money transfers from UK to Poland are very expensive. Clients lose money by covering significant fees, with the cost of currency conversion and the commission of the bank of the sender, receiver, and intermediary banks (so-called correspondent banks). They are tired of the long waiting periods for completion of the transaction. This can take a couple of days. Clients are also irritated with the fact that they never know how much the money transfer will ultimately cost. They often learn that after the transaction is completed,” said Piotr Kicinski, Cinkciarz Vice-President.

All of those issues are resolved with this new offer from Cinkciarz. It enables making payments to the bank account held in the British pound with the ING bank. After the currency conversion, the money is transferred to the clients’ accounts in Poland in any currency from Cinkciarz’s offer. This is one of the most competitive solutions on the market, allowing users to save both time and money.

The solution introduced by Cinkciarz is possible thanks to the fact that the company signed an agent agreement with Conotoxia, which has a payment institution license. On the basis of this agreement, Cinkciarz enabled money transfers from the United Kingdom to Poland. Cinkciarz is the sole shareholder of Conotoxia.

According to the most recent research by the Central Statistical Office of Poland, at the end of 2014, about 2.3 mln Poles temporarily resided outside of Poland, with a vast majority (1.9 million) staying within EU countries. The largest number of people stood in the United Kingdom (685 thousand).

Cinkciarz is a repeat winner of the global Bloomberg Rankings. The currency exchange company was named ‘Player of the Year’ 2016 by Forbes magazine. The CEO of Cinkciarz, Marcin Pioro, was awarded Best Manager 2015 by Bloomberg Businessweek Poland. Moreover, Reuters described the company as dominant in the Polish currency exchange market. The event that gathered the most attention from the media was the signing of the sponsorship contract with the NBA team, the Chicago Bulls.