frequently asked
questions
Which currencies can I exchange?
Before you leave the country, there are a few key currencies that are worth having with you to ensure your convenience and save time and money.
Here are our recommendations:
•US Dollars (USD): This is one of the most universal currencies, accepted virtually all over the world. If youre traveling to countries where dollars are widely accepted, its a good idea to have them with you for convenience.
•Euro (EUR): Many countries in Europe use the euro, so having some euros on hand can be useful, especially if you are traveling within the European Union.
•British Pounds (GBP): If your trip includes the UK or other countries where pounds are accepted, its worth stocking up on this currency.
•Japanese Yen (JPY): If youre going to Japan, the Japanese Yen will be essential for many everyday transactions.
•Canadian Dollar (CAD) or Australian Dollar (AUD): If your trip includes Canada or Australia, its a good idea to bring enough local currency with you. Remember that before departure it is worth checking what currencies are accepted in your destination.
What causes currency rates to change?
Changes in currency rates are the result of complex interactions of many factors in the currency market. Here are some key factors that can influence currency volatility:
•Fluctuations in demand and supply: The basic mechanism that determines exchange rates is the change in the relationship between demand and supply of a given currency in the international market. If demand for a given currency exceeds supply, its value increases and the exchange rate strengthens. Otherwise, when supply exceeds demand, the exchange rate may weaken.
•Interest rates: Interest rate decisions made by countries central banks have a significant impact on exchange rates. Higher interest rates tend to attract investors by increasing demand for a countrys currency and causing its value to increase.
•Economic situation: The health of a countrys economy, such as economic growth, inflation rate, unemployment and trade balance, influences the value of a currency. A strong economy often leads to a stronger currency, while weak indicators can lead to a weakened currency.
•Geopolitical volatility: Political conflicts, wars, crises or changes in international relations can lead to uncertainty in financial markets, which can affect the value of currencies.
•Central Bank Interventions: Central banks can intervene in the foreign exchange market by buying or selling large amounts of currency to influence its exchange rate. Such interventions may be undertaken to stabilize the exchange rate or support the economy.
•Market speculation: The activity of speculators and investors in the currency market can lead to short-term fluctuations in currency rates because they make decisions based on forecasts of future price movements.
These factors are just a few of many that influence currency volatility. The currency market is very liquid and susceptible to various influences, which means that exchange rates can change in a very short time.
Where can I find your points?
You will find our points at the airports in Warsaw, Modlin and Katowice, as well as in shopping malls in Szczecin, Gdańsk, Warsaw and on the market square of the Old Town of Krakow. The exact addresses can be found in the EXCHANGE POINTS tab
What are the opening hours at airports?
Most of our airport locations are open 24 hours a day. Other branches located at airports are always open during the arrival or departure of planned flights.
Do I have to pay tax or settle taxes with the Tax Office?
In Poland, currency exchange is not subject to capital gains tax or personal income tax if it is exchanged for personal purposes, e.g. a trip abroad. This means that in most cases you do not have to pay tax or make additional tax settlements when exchanging currencies in Poland at currency exchange offices or banks.
However, there are a few exceptions worth noting:
• Currency exchange for investment purposes: If you exchange currencies for investment purposes, for example in the forex market, profits or losses from such transactions may be subject to tax. If this is the case, its a good idea to consult a tax professional to understand the tax implications of your investments.
• Large transactions: If you make a large currency transaction, it may be monitored by tax authorities in the context of anti-money laundering or other financial crimes. In such a case, it is worth keeping the documentation related to the transaction.
In any case, if you have any doubts about your foreign exchange tax obligations, we recommend that you consult a tax professional or tax authority in Poland. Their expertise will help you understand your obligations and avoid possible tax problems.
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