FAQs
Konverti is a cash for cash (foreign) exchange. Traceability to your Apple Id or Google Play ID as well as the IDs of your trading partners ensures transparency in identity management to ensure a trusting exchange.
Konverti stores only the information you enter in your Konverti profile, or the public information you list in either your Facebook or Google IDs, depending on how you choose to authenticate. Apple ID and Google Play ID information, including account details and credit card info are only retained by Apple and Google through existing agreement(s), and are not stored by Konverti.
Konverti sets up a cash for cash exchange of foreign currency.
The user will initiate a trade based on I Have/I Want parameters.
“I Have” is the currency you currently have. You will be prompted to enter the bills in your possession.
“I Want” is the target currency. When you create or update an offer, Konverti will put your offer out while returning matches of potential trade partners to you.
Parameters of of the trade will identify:
- Nickname of your trade partner
- % of your total they can match
- % Gain/Loss – which is a tolerance that will sometimes be in your favor; sometimes not
- Airport details (if applicable)
- Distance apart.
When you hit the Trade button, the other person will be notified. When that person agrees to the trade, an electronic handshake happens, all other offers are pulled back, a chat opens, and the two are left to sort out details.
The cost of a transaction is 1 credit for the equivalent of $100 USD. Credit pricing is as follows:
- 1 Credit for $2.99 USD
- 5 Credits for $9.99 USD
- 10 Credits for $18.99 USD
You will need to have enough Credits in your account to initiate a trade. If you put offers out there to 3 different people, you will need to have enough Credits in your account for all 3 trades. No Credits will actually be debited until you make a commitment to a single trade. You will only pay for what you swap, however you must have a reserve of credits to cover all offers you put in play.
As a social media platform for currency exchange, you have the complete freedom to decide the details on how you would like to conduct your trade with the trading partner with whom you’ve been matched.
By using social media to match peers seeking to exchange currency, you can avoid the high costs of airport currency exchange service charges, which means you keep more of your own money instead of spending it on high service charges at kiosks in airports, train stations and banks.
We provide you with the current currency exchange rates but as a social media platform, you are free to decide your own actual conversion rate as you see fit and as your trading partner agrees. You take it from there and save money on high currency exchange service charges.
