Lower installments, cutting off currency risk or a desire to risk reducing the value of the outstanding loan. Each of these goals can be achieved by changing the currency of the loan. Unfortunately, this operation involves additional fees …
This fee will be the cost of converting the loan. In most cases, it depends on the outstanding loan amount. We will pay a maximum of two percent on this amount, while in some banks currency conversion is free.
Currency conversion of loans
If you are interested in frequent currency conversion of loans and taking advantage of exchange rate fluctuations, it is worth taking a look proposals that grant loans in four currencies and do not charge a fee for currency conversion of the loan.
The rest of the banks will charge a fee of approximately 1 percent of the outstanding loan amount. In addition, some banks have specified a minimum amount for this fee. The worst situation is in Polbank, where customers will pay 1.5 percent, minimum PLN 500.
Are these all the fees?
Unfortunately, in addition to the currency conversion fee, most banks should expect additional costs. When changing the currency of the loan, it is necessary to draw up an annex to the contract, which also costs. Usually PLN 100-200, but e.g. Polbank will charge PLN 500. However, mBank does not charge any fees for this type of activity.
Conversion of the loan involves costs
That can reach even several thousand zlotys. So if you want to convert the loan using positive exchange rate changes, it is worth considering whether the benefits of this conversion will outweigh the costs resulting from the fees described. This fee will be the cost of converting the loan. In most cases, it depends on the outstanding loan amount. We will pay a maximum of two percent on this amount, while in some banks currency conversion is free.