SAN FRANCISCO & TORONTO--(BUSINESS WIRE)--USForex and CanadianForex, part of the world’s fastest-growing technology-driven foreign exchange provider, OzForex Group, today announced the signing of a partnership with global foreign exchange specialist, Travelex.
USForex’s and CanadianForex’s proprietary technology platforms enable account-to-account foreign exchange transfers at a considerable discount to the rates and fees of banks; a key selection criteria for Travelex. For the first time, Travelex’s customers can easily and efficiently transfer money at real time rates from their bank accounts, in any of more than 50 currencies, to friends and family around the globe.
Travelex customers will also no longer need to visit payment locations to send money overseas as USForex’s and CanadianForex’s technology platform facilitates foreign exchange transactions conducted online, via iPhone or Android applications, or by calling 24-hour customer service, toll-free. Customers can also check rates and access market commentary via mobile or online.
“Offering the capability for consumers to conduct international payments online is a natural extension to our business in a rapidly growing market,” said Peter Jackson, Travelex’s CEO. “We’re happy to have found a partner with strong technical capabilities who we can work with to create another fantastic value proposition for Travelex customers. Travelex wanted to offer our clients the most reliable, sophisticated and competitive international money transfer service, and the USForex and CanadianForex teams checked every box.”
In a rapidly-growing foreign exchange marketplace, estimated to be worth over $4 trillion globally, USForex and CanadianForex, both subsidiaries of Sydney-based and ASX-listed, OzForex Group, provide high-tech, high-touch solutions for a wide variety of financial institutions.
“We’re very pleased Travelex has chosen to outsource their international payment services to us,” said Michael Ward, CEO, North America and Europe for USForex. “Our scalable technology platform has been embraced by more traditional financial institutions, like credit unions and regional banks, which don’t have the infrastructure to offer clients tech-driven foreign exchange services.”
Mr. Ward noted that in addition to enhancing the customer experience, the firm’s foreign exchange services provide traditional financial institutions both a new or increased revenue stream, in addition to scalable and streamlined operational efficiencies.
Founded in 1976, Travelex has grown to become the world’s leading specialist provider of foreign exchange. Travelex provides cash and pre-paid cards to over 38.6 million retail customers each year, operating online as well as through a network of over 1,400 stores and close to 1,100 ATMs in 26 countries.
About USForex and Canadian Forex
USForex is focused on providing a smarter, online alternative to existing currency exchange services. USForex is a wholly-owned subsidiary of the OzForex Group, one of the world’s largest online international money transfer providers.
The OzForex Group is a global provider of online international payment services for consumer and business clients. OzForex Group technology also powers international money transfer services of Travelex, MoneyGram, ING Direct, Macquarie International Money Transfers and other international financial institutions. Established in 1998 with the aim of providing clients with a better deal, it has offices in Sydney, Toronto, San Francisco, London, Hong Kong, and Auckland.
The OzForex Group provides services under the brands OzForex, UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX. Its parent company, OzForex Group Limited, is a publicly listed entity with shares traded on the Australian Securities Exchange under the code "OFX".