TALLAHASSEE, Fla. -- The FCUL Service Group, Inc. has teamed up with foreign currency provider eZforex to lend a hand to international travelers who need foreign exchange services.
According to the Office of Travel & Tourism Industries, the total number of United States travelers to international destinations in 2006 was more than 30 million. While traveling abroad, consumers spend between $1,400 and $3,500 in cash and credit card purchases in a two-week time period, and failing to exchange currency beforehand can get expensive for travelers.
According to FCUL Service Group, by implementing eZforex in credit unions, members can avoid high fees and conversion rates from debit and credit card companies, ATMs, banks, airports, hotels, and other currency exchange outlets. Withdrawing just $100 from an ATM in a foreign country can incur up to a 9% currency conversion rate (including fees), and most credit cards charge at least 3%.
eZforex offers non-interest income from selling foreign currency and competitive exchange rates based on wholesale rates in a credit union's surrounding area. In addition, members may opt to return unused foreign currency at the same rate of exchange as originally purchased; thus alleviating substantial losses when returning.