Shared Branching Brings Easy Foreign Exchange Trading To CUs
A new partnership between Financial Service Centers Cooperative Inc and a leading online foreign exchange company now allows participating CUs to offer their members foreign exchange.
“Our motivation for this was to really offer credit unions something that they had to send their members to a bank to do,” explained Evan Shelan, CEO and Founder of eZforex, the nation's leading online foreign exchange company.
“We are committed to offering our credit unions the best benefits in financial services,” noted Sarah Canepa Bang, CEO of FSCC. “Our relationship with eZforex will provide access to a much-needed product for consumers who travel internationally. We are pleased to offer our members the ability to purchase foreign currency quickly and conveniently without experiencing credit card surcharges, unnecessary fees and inflated exchange rates. This is just another example of a value-added service to our credit union members.”
The partnership will allow the members of participating credit unions to buy or sell foreign currency online or through the shared branch outlets, the companies said.
The foreign exchange company cited U.S government figures that 77 million passengers traveled from the U.S. to international destinations in 2010 and spent roughly $207 billion. “An opportunity virtually untapped in the credit union industry – until now,” the company said.