FSCC, eZforex Team Up OnForeign Exchange
ONTARIO, Calif.-Financial Service Centers Cooperative (FSCC) has announced a partnership that will make it simple for CUs to offer foreign currency purchases.
FSCC is partnering with eZforex.com, an online foreign exchange company, to offer an integrated, automated foreign currency purchase platform for credit union members nationwide. FSCC stated that the two organizations are the first financial services companies to introduce such a service to the credit union community, in the U.S. and internationally.
As a result, credit unions do not have to address adding costly and complex back-office operations to offer foreign currency purchasing, or simply tell members they must go to the bank down the street to make the exchange, FSCC explained.
"Our relationship with eZforex will provide access to a much-needed product for consumers who travel internationally," said Sarah Canepa Bang, FSCC president and CEO. "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."
The service allows credit union members to exchange over 100 currencies via electronic debit from their checking, savings, or line-of-credit account, and have the money delivered to their home or office. FSCC pointed out that the CU can choose to send members to www.cuswirl.com for the service, or choose to sign up with eZforex and offer the service in-branch. The in-branch service uses the same shared branching interface FSCC employs for settlements. It takes one business day for the currency to be delivered to the branch. CUs generate revenue on the in-branch service, FSCC said.
FSCC pointed to U.S. Bureau of Transportation Statistics that show 77 million passengers traveled to international destinations in 2010, spending an estimated $207 billion, and that daily foreign currency exchanges are in the trillions.