eZforex.com is NAFCU Services' Preferred Partner for Outsourced Foreign Exchange Services.
Credit union members are traveling the globe in record numbers and conducting business globally. Offering a convenient venue for members to purchase foreign currency or send a wire to Europe in minutes is a value-added service to credit union members that generates new revenues.
The average amount of foreign currency purchased overseas is roughly $200 per person each day. Thus, $68 billion is exchanged annually. Credit union members traveling for seven days spend an average of $1,400 to $3,500 combined cash and credit cards while abroad. And yet, currency exchange is most prevalent in banks rather than credit unions. This creates a multi-billion dollar industry virtually untapped in the credit union industry. Announcing the sale of foreign currency to its members, a credit union instantly realizes a share of this large market.
eZforex.com is a web-based technology that provides a quick, safe, secure, and efficient method to sell foreign currency, foreign drafts, and foreign wires. Members may choose to purchase from over 100 foreign currencies, or send foreign wires through our Western Union Business Solutions partnership.
How the Sales Process Works: NAFCU members have three (3) methods to sell foreign currency:
- Point-of-Sale – When teller’s place currency orders by 3pm ET, ezforex guarantees delivery within 1 or 2 business days.
- Web Transactions – Credit unions may sell foreign currency on its web site through a secure platform with dual verification.
- New Shared Branching Interface – Provides a safe, secure, and turn-key system, eZforex allows credit unions to offer convenient foreign currency purchases through the shared branching interface. Transactions are cleared through CU Service Center. Members may use their checking, savings, or line-of-credit and are debited in real-time. With convenient delivery to a home or office, credit union members may now arrive at their destination ready for business or leisure without the hassle of waiting in long foreign exchange lines.
eZforex.com provides the following training:
- Recorded web based training – No charge
- Telephone conference call training – No charge
- On site teller, manager, and marketing training – No charge except travel expenses
- Easy online training
Download our brochure or view our "Introduction to eZforex.com & Outsourced Foreign Exchange" presentation to learn more!
Credit Union Benefits
- Earn non-interest revenue.
- Requires no additional staffing pre- or post-launch.
- Offers opportunity to provide the latest ancillary member services.
- Competitive Advantage: Offering foreign currency keeps credit union members from visiting competitive venues, such as banks, helping retain members and capture market share.
- Expand Growth: eZforex.com is a service product that reaches out to credit union members which enhances greater credit union growth.
- Compliance: eZforex.com is fully compliant with the Bank Secrecy Act.
- Secure Technology: Sensitive information is encrypted and protected with the best encryption software in the industry - SSL. eZforex.com’s servers are stored and operate underground for added natural disaster protection.
Credit Union Member Benefits
- Currency Price Protection (CPP): Members are truly protected against unscrupulous overseas Money Exchangers as they are able to purchase CPP during the buying process. Members may purchase a designated amount of currency and return any amount at the same exchange rate as originally purchased, thus saving the member 15% to 20%.
- No minimum or maximum order requirements.
- May receive shipments at home, office, or credit union.
- May purchase online in real-time by using checking, savings or line-of-credit account through the shared-branching network with next business day delivery.
NAFCU Member-only Benefits
Training is provided at no cost and start up fee is waived for NAFCU members – $100/branch value. NAFCU member credit unions register here.
See some credit unions that use eZforex.com on their website: