eZforex.com, Inc.

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Uncover the Unknowns of Foreign Currency Exchange (Webinar)

From the spot rate to the Bitcoin, from your local credit union branch to your member traveling in Europe, join Evan Shelan, CEO of eZforex.com, and Rachel Smith, Director of Strategic Alliances for a cultured glance into the world of foreign currency exchange.

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Overview

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.

Products/Services

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:

  1. Point-of-Sale – When teller’s place currency orders by 3pm ET, ezforex guarantees delivery within 1 or 2 business days.
  2. Web Transactions – Credit unions may sell foreign currency on its web site through a secure platform with dual verification.
  3. 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: 

Educational Resources

  • Resource TypeUncover the Unknowns of Foreign Currency Exchange (Webinar)
    From the spot rate to the Bitcoin, from your local credit union branch to your member traveling in Europe, join Evan Shelan, CEO of eZforex.com, and Rachel Smith, Director of Strategic Alliances for a cultured glance into the world of foreign currency exchange.
  • Resource TypeInternational Payments Post Dodd-Frank: A Game Changer (Podcast and Presentation)
    With new Dodd-Frank requirements for international remittances looming in the not-to-distant future, many credit unions are rethinking whether they can (or should) continue to offer this service. Find out how to offer this service and remain compliant.
  • Resource TypeProblem Solved: International Payment Remittances, Post Dodd-Frank (Recorded Product Demo)
    This is a product demonstration of eZforex's interface to the Federal Reserve's FedGlobal® International ACH Payments. This solution allows you to offer international payments to your members while meeting the new federal requirements coming October 2013.
  • Resource TypeOpportunity Cost: Online v. In-Branch Currency Exchange (Blog Post)
    I’m often asked by those new to exchanging currency where to begin the sales process: online or in-branch. Many financial institutions are currently attempting to control costs by relying more heavily on the Internet for the processing of financial services. Read more of this NAFCU Services Blog post.
  • Resource TypeCredit Union Industry Experts: What's in Store for 2013 (Blog Post)
    For our year-end blog post I asked our Preferred Partners to tell us what they see coming over the horizon, from their perspective, that credit union executives need to be focused on and/or prepared for as we head into 2013. Looking back a year, I see some common themes—revenue issues, economic uncertainty, regulatory uncertainty, and political uncertainty. Read more of this NAFCU Services Blog post.
  • Resource TypeAll Eyes on Europe in 2012 (Blog Post)
    In 2012, Europe may become one of the best geo-political barometers to determine future economic growth in the United States. Europe’s woes may negatively impact the credit union’s business model as Europe’s sovereign debt escalates. Read more of this NAFCU Services Blog post.
  • Resource TypeInnovating the Shared Branching Interface with Foreign Exchange
    Despite the tough economy, credit union members are continuing to travel. Daily foreign currency exchanges are in the trillions of dollars. Taking advantage of this virtually untapped opportunity in the credit union industry, eZforex.com and FSCC (Financial Service Centers Cooperative) recently unveiled the first integrated foreign currency purchase platform connecting online foreign currency transaction data to the FSCC Shared Branching Network of over 6,500 credit unions.
  • Resource TypeThe Basics of Foreign Exchange (Webcast)
    Even in a challenging economy, millions of Americans, including your credit union members, are traveling the world 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. In this webcast, we review the basics of foreign exchange and the value it can bring to your credit union.
  • Resource TypeForeign Exchange Services for Credit Unions (Podcast)
    We all have members that travel, for work or for pleasure, and they often need to purchase foreign currency for their trips. On average, they will spend between $1,400 and $3,500 combined on these trips. Learn how your credit union can serve your members better with foreign exchange services.

News

  • Sessions Target Foreign Exchange, Insurance and Referrals (Credit Union Article) (October 1, 2012)
    "Credit unions make money by selling money", said eZforex CEO Evan Shelan. His company provides foreign currency for more than 2,500 credit unions and leverages technology to offer a Web-based interface and access through the CU Service Center shared branching network.
  • Making Strides Into Mobile Banking and Foreign Exchange (March 9, 2011)
    Credit Union Times - The nation's two nationwide shared branching networks took large strides into member service and mobile banking with two recent announcements. The first innovation allows even members of shared branching credit unions that don't have mobile banking to be able to access their CU accounts via text using a smartphone. The second innovation helps members of shared branching credit unions more easily and cheaply fill their needs for foreign currency when traveling internationally for business or pleasure.
  • Shared Branching Brings Easy Foreign Exchange Trading To CUs (February 28, 2011)

    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.

  • EZforex and NAFCU Services Offer Free Podcast on Income Opportunties in Foreign Exchange for Credit Unions (November 1, 2007)
    WASHINGTON — eZforex and NAFCU Services Corporation recently unveiled a free, educational podcast on opportunities in foreign exchange services for credit unions. The 14-minute podcast features an interview with Evan Shelan, CEO of eZforex.com, and discusses untapped demand for foreign currency and how credit unions can benefit from offering those services.

Contact eZforex.com, Inc.

Evan Shelan | 877-EZFOREX ext. 4090
www.ezforex.com
evan.shelan@ezforex.com