When you send a few thousand dollars to a customer, friend or family overseas, the excessive FX fees and timeframe mean that the transaction is often stressful, painful and expensive. This pain point was the genesis of Co-Founder Andrew McGuire’s experience at his bank in Canada. When transferring money to the UK, he was faced with horrific foreign exchange rates and a ridiculous timeframe to complete a simple transaction.
Andrew collaborated with former colleague Iain Thomson to combine their years of experience in global financial markets and investment banking, from previous roles at Merrill Lynch and Royal Bank of Scotland, to simplify the FX process for individuals and small and midsize businesses.
The vision for Agility Forex was simple: remove the murkiness around international payments. By combining fintech innovation and applying it to traditional functions accessible via banks, Agility Forex offers users better pricing, cheaper transaction costs, time efficiency and access from anywhere.
When Agility Forex launched, there were limited options in the Canadian market (and internationally) for transferring money. On top of that, existing cross-border payment options were charging as much as five percent in fees. Agility Forex was founded with the goal of offering online services, excellent rates (that were better than the banks by a large margin) and to make it easier for people to transact. Open 24 hours a day with great prices, the company serviced Canada but wanted to expand even further with plans for global growth.
With the ultimate goal of making transfers within markets like Europe, Australia, New Zealand and across the APAC region, the company needed a solution that was cost efficient and easy to implement. Without strong capabilities to expand into other markets already in place, Agility Forex turned to Currencycloud to help build out its global ecosystem.
For Agility Forex, partnering with Currencycloud was the perfect solution. Together, the companies are able to offer global payments in a more cost effective and efficient way.
To build banking relationships in different territories is always a challenge – by collaborating with Currencycloud, Agility Forex was able to grow quicker and achieve a new geographic footprint and a new level of efficiency, almost overnight. Currencycloud has built a network that can pay into 212 countries via SWIFT and 30 countries via local-in country bank accounts. The partnership lets Agility provide a far more comprehensive solution to its customers.
In addition, payments and FX liquidity go hand in hand. When faced with a requirement to pay out in New Zealand Dollars, for example, Agility Forex generally doesn’t keep a great deal of this particular currency on hand. The partnership with Currencycloud has allowed for an opportunity to not only buy currencies at wholesale rates but also to make the payment concurrently.
Overall, simple integration has allowed Agility Forex to make better payments. Whether SMEs or large corporations, the ability to service each of these demographics has allowed Agility Forex to take the “gray” out of payments.