As with our other services
New York, NY, Toronto, Canada, Zurich, Switzerland and Singapore (PRWEB) July 11, 2008
OANDA Corporation, widely recognized as an innovator of efficient online currency services, has introduced FXGlobalTransfer, a wire service that sets new standards for low cost, transparency, and effective cash management in cross-border funds transfer.
Designed to serve the needs of businesses as well as individuals, FXGlobalTransfer combines currency exchange and transfer online at rates far below what banks and other funds-transfer agents offer. For nine major currencies OANDA uses live, near-Interbank rates usually available only to professional currency traders. Fifteen additional currencies--also quoted in real time--are available for transfer at competitive rates.
Instead of inflating exchange rates to cover excessive trading spreads and operating costs, OANDA provides its new service for a flat fee. Customers see their live exchange rate and their total cost before they send the funds; there are no hidden charges or add-ons; and online record-keeping simplifies cash-flow management.
FXGlobalTransfer is the latest in a series of product and service innovations OANDA has brought to the currency marketplace. Their strategy is to automate processing and trading to reduce costs, remove the middleman from a transaction-intensive business, and eliminate commissions to salespeople and traders. The transparent pricing model benefits businesses with foreign operations, businesses engaged in import/export, expatriates, and individuals that need to make larger international fund transfers.
"As with our other services," explained CEO Michael Stumm, "we analyzed the global-payments business and found common practices and blatant inefficiencies that penalized the customer. People who transfer funds usually don't know the difference between a competitive exchange rate and an artificially inflated one; transfer agents routinely exploit this ignorance by charging rates that are at times outrageous. To get anything like a reasonable deal, customers have to go out of their way to research exchange rates and then haggle over the quote they're offered."
By removing uncertainty and keeping costs to a minimum, this new service will continue the OANDA tradition of changing the way currency transactions are done.
To compare exchange rates and see how OANDA FXGlobalTransfer works--often delivering international payments within one business day--go to fxglobaltransfer.oanda.com.
OANDA started in 1995 as the first online provider of comprehensive currency-exchange information. Since then the "OANDA Rate"® has become the touchstone for corporations, tax authorities, auditing firms and even central banks. Today more than 85,000 organizations worldwide--including many Fortune 500 companies--rely on us, making OANDA Rates available internally and on their Web sites through our ASP services.
In 2001 OANDA launched FXTrade, one of the first fully automated online currency-trading platforms. FXTrade was the first platform to offer immediate execution, support trades and accounts of any size, enable true 24/7 trading, and the first to offer second-by-second interest--eliminating the rollover swap.
Since 2001 we have steadily engineered enhancements to FXTrade to make currency transactions more efficient, more transparent, and more useful to a broader range of currency investors and traders. In 2007 we introduced FXManager, an allocation- and investment-management service designed for brokers and other fiduciaries responsible for client funds. Already in 2008--in addition to FXGlobalTransfer--we have rolled out FXTrade InfoCenter, which provides forex reference information (FXPedia), historical economic data (FXEconoStats) and news free of charge.
Our trading volume speaks to the success of the OANDA way: in 2007 we executed on average more than 400,000 forex transactions a day--a total of 92 million for the year. This is significantly more than the volume typically handled through EBS or any one of the three leading banks who trade forex.
Learn more about how OANDA services can improve the way you do business: http://www.oanda.com.
OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).