USForex Rolls Out Global Currency Transfer App

July 28, 2015         By: Melanie Macinas

International money transfer provider USForex proudly launches the newest innovation in currency transfer apps—the Forex Money Transfer.

This fully transactional app allows consumers to send money using their mobile devices in 48 currencies worldwide while on the go.

The app complements the lifestyle of USForex’s customers, many of whom make regular currency transfers for several reasons including buying second homes, purchasing goods and services, paying mortgages and tuition, and family support.

Designed to be user-friendly and intuitive for money transfers, the all-in-one app gives users complete control over the payment process including international transfers and repeat payments.

Users can even review previous transactions and track current payments with the app, as well as check market exchange rates, view currency charts, set rate alerts and read daily market commentaries.

Forex Money Transfer also has a global, 24-hour customer support and live rate alerts for more than 48 currencies.

“In launching Forex Money Transfer, we’re seizing on the massive shift to mobile for the consumption of financial services,” commented Richard Kimber, CEO of USForex. “It’s a significant, new transaction channel for our current and future customers and offers additional scale to our business. Globally, mobile accounts for around 17% of all new registrations – with the launch of the app, we expect this figure to grow substantially.”

Forex Money Transfer is now available for download at Google Play and App Store for free.

Payment Week caught up with USFOREX to go deeper into their plans for the near future-

What technological advances have you made to put yourself above all other foreign exchange mobile apps?

USForex Inc (part of the OzForex Group) already operates one of the most advanced, low cost money transfer infrastructures in the market. Our app and site service combine proprietary technology with our wide reaching banking relationships to move money, often without the need for SWIFT, faster and for a lower costs than traditional banking or money transfer services. Customers can now make payments on their mobile device from anywhere in the world between 48 currencies, a service no other app can provide.

What is the demand for a service like this? Is it ultimately proprietary?

Our customer base is made up of Americans who interact with others on a global scale, a subset that continues to grow each year. Many of our clients are expats, property investors and companies transacting internationally. Last year alone, we moved over $12 billion USD. Given the mobile nature of our customers, we witnessed a 261% growth in mobile registrations; a staggering feat. Given the exponential rise in all things mobile, we expect 50% of our total transactions to happen via mobile in three years or less.

Who are the major players right now? The competitors, if any?

There are some companies making progress in our sector, however none have attained our scale of banking relationships in the US nor the compliance required to offer a full service across all platforms. Our customers come to us because they know we offer an unparalleled level of security on all transactions, which are available in more currencies than our competitors at a price point that’s difficult to match.

Who would this app best serve? What kind of consumer and demo?

This app best serves those looking to make a wire overseas for more than $1,000 at a time. Americans looking to retire abroad, move for a job opportunity overseas, pursue their education at a foreign university, or buy that dream home in the south of France are all regular customers of ours.

How are you ensuring the best possible exchange rates for your users?

We strive to offer the most cost effective transfer method by utilizing our state-of-the-art technology that we’ve constantly upgraded since starting in 1998. Our rates update with the market to ensure we stay competitive on all levels of the payment spectrum.