US forex brokerage Gain Capital Holdings (NYSE:GCAP) announced on Wednesday it has launched an international service for money transfers, ForeignExchange.com. The website is initially available in beta version in the UK.
The service is currently offered to retail clients, but is scheduled to be open for businesses in January 2017. Users can open accounts and trade currencies, as well as deliver money to more than 200 countries.
The holding company announced earlier this year its intentions to launch a money transfer service, but the launched was later than the planned.
A key characteristic of ForeighExchange, on which Gain Capital emphasizes, is that it is significantly cheaper and easier to use than most other such services. The website allows users to make significant savings on international money transfers. It charges no transfer fees, and features highly competitive exchange rates, allowing for the saving of up to 80% when compared to prices typically offered by banks, according to the Gain Capital statement.
“By leveraging GAIN Capital’s deep experience in the global foreign exchange market and our cutting edge technology, ForeignExchange.com is able to offer highly competitive pricing along with a quick and easy to use service that will deliver real value to customers,” said Emmanuelle Johaadien, COO at ForeignExchange.com.
ForeignExchange.com accepts deposits in three currencies – British Pound (GBP), Euro (EUR) or US Dollar (USD). In addition, clients can receive or purchase 23 different currencies – Australian Dollars, British Pounds, Canadian Dollars, Czech Koruna, Danish Krone, Emirati Dirhams, Hungarian Forint, Hong Kong Dollars, Euros, Israeli Shekel, Japanese Yen, Mexican Pesos, New Zealand Dollars, Norwegian Krone, Polish Zloty, Romanian New Leu, Singaporean Dollars, South African Rand, Swedish Krone, Swiss Francs, Thai Baht, Turkish Liras, and US Dollars.
The service offers expedited transfers, with all transfers above £5,000 automatically expedited for no additional fee.
ForeignExchange.com is operated by GAIN Capital Payments Ltd., a UK-registered entity set up specifically for the purpose. The company is licensed by the UK Financial Conduct Authority (FCA) to carry out payment services. According to the FCA’s financial services register, the company was obtained authorization in October 2015 and registered the ForeignExchange.com brand in April 2016.
Gain Capital operates under the trading brands Forex.com and City Index for retail clients and GTX and Gain Capital for institutional operations. It offers trading in forex, commodities, bonds, indices, and global equities, among others. It is active in North America, Europe and the Asia Pacific regions.