A recent study from Payments Canada reveals that one in five Canadians sent money internationally in the last 12 months, an increase of 33 per cent since 2022. Whether it’s owning property overseas, supporting family, paying for tuition, or international travel, there are many reasons why the demand for cost-effective, secure and efficient money transfers is expected to rise.
However, when making cross-border transactions, Canadians are dealing with several pain points, including cost, amount limits, exchange rate uncertainty and how long it takes for the money to arrive in the account. In response, credit unions have an opportunity to address this growing need by leveraging International Transfers—a secure and reliable solution for members to move money globally.
Understanding International Transfers
Central 1’s International Transfers is a low-cost, foreign exchange solution seamlessly integrated into credit unions’ online banking platforms. Additionally, you can benefit from competitive currency pricing, typically reserved for large corporations, offering rates often better than banks at a remarkably low transaction cost.
International Transfers also stands as a better solution compared to traditional wire transfers and bank drafts, offering significantly shorter settlement time: next day transfer in North America and global transfers within two business days. With no implementation fees and a simple setup, credit unions can easily deploy this solution to enhance members’ global money transfer experience while reinforcing competitiveness in the market.
The advantage of choosing International Transfers
- New revenue generation: Margin compression and rising costs underscore the importance of exploring non-interest income avenues. International Transfers is one of these new sources of revenue for credit unions, offering an opportunity to alleviate these pressures.
- Competitive value: Credit unions can apply spreads to International Transfers foreign exchange (FX) rates, either as flat rates or tiered based on transaction amounts. Offering competitive FX spreads, credit unions can become top choices for transfers, effectively competing with banks and other payments providers.
- Resource optimization: Online transfers reduce the need for member in-branch visits, freeing up staff to focus on delivering member service to those that need support.
Benefits to credit unions’ members
- Online transfers anytime, anywhere: Your members can make online transfers 24/7.
- Advanced security: Member funds are protected by advanced encryption standards, integrated automated identity verification and anti-money laundering procedures.
- Guaranteed transfer amounts: No hidden fees and deductions. Our transparent pricing ensures that what your member sends is exactly what will be received.
Interested in International Transfers? Learn more about the features and benefits of International Transfers for your credit union.
Ready to get started? Contact us at Relationshipmanagement@central1.com.
