In The News

Central 1 goes global with new ‘International Transfers’ product, simplifying cross-border transactions for Canadians

A leading digital solution, International Transfers enables Canadians to easily, seamlessly move money cross border, 24/7 through their credit union

VANCOUVER, BC, September 11, 2019 – Central 1 today announced the nationwide launch of its newest product, ‘International Transfers’—a made-in-Canada solution for Central 1 clients that gives Canada’s credit union members the ability to move money cross-border any day, at any time.

Until today’s launch, the choice for Canadians has been limited to bank offerings that are time-consuming, restrictive and cost-prohibitive – with poor exchange rates, high fees and costly transfer delays. The launch of International Transfers has the potential to immediately impact four million Canadians, and arms credit unions with a competitive advantage—enabling seamless cross-border, multi-currency payments that few large financial institutions offer in Canada.

“Canadians are increasing thinking globally and so is Central 1. Using proprietary technology developed by our strategic partners, Agility Forex, dba. AFL International Transfers – the International Transfers product has transformed the way that Canadians are able to move funds through a simple, digital-first product,” said Brian Raine, Product Owner and VP, Treasury of Central 1.

Stacked against the competition that charges on average $25 per transfer, the new service provides credit unions with a zero-dollar base cost for transfers above $500 CAD, a low fee of $2.50 for lower transfers, and no transfer limits.

Globally, this product puts Central 1 clients step-in-step with the $900 billion global business, with Canada’s credit unions accounting for $18.2 billion in global transactions in 2018 alone. This number continues to grow and with that Central 1 has recognized the need for a convenient, cost- and time-efficient, and competitive product – whether for travel, education, employment or buying a holiday home.

Canadian credit unions, like Sunshine Coast Credit Union and Khalsa Credit Union, welcome the product that is set to transform the way their members move money internationally.

“International Transfers will empower our members to make streamlined international transfers 24/7 through our trusted online banking platform. As a member-focused organization, we are committed to providing innovative solutions to our members,” said Shelley McDade, CEO of Sunshine Coast Credit Union.

Hardeep Bains, COO of Khalsa Credit Union said, “Many of our members are newcomers to Canada and need to send money back home, which usually requires a visit to a branch. Being able to send funds from the convenience of your home through International Transfers is a game changer.”

Product advantages include:

  • 24/7 access through online banking
  • Access to extremely competitive live exchange rates
  • Low transaction fees to move funds internationally – $2.50 standard fee, with a $0 fee for transfers exceeding $500
  • No limit to the amount sent
  • Next day settlement in North America, and within just two days internationally
  • Dedicated support through online chat, email, and phone
  • Cost-free implementation – no set-up costs, no licensing fee, and no operational costs

Get started with International Transfers

Are you a credit union ready to get started with International Transfers? Find out more today and book a chat with one of our experts.

About Central 1

Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. With $17.26 billion in assets, we leverage our scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions, enhancing the financial well-being of more than five million Canadians. For more information, visit central1.com

About AFL International Transfers

Central 1’s strategic partnership with Canadian fintech company, Agility Forex, dba. AFL International Transfers, gives credit unions access to a proven solution for online international transfers. Established in 2014, AFL International Transfers offers an innovative foreign exchange software platform and business model.

Contacts

Sarah Roberts
Central 1 Credit Union
T 604.714.6722
C 788 513 2948
E sroberts@central1.com