GAIN Capital Holdings, Inc. (NYSE: GCAP) today announced the launch of a new money transfer service on its website forex.com, which is the FX brand of the company.
Using this service, individuals and businesses will be able to transfer money in 26 currencies across 200 countries in a quick and efficient manner. The announcement also states that the transfer and exchange rates will be highly competitive which should encourage even clients who transfer small amounts of money on a frequent basis to use this service.
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It is a natural extension for FX brokers to enter the money transfer business, as they can use their inbuilt liquidity to hedge the payments, which would in turn be helpful in cutting down transfer charges and providing tight rates, something which cannot be done by banks or other money transfer service providers.
Glenn Stevens, CEO of Gain Capital, said: “The international money transfer service is a natural extension for FOREX.com, a global market leader in retail foreign exchange trading servicing customers in over 180 countries. We’ve leveraged our nearly two decades of experience in FX to bring a fast, reliable and cost-effective cross-border payments solution to the market. As a highly trusted name in foreign exchange, we offer our customers peace of mind that their transactions will be handled safely and securely.”
The service will be available only to UK residents initially, and they will able to transfer funds to Europe within 24 hours and to regions outside Europe within 24-48 hours. The service is available via desktop, tablet and mobile device and will be expanded to other European countries in the coming months.