For more than 10,000 Canadian exporters, international foreign exchange costs have just become significantly cheaper.
Agility Forex and Canadian Manufacturers & Exporters Industry Benefits Program have announced a partnership to enable the CME member companies to manage their currency risk and make inexpensive international payments.
“The decision to conduct business in foreign markets is becoming a natural extension of every Canadian manufacturer,” says CME President and CEO Jayson Myers. “A cost of doing business as a Canadian exporter include transacting in foreign currency, so a partnership with Canada’s most innovative foreign exchange partner, Agility Forex, is natural.”
The CME is a trade association representing over 10,000 businesses nationwide, of which 85 per cent are small- and medium-sized enterprises. The Vancouver-based digital payments platform, founded in 2013, provides a streamlined payments experience in addition to its low-cost model, with the user needing only two clicks to execute a transaction.
“The client experience on our platform is the driving force behind what we deliver. We listen. We act. It’s all about being time and cost efficient,” said Agility Forex CEO Andrew McGuire. “We’re passionate about providing our clients with the best service and the best rates.”
The motivation for Agility Forex is to help businesses manage their currency exchange risk and make international payments quickly and securely. The opportunity came from the fact that banks charge significant fees, commissions, and margins on exchange rates.
McGuire said, “Our minimum (transaction) amount is $3,000, and we’ve done transactions in excess of three million. It’s a real wide range. But we find that these transactions of forty to fifty thousand dollars, it’s a part of the market that the banks don’t focus on that much, so the banks aren’t very aggressive in the prices that they give to customers. This is where we feel we can make a real difference.”
One of the CME’s stated goals is to save money for its member companies through its Benefits Program, and by having Agility Forex as an endorsed partner, companies can take advantage of the fact that no fees or commissions will be charged, and that they are getting highly competitive rates, as Agility has direct feeds from the interbank market, bypassing banks altogether.
Agility Forex’s array of services include international payments, forwards, options, limit orders, stop loss orders, and market information and analysis.