OANDA, an online forex trading company established in Canada in 1996, has made possible for clients in Germany to use their new cross-border money transfer solution.
The expansion of their operation in Germany is enabled through OANDA’s partnership with Western Union, the global payment service provider.
Benefits for both sides
OANDA Money Transfer, which has already launched in US, Canada, Australia and the UK, allows customers to efficiently set up an account, and send money in over 130 currencies and to 170 countries and territories.
“The decision to launch OANDA Money Transfer in Germany was a natural choice, because millions of local consumers already rely on our currency converter to provide accurate foreign exchange rate information. Now, thanks to our alliance with Western Union, consumers and companies in Germany can easily utilise our competitive money transfer solution with the knowledge that they are working with two of the most trusted financial institutions in the industry,” said Vatsa Narasimha, OANDA’s Chief Executive Officer.
“This is an exciting alliance and a growth opportunity for Western Union in Germany. We want to serve the customer in the best way possible and we will work with our partners to meet their needs,” said Jean-Claude Farah, Western Union’s President, Global Payments.
The application provides 24/7 access to real-time rates for personal and business FX transactions. In addition, it can be configured to alert users as to when preferred rates are being offered.
Founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, OANDA is one of the first brokers to appear in the forex market. They were the first company to make comprehensive currency exchange information available over the Internet.
Since their establishment, they grew to become a leading corporation with offices in 8 major financial centers, clients in ovr 196 countries, and membership with 6 major regulators.
With features such as real time pricing and no minimum deposit requirement and trade sizes, it is understandable why OANDA is so popular among many traders.