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Foreign exchange specialist, MTFX, is taking a bold stand against high international bank transfer fees, positioning itself as a top contender for cost-effective money transfers from Canada to other countries. By focusing exclusively on international payments through a digital platform, MTFX leverages economies of scale to operate on minimal margins, offering customers the benefits of lower transfer fees and highly competitive exchange rates. Compared to traditional banks, MTFX's rates are generally 3-5% lower.
"We live in an increasingly global world, and now more than ever, individuals and businesses are looking for a cheaper way to send money abroad,"
- outlines Sabrina Savji, VP of MTFX
"It used to be that banks were the only main players in the market. So, they took liberties to charge the highest prices. Banks are still the most expensive remittance providers, but at least our customers can now bypass the exchange rate markups and hidden charges."
With over 25 years of experience in the international money transfer market, MTFX is one of the leading providers of foreign exchange services and global payment solutions. Remittance companies like this one set themselves apart from banks by offering attractive foreign exchange costs and value-added services. A Canadian company headquartered in Ontario, MTFX also provides its customers with innovative tools like forward contracts to further decrease expenses.
A comparative analysis reveals that customers transferring CAD $30,000 to USD can save hundreds of dollars by choosing MTFX over a bank. The company's transparent pricing and dependable services have earned the trust of its clientele. The proprietary technology that MTFX uses simplifies the process of reducing costs, catering to the growing number of tech-savvy Canadians who prefer electronic remittances. As part of its commitment to make international money transfers more affordable, efficient, and reliable for Canadians, this strategy aligns with the Government of Canada's international money transfer strategy.
"We differentiate ourselves from banks through low, transparent fees and mid-market exchange rates, which are very attractive to our customers. MTFX is not only competing on price with banks, but we are also competing on value. It’s a good feeling to win on both counts,"
- comments the FX specialist of MTFX, Michael S. Watt.
As MTFX continues to disrupt the market with its digital platform and customer-centric approach, it demonstrates the potential for a more affordable and efficient future for international money transfers. The company's commitment to transparency, innovation, and cost reduction not only benefits its clients but also supports the Canadian government's objectives, ensuring safer and more reliable cross-border financial transactions.
