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eZforex.com, Inc.
Since 1994
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Today the typical corporate and leisure traveler prefers to pre-purchased their foreign currency not only because of security and safety, but also because of convenience and price.
It started with three quick back-to-back business trips to Europe in 1991.
While visiting Munich, London, Switzerland, and Rome exchanging
foreign currency was as common as cashing a check in a local bank
in the United States. From an individual's perspective, it was determined
that one needed to be a mathematician just to make certain that banks, airports,
hotels and currency exchange kiosks weren't charging outrageous commissions,
fees, and rates of exchange. Therefore, it was determined that we needed to provide a safe, secure, and seamless method of selling foreign currency in the United States.
Our vision was to create a simple, efficient, & productive method for the American consumer to buy foreign currency without paying exorbitant fees found in airports, hotels and currency exchange outlets found throughout the world. With the evolution of the Internet, we created a seamless method of exchanging foreign currency.
With the Euro's introduction of physical currency on January 1, 2002, timing was ever so
perfect for eZforex.com. After extensive research, we discovered that the demand shift for Americans to exchange money in the euro zone would drastically shift to the United States. In other words, old traditional ways of exchanging foreign currency would cost the consumer more for the following reasons:
1. The demand to exchange money in Germany for a traveler visiting France, is the same demand for a traveler in New York visiting California. There's no need to exchange money since travelers are able to use the same euros in Germany as France or any of the 12 euro zone countries.
2. It was determined that a typical bank's profit & loss statement in the Euro Zone was comprised of foreign exchange profits totaling up to 30% of the total banks bottom line. Now, since January 1, 2002, the same figure will shrink below 5%. So, how are banks in the Euro Zone positioned to make up the deficit of profits? A). Lay off masses of employees to cut costs, B). Raise foreign exchange rates and fees on typical small transactions, C). Raise credit card fees when consumers charge items on their revolving credit cards. In fact, some credit card companies announced 2 1/2 years ago such charges would exceed 4% and perhaps even greater today. D) Raise ATM fees. Yes, it's no longer the most economic method of purchasing foreign currency.
Welcome to the world of eZforex.com. The vision in 1991 was to be the largest retail foreign exchange company in the United States. We are now well on our way with over 1,200 affiliate locations throughout the United States and hundreds coming online in 2005 and 2006. Our affiliates include banks, credit unions and travel agencies.
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Traveler's Currency Converter |
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