Currency Exchange International

Last updated
Currency Exchange International, Corp
Type Public company
Industry Financial services
Founded1998 (1998)
Headquarters,
United States
Products Foreign Currency Exchange
Number of employees
200 +
Subsidiaries
Website www.ceifx.com

Currency Exchange International (CXI) is a foreign currency exchange company in the United States.

Contents

The company provides wholesale services for financial institutions and other foreign currency exchange companies as well as retail services at branch locations. The company's products and services include the exchange of foreign currencies; wire transfer payments; purchase and sale of foreign bank drafts and international traveler's cheques; and foreign cheque clearing. It also provides related products and services, such as the license of proprietary FX software applications delivered on CEIFX. [1]

The company is primarily a business-to-business wholesale provider of foreign exchange services to U.S. and Canadian financial institutions and Money Services businesses. The company is based out of Orlando, Florida with its subsidiary Currency Exchange International of Canada Corp based in Toronto, Ontario. CXI is publicly traded company on the Toronto Stock Exchange with the ticker symbol TSX:CXI. [2]

History

Randolph W Pinna was the president and CEO at Foreign Currency Exchange Bank of Ireland Group until 2007. [3] In 2007, Randolph became president and CEO of Currency Exchange International, Corp. Wells Fargo purchased Foreign Currency Exchange Corp from Bank of Ireland Group in 2011. [4]

Application For Schedule 1 Bank in Canada - Exchange Bank of Canada

In October 2012, CXI applied to the Minister of Finance in Canada for letters patent continuing its wholly owned subsidiary, Currency Exchange International of Canada Corp. as a bank under Canada's Bank Act. The subsidiary would carry on business in Canada under the name of Exchange Bank of Canada in English and Banque de change du Canada in French, and its head office would be located in Toronto. [5]

As a bank, it is looking to provide a range of foreign currency and related products and services to banks, in the form of a "Banker's Bank". [6]

In September 2016, Currency Exchange International of Canada Corp. was given the order to commence and carry on business as Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, and is now operating as a Canadian Schedule 1 bank. [7] The order to continue as a federally regulated financial institution is made by Canada's Superintendent of Financial Institutions (OSFI) after the Letters Patent are issued by the Minister of Finance. [8]

Related Research Articles

<span class="mw-page-title-main">Toronto Stock Exchange</span> Stock exchange in Canada

The Toronto Stock Exchange is a stock exchange located in Toronto, Ontario, Canada. It is the 11th largest exchange in the world and the third largest in North America based on market capitalization. Based in the EY Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities.

<span class="mw-page-title-main">TMX Group</span> Canadian financial services company

tmx-moneyGroup Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community.

<span class="mw-page-title-main">Toronto-Dominion Bank</span> Canadian bank and financial services corporation

Toronto-Dominion Bank, doing business as TD Bank Group, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869; respectively. It is one of two Big Five banks of Canada founded in Toronto, the other being the Canadian Imperial Bank of Commerce. The TD Bank SWIFT code is TDOMCATTTOR and the TD institution number is 004.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services provided by the finance industry, which together encompass a broad range of service sector firms that provide financial management, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.

<span class="mw-page-title-main">National Bank of Canada</span> Commercial bank in Canada

The National Bank of Canada is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins credit union. National Bank's Institution Number is 006 and its SWIFT code is BNDCCAMMINT.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

<span class="mw-page-title-main">Traveller's cheque</span> Medium of exchange that can be used in place of hard currency

A traveller's cheque is a medium of exchange that can be used in place of hard currency. They can be denominated in one of a number of major world currencies and are preprinted, fixed-amount cheques designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.

The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:

Barclays Bank has operated as a retail and commercial bank in Canada from 1929 to 1956, from 1979 to 1996, and most recently from 2010.

<span class="mw-page-title-main">Banking in Canada</span> Overview of banking in Canada

Banking in Canada is one of Canada's most important industries with several banks being among its largest and most profitable companies.

<span class="mw-page-title-main">Keytrade Bank</span> Financial services company based in Belgium

Keytrade Bank is a financial services company based in Belgium with a subsidiary in Luxembourg.

<span class="mw-page-title-main">ING Vysya Bank</span> Indian bank

ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

<span class="mw-page-title-main">SBI Group</span> Parent company of the SBI group (Japanese financial conglomerate)

SBI Holdings, also known as Strategic Business Innovator Group, is a financial services company group based in Tokyo, Japan. SBI Holdings serves as the primary holding company for various businesses and subsidiaries within the group. Its diversified portfolio encompasses a broad spectrum of financial services, including securities, asset management, banking, and insurance, leading to the establishment of an internet-centric financial conglomerate. Additionally, the conglomerate maintains a business segment focused on biotechnology, which engages in the development of cosmetics, health foods, and pharmaceuticals. The SBI Graduate School is also operated under the group's umbrella. SBI Holdings' shares are traded on the first sections of both the Tokyo Stock Exchange and the Osaka Securities Exchange.

LCH is a British clearing house group that serves major international exchanges, as well as a range of OTC markets. The LCH Group consists of two subsidiaries: LCH Ltd and LCH SA. Based on 2012 figures, LCH cleared approximately 50% of the global interest rate swap market, and was the second largest clearer of bonds and repos in the world, providing services across 13 government debt markets. In addition, LCH clears a broad range of asset classes including: commodities, securities, exchange traded derivatives, credit default swaps, energy contracts, freight derivatives, interest rate swaps, foreign exchange and Euro and Sterling denominated bonds and repos.

Travelex is a foreign exchange company founded by Lloyd Dorfman and headquartered in Peterborough. Its main businesses are foreign currency exchange, issuing prepaid credit cards for use by travellers, supplying central banks with foreign currency and global remittance. Travelex operates more than 1,100 stores and 900 ATMs in over 20 countries.

Monex Europe is a UK-based foreign exchange company that provides currency exchange and international payments to corporate and institutional clients.

Equitable Bank is a Canadian bank which primarily provides residential and commercial real estate lending services, as well as personal banking through its direct banking brand EQ Bank. The bank was founded in 1970 as The Equitable Trust Company and became a Schedule I Bank offering savings products in 2013. As of 2022, it is Canada's seventh largest bank, with nearly $103 billion in assets under management. As of February 2023, the bank had over $31 billion in deposits. Equitable Bank is a member of the Canada Deposit Insurance Corporation.

Exchange Bank of Canada is a Schedule 1 domestic bank in Canada. EBC is a subsidiary of Currency Exchange International and specializes in wholesale foreign exchange solutions to financial institutions and businesses.

Goodfood Market Corp., doing business as Goodfood, is a Canadian online grocery, home meal and meal kit company, based in Montreal, Quebec. Goodfood reached 200,000 subscribers as of August 2019, an estimated 40% to 45% of the meal kit market. It is listed on the Toronto Stock Exchange under the ticker FOOD.

<span class="mw-page-title-main">VIVO Cannabis</span> Canadian licensed cannabis producer

VIVO Cannabis Inc(formerly ABcann Global) is a Canadian licensed cannabis producer, headquartered in Napanee, Ontario. Prior to being acquired by MediPharm Labs Corp., VIVO traded on the Toronto Stock Exchange as VIVO.

References

  1. "Currency Exchange International - Business Week". Business Week. Bloomberg Business Week. Archived from the original on February 11, 2014.
  2. "Stock Market Quotes". Toronto Stock Exchange. TSX.
  3. "Executive Profile & Biography". Business Week. Bloomberg Business Week.[ dead link ]
  4. "Wells Fargo to buy Bank of Ireland's Forex Unit". Business Journal. American City Business Journal.
  5. "Canada Gazette - Archived". Canada Gazette.
  6. "Market Call Top Picks". Business News Network. Archived from the original on 2014-05-27.
  7. "New Banks In Canada Look to Target Niche Markets". The Globe and Mail. Phillip Crawley. September 25, 2016. Retrieved 27 September 2016.
  8. "Guide for Incorporating Banks and Federally Regulated Trust and Loan Companies". Office of the Superintendent of Financial Institutions. 5 December 2012.