CurrencyFair to buy Convoy Payments for Asia advance
Ireland’s CurrencyFair will acquire Hong Kong-based Convoy Payments as part of a €20 million investment plan.
Specific financial details about the acquisition were not disclosed. However, according to CurrencyFair, once it receives regulatory approval for the purchase, it will be able to expand its services into Asian markets, starting with the launch of the Chinese currency, Renminbi (RMB).
In addition, it plans to roll out a number of product enhancements. These include new deposit methods and the launch of the Indian Rupee.
CurrencyFair was founded in 2009 and offers its services to expats, overseas home-owners, and SMEs.
The firm says it helps customer access the real exchange rate, while charging a “small” margin on each transaction.
While this charge varies depending on which currencies are being exchanged, the average margin is around 0.45% of the overall trade. In addition, there is a fee of €3 when transferring money out of an account.