Currency Exchange International

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

Currency Exchange International, Corp
TypePublic company
IndustryFinancial services
Founded1998 (1998)
Headquarters
Orlando, Florida
,
United States
ProductsForeign Currency Exchange
Number of employees
200 +
Subsidiaries
Websitewww.ceifx.com

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]

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.
  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.
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