Interchange Financial Corporation

Interchange Financial Corporation

January 14, 2014 10:35 ET

Canadians Respond to Currency Decline by Finding Innovative Alternative to Banks

Interchange Financial Corporation Continues to Attract New Clients with Market-Leading Rates on its Foreign Exchange Services

TORONTO, ONTARIO--(Marketwired - Jan. 14, 2014) - Interchange Financial Corporation, a leading Canadian currency exchange company, announced that it is has experienced a 30% increase in weekly transaction volumes in the first two weeks of 2014. The company stated that the volume increase was almost entirely attributable to new client activity within its ICS Service offering.

Launched by Interchange Financial in February of 2012, ICS Service enables clients to securely and conveniently convert funds at market-leading exchange rates that are otherwise generally available only to large institutional investors. The service is designed to enable conversions of between 5,000 CAD and 2,000,000 CAD between bank accounts in different currencies held at Canadian banks. The company has previously stated that it views ICS Service as part of its ongoing effort to bring innovation to a segment of the market previously characterized by significant pricing inefficiencies.

"The recent volatility in the value of the Canadian Dollar has highlighted the impact of exchange rates on all sorts of economic activities," said Soheil Karkhanechi, Vice President of Strategic Development at Interchange Financial. "We are finding that both individual and corporate clients are increasingly aware of the importance of finding a reliable foreign exchange service provider that can deliver both forex expertise and competitive exchange rates. The increased interest in our ICS Service is a direct consequence of clients seeking better alternatives to the large fees that are implicit in uncompetitive exchange rates offered by banks."

About Interchange Financial Corporation

Interchange Financial Corporation (IFC) is a leading Canadian foreign currency exchange company striving to deliver the full suite of innovative foreign exchange solutions to its corporate and individual clients. For more information, please visit or @InterchangeFin.

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