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NZ& Australia leading US in online FX transactions

Published: Wed 9 Nov 2005 09:24 AM
New Zealand & Australia leading US in on-line FX transactions says Custom House
AUCKLAND, Nov. 8 /CNW-AsiaNet/ --
"Local companies are going online faster than in the US to carry out increasingly large numbers of cross-border business transactions," says Fraser Jeffries, Vice President Asia Pacific for Custom House Global Foreign Exchange.
"We're seeing a dramatic increase to as much as 80% in our online transactions," says Jeffries. "That's versus a traditional 25% in the industry for online foreign exchange. The increase is so pronounced that Custom House is moving into larger premises and more than doubling our staff."
Custom House has operations throughout North America, Australia, New Zealand, Singapore, the UK and Europe. "We know from our statistics in the US that New Zealand and Australia are leaders in adopting our Vista online trading platform," says Jeffries.
"Vista provides enormous efficiencies for companies that do a large number of cross-border transactions," said Jeffries. "What used to take a couple of days now takes a couple of minutes."
Custom House has a regional head office in Auckland that serves the North and South Islands of New Zealand and the company's operations throughout Australia and in Singapore. The Asia Pacific region represents approximately $2.5 billion or one quarter of the company's business.
Custom House Global Foreign Exchange handles more than US $10 billion in transactions annually for 45,000 clients in Australia, Canada, Italy, New Zealand, Singapore, the United Kingdom and the United States. The company recently opened its 83rd international branch in Singapore. Custom House provides currency exchange solutions to pay foreign invoices and exchange foreign receivables. The company offers foreign exchange currency drafts, international wires, forward contracts, a foreign exchange rate watch service, world market updates and transactions through its online platform for importers, exporters and financial institutions.
Custom House's Web site is www.customhouse.com. Now you're Playing with the Big Boys.
'CUSTOM HOUSE IS A PROUD SPONSOR OF CANADA'S NATIONAL RUGBY TEAMS AND A PREMIER PARTNER OF THE PGA TOUR.'
SOURCE: Custom House Global Foreign Exchange
ENDS

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