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Embedded finance orchestration fintech Zai launches money transfer service in US

Source: Zai

Zai, the global financial technology company delivering embedded finance orchestration solutions, today announced the launch of its CurrencyFair personal money transfer service in all 50 states in the USA. Consumers in the USA can now use CurrencyFair to exchange and transfer money internationally with rates eight times cheaper than traditional banks, without delay and with no hidden fees.

Individuals sending money abroad can save money on their currency exchange - or save on exchange rates when buying overseas property, paying overseas tax, paying international student fees and receiving overseas pensions - CurrencyFair offers competitive rates, fast reliable transfers, and excellent customer service. The service is fully licensed and regulated, and has securely transferred over $15 billion globally. US consumers can send money to more than 150 countries with bank-level security, but without bank-level rates.

Paul Byrne, CEO of Zai said: “Since we launched the Zai brand internationally towards the end of last year, a key focus for us has been global growth and introducing our evolving product offering into new markets - all while keeping our customer-centric, problem-solving approach at the heart of everything we do. The launch of our CurrencyFair personal money transfer service in the US is a natural step for us on this journey, allowing all US-based consumers - and in particular expats living in the States - to securely send money to over 150 countries and counting.

“The USA’s $2 trillion revenue market for payments presents a significant opportunity for us as Zai continues to grow and develop its product offering. We are expanding our services in the US over the coming year, supporting both consumers and businesses by simplifying payments and making innovative financial services accessible to all.”

Launched in Ireland in 2010, the CurrencyFair brand has expanded internationally offering more than 20 currencies in well-established currency corridors - including GBP, Euro, Canadian, Australian, Singapore and Hong Kong Dollars from the US - for international payments. CurrencyFair will increase its offering to 40+ currencies this year, including the Mexican Peso, Brazilian Real, Argentine Peso, Japanese Yen, Malaysian Ringgit, Pakistani Rupee and Sri Lankan Rupee.

CurrencyFair sits under the umbrella of Zai, a global provider of embedded finance orchestration. Zai supports businesses across a wide range of industries internationally - from fintechs to property technology companies - in simplifying, streamlining and scaling complex payment workflows. This latest US launch is part of a significant global expansion for the company following strategic investment by Standard Chartered Bank in 2021; Zai has over 300 employees currently, with plans to grow to 450 by 2025, and is expanding its presence across APAC, UK, USA and the Middle-East in the coming year.

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