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KlickEx launches a cheaper way to exchange currencies

KlickEx launches a cheaper way to exchange currencies

New Service Targets High Costs of Pacific Island Remittance

Auckland, 16 December 2010 - A new website, KlickEx.com, has been launched which lets people and businesses exchange foreign currencies with each other, without costly transfer fees. The service is aimed at people wanting to send money to family, friends and business partners overseas, initially focusing on New Zealand, Australia, Samoa and Tonga.

Users bid the rate they want to exchange their currency at. Once an exchange occurs the money is instantly available in the other country, without the delay of waiting for banks to transfer funds. The currency exchanges are fast, simple to use, secure and only cleared funds are used.

There are no transfer fees for exchanging money using KlickEx, and no minimum amount. Deposits to bank accounts cost 25 cents each time. Exchanges can be made on the KlickEx.com website and from iPhone and Android smartphones. Standard mobile phones can be used for transfer and account balances, as well as payments in the same currency.

Initially, New Zealand, Australian, Tongan and Samoan currencies can be traded on KlickEx.com. US Dollars, British Pounds, the Euro, and others are scheduled for 2011.

A recent Pacific Islands Forum report found that around US$470 million was remitted to Forum countries in 2008, mostly from Australia, New Zealand and the United States.

However, the Forum says the cost of remitting to Pacific Islands is unacceptably well above the global average.

On average, 21 per cent of money remitted from Australia to the islands goes on fees and commissions, and 15 per cent of money sent from New Zealand. It is estimated that remitters to the Pacific pay at least US$90 million in remittance fees and commissions each year.

KlickEx’s CEO Ross Peat says “KlickEx’s online system revolutionises currency exchange. It’s efficient and easy, and anyone can use KlickEx online from their own PC or smartphone.

“We expect KlickEx will make a big difference to the Pacific Islands remittance markets, where individual payments are often small and get eaten away by large fees and commissions. We hope with our system that more money goes to the family, friends, and communities it was intended for.”

“Because KlickEx ensures only customers with cleared funds can enter the market, the system is safe and secure. With no transfer fees, smaller amounts like $20 or $50 can readily be exchanged backwards and forwards between countries at very little cost.

In addition to standard regulatory filing and compliance in each country, KlickEx has already been listed on www.SendMoneyPacific.org, an AusAid and NZAid initiative to improve financial awareness of the remittance costs amongst Pacific Island communities.

The latest online security measures are used to protect users’ accounts and privacy. KlickEx's system is based on a proven trading system, which has completed over 17 million trades since 2002.

KlickEx was established in 2009 by Brett Waterson, Robert Bell and former Microsoft New Zealand Managing Director Ross Peat. Phil Norman, Chairman of NZX stock-exchange listed accounting internet company Xero, and Terry Allen, former Microsoft New Zealand executive, joined the company as Directors earlier in 2010. The company is based at the ICEHOUSE business incubator in Auckland.

ENDS

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