Oxigen USA, Inc. has partnered with Associated Foreign Exchange (AFEX) to provide US businesses transferring money to India with a service superior to what banks offer.

Most businesses in the US use their existing bank to transfer money internationally. Banks typically charge $35 to $45 per international wire plus a margin of up to two percent on their actual exchange rate.

“Businesses don’t realize the extent to which banks are exploiting them on international wires,” said Amir Alexander Hasson, Chief Happiness Officer of Oxigen USA. “Whereas we charge no transfer fees and offer a much more competitive FX rate that can save a business thousands of dollars annually.”

Oxigen and AFEX want to transform the business money transfer arena and envision non-bank transfers as the future of the market. Non-bank transactions have disrupted many sectors like the mortgage industry. According to the The Washington Post, non-bank lenders have seen their market share rise form 50 percent in 2011 to 80 percent in 2016. With the rise of many FinTech start-ups, a similar disruption can be expected across financial services, including remittances.

“Many businesses don’t even realize that they have a non-bank alternative to sending international wires,” said Laura McLoughlin, AFEX’s Partnership Director for the Americas. “And that’s why we’ve partnered with Oxigen, which has a strong brand for on-boarding customers in the India corridor.”

In addition to offering better value for businesses, the AFEX platform also offers faster processing and a range of FX tools for businesses including forward contracts, bulk transfers, and currency risk management solutions. These value-added services, combined with Oxigen’s complimentary services of corporate gifts and real-time payments to hundreds of Indian billers, create a “stickiness” that should maximize customer loyalty.

“We look at this market from the perspective of lifetime customer value,” said Hasson. “Oxigen seeks to deliver the kind of value that builds long-term relationships with customers and thereby drive large transaction volumes.”

Oxigen USA is the US subsidiary of Oxigen Services India Pvt. Ltd., India’s largest payment solutions provider and leading mobile wallet. AFEX is one of the largest non-bank global payment providers. AFEX prides itself on tailoring its payment and foreign exchange services to meet its clients’ needs. AFEX offers an API facility to simplify and automate your mass global payments. AFEX maintains offices across the Americas, EMEA and Asia Pacific.