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    Spain’s CaixaBank Launches Currency Exchange Service FXNow in Morocco

    The new service allows CaixaBank customers in Morocco to complete online currency exchanges for free.

    07 Jun 2022

    Rabat - The Spanish CaixaBank recently launched its FXNow service in Morocco, making it the only Spanish bank operating international transfers that combine e-banking and online exchange rate management.

    FXNow enables users to choose which currencies they want to buy and sell as well as complete the transaction online.

    It also provides visualization of currency evolution in addition to recet and relevant information on currency markets to assist customers in making informed decisions for their currency exchanges without intermediaries.

    The e-platform further provides customer support services to guide the CaixaBank users through their transactions.

    As it enters the Moroccan market, the e-platform has committed to adapt to different regulations and currencies, CaixaBank said on June 1 in a press release.

    However, the bank noted that the service is expected to maintain “its usability, with an intuitive and comfortable interface; its agility, which allows operations to be executed with just two clicks; and its ease in contracting, which allows the signing of documents online.”

    The FXNow platform was first launched in Spain in October 2020. By March this year, the service had carried out over 15,000 operations for € 3 billion worth of transactions.

    CaixaBank plans to extend the platform to other countries where the company has operating branches.

    Given that FXNow’s services are free to CaixaBank, the financial institution has an already established clientele in Morocco since it has operated in Morocco since 2019 with three offices Casablanca, Tangier, and Agadir.

    The bank currently offers foreign trade, business banking, and corporate banking services to 60% of the 800 Spanish companies established in Morocco. The bank further serves Spanish companies wishing to enter the Moroccan market, as well as large Moroccan and multinational companies.

    CaixaBank’s offices in Morocco represent a small fraction of the company’s representation on an international scale. The company notably has 30 international representations.

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