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Interchange plays a major role in the foundation of the ‚Association of Currency Exchange Companies‘

The International Interchange Group (‘Interchange’), one of the leading foreign exchange providers in the world, and in the Czech Republic with 40 local branches, is pleased to announce its involvement in the foundation of the ‘Association of Currency Exchange Companies’ which was established just last year. The initial idea behind the Association came from Interchange, and there are now 4 currency exchange companies involved.

Since 1990 there have been a number of currency exchange operators on the Czech market, many of whom have suffered from the overall bad reputation of exchange offices in the Czech Republic, much of which dates back to the 1980s and the years of the on street money changers („veksláci“). Even today, there is still a good deal of misunderstanding about the business both in the media and amongst the general public, and the implementation of the new currency exchange law only serves to cause more confusion.

By forming the new Association, members hope to be able to clarify the role of currency exchange offices on the market by working together to improve their reputation and the services on offer and to address legal and political issues together rather than trying to find solutions on their own. Discussing this, Marek Nácovský, a member of the Associaton’s committee and the Country Manager of Interchange in the Czech Republic, said:

The providers of currency exchange services in the Czech Republic are under continual scrutiny from the media, the public and the authorities, probably more than any other business operating on the market, and it was a natural development, therefore, for the main players to get together and find a way to support each other whilst also improving their overall reputation on the market. We are very happy to accept new members to join us, and we hope that the Association’s activities will make our business more transparent and help to clean the market of the unfair money changers that are still operating and giving the money exchange business such a bad reputation.

The Association of Currency Exchange Companies has a membership base that has had significant experience on the Czech market, with an indepth knowledge of regulatory measures and pricing policy both here and elsewhere in Europe, and its main aim is to promote and protect the common interests of members of the association, both in promoting and supporting the industry, as well as representing the interests of its members in relation to the authorities of the Czech Republic.

About Interchange

The Interchange Group is one of the world’s leaders in currency exchange and money transfer for both private and corporate customers. Established in 1990, the Group operates more than 130 foreign exchange branches, including 40 in the Czech Republic, and over 1200 Western Union agencies in 14 countries on four continents.

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