Forexchange

What Forexchange does

Forexchange is the consumer-facing retail financial services brand of Maccorp Italiana S.r.l., an Italian private limited company founded in 1990 and headquartered in Milan. The company is Italy's largest dedicated currency exchange operator, operating 70+ physical branches across all major Italian airports (Malpensa, Fiumicino, Capodichino, Peretola, Bergamo Orio al Serio, Pisa, Olbia), principal railway stations (Milano Centrale, Roma Termini, Venezia Santa Lucia, Bologna Centrale, Firenze SMN, Napoli Centrale, Torino Porta Nuova, Verona Porta Nuova, Trieste Centrale, Venezia Mestre), McArthurGlen designer outlets, and key city centers. The firm is a Banca d'Italia-authorized payment institution (Maccorp Financial Services registered under code 36072.7) and is part of the Western Union group as a strategic operating subsidiary.

The core product is foreign currency exchange (Cambio Valuta), supported by an online booking platform with iOS/Android mobile apps that locks the exchange rate at booking with zero commission and enables in-branch pickup. Around this core, Forexchange has assembled an integrated travel services platform including Western Union money transfers (200+ countries), ATM cash withdrawal, FX BuyBack/SellBack currency repurchase guarantees (€5 flat fee), VAT tax refund assistance for non-EU shoppers, Trenitalia and Italo train ticketing, eSim data packages, travel insurance, audioguides in seven languages, and curated city experiences. Distribution combines direct-to-consumer retail with the E-CHANGE B2B partner platform enabling travel agencies to resell currency booking services.

The revenue model is primarily transactional: embedded FX spreads on currency buy/sell, per-transaction fees on Western Union remittances, FX BuyBack/SellBack flat fees, ATM interchange, tax refund commissions, and fees on ancillary travel services. The customer base is highly distributed, with over 3 million individual travelers served annually and no enterprise anchor accounts.

Name

Forexchange

Legal name

Maccorp Italiana S.r.l.

Website

https://www.forexchange.it/

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Forexchange, the retail brand of Italian payment institution Maccorp Italiana S.r.l. (Western Union group), is Italy's leading currency exchange operator, serving over 3 million travelers annually through 70+ branches at airports, train stations, and city centers with integrated Western Union money transfers, ATM, tax refund, and ancillary travel services.

Ownership category

akta.pro rank

Product category

Currency Exchange Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)

akta.pro secondary industry

Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)

Keywords

• Currency exchange services
• Money transfer services
• Tax refund services
• Travel financial services
• Foreign exchange retail

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices24 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Currency Exchange Spread: Primary revenue from the spread between buy and sell exchange rates on currency transactions. Zero commission for online bookings but spreads are embedded in exchange rates offered.
2. FX BuyBack/SellBack Service: Flat fee of €5.00 charged for buyback and sellback services enabling customers to repurchase unused currency at favorable rates
3. Western Union Money Transfer: Revenue from money transfer services powered by Western Union, available at all Forexchange branches
4. ATM Operations: Revenue generated from ATM installations in commercial establishments, shopping centers, and tourist areas across Italy
5. Tax Refund Services: Assistance services for VAT refund (Tax Free) processing for non-EU residents shopping in Italy, offered in collaboration with major tax refund operators

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels7 records

Core offering

Forexchange (the brand of Maccorp Italiana S.r.l.) is an Italian travel financial services company headquartered in Milan that operates 70+ retail branches across Italian airports, train stations, city centers, and McArthurGlen outlets. Its core offering is foreign currency exchange in over 60 currencies with online booking and in-store pickup, supplemented by Western Union money transfers, VAT tax refund processing, travel insurance, eSIM, Trenitalia train tickets, audioguides, experiences, and ATM services. The company combines physical retail, web/mobile booking, and a B2B E-CHANGE partner platform serving 3+ million customers annually.

Product overview

Forexchange is a comprehensive travel financial services platform operating primarily in Italy. The core offering is currency exchange (Cambio Valuta), with a network of over 70 agency locations in city centers, airports, train stations, and McArthurGlen outlets. The product portfolio is organized as a unified platform with multiple integrated service modules including Western Union money transfers, Trenitalia train tickets, travel insurance, eSim for international data, audioguides, city experiences, and tax refund services. Additional offerings include ATM cash withdrawal services, Fx BuyBack/SellBack currency repurchase programs, and the E-CHANGE B2B platform for travel agency partners. A mobile app for iOS and Android complements the web-based services.

Differentiator

Problem solved

Functional benefit

Products and services

• Currency Exchange (Cambio Valuta) In-branch foreign currency exchange service offering 60+ currencies for individual travelers, with online booking and in-branch pickup. Listed at €5,841.25 on the website menu.
• Western Union Money Transfer Cross-border money transfer service operated in partnership with Western Union from in-branch Forexchange locations, available since 1995.
• VAT Tax Refund Tax refund processing service for international (non-EU resident) tourists to claim VAT back on purchases made in Italy.
• ATM Forexchange Cash withdrawal ATMs branded and operated by Forexchange at branch locations.
• FX BuyBack / SellBack Proprietary repurchase service charging a flat €5 fee that guarantees customers can either buy extra foreign currency and have leftovers repurchased, or sell remaining foreign currency back at the best daily exchange rate with no additional commissions.
• eSIM Travel eSIM data plans for international travelers, sold online through the Forexchange website.
• Travel Insurance (Assicurazioni) Travel insurance products distributed to travelers via the Forexchange platform.
• Trenitalia Train Tickets Trenitalia train ticket retail offered to travelers as an ancillary travel service alongside currency exchange.
• Experiences Curated travel experiences and activities bookable through the Forexchange website for travelers visiting Italy.
• Audioguides Audio guide products for tourist destinations, sold online through the Forexchange platform.
• E-CHANGE Partner Platform B2B partner platform allowing travel agencies to integrate Forexchange currency exchange services for their customers through a dedicated partner login area.
• Forexchange Mobile App Free mobile application for iOS and Android that allows users to browse exchange rates, book foreign currency online with zero commissions and locked rates, and pick up reservations at any of 70+ Forexchange branches.

Quantifiable outcome

• 3+ million customers served annually
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Western UnioncoreTechnology or IntegrationWestern Union money transfer services are offered at all Forexchange branches, enabling international remittances to over 200 countries. Forexchange operates as a Western Union agent location providing money transfer capabilities to its customer base.
• McArthurGlencoreChannel Partner/ Reseller/ DistributorForexchange has branches inside McArthurGlen designer outlets in Serravalle, Castel Romano, and Noventa di Piave. These locations are key for serving international shoppers who need tax refund and currency exchange services.
• Maccorp Italiana S.r.l.coreOthersParent company of the Forexchange brand. Founded in 1990, based in Milan. The group operates currency exchange services and international payment services with over 3 million customers annually. Has retail locations in Italy, Czech Republic, and United Kingdom.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Revolut: Digital-first multi-currency neobank offering interbank-rate FX and travel money to consumers via app and card. A meaningful emerging competitor to Forexchange's online FX booking, particularly with younger, smartphone-first Italian travelers.
• Wise (TransferWise): Cross-border payments and multi-currency account provider offering mid-market FX and travel-money cards. Competes with Forexchange in the 'order currency online' and international money transfer use cases addressed by the company's Western Union offering.

Direct peers

• ICE Currency Exchange (ICE Fx): Global retail foreign exchange operator with bureau de change locations at airports and borders, plus ATM services. Highly comparable business model to Forexchange's airport/station-branch currency exchange, ATM network, and travel-focused FX.
• Travelex: World's largest specialist retail currency exchange and international money transfer brand, operating physical branches at airports and city centers globally. Directly comparable to Forexchange's mix of walk-in FX, online booking with branch pickup, and travel-adjacent services.
• ChangeGroup: Long-established retail currency exchange specialist with locations at airports, train stations, and tourist areas across Europe. Direct competitor to Forexchange in walk-in FX, often appearing at the same category of high-footfall travel hubs in Italy and surrounding markets.
• Eurochange: UK-headquartered retail foreign exchange chain with high-street and travel-hub branches. Operates a similar online-order-with-branch-pickup model and travel services bundle as Forexchange, with comparable customer segments.

Broad incumbents

• MoneyGram: Global money transfer and bill payment company operating a vast agent network, including retail FX-adjacent services. Competes with Forexchange for outbound remittance transactions from Italian branches and via Western Union-style walk-up services.
• Euronet Worldwide: Diversified payments processor operating ATMs, point-of-sale networks, and money transfer (Ria) globally. Overlaps with Forexchange's ATM network and remittance-adjacent services, and pursues similar travel/airport payment opportunities.
• Western Union: Forexchange's parent company and the world's largest cross-border money transfer network. Comparable in its retail FX, remittance, and payment services portfolio, and provides the Western Union money transfer product that Forexchange distributes across its branches.

Regional players

• CaixaBank (currency exchange services): Spanish-headquartered retail bank that offers bureau de change and FX services within its branch network and travel partner network. Comparable insofar as it is a regulated banking/consumer-FX provider in a southern European travel market, though embedded in a full retail bank rather than a dedicated FX operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/forexchangeitalia
• LinkedInlinkedin.com/company/maccorp-italiana-s-p-a-
• Instagraminstagram.com/forexchange_it

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forexchange