Interchange
Interchange is a privately held currency exchange and money transfer operator running 147 branches across 11 countries, serving travelers, tourists, corporate clients and remittance customers via airports, train stations and proprietary 24/7 XTM kiosks.
- Company typePrivate
- Founded1990
- HeadquartersBudapest, Hungary
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Interchange does
Interchange is a privately held foreign exchange and money transfer operator founded in 1990 by Alastair Holberton and headquartered in Budapest, with its principal regulated entity (Interchange (Austria) GmbH) domiciled in Vienna. The company runs 147 physical branches across 11 countries spanning Central and Eastern Europe, Southern Africa and — as of August 2025 — Australia, with a particularly dense footprint in international airports (Vienna, Prague, Budapest, Krakow, Nice, Paris CDG, Gold Coast), major train stations and tourist shopping locations; many airport branches operate 24/7. Interchange is the principal Western Union agent in 11 countries and operates additional money-transfer corridors with MoneyGram in Southern Africa and a money-transfer joint venture with ZamPost in Zambia, complemented by VAT-refund processing (Global Blue, Planet Payment), ATM services (via Euronet), corporate FX, and — more recently — precious-metals sales (Godot & Fils) and eSIM distribution (Breeze).
The revenue model is transaction-fee across every line: Interchange earns a spread on currency buy/sell orders priced off European Central Bank interbank rates, commissions on Western Union and MoneyGram transfers, fees on VAT refund payouts, ATM surcharges, and mark-ups on precious metals and eSIM sales. No public pricing tiers are disclosed; marketing emphasizes "zero commission" with the margin embedded in the exchange rate. The proprietary XTM (Xchange Teller Machine) is a self-developed automated kiosk combining in-house software with hardware sourced from China and Europe, offering 24/7 self-service FX for 10+ currencies with face recognition, passport scanning, QR-code reading and real-time rate adjustment — a technological differentiator that allows unmanned airport expansion and reduces marginal labor cost per transaction.
Customer segments are horizontal and fragmented: the primary segment is individual travelers and tourists exchanging cash at airports and stations; secondary segments are corporate clients with bulk FX and employee-travel needs, and migrant workers/remittance senders in markets with large diaspora communities (notably France, South Africa, Lesotho, Namibia and Zambia). Growth has historically been funded through debt-free acquisitions of competitor footprints (American Express stores in the 2000s, Travelex Austria in the 2010s, 26 Western Union stores in France and Austria in 2022) and through competitive airport concession tenders, rather than through external equity or debt capital.
Interchange firmographics
Firmographics- Name
- Interchange
- Legal name
- Interchange (Austria) GmbH
- Website
- https://interchangefx.com
- Company type
- Private
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Interchange is a privately held currency exchange and money transfer operator running 147 branches across 11 countries, serving travelers, tourists, corporate clients and remittance customers via airports, train stations and proprietary 24/7 XTM kiosks.
- Ownership category
- akta.pro rank
Interchange industry classification
Industry- Product category
- Foreign Currency Exchange Services
- NAICS
- Commercial Banking (52211)
- akta.pro primary industry
- Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
Keywords
Where Interchange is headquartered
LocationHeadquarters
- HQ city
- Budapest
- HQ country
- Hungary
- HQ region
- Europe
Offices11 records
Markets served
Interchange business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Currency Exchange Margin: Primary revenue from buying and selling foreign currencies at rates based on interbank rates plus a commission/brokerage spread. Most branches operate 24/7 at airports and train stations.
- Western Union Money Transfers: Commission revenue as principal Western Union agent in 11 countries facilitating international money transfers.
- ATM Transaction Fees: Revenue from ATM withdrawals at branch locations and airport/railway station ATMs.
- VAT Tax Refund Processing: Fees from processing VAT refunds in partnership with Global Blue, Planet Payment, and other tax refund providers.
- Corporate/Business Services: Customized foreign currency solutions for businesses and corporate travel support services.
- Precious Metals Sales: Revenue from gold and silver coins and bars through strategic partnership with Godot & Fils.
- eSIM Card Sales: Commission revenue from eSIM card sales through Breeze partnership in Hungarian network.
Go-to-market motion1 record
Distribution channels8 records
Marketing channels4 records
Interchange product offering
Product offeringCore offering
Interchange operates a network of 147 branches across 11 countries providing foreign currency exchange, international money transfers as a principal Western Union agent, VAT refund processing, ATM services, cash advances, and related retail financial services for travelers, tourists, migrant workers, and corporate clients. Most branches operate 24/7 at airports, train stations, and shopping centers, with many leveraging the proprietary XTM automated currency exchange machine for self-service operations.
Product overview
Interchange operates a network of 147 branches across 11 countries handling 3.5 million transactions annually, offering a comprehensive suite of currency exchange and money transfer services. The core offerings include currency exchange (including exotic currencies at select locations), Western Union money transfers (as principal agent in 11 countries), and MoneyGram transfers in Southern Africa. Additional services include VAT refunds, buy-back guarantees, ATM services, cash advances, corporate solutions, eSIM card sales, and gold/silver investment products. The company operates the XTM (Xchange Teller Machine) - an automated currency exchange system enabling 24/7 self-service operations with face recognition and passport scanning capabilities. An online currency ordering platform enables pre-ordering for branch collection.
Differentiator
Problem solved
Functional benefit
Brands
- XTM (Xchange Teller Machine): A state-of-the-art currency exchange machine providing 24/7 automated currency exchange services for up to 10 foreign currencies, featuring proprietary software, face recognition, passport scanning, and real-time exchange rate adjustments.
Products and services
- Currency Exchange Foreign currency exchange services offered at 147 airport, railway station, and high street branches operating 24/7 at most locations. Supports multiple currencies including exotic currencies at select locations, with rates based on ECB interbank rates.
- Western Union Money Transfers International money transfer services as a principal Western Union agent operating in 11 countries with hundreds of outlets facilitating secure global money transfers.
- MoneyGram Transfers Money transfer services in partnership with MoneyGram, available in South Africa, Lesotho, and Namibia regions.
- VAT Refund Services Tax refund processing in collaboration with Global Blue, Planet Payment, and other providers. Interchange acts as a trusted agent paying out VAT refunds in cash to travelers at branches.
- ATM/Bankomat Services Automated teller machines available at airport and city branch locations, operating 24/7, in partnership with Euronet for expanded ATM network coverage.
- Cash Advances Cash withdrawal services using debit and credit cards including VISA, VISA Electron, and MasterCard at branch locations.
- Corporate Services Customized foreign currency solutions for businesses including bulk currency purchasing and employee business travel support.
- XTM - Xchange Teller Machine Proprietary automated currency exchange machine enabling 24/7 self-service currency exchange for up to 10 foreign currencies. Features face recognition and passport scanning for AML compliance, real-time exchange rate adjustments, multilingual interface, QR code scanner, coin dispenser, and power failure protection.
- Online Currency Ordering System
Quantifiable outcome
- 3.5 million transactions processed annually
- +2 more outcomes
Companies that use Interchange
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles4 records
Interchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature2 records
Interchange partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- Godot & FilscoreStrategic alliance for gold and silver investments. Provides customers access to exclusive range of gold and silver coins and bars with Godot & Fils expertise. Makes precious metals investments more accessible, transparent, and uncomplicated.
- ZamPost (Zambian Postal Services Corporation)coreJoint venture to manage money transfer services of Zambian Post Office. First location opened at Cairo Road Post Office in Lusaka. Service rolling out to 9 additional post offices in Capital and over 100 regional ZamPost branches in first half of 2021.
- Western Unioncore25+ year strategic partnership as principal Western Union agent in 11 countries. Facilitates secure, efficient, and streamlined global money transfers through hundreds of outlets. Interchange acquired Western Union's dedicated retail stores in France and Austria (26 stores, ~150 employees) in 2022.
- MoneyGramminorRegional partnership for money transfer services in South Africa, Lesotho, and Namibia. Simplifies money transfer services in these regions.
- BreezeminorPartnership for eSIM card sales in Hungarian network. eSIM technology allows travelers to switch or purchase data plans without physical SIM card swaps. Customers can manage subscriptions, monitor data usage, and choose travel-specific data packages.
- Global Blue and Planet PaymentminorVAT refund processing partners. Interchange functions as trusted agent for VAT refund process, paying out refunds in cash to travelers at branches.
- Budapest Transport Company (BKK)minorWon tender from Budapest Transport company for business premises at Deák Square, city's busiest traffic junction.
- EuronetminorATM partnership for expanded ATM network coverage.
- NIPOST (Nigerian Postal Service)minorSuccessful cooperation with NIPOST in Nigeria for money transfer services.
- McArthurGlen Designer Outlet RoermondminorFirst branch opened in Netherlands at McArthurGlen Designer Outlet Roermond, one of the largest designer outlets in Western Europe located at Netherlands-Germany-Belgium tri-border.
Scale indicators10 records
Recent moves14 records
Expansion highlights5 records
Interchange competitors and assessment
Company assessmentDirect peers
- Travelex: Travelex is the world's largest retail foreign exchange operator, serving travelers at airports and tourist locations globally. It is the most direct competitor to Interchange in airport-based currency exchange, with overlapping products (FX, money transfer, ATMs) and comparable customer segments (international travelers).
- ICE (International Currency Exchange): ICE is a specialist airport-based foreign exchange operator with extensive presence across European and international airports, directly competing with Interchange for airport concession tenders. Their product mix (FX, travel money, money transfer) and customer base (international travelers) closely mirror Interchange's offerings.
Emerging players
- Wise (TransferWise): Wise is a digital-first cross-border payments platform offering multi-currency accounts and low-cost international transfers. While not a direct competitor in airport physical FX, Wise targets the same underlying customer need (travel money and remittances) through a digital channel, representing the primary fintech disruption to Interchange's traditional model.
- Revolut: Revolut is a global digital banking and multi-currency platform offering interbank-rate FX and international spending cards. It competes with Interchange by eliminating the need for physical currency exchange at the destination, targeting the same international traveler customer with a fundamentally different digital delivery model.
- Euronet Worldwide: Euronet operates one of the largest ATM networks globally and provides electronic payment services. Interchange partners with Euronet for ATM network coverage. Their EFT Processing and ATM segments overlap with Interchange's cash advance and ATM services, though Euronet's primary focus is broader electronic payments infrastructure.
- Remitly: Remitly is a digital remittance platform focused on migrant worker money transfers from developed to emerging markets. While competing with Interchange's Western Union/MoneyGram-based remittance revenue rather than airport FX, both serve the migrant worker segment through different distribution models.
Broad incumbents
- Western Union: Western Union is the global leader in cross-border money transfers and a strategic partner (and former owner of acquired retail stores) of Interchange. As a principal-agent arrangement, Interchange operates as a distribution channel for Western Union, while Western Union's broader digital strategy competes indirectly with Interchange's remittance revenue.
- MoneyGram: MoneyGram is a global cross-border P2P payments and money transfer company with which Interchange has a regional partnership in Southern Africa. As a remittance incumbent with overlapping agent networks and similar customer segments (migrant workers, families), MoneyGram is a partial competitor in the same corridor.
Others
- Currencycloud: Currencycloud is a B2B cross-border payments platform (now part of Visa) enabling businesses to build FX and remittance products. While not a direct competitor to Interchange's consumer-facing FX business, Currencycloud represents the infrastructure layer enabling digital FX services that compete with physical exchange models.
Regional players
- No1 Currency: No1 Currency is a UK-based foreign exchange specialist offering currency exchange, travel money cards, and international money transfers primarily in the UK market. While operating in a different geography, No1 Currency serves a similar product-customer overlap with UK travelers and competes with Interchange's home market equivalents.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Interchange social profiles
Digital presenceInterchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
Interchange leadership team
Management profileNumber of profiles
Profiles12 records
Interchange subsidiaries and ownership
Company hierarchySubsidiaries1 record
Interchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Interchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Interchange
What does Interchange do?
Interchange operates a network of 147 branches across 11 countries providing foreign currency exchange, international money transfers as a principal Western Union agent, VAT refund processing, ATM services, cash advances, and related retail financial services for travelers, tourists, migrant workers, and corporate clients. Most branches operate 24/7 at airports, train stations, and shopping centers, with many leveraging the proprietary XTM automated currency exchange machine for self-service operations.
Is Interchange a public or private company?
Interchange is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Interchange founded?
Interchange was founded in 1990. It employs 11 to 50 people.
Where is Interchange based?
Interchange is headquartered in Budapest, Hungary, in the Europe region.
How does Interchange make money?
Seven revenue lines are on record. Currency Exchange Margin is the primary driver. The others are western Union Money Transfers, ATM Transaction Fees, VAT Tax Refund Processing, corporate/Business Services, precious Metals Sales and eSIM Card Sales.
Who are Interchange's main competitors?
Direct peers on record are Travelex and ICE (International Currency Exchange). Emerging players are Wise (TransferWise), Revolut, Euronet Worldwide and Remitly. Broad incumbents are Western Union and MoneyGram. Currencycloud is listed as an others. No1 Currency is listed as a regional player.
Does Interchange have an API?
No public API is recorded for Interchange.
What industry is Interchange in?
Interchange's product category is Foreign Currency Exchange Services. Its primary akta.pro industry code is THALAHAE, Cross-Border Payments & FX (multi-currency wallets, DCC, remittance). Its NAICS code is 52211.