Calforex Currency Exchange - Ottawa

What Calforex Currency Exchange - Ottawa does

Calforex Currency Exchange, operating as Calgary Foreign Exchange Ltd., is a privately held Canadian retail foreign exchange company founded in 1983 in Calgary, Alberta. The company operates nine physical retail branches in high-traffic shopping centers across Alberta (Calgary CORE, Chinook Centre, Edmonton Southgate Mall, West Edmonton Mall), Ontario (Ottawa Rideau Centre, Vaughan Mills, Toronto Eaton Centre), and Quebec (Montréal Rue Peel, Carrefour Laval), with all branches operating seven days a week. Its core offerings include the buying and selling of over 50 foreign currencies in banknote form, incoming and outgoing international wire transfers in currencies including USD, EUR, GBP, AUD, and JPY, and an online cash reservation system that lets customers pre-order currency for in-branch pickup. Calforex is FINTRAC-registered as a Money Services Business and complies with PCMLTFA, Quebec's MSB Act, and PIPEDA.

The company monetizes through two primary transaction-based revenue streams: (1) the bid-ask spread on foreign currency banknote exchanges, where it markets rates as more competitive than Canadian bank offerings, and (2) flat fees on wire transfers, with a CAD $1,000 minimum for foreign-currency wire transfers and same-day USD transfer capability. Its primary customer segment is individual Canadian travelers and tourists, with a secondary segment of small-to-medium businesses requiring international wire transfers. Distribution is exclusively through physical retail branches supplemented by an online reservation tool and a referral partnership with ShiftConnect for online international transfers. The company reports serving over one million customers annually and competes primarily on rate competitiveness, currency depth, and shopping-center convenience rather than proprietary technology.

Name

Calforex Currency Exchange - Ottawa

Legal name

Calgary Foreign Exchange Ltd.

Website

https://calforex.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

Calforex (Calgary Foreign Exchange Ltd.) is a privately held Canadian retail currency exchange company operating 9 mall-based branches across Alberta, Ontario, and Quebec, serving over 1 million individual travelers and SMB customers annually with 50+ foreign currencies, wire transfers, and online cash reservation.

Ownership category

akta.pro rank

Product category

Retail Currency Exchange Services

NAICS

Depository Credit Intermediation (5221)

SIC

Finance Services (6199)

akta.pro primary industry

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

Keywords

• Foreign currency exchange
• Retail currency services
• International wire transfers
• Money services business
• Travel currency exchange

Headquarters

HQ city

Ottawa

HQ country

Canada

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Foreign Currency Exchange: Calforex generates revenue through the spread between buy and sell rates when exchanging foreign currency banknotes to customers. The company offers over 50 different foreign currencies with competitive rates often surpassing those of local financial institutions.
2. Wire Transfer Services: Incoming and outgoing international wire transfers in multiple currencies including USD, EUR, GBP, AUD, JPY, and others. Calforex charges flat fees for wire services that vary by currency and destination. Minimum wire transfer amount is $1,000 CAD.
3. Foreign Bank Notes Sales: Sale of over 50 different foreign currencies in banknote form. Accepts cash and personal Canadian debit cards for purchases. Does not accept personal cheques or credit cards.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Calforex operates 9 retail branches in Canadian shopping centres where it buys and sells over 50 foreign currencies at competitive exchange rates, and processes incoming and outgoing international wire transfers in multiple currencies. The company serves individual travelers and small businesses through walk-in retail service, an online cash reservation system for branch pickup, and a no-fee buyback program for unused foreign currency within one year of purchase.

Product overview

Calforex is a Canadian retail currency exchange company operating 9 branches across Alberta, Ontario, and Quebec. Founded in 1983, the company offers foreign exchange services centered around buying and selling over 50 foreign currencies, international wire transfers (both incoming and outgoing), and online cash reservation. Their core products include Foreign Bank Notes for walk-in currency exchange, Incoming and Outgoing Wire Transfers for international payment services, Reserve Cash Online for pre-ordering currency, No Fee on Return for currency buyback, and Online Transfers via their ShiftConnect partner platform for remote international money movement.

Differentiator

Problem solved

Functional benefit

Products and services

• Foreign Bank Notes Buy and sell over 50 different foreign currencies in banknote form at competitive exchange rates. Available at all 9 retail branches across Canada. Customers can pay with cash or personal Canadian debit cards. Credit cards and personal cheques are not accepted.
• Incoming Wire Transfers Receive international wire transfers securely and efficiently, with support for multiple foreign currencies including USD, EUR, GBP, AUD, JPY, and others. Designed for individuals and businesses receiving cross-border payments.
• Outgoing Wire Transfers Send international wire transfers quickly and securely to destinations worldwide. USD transactions can be processed same day if received prior to cutoff. Minimum transfer amount of $1,000 CAD required for USD and foreign currency wires. Flat fees vary by currency and destination.
• Reserve Cash Online Online currency reservation service allowing customers to order foreign currency ahead of time through ordercash.calforex.com and pick up at their nearest Calforex branch at their convenience.
• No Fee on Return Exchange leftover foreign currency back to Canadian dollars with no transaction fee, valid for 1 year from the original purchase date. Allows customers to recover value from unused foreign currency purchased from Calforex.
• Online Transfers Move money internationally from home through the ShiftConnect online transfer platform, a partner service integrated with Calforex for remote international money movement.

Quantifiable outcome

• Serving 1 Million+ customers annually
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/calforex-currency-exchange-retail-141738995856694
• LinkedInlinkedin.com/company/calforex
• Xx.com/calforexretail

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Calforex Currency Exchange - Ottawa