Transferring money between currencies usually involves often hefty bank fees. But if Frankfurt start-up Giroxx gets its way, excessive-seeming surcharges could soon be a thing of the past.
This new fintech enterprise, which employs 14 people, allows clients to move money between 34 different currencies for the fixed price of 7 euros. It also offers them live exchange rates so as to avoid unpleasant surprises due to fluctuations in currency values.
Founders Klaus Hoffmann and Jörg Sonnenschein, former bankers, say their idea was inspired by examining the potential offered by Germany’s impressive foreign trade balance. Giroxx, they say, is the only online platform certified by Germany’s Federal Financial Supervisory Authority that allows client to transfer money to “almost all countries in the world.”
“We don’t conform to the typical hipster image of start-ups,” Hoffmann and Sonnenschein add. “But on the other hand we have a lot of know-how and enjoy being in personal contact with our customers.”