Loan Market announces foreign currency partnership

Loan Market brokers will now be able to provide their clients with international money transferring services, through a newly formed partnership between the brokerage and foreign exchange company XE.

XE has reportedly been servicing the New Zealand Loan Market network for several years, with the partnership now extending into the Australian company.

The money transfer services will be available to Loan Market branded offices, as well as independent brokerages operating under the aggregator’s Bring Your Own Brand initiative.

According to Loan Market, the partnership with XE will allow their brokers to service their current and future clients in a variety of ways. Including:

• returning expats who want to transfer money with them or who want to purchase property in Australia;
• clients who are receiving money from overseas such as an inheritance or for a property purchase;
• clients who are moving overseas and need to sell their Australian property and have access to sale funds overseas;
• Australians living abroad who continue to make mortgage payments in Australia;
• clients who live in Australia but are paid in foreign currency; and
• local importers and exporters.

Loan Market chief commercial officer Stephen Scahill said the partnership with XE recognised the changing needs of clients in an increasingly globalised economy. 

“Our brokers’ clients have an increased need for global services, which is a direct result of the international marketplace we now live in,” Mr Scahill said.

“Our brokers have developed wide-reaching relationships with their clients, becoming trusted advisers across the suite of their financial needs.

“Our partnership with XE further supports this relationship, answering the need of clients to transfer funds in and out of Australia in a fast, secure and affordable way,” he said.

Marcus Phillips, strategic partner and affiliate director for XE (APAC), also welcomed the new partnership, noting its previous success in the New Zealand market.

“Loan Market’s New Zealand brokers have been successfully utilising XE for some time,” Mr Phillips said. 

“It’s a valuable extension of brokers’ client offering.

“And, in many instances, XE has solved problems for Loan Market and their referral partners, so deals that were set to collapse because of international transfer complexities have been able to proceed.”

[Related: Major brokerage appoints new Queensland director]

Loan Market announces foreign currency partnership

Hannah Dowling

Last Updated: 09 March 2022 Published: 12 February 2020

Written by Hannah Dowling

Last Updated: 09 March 2022

Published: 12 February 2020

Hannah Dowling

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Hannah Dowling is a journalist for The Adviser and Mortgage Business.

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