Calforex is a financial company that offers personal retail cash services, corporate currency exchange services and eCommerce services. The company, based in Canada, additionally offers wholesale banknote services and online global payment solutions.
Calforex staffs 13 retail branches across four Canadian provinces that offer exchanges in over 100 different currencies. Along with top-of-the-line rates on exchanges, the company provides draft and wire services for both retail and corporate customers. During exchanges, the company accepts cash, bank drafts of up to $5,000 in Canadian dollars or Canadian debit card transactions.
Among its business services, the company offers trading, hedging and treasury management, and stop and forward transactions. The company additionally services eCommerce businesses with payments in home currency options.
The company also offers a buyback program where customers may return unused currency for the same rate in which the customer acquired it. However, the program has limitations such as that the company only buys back up to 50 percent of the original currency purchase, the original purchase must be over $1,000 CAD, and the purchaser must return within 30 days of the original purchase date and include the original receipt.
The first Calforex office open in 1983 in Calgary, Alberta, Canada and called itself Calgary Foreign Exchange. In 1993, the name changed to Currencies International as the company grew nationally rather than regionally. In 2000, the company adopted the name Calforex, which is current as of 2015.