CaixaBank has launched FXWallets, a service that lets users open immediately and with no opening or maintenance costs, virtual accounts. Users can then send and receive international payments in more than 50 currency pairs.

CaixaBank is the first bank in Spain to offer a virtual account service for currencies to all types of companies. The service is available in June in pilot mode for a select group of companies. From September, it will be available to all interested customers. The service is accessed via CaixaBank’s website and app, which will feature the FXNow currency market platform.

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According to CaixaBank, FXWallets feature all the advantages and security of traditional accounts. Added benefits include significant advances in user-friendliness and immediacy. The bank says that users can open a wallet in the desired currency with just two clicks and use it right away.

Internationalisation of the service-and 150% y-o-y growth in digital currency operations

Iñaki Badiola, director of CIB and International Banking at CaixaBank said: “The launch of FXWallets is a very significant step in the bank’s steadfast commitment to innovation, internationalisation and engagement with our customers and their needs. The project involved a detailed analysis of how we can apply advances in usability and customer experience to currency payments.

“It places the focus on the customer at all times. As a result, FXWallets is the latest piece to join a constantly evolving digital ecosystem. This began with the creation of FXNow, designed to give companies complete control over their currency operations and international payments”.

FXWallets is a new feature to CaixaBank FXNow, the CaixaBank platform for managing the sale and purchase of currencies. CaixaBank FXNow has been servicing CaixaBank’s business customers in Spain since its creation in 2020. FXNow was also launched in Morocco in 2022 and, via BPI, in Portugal in 2023.

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FXNow bases its model on a balance between user-friendliness and professionalism. This aims to address the needs of all types of companies, from small businesses to large corporations. The bank reports year-over-year growth of over 150% in CaixaBank’s currency operations via the digital service channel in Spain.