New money remittance agency heats up the market

Community News & Features May 16, 2004 at 11:13 am

TORONTO–The LCC Trans-Sending Corporation has joined the fray in the Toronto money remittance industry. It started in 1997, in London, England as a store where the clients would go to buy calling cards and to make long-distance calls. Márcio Silva, who is Brazilian, identified a trend among his customers and concluded there was a good demand in the market for additional services. He then converted his business into a money transfer agency, initially sending money to Brazil. Today the company has two agencies in London, both in privileged locations, and other branches in Switzerland, Belgium, Portugal, Ireland, and the first North-American branch now in Toronto.

Márcio Silva and Tony Rattarangsi are partners in the business and had decided to invest in the Toronto market after observing that, due to its multicultural population, there is great demand for remittance agencies, even considering the ones that already existed. The LCC agency transfers funds to over 50 countries and will cater to several communities like Brazilian, Filipino, Russian, Chinese, Portuguese and Latin Americans of Hispanic language. The company also offers currency exchange and cheque cashing services.

LCC offers many advantages, for example, transfer fees lower than what is charged by other agencies: $8.00 for the Philippines, Brazil and Portugal; and on transfers to Russia, China and countries in Latin America, a percentage of the amount sent will be charged, always less than what other agencies charge.

“But the quality of service offered by LCC is the big differential compared to the competition,” notes Mrs. Alba Arce, regional manager. To better serve clients from different backgrounds, LCC has a bilingual staff, English/Portuguese and English/Spanish, and soon will have cashiers who speak other languages, like Russian and Chinese. Many promotions will also be offered, specially during the first few months of operation. Hellen de Paula-Oliveira, marketing consultant for the company, created a bold advertising campaign to bring clients in and to convince them to try LCC services.

According to Alba Arce, “the Brazilian and Portuguese, as well as the Filipino, Russian, Chinese and Latin American clients need to try the LCC services for a few strong reasons: to have fast, safe transactions, and to be served with efficiency and experience by a company with tradition offering quality to its clients in many countries.”

The LCC Toronto branch has been open to the public since April 26th and is located between Dufferin Street and Sheridan Street, at 1541 Dundas Street West.