World First USA, a subsidiary of the United Kingdom-based World First Group, said it believes banks charge too much money to help credit unions send money internationally. The firm wants to help credit unions cut those costs.

The decade-old World First Group got its start in the extremely competitive London foreign exchange market. It said American firms, including credit unions, are generally unaware of how  much more they and their members pay for international wire transfers, which is less common in the U.S than in other countries.

"We want to be the international currency transfer desk for credit unions," said Jason MaGee, director of partnership development for the Washington, D. C.-based firm. He added that many credit unions are at the mercy of correspondent banks to provide remittances to members, and are unable to compare the exchange rate or negotiate lower fees.