Frequently Asked Questions about Foreign Exchange Transfers

  • Compass Global Markets is regulated by ASIC Your funds are held, under Australian Client Money Rules, in bank accounts with primary banking institutions. You have the reassurance that Compass Global Markets is covered by a professional indemnity insurance which satisfies the requirements of Section 912B of the Corporations Act. You can be assured that there is no settlement risk with Compass Global Markets as all funds must be cleared and received into our accounts before any payments are made. Fast and dependable settlements are backed up by state of the art automated back office procedures. Automated transfers and transactions remove the chance for human error.
    Your funds are safely held in trust accounts separate from our own funds. Compass Global Markets only make use of primary banking institutions to hold and transfer its currencies on your behalf. Compass Global Markets uses major Australian and International Banks and Intermediaries. All client funds are held in accordance with the Australian Client Money Rules.
    We make our margin between the difference in the wholesale price exchange rate that we can obtain and the price at which we transact with you..
    All transactions with Compass Global Markets are secured with the highest levels of encryption technologies supported by and with the reassurance of the world renowned Verisign systems. Verisign protects billions of transactions every day across the world’s data networks. The transaction platform is one of the most sophisticated in the market place and all your activity and information is securely held. Your settlement process is backed by state of the art automated back office procedures. Automated transfers and transactions mean there is no room for human error. We have systems and processes in place that safeguard against any unauthorised use or disclosure of your personal information.
    You can transact 24 hours a day, 7 days a week. However, trades can only occur when markets are open. You can trade online from 7a.m. AEST Monday until 7a.m. AEST Saturday.
    Currently Compass Global Markets allows you to exchange and convert the following Currencies:
    USD (United States Dollar)
    GBP (Great British Pounds – Sterling)
    NZD (New Zealand Dollars)
    EUR (Euros)
    JPY (Japanese Yen)
    CHF (Swiss Francs)
    CAD (Canadian Dollars)
    CNY (Chinese Yuan)
    HKD (Hong Kong Dollars)
    SGD (Singapore Dollars)
    PHP (Philippine Peso)
    THB (Thai Baht)
    DKK (Danish Kroner)
    NOK (Norwegian Kroner)
    SEK (Swedish Kroner)
    ZAR (South African Rand)
    Or any cross rate currency pair from the above. There may be other currencies available please contact us
    It’s very simple; you’re half way there already. To access bank beating rates and dependable delivery along with the many other services offered by Compass Global Markets, you just need to open an account. It is very simple to open an account with Compass Global Markets. You can apply for an account online by clicking here. By law, to comply with the AML/CTF Act, Compass Global Markets needs to formally identify the person making the application to open an account. You may be asked to provide certain identification documents. Before you complete the application forms please read the following important documents:
    Product Disclosure Statement (PDS)
    Financial Services Guide (FSG)

    Our Client Agreement which is available upon request.

    After your account is approved and opened, simply call us or log on to our trading platform to get an exchange rate quote, if you like it, you can lock it in. Compass Global Markets will quickly send out a confirmation of your trade. You then advise us of your beneficiary details. Once funds have been received, before the relevant cut-off transfer time, we then forward your bought currency to the nominated beneficiary.
    Funds can only be transferred to a beneficiary’s bank account. Compass Global Markets always remits the full amount that is converted by you. The beneficiary bank may charge a fee to handle / deliver the funds into your beneficiary’s account. Also, if your beneficiary’s bank does not have a direct relationship with the sender’s bank, there may be fees charged by intermediary banks in the ordinary course of business in delivering your funds to the beneficiary bank.
  • Yes, where permitted by law Compass Global Markets can also convert your foreign currency receipts to the currency of your choice.
    As soon as your deposited cleared funds have been received by Compass Global Markets, before the relevant cut-off transfer time, we arrange transfer to the beneficiary, usually overnight. An express same day service is available and can be arranged for a small sum if required. This request should be made at the time of transacting the initial exchange.
    Funds will normally be available to the beneficiary within 24-48 hours. However, there can be delays that are out of Compass’s control on the beneficiary end.
    When you make a transaction with Compass Global Markets the rate is locked in on your behalf. We guarantee that you have no overnight risk, as all deals are covered when you transact with us.
    Yes, Compass Global Markets can usually beat the exchange rates offered by other providers. Feel free to compare our prices with your current provider. Our superior systems and low overheads mean that others would find it hard to compete on rates. Furthermore, we believe that we offer the highest standards of service available.
    Yes. Simply tell us which currency pair and at what price, and you will be notified when that level is reached. You can be informed by email. Note that notifications can be delayed or interrupted depending on service providers. While we take all care we cannot guarantee this free service.
    Specify the amount of your particular currency you wish to sell or buy, the desired exchange rate and how long you want us to leave your order open for. To try to secure a more favourable exchange rate for your transaction than is currently available you can leave an overnight limit order. This is a binding order instruction for Compass Global Markets to transact on your behalf. Compass Global Markets monitors all international time zones for your selected currencies 24 hours a day. So, if the market reaches your order level, your transaction is then automatically executed.
    Yes we do. Sometimes you may not want to deal at the current price on offer and are prepared to wait for a more favourable exchange rate. An order placed to take advantage of a possible lower price than currently on offer is called a limit order. Compass Global Markets accepts limit orders at conversion rates that are better than the current exchange rates. We monitor rates across all international time zones and once your target level is reached, the order is automatically executed. This eliminates the need for you to continually be watching the currency exchange rates 24/7. If your limit order level is not reached, you have not dealt. In such a situation you can choose to either cancel the order or trade at the market price available at that time.
    You can be informed or advised when the funds have actually been sent to the beneficiary. Through our system we can arrange an email to you or the beneficiary confirming that funds have been forwarded.





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