Compass Global Markets international money transfers

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Competitive rates without account opening or keeping fees

Compass Global Markets is a money transfer service committed to developing strong banking relationships, leveraging innovative technology, and recruiting the most experienced people to offer security, rates and service for international money transfers.

Compass Global Markets Exchange Rates

Banks make big profits from international money transfers, where they often convert with low exchange rates and high fees. With a track record of beating the exchange rates offered by many other companies, Compass Global Markets provides customers with good deals when sending money overseas. It can transfer money internationally with competitive exchange rates and low fees.

How much does it cost to transfer money with Compass Global Markets?

There are no fees associated with opening a Compass Global Markets account. The fee for Compass Global Markets foreign exchange products is included in the exchange rate quoted to you when you request a transaction in the buy/sell spread.

The exchange rate offered to you depends on a number of factors including transaction size, term of the product, business relationship, the market rates and the differing interest rates applicable to the currency pair involved in the transaction.

Compass Global Markets reserves the right to charge the following additional fees:

  • Transaction fee (up to AUD10 for transactions that are less than AUD5000 or equivalent)
  • Telegraphic transfer fee
  • Dishonoured cheque fee

The details of fees and costs will be specified to you when you enter into a transaction. Please note that Compass Global Markets accepts electronic transfers only.

How does Compass Global Markets make money?

The exchange rate quoted has a variable buy/sell spread which includes the fee that Compass Global Markets charges. It makes its margin between the difference in the wholesale price exchange rate that it obtains and the price at which it transacts with you.

Compass Global Markets may retain interest earned on client money held in their accounts, which must be maintained under the Corporations Act.

Available Currencies with Compass Global Markets

Compass Global Markets allows you to transfer money in the different currencies listed below:

What types of transfers can you carry out with Compass Global Markets?

In addition to providing international money transfers, Compass Global Markets also provides foreign currency receipts. Compass Global Markets can then convert your foreign currency receipts into the currency of your choice.

Compass Global Markets also allows you to place a limit order, where you specify the amount of the particular currency you wish to sell or buy, the desired exchange rate that you want and how long you want them to leave your order open. The idea is that you can try to secure a more favourable exchange rate by leaving an overnight limit order.

Compass Global Markets will inform you when the funds have actually been sent to your recipient. It will notify your recipient that funds are available via email and then notify you once the funds have been transferred.

Registration and Transfer Process

Before completing the application forms, you’ll need to read the Product Disclosure Statement (PDS) and the Financial Services Guide (FSG).

The process for opening an account with Compass Global Markets is simple and quick. Follow these steps to open an account:

  1. Complete the online application form.
  2. Log in to the trading platform to get an exchange rate quote.
  3. Book a rate and complete the settlement instructions.
  4. Transfer funds to Compass Global Markets via bank transfer.
  5. Once funds have been received, before the relevant cut-off transfer time, it will forward the currency to your recipient.

The online application process will require you to disclose information such as your application type, product type (i.e. physical FX), personal details, including your address and country of residence, and the expected size and number of transfers you wish to make each month.

The transfer generally takes 24-48 hours to reach your recipient.

Pros and Cons of Using Compass Global Markets

Pros
  • Secure currency exchange. Compass Global Markets takes security seriously and uses the highest levels of encryption as well as Verisign systems to secure transactions. It uses automated systems to carry out transfers and transactions, removing the chance of human error.
  • Fast. Compass Global Markets can get your money to your recipient within 24-48 hours, so you don’t have to worry about missing a bill deadline or a family birthday where a fast transfer is needed.
  • Accessibility. You can make transactions in over 50 different currencies, transact 24 hours a day/7 days a week and make international money transfers online.
  • Efficient transfers. As soon as your deposited funds have been received, Compass Global Markets usually transfers funds to your recipient overnight. An express same day service is available and can be arranged for a small fee if necessary.
  • Competitive rates. Compass Global Markets can normally beat the exchange rates offered by other companies in the market.
  • Customer service. Compass Global Markets offers extra options like limit orders. If you want to wait for a more favourable exchange rate, you can place a limit order to take advantage of a possible lower rate, ensuring you get the most value out of your money. This eliminates the need for you to continually assess currency exchange rates yourself.

Cons:

  • No cash transfers. Unlike some other transfer services, Compass Global Markets cannot be used for sending money overseas that is available for pickup as cash.
  • Must create an account to get a quote. Many other transfer companies provide a general idea of the exchange rate and fees they are offering without you having to log in or create an account. Compass Global Markets requires you to create an account and log in before receiving a quote.

What other products and services does Compass Global Markets offer?

Compass Global Holdings Pty Ltd was founded in Australia and has an Australian Financial Services License issued by ASIC to deal and provide general advice to both wholesale and retail clients in Foreign Exchange Contracts, Derivatives and Non-Cash Payment Products.

Compass Global Markets acts as its authorized representative in providing these products and services. In addition to regular money transfers, Compass Global Markets offers the following services:

  • Hedging capabilities. Apart from access to the FX and commodity markets through their trading platform, Compass Global Markets also provides hedging capabilities for small business as well as foreign exchange payments solutions. This gives you the ability to invest your money with an experienced fund manager.
  • Limit Orders. You can choose to buy and sell your currency for another currency that is better than the current exchange rate. Compass Global Markets can monitor the exchange rate for you and when your preferred rate is reached, the transfer will take place.
  • Market Orders. You can buy and sell in markets under which your Spot Contract or Forward Contract becomes binding only when a certain exchange rate, chosen by you, is reached.

Frequently asked questions about Compass Global Markets

With competitive rates, advanced technological resources and extensive market know-how, Compass Global Markets offers a safe and affordable way to transfer your money overseas.

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4 Comments

  1. Default Gravatar
    Marisa
    May 14, 2016

    Why has my recipient not received the exact amount I transferred?
    Compass Global Markets always remits the full amount that is converted by you. However, the beneficiary bank may charge a fee to handle and/or 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 the intermediary banks involved in the transfer process.

    How do you know if a beneficiary’s bank has a relationship with the sender’s bank? How do you know what fees will be charged by the intermediary banks involved in the transfer process?

    • Avatarfinder Customer Care
      Shirley
      May 16, 2016

      Hi Marisa,

      Thanks for your question.

      Unfortunately it seems that the receiving bank has deducted a portion from your money transfer.

      To find out if your beneficiary’s banks has a relationship with the sender’s bank, please ask your recipient to enquire with their bank directly. Your recipient can also ask their bank what fees will be charged by the intermediary banks involved in the transfer process.

      Global Markets unfortunately has no control over this process, as it’s related to how the banks process international money transfers.

  2. Default Gravatar
    tinaprayer
    November 4, 2015

    Hi

    If i want to transfer money from Australia (own account) to China (own account)for shopping, how can i verify my ID? Because now i live in Australia. Thank you very much

    • Avatarfinder Customer Care
      Shirley
      November 4, 2015

      Hi Tinaprayer,

      Thanks for your question.

      You can open an account online – your signature will be required and your electronic ID will be verified. Please note that Compass Markets is based in Australia.

      Cheers,
      Shirley

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