Compass Global Markets international money transfers
Competitive rates without account opening or keeping fees
With a low risk business model and by carrying out all foreign exchange deals direct to the market through their Straight Through Processing system (STP), Compass Global Markets reduces currency exchange risks for their clients and can see transfers get to your recipient in 24-48 hours.
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:
- Complete the online application form.
- Log in to the trading platform to get an exchange rate quote.
- Book a rate and complete the settlement instructions.
- Transfer funds to Compass Global Markets via bank transfer.
- 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
- 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.
- 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.
How does Compass Global Markets compare to other providers?
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.