Major banks make significant profits off of converting foreign currency through high margins, which reduces the profitability of a business’s imports and exports. If you are paying a supplier or simply sending money to a loved one overseas, Compass Global Markets’ track record of beating the exchange rates offered by other companies means you could get a better deal when making an international transfer.
Compass Global Markets is best for:
- One-off transfers. Easily transfer money overseas with a quick turnaround time.
- Import/export. When paying overseas suppliers or importing goods, you want to get the best exchange rate possible.
- Overseas investing. Compass Global Markets will help you manage risk when purchasing a property overseas.
How much does it cost to transfer money with Compass Global Markets?
Compass Global Markets does not charge any account opening or account keeping fees.
However, the fee for Compass Global Markets foreign exchange products is included in the exchange rates quoted (buy/sell spread) when you request a transaction.
Compass Global Markets reserves the right to charge the following additional fees:
- Transaction fee (up to $10 for transactions that are less than $5,000)
- Telegraphic transfer fee
- Returned check fee
How is Compass Global Markets’ exchange rate?
The rate offered may depend 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.
The details of fees and costs will be disclosed when you enter into a transaction. Please note that Compass Global Markets does not accept checks, only EFT transfers.
The exchange rate quoted has a variable buy/sell spread, which includes Compass’ profit. They make their margin between the difference in the wholesale price exchange rate that they obtain and the price you get.
Compass Global Markets may retain interest earned on client money held between transfers.
What types of transfers can I make with Compass Global Markets?
- One-off transfers. Make a one-time transfer.
- Limit orders. Compass will monitor the market, and when your desired rate hits, Compass will make the transaction on your behalf.
- Currency receipts. Compass Global Markets also provides foreign currency receipts where they can convert your foreign currency receipts into the currency of your choice.
- 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 and foreign exchange payments solutions and the ability for people to invest their money with an experienced fund manager.
Available currencies with Compass Global Markets
Compass Global Markets allows you to transfer money in the different currencies listed below:
- United States Dollar – USD
- Great British Pounds – GBP
- New Zealand Dollars – NZD
- Euros – EUR
- Japanese Yen – JPY
- Swiss Francs – CHF
- Canadian Dollars – CAD
- Chinese Yuan – CNY
- Australian Dollar – AUD
- UAE Dirham – AED
- Bangladesh Taka – BDT
- Bulgarian Lev – BGN
- Czech Koruna – CZK
- Fijian Dollar – FJD
- Indian Rupee – INR
- Indonesian Rupee – IDR
- Israeli Shekel – ILS
- Kuwaiti Dinar – KWD
- Malaysian Ringgit – MYR
- Mauritius Rupee – MUR
- Mexican Peso – MXN
- Hong Kong Dollars – HKD
- Singapore Dollars – SGD
- Philippine Peso
- Thai Baht – THB
- Danish Kroner – DKK
- Norwegian Kroner – NOK
- Swedish Kroner – SEK
- South African Rand – ZAR
- Omani Rial – OMR
- PNG Kina – PGK
- Polish Zloty – PLN
- Qatari Riyal – QAR
- Romanian Leu – RON
- Samoan Tala – WST
- Saudi Arabian Riyal – SAR
- Solomon Island Dollar – SBD
- South Pacific Franc – XPF
- Sri Lanka Rupee – LKR
- Tongan Pa’anga – TOP
- Turkish Lira – TRY
- Vanuata Vatu – VUV
Pros and cons of using Compass Global Markets
- Secure currency exchange. Compass Global Markets takes security seriously, and uses the highest levels of encryption and Verisign systems to secure transactions. They also have automated systems to carry out transfers and transactions, removing the chance of human error.
- Fast transfers in 1-2 days. Compass Global Markets can get your money to your recipient within 24-48 hours. An express same-day service is available for an extra fee.
- 24/7 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.
- No cash transfers. Unlike some of the other transfer services, Compass Global Markets cannot be used for sending money overseas and having it made available for pickup as cash.
How to use Compass Global Markets
Before completing the application forms, you will need to read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG).
The process for opening an account with Compass Global markets is straightforward, as detailed below.
- Complete the online application form.
- Log on to the trading platform to get an exchange rate quote.
- Book a rate and complete payment instructions.
- Transfer funds to Compass Global Markets via bank transfer or BPay.
- Once funds have been received, before the relevant cut-off transfer time, they will forward the bought currency to your recipient.
The online application process will require you to disclose information such as your personal details including your address and country of residence, and the expected size and number of transfers you anticipate sending each month.
The transfer will normally take 24 to 48 hours to reach your recipient or supplier.
Compass Global Markets will inform you when the funds have actually been sent to the recipient. An email to you and/or the recipient can be send confirming that the funds have been forwarded.
What is Compass Global Markets?
Compass Global Holdings Pty Ltd 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 as well as non-cash payment products.
With competitive rates, advanced technological resources and extensive market know-how, Compass Global Markets offers a safe way to transfer your money overseas.
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