Compass Global Markets is a Sydney based company that specialises in international money transfers for all major currencies. It also has offices in Melbourne and Perth, but you don’t need to live in one of these cities to access its international money transfer services, you can open an account online. It is registered with ASIC and has an Australian Financial Services Licence (ASFL) to give out general advice about its products. Global Compass Markets is a good choice for people and businesses who transfer funds to pay for goods and services in another currency, and in industries where delivery orders and payments dates are likely to change.
Rates and fees verified as correct at 14 July, 2020. Other information correct at the time of writing.
With Compass Global Markets you can transfer money to over 50 countries and in 16 currencies. If a currency you wish to transfer with or buy one that’s not being offered, you can still make an enquiry. Have a look at today’s rates in the table below to transfer money using Compass Global Markets:
|Currency||At today's Compass Global Markets Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.6937||USD 6,937||Go to site |
|Euros (EUR) EUR||EUR 0.6102||EUR 6,102||Go to site |
|Great Britain Pounds (GBP) GBP||GBP 0.5498||GBP 5,498||Go to site |
|Canadian Dollars (CAD) CAD||CAD 0.9402||CAD 9,402||Go to site |
|Hong Kong Dollars (HKD) HKD||HKD 5.4172||HKD 54,172||Go to site |
|Japanese Yen (JPY) JPY||JPY 74.9761||JPY 749,761||Go to site |
|New Zealand Dollars (NZD) NZD||NZD 1.0529||NZD 10,529||Go to site |
|Singapore Dollars (SGD) SGD||SGD 0.9626||SGD 9,626||Go to site |
|South African Rand (ZAR) ZAR||ZAR 11.657||ZAR 116,570||Go to site |
|Swiss Francs (CHF) CHF||CHF 0.653||CHF 6,530||Go to site |
It’s good to know all the finer points before choosing an overseas money transfer provider, so here we’ve broken down four major must-knows:
When transferring money overseas with Compass Global Markets there are several ways to do it, depending on the time frame.
|Spot contracts: Spot contracts:|
Think of a spot contract as the act of spotting a good rate, locking it in, and transferring money immediately. Compass Global Markets has competitive rates and can transfer funds quickly, as long as you deposit your funds before the cut-off time for the country you are transferring funds to.
|Forward contracts: Forward contracts:|
A forward contract where a spot rate is locked in to be used for a future money transfer. This is handy for when you see a good rate and know you’ll be transferring money overseas in the near future. Because after all, markets are volatile and currencies can lose their value very easily.When you enter into a forward contract with Global Compass Markets, they too enter into a transaction with another bank. This means that if you don’t transfer your money to arrive on or before settlement, they still have to settle. To protect themselves, you are generally required to give them a deposit between 5-15% of the total amount of funds you want transferred. The deposit amount will depend on the duration of the contract.The good thing about Global Compass Markets is that they have a flexible forward contract system in place to help you out when circumstances change. For instance, in some circumstances you can arrange for either a “pre-delivery” of the forward contract, where you pay in installments or you can have the option to extend the contract, by agreeing to a new settlement date.
|Limit orders: Limit orders:|
Placing a limit order with Global Compass Markets is something you can do if you don’t like the current exchange rate, but can and are prepared to wait until it improves. Global Compass Markets can monitor rates for you, and when your target rate is reached, they will execute the order for you. For example, say you want to transfer $10,000 into Euros and you think the rate will improve. Rather than having to check the markets constantly, you could place a limit order so when exchange rates improves and hits your target rate Global Compass Markets will carry out the transaction (even overnight!) for you. You just specify how much you want to send when placing the order. You can also cancel your limit order, as long as the target rate hasn’t been reached and the funds have not been transferred.
|Market orders: Market orders:|
Another order you can place with Global Compass Markets is a market order, where your spot contract or forward contract becomes binding only when an exchange rate nominated by you (called a “nominated rate”) is reached. Like with limit orders, once your nominated rate has been reached, you can’t cancel your market order. But unlike limit orders, market orders don’t work around the clock. So even if your nominated rate has been reached, the markets can change before Global Compass Markets can carry out the transfer. Market orders are only available for transfers $20,000 or over.
Visit Compass Global Markets websiteGo to site
It is easy to transfer money overseas with Global Compass Markets. First, you need to open an account using their website. This includes officially identifying yourself, so have your passport and driver’s licence at hand to punch in the details. You’ll also need to read the Product Disclosure Statement and Financial Services Guide on the Global Compass Markets’ website to make sure you understand and agree to the terms.
Once you’ve been approved by Global Compass Markets and your account is set up, you’re good to go. Follow these steps to transfer money:
Some extra things about Global Compass Markets: