Compass Global Markets International Money Transfers

Information verified correct on December 8th, 2016

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.

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.

Product NameCompass Global Markets International Money Transfers
Min. Transfer AmountAUD 1,000
Transfer MethodsOnline, Phone
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
2 days
Banking PartnerCompass Global Markets
Customer ServicePhone, Email
Available CurrenciesAED, AFN, ALL, ANG, ARS, AUD, AWG, AZN, BAM, BBD, BGN, BMD, BND, BOB, BRL, BSD, BWP, BYR, BZD, CAD, CHF, CLP, CNY, COP, CRC, CUP, CZK, DKK, DOP, EGP, EUR, FJD, FKP, GBP, GGP, GIP, GTQ, GYD, HKD, HNL, HRK, HUF, IDR, ILS, IMP, INR, IRR, ISK, JEP, JMD, JPY, KGS, KHR, KPW, KRW, KYD, KZT, LAK, LBP, LRD, LTL, LVL, MKD, MNT, MUR, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, SAR, SEK, SGD, SHP, SVC, THB, USD, XCD, ZAR
Online Transfer FeeAUD 10

Pros

  • Fast money transfer within 24-48 hrs
  • Secure system
  • Competitive currency exchange rate

Cons

  • Cash pickup not available
  • Small numbers of currencies available

Compass Global Markets Exchange Rates

Major Australian banks make significant profits from the foreign currency conversion business through high margins that reduce the profitability of imports and exports in Australia. But with a track record of beating the exchange rates offered by other companies, Compass Global Markets’ systems and low overheads which means that you could get a better deal when sending money 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.

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 forward transaction.

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

  • Transaction fee (up to $10 for transactions that are less than $5000)
  • Telegraphic transfer fee
  • Dishonoured cheque fee

The details of fees and costs will be disclosed when you enter into a transaction. Please note that Compass Global Markets do not accept cheques, only EFT transfers.

How does Compass Global Markets make money?

The exchange rate quoted has a variable buy/sell spread which includes Compass’ remuneration. They make their margin between the difference in the wholesale price exchange rate that they obtain and the price at which they transact with you.

Compass Global Markets may retain interest earned on client money held in the segregated accounts which must maintain under the Corporations Act.

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
  • Hong Kong Dollars - HKD
  • Singapore Dollars - SGD
  • Thai Baht - THB
  • Danish Kroner - DKK
  • Norwegian Kroner - NOK
  • Swedish Kroner - SEK
  • South African Rand - ZAR

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

In addition to providing foreign exchange transactions, Compass Global Markets also provide foreign currency receipts where they can convert your foreign currency receipts into the currency of your choice.

Compass Global Markets also allow 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 and how long you want them to leave your order open for. 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 the beneficiary. Through their system, they can organise an email to you or the beneficiary confirming that the funds have been forwarded.

Registration and Transfer Process

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.

  1. Complete the online application form.
  2. Log on to the trading platform to get an exchange rate quote.
  3. Book in a rate and complete settlement instructions.
  4. Transfer funds to Compass Global Markets via bank transfer or BPay.
  5. 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 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 each month.

The transfer will normally take 24-48 hours to reach your beneficiary or supplier.

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 and Verisign systems to secure transactions. They also have 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 family occasion where a 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 cleared funds have been received, Compass Global Markets transfer to the beneficiary usually overnight. An express same-day service is available and can be arranged for a small sum if required.
  • Competitive rates: Compass Global Markets can normally beat the exchange rates offered by other companies in the market.
  • Customer service: Compass Global Markets offer to watch orders for you if the market isn’t currently where you want to trade. If you want to wait for a more favourable exchange rate, you can place a limit order to take advantage of a possible lower price. This eliminates the need for you to continually assess currency exchange rates.

Cons:

  • No cash transfers: Unlike some of the other transfer services compared, Compass Global Markets cannot be used for sending money overseas and having it made available for pickup as cash.

What other products and services does Compass Global Markets offer?

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.

Compass Global Markets acts as its authorised 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 provide hedging capabilities for small business and foreign exchange payments solutions and the ability for people to invest their money with an experienced fund manager.
  • Limit Orders: This allows you to let Compass Global Markets buy and sell one currency, for another that is better than the current rate. They will monitor the exchange rate for you and when your preferred rate is reached, the transfer will take place.
  • Market Orders: Markets under which your Spot Contract or Forward Contract becomes binding only when a certain exchange rate (nominated by you) is reached.

Frequently asked questions about Compass Global Markets

Is my money safe when transferring with Compass Global Markets?

When transferring your money with Compass Global Markets, you have the reassurance of that there is no settlement risk as all funds must be cleared and received into their accounts before any payments are made.

Where does my money go before it's sent overseas?

Your funds are held in trust accounts separate from Compass Global Markets funds. Compass Global Markets uses major Australian and international banks and intermediaries. All client funds are held in accordance with the Australian Client Money Rules.

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.

What happens if exchange rates fluctuate overnight?

When you make a transaction with Compass Global Markets, the rate is locked in on your behalf. They guarantee that you have no overnight risk, as all deals are covered when you transact with them.

Will I be informed when the money has reached its destination ?

You can be informed when the funds have been sent to the beneficiary. Compass Global Markets can schedule an email to you or the beneficiary confirming that funds have been forwarded.

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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4 Responses to Compass Global Markets International Money Transfers

  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?

    • Staff
      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
    | 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

    • Staff
      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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