Global Compass Markets is an Australian company who specialise in foreign exchange transfers, providing a wealth of options for individuals and businesses looking to travel money overseas. Here are the options that Global Compass provide:
A market order with Global Compass Markets allows you to select the currencies, amount and rate for the exchange. The transfer will become binding once the exchange rate nominated is reached in the market. These transfers are only available to orders over $20,000. Be careful when dealing with market orders as the rate is not locked once the nominated exchange rate is reached, meaning the rate could change as GCM process the order.
A forward contract will enable you to lock in the exchange rate for future transfers. Forward contracts can be very beneficial when you believe the current rate is strong and you will be making future international transfers. To lock in a forward contract, GCM must also strike a similar deal with the bank. To protect themselves again a potential non-transfer, they will require 5-15% of the transactions as a deposit. GCM are customer friendly with the forward contracts however, allowing instalment payments for the future transfer and a re-scheduling of the settlement date if your circumstances change.
Like a market order, a limit order can be placed if you believe the current exchange rate is poor and you believe it will improve in the future. You set the currencies, the amount and the target exchange rate. GCM will automatically monitor the market for you and activate the order once the target exchange rate is reached. You can cancel a limit order up until the nominated exchange rate is reached and the transaction is processed.
The spot contract enables the customer to lock in the current exchange rate and process the international money transfer immediately. These are commonly used contracts for customers who wish to make a transfer as soon as possible and see the current exchange rate as strong.
To make a transfer using GCM you will need to first create an account on their website. The sign-up form is quick to complete and you will receive confirmation of your account via email. During the sign-up process, you will be asked to provide supporting documentation to verify who you are. Setting up a business account will have varying steps. After your account, has been confirmed you can login in online, view live rates and proceed with your transaction. You will receive status notifications regarding your transfers via email.