This review aims to describe the services that the company provides along with its benefits and drawbacks. We highlighted the exchange rates, costs, pros and cons, and all the other pertinent information that you need to know about the Compass Global Market Money Transfer service. We also designed a complete list of all money transfer service companies that you can compare on our provider reviews section.
About Compass Global Markets
Compass Global Holdings Pty Ltd has an Australian Financial Services license issued by ASIC. The company is authorized to deal and provide to either wholesale and retail clients in foreign exchange contracts, and as non-cash payment products.
Major banking institution makes 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’ Exchange Rates
The rate offered may depend on several factors, including transaction size, the term of the product, business relationship, the market rates, and the different interest rates applicable to the currency pair involved in the transaction.
The exact fees and costs will be shown when you start to initiate a transaction. You must also know Compass Global Markets only EFT transfers. The exchange rate quoted has a variable buy or sell spread, which involves Compass’ profit. They make their margin within the variation in the wholesale value exchange rate that they receive and the rate you get. Compass Global Markets may hold interest gained on client money fastened between the transfers.
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
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
- Philippine Peso
- Thai Baht – THB
- Danish Kroner – DKK
- Norwegian Kroner – NOK
- Swedish Kroner – SEK
- South African Rand – ZAR
- One-off transfers. Allows you to transfer funds with no hassle.
- Import or export. Allows you to pay suppliers abroad or import some goods while getting the most of the exchange rates.
- Overseas investing. The provider can support you manage certain risks when you decide to buy an estate abroad.
Pros and Cons With Compass Global Market
- Secure foreign exchange. Compass Global Markets ensures to provide secure transfers through the highest levels of encryption and Verisign systems to guard each transactions you initiate. They also hold automated systems to facilitate transfers and transactions, that will promote error-free transaction.
- Fast transfers in 1-2 days. Compass Global Markets delivers your money to your recipient just within 24-48 hours. You can also choose same-day delivery but with additional costs.
- 24/7 Transactions. You can initiate transactions in more than 50 different currencies for 24 hours a day, 7 days a week, and move funds online.
- No cash transfers. Compass Global Markets does not offer transfers for cash pick up. This means if your recipient wishes to collect the funds through cash pickup locations, you might need to check on the other money transfer service providers in our provider reviews.
Types Of Transfers Supported
Make a one-time transfer.
Compass will monitor the market, and when your desired rate hits, Compass will make the transaction on your behalf.
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.
Compass Global Markets also provides foreign currency receipts where they can convert your foreign currency receipts into the currency of your choice.
How To Use Compass Global Markets
Before filling the application forms, you will need to read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG).
The process for opening an account are as follows:
- 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 they get the payment for your transfer, 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.
The provider will notify you once your recipient gets the funds. You and your recipient can get an email confirming the progress of your transfer.
FAQs With Compass Global Market
Is my money safe when transferring with Compass Global Markets?
When sending or initiating your, you will be reassured that there is no settlement risk, since, before the making payments, all funds must be cleared and received into their accounts.
What happened to my funds before sending it overseas?
Your funds are kept in trust accounts which is separate from the funds of the company. They utilize major Australian and international banks and intermediaries. All client funds are held in segregated accounts in compliance with the Australian Client Money Rules.
How will I know if my money has reached its destination?
You will get a notification once your funds are transferred to your recipient. They will be sending an email to you and your recipient to let you know the status of your transaction.
Why does my recipient did not get the exact funds I transferred?
Compass Global Markets always remits the full amount that you transferred. However, the recipient bank may charge a fee for the delivery and handling of your funds into your recipient’s account. Besides, if your bank and your recipient’s bank does not have any relationship, there are possible intermediary charges.
What happens if the exchange rates fluctuate overnight?
When you initiate a transaction, the rate is locked in on your behalf. Additionally, they guarantee that you have no overnight risk.