Compass Global Markets Review
You will learn the pros and cons of choosing Compass Global Markets for your international money transfers in this review. Make the most of foreign currency markets with Compass Global Markets.
Compass Global Markets has a convenient foreign currency payment system available for Australian residents. It's great for customers looking to make international money transfers with the help of financial market specialists. Not only is this a reputable company, but it's also one that provides you with a personalised service for money transfers.
Pros
- Get a competitive and fair currency exchanges
- Transfer money securely
- Work directly with a person if you wish
- Learn about foreign currency markets
Cons
- Cash pick up is not available
- Slow transaction rate, you have to wait 24-48 hours
- Small numbers of currency available for small exchanges
How It Works
Getting started with a Compass Global Markets Account is relatively simple. All you need to do is follow the online application form and fill out your information for a quick approval process. You will be asked the type of application you are going for, product type, and your details.
The different account types offered by Compass Global Markets are: individual, joint, sole trader, company, trust or superannuation fund, or incorporated association.
How Safe Is It?
Your money is safe with Compass Global Markets, and their website has a strong encryption system. In addition to keeping your money safe, the company offers a risk assessment service as well. The company is regulated by ASIC and held under Australian Client Money Rules. Because transfers are automated, there is no chance for human error during the transaction.
For investors with money overseas, this company also provides a clear picture of financial risk. Because the currency market fluctuates, it is essential for property investors to understand the risks with assets in other countries truly.
How Much Does It Cost?
Opening and maintaining an account with Compass Global Markets does not cost anything. The fee for the service, if using global exchange products, is included in the exchange rates quoted to your team.
At times, the Compass Global Markets can impose a fee on your transaction. They reserve the right to add:
- Transaction fee ($10 for transactions less than $10,000)
- Telegraphic transfer fee
- Fee for a check that bounces
Before the start of a transaction, fees and costs are all disclosed in a statement before you agree.
What Exchange Rate Will I Get?
Compass Global Markets work to keep their exchange rates fair, and they usually beat what is offered by other providers. The company operates with low overheads and a lean management system, so a customer doesn’t need to pay a lot in fees.
They keep their margin low by sticking with a small difference between the wholesale price and exchange rate offered.
Fees for this service depends on a number of factors. These can include transaction size, business relationship, the term of the product, market rates, and interest rates that can be applied to any currency pairs for your money transfer.
How Do I Send or Receive Money from Overseas?
Funding is accepted through either bank transfer or BPay. These verify the security and safety of every transaction. Once you apply for a Compass Global Markets Account, the steps for getting started are simple.
- Login to the trading platform to get an exchange rate and quote.
- Lock in a rate and fill out any settlement instructions.
- Transfer funding to Compass Global Markets.
- Once funds are received, it is forwarded to your recipient in their chosen currency
How Do I Pay?
Pay to make a trade with money already in your account or by adding cash to the account from your bank balance.
Can I Pay by Credit Card?
You cannot pay by credit card.
What Currencies Can I Transfer?
Compass Global Markets offers services for many major currencies. Here is a list of some of the currencies. While most clients are located in Australia, you can trade with any cross-rate currency pair from this list if desired.
You can transfer money in the different currencies here:
- Australian Dollar
- US Dollar
- Great Britain Pounds
- Euros
- Canadian Dollars
- New Zealand Dollars
- Danish Kroner
- Norwegian Kroner
- Swedish Kroner
- Chinese Yuan
- Japanese Yen
- Hong Kong Dollars
- Thai Baht
- Singapore Dollars
What Services Do They Offer for Businesses?
Compass Global Markets started in Sydney, Australia and now has a few locations throughout Australia. The company is composed of financial market experts and investment bankers looking to not only conduct foreign money transfers, but also learn about the inner workings of foreign currency markets.
They have experience with Spot FX Trader, FX Options Broker, Corporate FX Sales, and Money Market Sales.
Easy Access to Your Account
Transactions can occur 24 hours a day, seven days a week and you can always log in to check out your trading dashboard. Trades only can happen when the markets are open. Online trading is closed over the weekend, hours they are open is 7 am AEST Monday until 7 am AEST on Saturday.
Placing Market Orders
If you have a desired market rate, you can put a trading order in place that only becomes binding when a set exchange rate gets reached in the market. This optimizes your money and means you aren’t always watching the system at the most favourable price.
Hedging Capabilities
Compass Global Markets is an authorized representative that provides hedging capabilities also. Small businesses and foreign exchange payment solutions can work with a fund manager on the team. Personalized service is available for hedging.
Forward Exchange Contracts
Forward exchange contracts are used in hedging. This is a method used by Compass Global markets because it requires a particular exchange rate for a transaction on a set date. This is advisable for people looking to protect profit margins against bad currency moves.
A business committed to conducting transactions with Compass Global Markets can boost its bottom line easily with these services.
