Compass Global Markets

Compass Global Markets

About Compass Global Markets

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.

Compass Global Markets Foreign Exchange rates

Rates and fees verified as correct at 20 October, 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 0.6989 USD 6,989 Go to site
Euros (EUR) EUR
EUR 0.5916 EUR 5,916 Go to site
Great Britain Pounds (GBP) GBP
GBP 0.5395 GBP 5,395 Go to site
Canadian Dollars (CAD) CAD
CAD 0.9208 CAD 9,208 Go to site
Hong Kong Dollars (HKD) HKD
HKD 5.4578 HKD 54,578 Go to site
Japanese Yen (JPY) JPY
JPY 74.354 JPY 743,540 Go to site
New Zealand Dollars (NZD) NZD
NZD 1.0645 NZD 10,645 Go to site
Singapore Dollars (SGD) SGD
SGD 0.9485 SGD 9,485 Go to site
South African Rand (ZAR) ZAR
ZAR 11.6161 ZAR 116,161 Go to site
Swiss Francs (CHF) CHF
CHF 0.6343 CHF 6,343 Go to site

Must knows about transferring money with Compass Global Markets

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:

Compass Global Markets Products and Services

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.

Why choose Compass Global Markets for your international money transfers?

Visit Compass Global Markets website

Go to site

How do I transfer money with Compass Global Markets?

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:

  1. Call Global Compass Markets or login to their trading platform online. If you like an exchange rate quote on the website you can go ahead and lock it in.
  2. Global Compass Markets will send you a notification confirming your trade via email.
  3. Tell Global Compass Markets the details of the beneficiary’s account details on the phone or via the online trading platform.
  4. Send the funds to Global Compass Markets as soon as you can. They need them cleared in their bank account within two days. Take note of the transfer cut-off times for each currency.
  5. Global Compass Markets will send your money to the nominated bank account as soon as they get it. Let them know before-hand if you want a confirmation email to tell you the funds have been transferred.

Some extra things about Global Compass Markets:

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*The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.