EbonFX international money transfers

Must knows about transferring money with EbonFX

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:

• Transfer speed: As soon as EbonFX receives your funds, they will make the transfer. It usually takes between 24-48 hours for funds to be available to the beneficiary. If you want a swifter transfer, you can pay a little extra for an express service. This is done on a transaction basis, so you will need to call EbonFX to discuss. Just remember, that as with all transfer services, the beneficiary’s bank may slow down the transfer process which is out of EbonFX control.

• Transfer cut-off times: Transactions with EbonFX run to Australian Eastern Standard Time and this means that there are cutoff times depending on where you are transferring money to. For example, say you want to send money to Japan. The cut-off time is 11.30am AEST but if you wanted to send your funds to Taiwan you have more time as the deadline is 1.30pm.
• Transfer limits: You need to transfer a minimum of AUD $1,000 with EbonFX for spot contracts. But for other FX options there are higher minimums, like the market order option which has a minimum of $20,000.
• Transfer fees: $10 for transfers under AUD $10,000, and free for transfers $10,000 or over.

EbonFX Products and Services

When transferring money overseas with EbonFX there are several ways to do it, depending on the time frame.

Spot contracts: 

Think of a spot contract as the act of spotting a good rate, locking it in, and transferring money immediately. EbonFX 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: 

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 EbonFX, 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 EbonFX 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: 

Placing a limit order with EbonFX is something you can do if you don’t like the current exchange rate, but can and are prepared to wait until it improves. EbonFX 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 EbonFX 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: 

Another order you can place with EbonFX 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 EbonFX can carry out the transfer. Market orders are only available for transfers $20,000 or over.

Why choose EbonFX for your international money transfers?

• Some of the most competitive foreign exchange rates in the market.
• You can transfer money to over 180 countries.
• Simple and secure.
• EbonFX has experienced staff who specialise in international money transfers.
• Has a range of foreign exchange products to suit everyone from businesses and individual investors with property overseas.
• EbonFX has daily market reports so you can stay up to date on market trends.

How do I transfer money with EbonFX?

It is easy to transfer money overseas with EbonFX. 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 EbonFX website to make sure you understand and agree to the terms.

Once you’ve been approved by EbonFX and your account is set up, you’re good to go. Follow these steps to transfer money:

1. Call EbonFX 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. EbonFX will send you a notification confirming your trade via email.
3. Tell EbonFX the details of the beneficiary’s account details on the phone or via the online trading platform.
4. Send the funds to EbonFX 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. EbonFX 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 EbonFX:

• You can transfer money online, by phone, or in writing (including email, but call first).
• If you have a deadline by which you want you funds to be sent overseas, you need to let EbonFX so they can give you an estimate of the delivery time frame. They are not liable for you being affected in some way by a delay in an international money transfer. Alternatively, you can pay more for an express transfer service by calling.
• If you wish to close out a transaction for a forward contract, EbonFX do not have an obligation to agree to it. You might need to pay EbonFX back any losses they have incurred as a result of you closing out the transaction.