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.

 

  1. Login to the trading platform to get an exchange rate and quote.
  2. Lock in a rate and fill out any settlement instructions.
  3. Transfer funding to Compass Global Markets.
  4. 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.

Compare money transfer services like Compass

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,987.86Exchange Rate0.7182Transfer Fees$64.16Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,987.86Rate Updated less than 5 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,987.86 which includes a fee of $64.16

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 5 mins ago
TorFXRead ReviewTotal (AUD)$13,993.67$5.81 more expensive Exchange Rate0.7146 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,993.67$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7146 will cost you $13,993.67 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,004.93$17.07 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,004.93$17.07 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,004.93 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,007.74$19.88 more expensive Exchange Rate0.7139 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,007.74$19.88 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7139 will cost you $14,007.74 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$89.54 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$89.54 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,192.45$204.59 more expensive Exchange Rate0.7046 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,192.45$204.59 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7046 will cost you $14,192.45 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,324.60$336.74 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$336.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,791.78$803.92 more expensive Exchange Rate0.6766 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,791.78$803.92 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6766 will cost you $14,791.78 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates