Below you will find answers to the variety of questions commonly asked by our users
fxcompared.com is the leading independent comparison website for international money transfer. We offer the user choices for the best and most efficient way to transfer money internationally. Fxcompared.com is owned by FX Compared Limited, a private UK company with offices in London and New York.Full Answer ->
fxcompared.com is here to help you find the best international money transfer provider. You can follow the simple steps at the link below to help you through the process.Full Answer ->
We offer a full range of international currencies for comparison on FXcompared with 93 countries covered which you can compare currency from.Full Answer ->
FXcompared is proud to have the most detailed and comprehensive vetting procedures of any money transfer comparison site. We take very seriously the trust our users place in us to help match the user to the best possible money transfer provider. We are independent and transparent and are happy to explain the process of assessing and ranking the providers we list.Full Answer ->
Our money transfer comparison algorithm takes account of a broad variety of factors that are important to an individual or business sending money internationally and not simply price. The factors that we take into account on our listings are as follows on the link below.Full Answer ->
There are a small number of money transfer providers who we believe can provide the service, trust and credibility to meet the standards we set to be on FXcompared. We have tried to ensure that we always have listed on the site a selection of top quality providers for each key currency pairing.Full Answer ->
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies.Full Answer ->
An international money transfer is where one currency is sold and another currency bought. FXcompared will show you how to make savings on your international money transfers and find the best provider for your foreign currency needs.Full Answer ->
Yes. All the brokers listed on our site have online platforms. These platforms allow you easy 24/7 access to the service, manage the process and view transactions and reporting. Some providers on the site only offer online services. In our comparison table, you will be able to see this under the “Types of Transfer” section.Full Answer ->
There are a many ways to transfer money overseas and with today's latest technology, new ways to do this are constantly evolving. Whereas many years ago, banks were the only reliable method to carry out international money transfers, now there are many other cheaper and faster options available such as online providers, money transfer brokers, prepaid cards and even by SMS.Full Answer ->
Basic customer identification is a key element in ensuring that a money transaction is secure, and that it is delivered to its intended recipient. It is also a legal obligation for banks and money transfer operators to accurately identify their new customers to help prevent money laundering and terrorist financing.Full Answer ->
All UK-registered providers featured on our site have been carefully vetted and selected and are fully regulated by the FCA, the UK’s Financial Regulatory authority for providers based in the UK.Full Answer ->
FinCEN is the Financial Crimes Enforcement Network, a bureau of the US Department of the Treasury tasked with policing financial transactions and safeguarding consumers from bad practice and criminal activity. All money transfer providers based out of the US listed on our site adhere to FinCEN standards.Full Answer ->
FinTRAC is the Financial Transactions and Reports Analysis Centre. Created in 2000, it is responsible for overseeing financial transactions in Canada. All money transfer providers based out of Canada listed on our site are overseen by FinTRAC.Full Answer ->
ASIC - the Australian Securities and Investment Commission - is the country’s chief financial regulator. As such it is positioned to oversee the foreign exchange market and all money transfer providers. All providers based out of Australia on our site are licensed by ASIC.Full Answer ->
No. Submitting your details does not commit you to take any actions with any provider. It simply begins the process that allows you to register and then trade if you choose to.
If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flows. There is lot more that a provider can do for your business that just beating your bank’s foreign exchange rate.Full Answer ->
FXcompared is used by a large variety of businesses worldwide. From small businesses and startups to larger more established companies, each can benefit from what FXcompared can offer. Transfer sizes range from thousands to millions of pounds, dollars and euros a month.Full Answer ->
An ABA number is the sequence of nine numbers used to identify financial institutions in the United States. It is also known as a routing number or routing transfer number. An ABA number plus your account number allows your specific account to be identified.
A Bank State Branch (BSB) number is used in Australia to identify a financial institution. It is six digits long and identifies the branch of a financial institution in Australia. A BSB number plus your account number allows your specific account to be identified.
An exchange rate margin is the amount the bank, broker, provider or exchange bureau adds onto the interbank exchange rate when they quote the rate to the consumer. The bigger the margin, the more each money exchange or money transfer will cost you. Typically, these margins will decline as the amount of money being exchanged is increased.
Local settlement means the bank account from which you will send your money and the bank account the money transfer provider required you to send your funds to are in the same country. The benefits of local settlement are often seen in faster transactions and lower or sometimes no fees compared to having send funds internationally.
IBAN stands for International Bank Account Number. It is a number allocated to all accounts in the EU plus Norway, Switzerland, Liechtenstein and Hungary. It is not a new account number so your existing bank code and account numbers will not be replaced, but additional characters will appear in front of them. It is intended this will improve the quality of information exchanged between parties involved in European cross border payments and reduce delays that may come from errors. The IBAN number identifies the country the account is in, the account holders bank and the account number.
A sort code is used in Britain and Ireland to route funds between financial institutions. It is typically a six digit number made up of three pairs of numbers. A sort code plus your account number allows your specific account to be identified.
A spot contract is for immediate sale and delivery of a spot currency. This is the typical trade that will occur for money transfer. If speed is a priority and you need to transfer money fast at the best exchange rates, spot contracts are the right option. Once you agree a rate with your chosen currency specialist, your currency can be transferred as soon as you have transferred money to the provider to pay for the contract.
The SWIFT system is a secure messaging system that allows banks to instruct each other on payments and accounts that they hold with each other.
A forward contract is a deal that enables a client to buy foreign currency based on current market rates, for a delivery at a predetermined date in the future (up to one year ahead). This allows a business or individual to fix a rate now to take away exchange rate uncertainty for the future.Full Answer ->
At its most basic form, it’s when a system is used to connect consumers directly with the creators of a product or service, or allowing users to connect to each other in a similar fashion. It cuts out the middleman.Full Answer ->
Mobile money transfer which is also known as mobile money described when financial services that are regulated are performed using a mobile device. The mobile device replaces cash, cheques or credit cards in the process.Full Answer ->
There are a lot of technical terms and data which is usually associated with currency markets and the financial markets as a whole. These may be easy to understands if you have been working in the industry for a while but for some people it might has well be in a completely different language. We provide some helpful guidance on what these different terms mean if you plan to start following the currency markets.Full Answer ->