It is only natural that you will have a few questions. Here we have compiled a list of our frequently asked questions and their answers.
Forex Group has been trading in Australia since 2000.
Forex Group is 100% privately owned. Most people find it interesting to find out that many brokers/ providers are owned or part owned by a bank.
Absolutely! We are proud to be one of the very first financial institutions to be awarded an Australian Financial Services Licence (# 247017). Being regulated by ASIC means we meet very strict capital requirements and have approved policies and procedures to manage risk, train staff, back office accounting and external auditing.
The answer is simple, we provide you with simple money making strategies to minimise your risk and maximise your profits. The Forex market today is very competitive and unless you are still using a bank you will find most broker’s rates are very similar, a few points difference here or there will not make or break your business. At Forex Group we will treat you like a VIP. We proactively manage your payments and use our own unique yet simple strategies to buy at opportune moments. These strategies can increase your buy rates by 100-200 points. Now that can make a huge difference to your business!
No one can predict the future with 100% certainty. But you can use our unique strategies combined with great market data to outperform your competitors. We always explain what strategy to use and why, in a way that you can understand.
Absolutely! Forex Group must abide by the same strict regulatory obligations as the banks. We are proud to be one of the very first financial institutions to receive a license under the Financial Services Reform (FSR) Act which commenced on 11 March 2002. To increase the safety of our clients’ funds we actually hold 7-10 times more Liquid Funds than is required under FSR legislation. In accordance with FSR regulations Forex Group is audited by an external auditing firm to ensure absolute integrity of all accounts, client funds and transactions. Additionally, Forex Group holds Private Indemnity Insurance with Lloyds of London to further protect the business and the interests of our clients.
No. Banks make billions of dollars profit every year and much of that is earned through currency exchange. Overall their exchange rates are poor and their level of service is no better!
We make our margin on the difference in the wholesale price that we can obtain and the price that we give you.
A small Telegraphic Transfer fee applies to overseas payments, however it is much less than the standard market fee. There are no other fees or commissions to pay.
Yes and no. Although our foreign exchange rates are amongst the best in Australia, other providers will often lower their rates just to get your business. There is a lot more to it than just getting a good rate on the day. The real advantage is locking in your rate at the right time! This will far outweigh any difference at the time of booking.
Spot Foreign Exchange is the rate which is bought or sold for delivery two business.
When you want to lock in an exchange rate now for delivery sometime in the future you can use forward exchange contracts. A forward exchange contract has a settlement date that is more than 2 business days after the trade date.
Forward Foreign Exchange Contracts are sometimes referred to as hedging. It also refers to buying your required amount in smaller tranches rather than one lump sum. This will smooth out a volatile market as you average out the tranches.
Yes, in fact we specialise in foreign currency receipts. We can convert your foreign currency receipts into the currency of your choice.
As soon as we receive bank confirmation that your payment has been received and is cleared funds.
Usually 24-48hrs once the payment has been sent.
Forex Group always remits the full amount that is converted by you. The beneficiary bank may charge a fee to handle and deposit the funds into your beneficiary’s account. Also, if your beneficiary’s bank does not have a direct relationship with the sender’s bank, there may be fees charged by intermediary banks in the ordinary course of business in delivering your funds to the beneficiary bank. These fees are completely out of our control and are standard across the industry.
We guarantee that the price we lock in for you will not change. All deals are immediately locked in and held at your exchange rate.
Yes we can. In fact we WANT to do this for you!
We use our unique money saving strategies to maximise each of your payments. These strategies can create great savings over and above our very competitive exchange rates.
The market rate you see online or on the news is the rate traded between the Reserve Banks of the world. By the time you receive a price, a margin has been charge by 3 entities - the Reserve Bank, the Market Maker and the broker.
Only your bank can provide a Letter of Credit (LC) However, you can still purchase the currency from Forex Group and save big time rather than take the bank rate. Just ask us how.
Sign up filling out our registration form and sending it back. We can have your account open almost immediately. You will be happy you made the switch to Forex Group.
Again this is our specialty. The overnight market is a prime time to lock in your target rate because the largest markets such as US, London, European are open. The daily highs are usually seen during the overnight market. Simply place a standing order with your personal dealer and we will lock-it-in for you if the market reaches your target rate.