Compass Global Markets International Money Transfers Review
Compass Global Markets is a money transfer service that provides foreign exchange for Australians. The combination of a personalized service and good reputation means that Compass Global Markets is worth a closer look.
About Compass Global Markets Bank
They are regulated by the ASIC, which is an Australian financial regulatory body. There is little chance of scams or human error during transactions because they are automated. Also, you’ll have access to different account types, which include individual, joint, sole trader, company, trust and superannuation fund.
Can I use Compass Global Markets for international bank transfers?
It’s possible to send money internationally but you have a limited number of currencies that can be used. To access a full suite of currencies you’ll need to use alternative money transfer services like Skrill and XE.
How long do transfers take with Compass Global Markets Bank?
Challenger banks like Compass Global Markets will take around 2-7 business days to process transactions. Compass Global Markets claims to complete transfers within 24-48 which is competitive.
Are there transfer limits?
The minimum transfer amount is AUD $1,000 and market options transfer have a minimum of $20,000. Therefore, it’s not a suitbale service for customers that want to send small amount of money.
Can I use a Compass Global Markets debit card when traveling abroad?
You don’t have the option to use a Compass Global Markets debit card for aboard travel. However, there are many options from alternative money transfer services. They usually require a low fee to order one and you can use them in a variety of currencies.
Compass Global Markets bank exchange rates and fees
Exchange rate: Compass Global Markets make a profit from the difference between the wholesale exchange rate and the one you’ll be given. Therefore, you will not receive the best rates when using the service.
Transfer fees: there is a flat fee of $10 if you will be sending less than $10,000. Transfers that are over $10,000 will not cost you any fees.
Additional costs: you will have to pay a telegraphic transfer fee and a dishonored cheque fee.
How do Compass Global Markets Bank transfer fees compare to using a money transfer provider?
The fees at Compass Global Markets are not steep because the company makes money from the currency conversion rate. Therefore, compared to money transfer services you will not be paying a significant amount of fees for transfers.
Compass Global Markets pros and cons
Take a peek at Compass Global Markets pros and cons to figure out if it’s the right company for you:
Pros
Cons
Compass Global Markets bank additional products
Market orders: you can place market orders that complete transactions automatically when certain conditions are met.
Hedging: a personalized service for hedging is available when playing the markets.
Forward exchange contracts: used in hedging that allow people to protect profit margins.
Summary
Compass Global Markets is a good choice for Australians that are looking to play the markets. You’ll have a bunch of tools available to make a profit and execute large transactions. It’s also regulated by Australian regulatory bodies for your peace of mind.
However, it’s not a good choice for making international transfers because of the minimum cap. Therefore, consider taking advantage of alternatives like Wise, XE, Revolut and Skrill. They allow you to send in most currencies out there and fast transfer speeds.
