Frequently Asked Questions

What is the Rate Improver Guarantee?

Our partner TorFX will help you get a great exchange rate for your currency transfer. They even offer a Rate Improver Guarantee where they’ll match or beat any quote from another provider.*

Can I get a quote?

Yes – get a quick quote here and see how much you could save.

What are the fees?

Unlike many banks our partner TorFX don’t charge transfer fees, helping make your money go further.

Is my transaction secure?

Yes. TorFX transfer over $10bn in international payments a year and are regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC’. Transfer online 24/7 or over the phone with your dedicated Account Manager.

Is there a minimum amount? Is there a maximum amount?

The smallest amount you can transfer online is $200. While there is no maximum transfer limit for transfers arranged over the phone there is a maximum online transfer limit of $50,000 for private customers and $200,000 for business customers.

Do I have to pay up front?

You will have to transfer TorFX the funds to pay for your transfer as soon as you have secured your exchange rate and agreed your contract.

What currencies do you exchange?

You can exchange all major currencies including US Dollars, Pound Sterling, Euros, Canadian Dollars, New Zealand Dollars, Indian Rupees, Singapore Dollars, Japanese Yen, Chinese Renminbi, Indonesian Rupiah, South African Rand, Swiss Francs, Swedish Kronor, South Korean Won, and many more. Just submit a quote and a TorFX team member will come back to you with a competitive quote.

What is a spot contract?

A spot contract is an “instant” foreign exchange where you buy or sell in the currency for the current market rate. Whatever the market is buying or selling for at the time of the deal is what you pay or receive.

What is a limit or stop order?

A limit or stop order is a “circuit breaker” for limiting your exposure to a chosen currency. This executes a trade when your currency hits a target rate to maximise your value. A stop loss order works almost in reverse – if your chosen currency is strengthening relative to your local currency, you can execute the trade at a certain point before the trade gets too expensive. Either way, these types of contracts help you save money.

What is a forward contract?

A forward contract is an agreement to sell or buy a currency at a set rate at some point in the future. These types of agreements can stay valid for up to two years. Business customers often use forward contracts to help budget and cash flow forecasting.

Do I have to wait for the market to open to trade?

You can use the market-leading TorFX online platform to check live exchange rates 24/7. You can also arrange your transfers online or over the phone with the support of your Account Manager.

I am a business that needs forex. Can I join?

Yes! Currency Exchange with it’s partner TorFX is business best friend for making overseas or foreign currency transactions. You get up to the minute insights from your dedicated Account Managers as well as the ability to set contracts and other instruments to help your business maximise value across foreign exchanges.

I need to buy large assets like property. Can Currency Exchange help?

Yes – with our partner TorFX we can facilitate all types of foreign currency transactions ranging from school fees, sending money to overseas bank accounts, and buying property. We handle all types of transactions from large to small – the choice is always yours.

I’m not tech savvy. Can I still use Currency Exchange?

Yes – we understand some customers aren’t comfortable using technology, especially for larger sums of money. Our Torfx Account Managers are on hand to execute trades over the phone and take alternative forms of payment.

Can I lock in a currency price?

Yes – you can set up a forward contract and lock in a currency price for up to two years. This gives you the flexibility to budget well in advance.

How do I learn more about currency and foreign exchange?

You can look through our blogs or get advice from your Account Manager at any time.