Frequently Asked Questions

1. Why should I use you and not the bank?
2. How do I know you are not going to run away with my money?
3. How come your rates are better than the banks?
4. Can I use you to transfer money to the US from the UK?
5. I am British, working in Singapore and I get paid in USD. Can I send money home with you?
6. I am an exporter and have a USD account, can I deal with you and how does it work?
7. I have a cheque, can I deposit that to your account and convert it?
8. I have a large contract for a USD payment in 6mths time, what is the best thing to do?
9. The system says the rates are updating (middle of the day when the system is open), why?

Why should I use you and not the bank?

In a nutshell, ClearFX offers better rates and lower fees than the banks and other providers.

We do this by keeping our system completely transparent so that at anytime you can see the Interbank rate compared with our rate. This gives you the security of knowing what our margins are.

In addition, you can deal with ClearFX online or by phone 24-hours a day 5 days a week. When the currency markets are open, our dealers are available on the phone. Our international offices are staffed by foreign exchange experts and the person who picks up the phone can usually help you immediately, so you save time as well.

How do I know you are not going to run away with my money?

Via OzForex, ClearFX is the holder of an Australian Financial Services Licence (issued by the Australian Securities and Investments Commission). This licence guarantees that we comply with all the relevant legislation and regulations governing financial institutions in Australia.

We are also a member of the Financial Ombudsman Service which means that you can look us up to see if there have been any complaints against us.

Our company has been operating since 1998 and we have an annual turnover of more than AUD 5 billion dollars.

How come your rates are better than the banks?

ClearFX is able to offer better rates than the banks and other providers because we work with smaller margins based on our lower overhead costs. We pass these savings on to you, our clients.

Can I use you to transfer money to the US from the UK?

Absolutely! ClearFX handles transfers between all major currencies and countries, and makes it easy. Just follow these steps:

1. Register with ClearFX.
2. Login and request a live (and dealable) rate.
3. Confirm your rate, deal and payee details with ClearFX.
4. Transfer payment to ClearFX.
5. ClearFX transfers your funds to the beneficiary.

It really is that easy.

I am British, working in Singapore and I get paid in USD. Can I send money home with you?

Yes, we can transfer your funds! Simply call us or register online and we will be happy to help you.

I am an exporter and have a USD account, can I deal with you and how does it work?

You can simply have the payment made directly in to our USD account, we will convert and dispatch into your AUD account.

I have a cheque, can I deposit that to your account and convert it?

We only accept electronic transfers, we cannot accept cheques or cash. If you can ask the issuer to cancel the cheque and send us the money electronically we can convert the funds for you. This may still be quicker than you having the cheque cleared by your bank.

I have a large contract for a USD payment in 6mths time, what is the best thing to do?

If you want to secure a rate and lock-in your margins now, you can book a Forward Exchange Contract (an FEC). This is like a “buy now-pay later” kind of agreement. You effectively lock-in the rate now, pay us a deposit of 5% and keep the money in your account until the contract falls due. If you need to pay the funds earlier you can “pre-deliver” the contract by ringing us and we'll adjust the rate accordingly. Same thing if you want to “extend” (roll out) the contract.

By locking in an FEC you are protected against any adverse movement in the exchange rate between now and when you need to make your payment. However, if the exchange rate improves before your payment is due you cannot benefit from the higher rate. This enables you to lock in futures profits, and not have to waste time watching the market.

Please note that a 5% deposit is required to secure your rate and if the exchange rate move adversely, we may require you to deposit additional top up funds.

The system says the rates are updating (middle of the day when the system is open), why?

It is possible that our automated rates system is experiencing a disruption or heavy load. If you need a rate urgently, call our dealers and they will be happy to give you a rate over the phone.