Transferring Funds Internationally

Choosing a Provider

The first and most important consideration is the safety of your funds. Therefore, you should use a regulated foreign exchange provider or a bank. Foreign exchange regulations vary from country to country. Some jurisdictions do not regulate non-bank foreign exchange providers, whereas other countries such as Australia formally regulate providers to ensure they meet certain financial, audit and training standards.

Australian regulations are some of the strictest in the world. They require licensed foreign exchange dealers to meet strict capital requirements and employ a range of internal procedures to ensure consumer protection.

The best thing to do when choosing a foreign exchange provider is to compare services and consider such things as:

• Differences in exchange rates, transfer fees and receiving bank fees
  
  
• Transparency of prices - is the provider open about their margins
  
  
• Ease of use
  
  
• Access to experts who can help you over the phone
  
  
• Can you choose the time of conversion yourself
  
  
• Access to hedging tools such as Forward Contracts and Limit Orders
  
  
• Is the foreign exchange company you are dealing with licensed and regulated?
  
  
• What is the ownership structure

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