| Q. | What is the EquityFX.com Advantage? |
| A. | Most banks tend to set their exchange rates for their clients periodically throughout the day or even only once a day. They are basically pricing in a large premium to cover daily currency fluctuations. At EquityFX we monitor rates on a "live" basis. This allows us to consistently offer our clients the best possible rates available. |
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| Q. | How do I book a foreign exchange transaction? |
| A. | Once a client has registered and our compliance division has approved the application, the first foreign exchange transaction can be booked using our online platform. EquityFX automatically sends an email to the client each time a deal is booked confirming all the details of the transaction.
The client then initiates a wire to transfer funds from their bank to their client account with EquityFX held by a major international bank. We convert these funds to the currency you have specified and at the rate agreed when you booked the transaction. We then wire back the converted currency to the banking institution of your choice. |
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| Q. | What do you mean by multiple currency batch payments? |
| A. | The multiple currency/batch payments module was designed for companies wishing to manage international payments. Generally, this process is highly manual and time-consuming. EquityFX has eliminated the above problems through the use of technology, banking relations and simple common sense.
Once a payee/beneficiary template is built it is stored for as long as you remain a client. All you have to do when you need to build a batch payment is choose the payee/beneficiary, input the amount of currency and submit.
You are then given a total in your home currency - all based on live competitive rates. |
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| Q. | Why use forward contracts? |
| A. | Forward contracts help you manage the risk inherent in currency markets by predetermining the rate and date on which you will purchase or sell a given amount of foreign exchange. Using forward contracts you can:
- Protect yourself from currency fluctuations on products and services purchased abroad
- Protect profit margins on products and services sold abroad
- Lock-in exchange rates as much as a year in advance
EquityFX offers two types of forward contracts: closed and open. Closed forwards specify an exact settlement date. Open forwards provide for a window of time - from one week to three months - for settlement. Any part of an open forward may be settled at any time within the window, but the whole amount must be settled by the window's end date.
At EquityFX we require a margin deposit equivalent to ten percent (10%) of the value of each forward transaction booked. |
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| Q. | Is EquityFX secure? |
| A. | Our secure servers use 128-bit encryption technology, the industry standard for electronic commerce. Please click on the logo for details. You can also confirm that your connection is secure by making sure the padlock icon is visible at the bottom of your browser. |
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| Q. | Who has access to my private information? |
| A. | Your privacy is protected while logged onto our site. We never disclose any of the information provided by our clients to outside parties, except those necessary to complete the foreign exchange transactions you have performed using our site. Our authorized foreign exchange specialists are contractually obligated to treat all such information as private and confidential and to use it solely for the purposes of providing the foreign exchange services requested by the user. |
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| Q. | How do I know my funds are secure? |
| A. | EquityFX operates client accounts for all traded currencies. These accounts are held at a major international bank. Your funds are held exclusively in these client accounts and are individually segregated and identifiable at all times. These client accounts are separated from any business accounts operated by EquityFX. As such, no third party has a charge, lien or right to any funds held within our client accounts at any time. |
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| Q. | How is EquityFX meeting international compliance requirements? |
| A. | As a discount foreign exchange service, we are regulated by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the compliance requirements of other International Agencies through periodic inspections.
We are required to conduct our due diligence by obtaining individual and corporate identification, which we retain on file. This process must be completed prior to conducting your first foreign exchange transaction. All wire requests input into the platform are subject to automated OFAC screening. |
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| Q. | Are there any sign-up costs? |
| A. | Registration is free. |
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| Q. | Does EquityFX charge commission? |
| A. | EquityFX charges no commissions. |
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| Q. | Are there any other fees I should be aware of? |
| A. | We charge no fees for drafts or wires associated with a foreign exchange transaction. When a batch payment is made following an FX transaction the first wire is free; subsequent wires are subject to an extremely competitive fee. |
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| Q. | Do I need to open any new bank accounts? |
| A. | No, EquityFX works with our clients existing bank accounts. |
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| Q. | Do I have to install any software on my computer? |
| A. | No, EquityFX works with a regular browser and internet connection. |
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| Q. | How long does it take for me to receive the converted currency? |
| A. | Wires between financial institutions generally take between one and three days. This is an average and certain institutions are more efficient at processing wires than others, especially when it comes to international transfers. |
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| Q. | How can I check the status of my transactions with EquityFX? |
| A. | When a client books a deal an email is automatically sent with all the relevant details. Clients can check the status of the transaction at any time using the reporting features available. Clients have access to online initiation, inquiry and tracking for wire transfers. |
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| Q. | Why don't I receive the rate on the EquityFX site when I book a transaction? |
| A. | The live rates posted on this page are what are known as interbank rates.
These are the rates at which major banks buy and sell currencies between themselves and are for amounts usually ranging from USD$5 million and upwards. |
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| Q. | What are our hours of operation? |
| A. | Our foreign exchange platform is available to our registered clients 24 hours a day, 7 days a week. |
