|
The "crossing session" will be held each day at 12pm London time. In a crossing session, the exchange rate given to both sets of counterparties in each country (e.g. Australia and New Zealand - see example below) will be the midpoint exchange rate which exists in the interbank market at the time the crossing session is held. On a basic level, instead of the money transfer going through the bank FX network, the TranzMoney customers in the two different countries are paying each others' payees (TranzMoney acts as an intermediary in this process to eliminate counterparty or credit risk).
Additionally, we guarantee that your order will receive the exchange rate that exists at the time of the crossing session on the same day that your funds arrive into the TranzMoney bank account. As a result, this covers those rare instances when we cannot find sufficient counterparties in the other country with which to cross your order.
| Crossing Session Example: |
| Australian Dollar (AUD) / New Zealand Dollar (NZD) Exchange Rate @ 12:00pm |
| |
1. |
A$50,000 |
| |
2. |
A$30,000 |
| |
3. |
A$15,000 |
| |
4. |
A$5000 |
|
| Interbank Bid |
Midpoint |
Interbank Offer |
| 1.2498 |
1.2500 |
1.2502 |
|
|
| 1. |
NZ$80,000 |
| 2. |
NZ$40,000 |
| 3. |
NZ$5000 |
|
| |
| Total: |
A$100,000
(NZ$125,000) |
|
 |
| Equal Amounts- all orders are crossed at the midpoint of the interbank exchange rate (1.2500) |
|
| Total: |
NZ$125,000
(A$100,000) |
|
|
 |
What you have to do to in order to transfer money through TranzMoney:
| 1. |
Firstly, register with TranzMoney on the Register webpage. We will email you an Account ID to be used when you place an order on the Transfer Money webpage. We will also send an Address Verification Code via postal mail to the address you provide on the registration form. Please email us (contact@tranzmoney.com) this code when it arrives in the mail. *This process is required to verify your address for regulatory reasons and only needs to be done once, when you initially register with us (you can place your first order before this Address Verification Code arrives). |
| |
|
| 2. |
Each time you want to send money, go to the Transfer Money page, where you will enter your Account ID, the amount and beneficiary account details for your money transfer. |
| |
|
| 3. |
Go to your online bank account and transfer funds according to the instructions page which is displayed after you submit your order on the Transfer Money webpage (on this website). In the instructions you provide to your bank, you must include your name or TranzMoney account ID in the reference field so that we can identify incoming customer funds. |
| |
|
| 4. |
If your incoming funds have arrived into TranzMoney's bank account before 11:55am (London time), then your order will be crossed at the midpoint exchange rate existing at 12:00pm. However, if your funds don't arrive until after 11:55am, we will cross your order on the next business day. Click here for a World Clock. |
| |
|
| 5. |
Upon being crossed, your order will be sent to the beneficiary's bank account, usually taking between 1 - 4 business days to arrive. We will email you an execution report, which will include the exchange rate you received. |
* Before continuing, you should also read our FAQ page. |
