|
Two "crossing sessions" will be held each day (12pm and 4pm UK time). In a crossing session, the exchange rate given to both sets of counterparties in each country (e.g. in the UK and Australia - see 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: |
| British Pounds (GBP) / Australian Dollar (AUD) Exchange Rate |
| |
1. |
$8000 |
| |
2. |
$6000 |
| |
3. |
$3500 |
| |
4. |
$2500 |
|
| Interbank Bid |
Midpoint |
Interbank Offer |
| 1.9998 |
2.0000 |
2.0002 |
|
|
| 1. |
£2000 |
| 2. |
£5000 |
| 3. |
£3000 |
|
| |
|
 |
| Equal Amounts- all orders are crossed at the midpoint of the interbank exchange rate (2.0000) |
|
|
|
 |
What you have to do to in order to transfer money through TranzMoney:
| 1. |
Register with TranzMoney. 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. |
| |
|
| 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. You may also choose to place a limit order with us (a limit order lets customers instruct us to buy or sell one currency for another currency at a specific nominated rate). |
| |
|
| 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. 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 hit TranzMoney's bank account before 12:00pm (UK 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 12:00pm, we will cross it at the final crossing session held at 4:00pm. If your is received after 4:00pm, it will be crossed at the 12:00pm crossing session 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 - 5 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. |
