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Two "crossing sessions" will be held each day. The exchange rate given to both sets of counterparties (in the UK and Australia) will be the midpoint exchange rate which exists in the interbank market at the time the crossing session is held. TranzMoney guarantees 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.
| Crossing Session Example: |
| British Pounds (GBP) / Australian Dollar (AUD) Exchange Rate |
| |
1. |
$8000 |
| |
2. |
$6000 |
| |
3. |
$3500 |
| |
4. |
$2500 |
|
| Real Best Bid |
Midpoint |
Real Best Offer |
| 1.9998 |
2.0000 |
2.0002 |
|
|
| 1. |
£2000 |
| 2. |
£5000 |
| 3. |
£3000 |
|
| |
|
 |
| Equal Amounts- all orders are crossed |
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|
|
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What you have to do to in order to transfer money through TranzMoney:
| 1. |
Register with TranzMoney.
You will nominate whether you would like a
sub-
account set up in your name. |
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|
| 2. |
We will send an account ID and password via postal mail. Please allow 2-3 days for these to arrive by mail (the time it takes for local mail delivery). This process is required to verify your address for regulatory reasons and only needs to be done once, when you register with us. |
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| 3. |
Each time you want to send money, go to the Transfer Money page. |
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|
| 4. |
Enter the amount and beneficiary account details for your money transfer. |
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| 5. |
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 TranzMoney account ID so that we can identify incoming customer funds. |
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| 6. |
If your cleared funds have hit TranzMoney's bank account by 11:50am (UK time), then your order will be crossed at the midpoint exchange rate existing at 12:00pm. However, if your order is received after 11:50am, 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. |
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| 7. |
Upon being crossed, your order will be sent to the beneficiary's bank account, usually taking about the same time as a local bank transfer (approx. 48 - 72 hours). We will email you an execution report, which will include the exchange rate you received. |
* Before continuing, you should also read our FAQ page. |
