FAQs

International Transfers or Payments Questions

Why should we use Atlas Currency and not our Bank?

Put quite simply, we offer much more competitive exchange rates, have zero fees for amounts > $5000 AUD ($10 fee for amounts between $2000-$4999) Our service will be that of a personal one, we aim for exceptional service (See our 2011 and 2012 awards at the Australian Import Export Industry Awards for “Best Foreign Currency Exchange Provider”)

Is our money secure when using Atlas Currency?

The first thing you need to ask any provider is for their AFSL number. The Australian Financial Services Licence (AFSL No. 342627) is issued by the Australian Securities and Investments Commission (ASIC).

It is a requirement of this licence that Atlas maintains prescribed Surplus Liquid Funds (SLF) balances at all times. Atlas, through the requirements of holding an AFSL, is subject to quarterly and annual financial and compliance audits performed by an authorized external audit company that is to report to ASIC.

This licence guarantees Atlas comply with all relevant legislation and regulations governing financial institutions in Australia Atlas Currency is a member of the Financial Ombudsman Service (FOS) our member number is 14523. You have the ability to contact FOS to see if we have had any complaints against us.

Atlas is also regulated by AUSTRAC as a designated remittance provider under the Anti- Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) .

The level of external regulation and oversight, combined with Atlas’s commitment to prudential risk management through its own risk management systems and those implemented by the external compliance companies appointed ensures a high level of security and peace of mind for its clients.

How long does a transfer take?

This can vary between currencies but as a general rule, from the time we have your funds, allow up to 48 hrs.

Can you deal with most currency pairs?

Yes, Atlas Currency can deal with most currency pairs (i.e you to need to transfer from your US bank account to an account in France in Euro’s) Please contact one of our dealers to confirm currency pairs.

Can I lock in a rate now for a payment I need to make in 2 months time?

Yes, this is known as a Forward Contract. You will need to make a 5% Part Payment which will go towards your final balance due on your value date.

I have a foreign currency draft or cheque, can I exchange this with you?

Yes, there is a slightly longer clearance period for these transactions.

Is there a minimum or maximum amount I can transfer?

The minimum transfer amount is $1,000 AUD equivalent. (amounts between 1,000 and 5,000 incur a $10 AUD fee) Amounts greater than $5000 AUD equivalent have no fees. There is no maximum amount that can be transferred, Atlas Currency has no limits or caps placed upon their trading capacity within its Licence.

I am an importer and use “letter of credit” with my Bank, can I still utilize your services?

Yes, on occasion, a new supplier may ask for a letter of credit or guarantee of payment. Only a Bank can offer this. Here is an example of how we can assist in saving you money. Your supplier requests an LC for 50k USD, you obtain an LC from your Bank, your supplies get shipped and then the due date arrives, normally your Bank would debit your account in AUD, instruct your Bank not to proceed with payment, you now instruct Atlas to make the conversion and payment in USD. Savings can be substantial when using Atlas in this way.

Can I set up a regular FX payment schedule?

Yes, this can be of great assistance to businesses or for people making mortgage repayments internationally.

If there is a particular exchange rate I am trying to achieve, can I place an order if the market hits this point?

Yes, this is called a limit order, just nominate your desired exchange rate and we will monitor the market for you.

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