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Foreign Exchange Frequently Asked Questions

  • What is Foreign Exchange (FX or Forex)

    Foreign Exchange is the term used to describe the simultaneous exchange of one currency for another, i.e. you buy one currency and sell another. The amount of one currency that you exchange for another is determined by the exchange rate.
  • Who uses the Foreign Exchange market?

    Anybody who has a need to exchange, convert or transfer one currency for another uses the Foreign Exchange Market. The players are predominantly Importers Exporters, Fund Managers Businesses, Individuals, Corporations, Governments Central Banks and Speculators.
  • Is there an actual Exchange where currency prices are determined?

    There is no actual market place or formal exchange where currency prices are determined. The wholesale interbank rate is referenced electronically from numerous transactions between separate demand and supply sources globally for each currency at any one time.
  • Who owns Axiforex?

    Axiforex is privately owned with a majority of its shares held by employees.
  • How long have AxiForex been trading?

    Through our associate company, AxiForex has been trading in the Australian market since 1999. The principals of AxiForex have been in the Foreign Exchange markets since the early 1980s.
  • Is AxiForex licensed to provide foreign exchange transactions?

    You should only deal with a licenced foreign exchange dealer. AxiForex is an authorized foreign exchange dealer regulated by ASIC, holder of Australian Financial Service Licence No. 318232. ASIC requires licenced foreign exchange dealers to meet strict capital requirements and to implement and comply with internal procedures including risk management, staff training, accounting and audit. Taking advantage of our technology and bulk buying power enables us to get the most competitive rates, saving you money every time.
  • Why should I use AxiForex for my Foreign Exchange conversions?

    You save money by gaining access to exchange rates and services normally reserved for the large corporations;

    You can eliminate your commissions and reduce fee costs associated with your foreign exchange transactions;

    You can be secure in the knowledge that AxiForex takes responsibility to safely deliver your funds to your party on time, every time.

  • What other benefits do I get when I exchange my currency with AxiForex?

    As well as bank beating rates, you can trade either on the telephone or online, either in spot or forward contracts. You can subscribe to a currency morning report for free, obtain the highest quality of personal service, have access to market watch exchange rate monitoring as well as unrestricted access to assistance with currency buying strategies to help you get the best outcome for your business.
  • Are my funds safe with AxiForex?

    Your funds are safe with AxiForex.

    AxiForex is regulated by ASIC under licence AFSL No.318232 and guarantees the highest levels of corporate governance. Your funds are held, under Australian Client Money Rules, in segregated trust bank accounts with primary banking institutions. You have the further reassurance that AxiForex has the necessary professional indemnity insurance that complies with Section 912B of the Corporations Act and ASIC regulatory guide 126.

  • Who holds my money?

    Your funds are safely held in segregated client trust accounts. AxiForex only uses primary banking institutions to hold and transfer its currencies on your behalf.
  • How does AxiForex make their money?

    We make our margin between the difference in the wholesale price exchange rate that we can obtain and the price that we give you.
  • How secure is exchanging currency online with AxiForex?

    All transactions with AxiForex are secured with the highest levels of encryption technologies supported by and with the reassurance of the world renowned Verisign systems. Verisign protects billions of transactions every day across the world’s data networks. The transaction platform is one of the most sophisticated in the market place and all your activity and information is securely held. Your settlement process is backed by state of the art automated back office procedures. Automated transfers and transactions mean there is no room for human error. We have systems and processes in place that safeguard against any unauthorised use or disclosure of your personal information.
  • What makes currency markets move?

    There are many factors that can affect the volatility and demand for and supply of a particular currency. Some examples that can impact on the price of a currency includes (but is not limited to) that country’s inflation, government or central bank policy, political factors, commodity prices, international trade or just perception surrounding any one or all of the above.
  • How are risks averted?

    You can be assured that there is no settlement risk with AxiForex as all monies must be cleared and received in by AxiForex before any payments are made. Fast and dependable settlements are backed up by state of the art automated back office procedures. Automated transfers and transactions remove the chance for human error.
  • Over what hours are the Foreign Exchange markets open?

    The global Foreign Exchange markets trade globally around the clock continuously commencing the week at 9am New Zealand Time Monday morning until the close of business being 5pm New York Time on Friday night.

    You can trade online with AxiForex from 7am Monday morning AEST until 7am Saturday morning AEST.

    You can talk with one of our expert foreign exchange traders from 8am until 6pm Monday to Friday (excluding Public Holidays).

  • What Currencies can I exchange with AxiForex?

    Currently AxiForex allows you to exchange and convert the following Currencies:

    USD (United States Dollar)

    GBP (Great British Pounds – Sterling)

    NZD (New Zealand Dollars)

    EUR (Euros)

    JPY (Japanese Yen)

    CHF (Swiss Francs)

    CAD (Canadian Dollars)

    HKD (Hong Kong Dollars)

    SGD (Singapore Dollars)

    DKK (Danish Kroner)

    NOK (Norwegian Kroner)

    SEK (Swedish Kroner)

    ZAR (South African Rand)

    Or any cross rate currency pair from the above.

  • What do I need to do in order to use AxiForex services?

    It’s very simple; you’re half way there already. To access bank beating rates and dependable delivery along with the many other services offered by AxiForex, you just need to open an account.
  • How do I open an account?

    It is very simple to open an account with AxiForex. You will need to complete a simple application form that provides us with details relating to the entity that will be trading. This can be completed online or downloaded and faxed / emailed back to us. The process should take no more than a few minutes of your time.

    By law, to comply with the AML/CTF Act, AxiForex needs to formally identify the person making the application to open an account. You will also therefore be asked to send in copies of certain identification documents

    Before you complete the application forms please read the following guides:

    Product Disclosure Statement and Financial Services Guide (PDF Format)

    Client Agreement (PDF Format)

  • How does it all work?

    After opening an account, you simply call us or log on to our trading platform to get a bank beating exchange rate, and, if you like it, you can lock it in. AxiForex immediately sends out confirmation of your trade. You then advise us of your beneficiary details. Once funds have been received, we then forward your bought currency to the nominated beneficiary.
  • Does AxiForex charge any fees or commissions?

    Our PDS provides further details regarding specific transaction fees and costs. However, please note that our fee is built into the exchange rates quoted when you seek to transact. We also reserve the right to charge other fees such as transaction fee, telegraphic transfer fee, dishonoured cheque fee, express delivery fee or any other relevant fee. Details of all fees and costs will be disclosed to you when entering into a transaction.
  • Why do my beneficiaries sometimes not receive the exact amount that has been converted and transferred by me?

    Funds can only be transferred by you to a beneficiary’s bank account somewhere in the world. AxiForex always remits the full amount that is converted by you. The beneficiary bank may charge a fee to handle / deliver the funds into your beneficiary’s account. Also, if your beneficiary’s bank does not have a direct relationship with the sender’s bank, there may be fees charged by intermediary banks in the ordinary course of business in delivering your funds to the beneficiary bank.
  • I know I can purchase foreign currencies but can I also convert foreign currency receipts?

    Yes, where permitted by law AxiForex can also convert your foreign currency receipts the currency of your choice.
  • When will my money be sent?

    As soon as your deposited cleared funds have been received by AxiForex, we arrange transfer to the beneficiary, usually overnight. An express same day service is available and can be arranged for a small sum if required. This request should be made at the time of transacting the initial exchange.
  • Can AxiForex tell me when the funds have been sent to my supplier or beneficiary?

    You can be informed or advised when the funds have actually been sent to the beneficiary.
  • How long will it take to get there?

    Sending funds is normally an overnight process so will be there within 24-48 hours.
  • What if an exchange rate changes overnight?

    When you make a transaction with AxiForex that price is locked in on your behalf. We guarantee that you have no overnight risk, as all deals are covered when you transact with us.
  • Are AxiForex rates better than other providers?

    Yes, AxiForex can beat the exchange rates offered by other providers. Feel free to compare our prices with your current provider. Our superior systems and low overheads mean that others would find it hard to compete on rates and neither can they offer the service that we provide.
  • Does AxiForex offer to watch orders for me if the market is not currently where I want to trade?

    Yes we do. Sometimes you may not want to deal at the current price on offer and are prepared to wait for a more favourable exchange rate. An order placed to take advantage of a possible lower price than currently on offer is called a limit order. AxiForex accepts limit orders at conversion rates that are better than the current exchange rates. We monitor rates across all international time zones and once your target level is reached, the order is automatically executed. This eliminates the need for you to continually be watching the currency exchange rates 24/7. If your limit order level is not reached, you have not dealt. In such a situation you can choose to either cancel the order or trade at the market price available at that time.
  • How do I place a limit order?

    Specify the amount of your particular currency you wish to sell or buy of the currency pair you are trading, the desired exchange rate and how long you want us to work your order.
  • Can AxiForex let me know when an exchange rate is reached?

    Yes. Simply tell us which currency pair and at what price, and you will be notified when that level is reached. You can choose to be informed by SMS or email.

    Disclaimer: Notification can be delayed or interrupted depending on service providers.
    While we take all care we cannot guarantee this free service.

  • How can I take advantage of overnight volatility?

    To try to secure a more favourable exchange rate for your transaction than is currently available you can leave an overnight limit order. This is a binding order instruction for AxiForex to transact on your behalf.

    AxiForex monitors all international time zones for your selected currencies 24 hours a day. So, if the market reaches your order level, your transaction is automatically dealt.

  • How can AxiForex save me money on Foreign Exchange?

    AxiForex can save you money because it sets its client exchange rates very aggressively, much better than bank rates. This is possible on the basis of our volume currency buying, efficient systems and low overheads. We find that other institutions, including the banks, simply cannot beat our exchange rates.
  • What is Spot foreign Exchange?

    Spot Foreign Exchange is that which is bought and sold for delivery two business days after the deal is transacted. The most commonly quoted exchange rates are Spot rates.
  • What is a Forward Foreign Exchange Contract?

    When you want to lock in an exchange rate now for delivery sometime in the future you can use forward exchange contracts. A forward exchange contract has a settlement date that is more than 2 business days after the trade date.
  • What is Hedging?

    Using forwards to cover your future foreign exchange exposure is also known as hedging.
  • How can Forward Orders benefit me?

    With Forward orders you can protect yourself against fluctuating exchange rates by locking in a rate now. This removes potential risk from adverse exchange movements in the future. Forward orders eliminate risk from potential volatility of exchange rates and also takes away all uncertainty in relation to your exchange of future receipts/payments.
  • But you can’t predict the future?

    You can’t predict the future but you can eliminate any future risk of volatility of foreign exchange rates By hedging you would theoretically have gained if at the time of settlement the actual rate of exchange is worse than when you took out your initial forward cover hedge: or alternatively, you have lost an opportunity if the exchange rate at the time of settlement is better than when you took out your forward cover or hedge. Many people and businesses prefer the level of certainty that hedging delivers. Forward orders take away the worry about the impact on your profitability by removing the need to speculate as to what the exchange rate may be at some later date.
  • Why is the forward price different to the spot price for immediate delivery?

    The difference between the rate today and the rate some time forward is NOT a reflection of future anticipated market movement but rather the higher or lower rate reflects the interest rate differentials between your two currencies for the forward term of your contract.
  • Does AxiForex provide forward cover? (Forward Exchange Contract)

    Yes, we do provide Forward cover (Forward Exchange rates). In most circumstances a small deposit installment is required to cover any potential adverse movement in the exchange rate over the period of your Forward Exchange cover.
  • Why do AxiForex get better rates than I do?

    AxiForex is known as a retail aggregator of foreign exchange. Due to the large volume of foreign currency business that we transact AxiForex is able to trade at or near the wholesale interbank rate.
  • Why don’t I get the wholesale interbank rate?

    The more volume that you transact in one transaction, the closer your exchange rate will be to the actual interbank rate. However, unless your volume is similar to ours, you will not have access to the wholesale interbank market rate.
  • Do AxiForex provide Letters of Credit?

    Only a bank can provide a Letter of Credit (LC). However, AxiForex can save you money and work with your LC in the exchange of currency within your LC. Talk to us about how to do this.