FAQs

Common Questions

• Account Administration

• Technical Support

• Setting Up a FXGlobalTransfer

• Fees and Exchange Rates

• FXGlobalTransfer with OANDA

Account Administration

1. How does FXGlobalTransfer work?

   FXGlobalTransfer is easy. Just open an account with OANDA, deposit money into it, tell us who should receive the money (which bank, which account) and then send! Best of all, the entire process is completed online so you’re never put on hold and never have to negotiate rates over the phone. Read step-by-step instructions for more details.

2. How do I set up an account?

   Simply visit the registration page. Once we process your account information (you need to provide two pieces of identification), your account is set to go!

3. Why does OANDA need so much information about me?

   FXGlobalTransfer uses OANDA's FXTrade trading platform to provide low-cost exchange rates. When you open an FXGlobalTransfer account, you simultaneously open an OANDA FXTrade currency trading account.
   
   There are many regulations associated with currency trading and, as a member of the National Futures Association, OANDA must adhere to them. One of these regulations stipulates collecting accurate information about our account holders. OANDA adheres to a strict privacy policy and will never distribute your information to parties outside of OANDA unless legally required to do so.

4. Are there limits on how much or how often I can make a transfer?

   No. You can send as little or as much as you like at any time.

5. Can I open an account in any other currency besides U.S. dollars?

   You can deposit funds with OANDA in U.S. dollars, Euros, British pounds, Swiss francs, Canadian dollars, Australian dollars and Japanese yen.

6. Can I initiate a transfer from a currency outside OANDA's client account currencies?

   No, transfers may only be initiated from currencies in which we offer client accounts (U.S. dollars, Euros, British pounds, Swiss francs, Canadian dollars, Australian dollars and Japanese yen). However, you can send funds to many different bank account currencies.

7. Can third parties make deposits to my account?

   You cannot ask third parties to wire funds to OANDA on your behalf. OANDA rejects third-party deposits back to the sender. (A third-party deposit is any deposit from a party other than the FXTrade account holder.)
   
   To use this service to receive funds from other parties, you could convince them to open an FXGlobalTransfer account themselves. Then they could add you to their recipient list and send you funds from their OANDA account.

8. How is my FXGlobalTransfer account different from my FXTrade account?

   Your FXGlobalTransfer and FXTrade accounts are the same account. You can use the funds in your account to send money through FXGlobalTransfer or trade with FXTrade. The margin required for any outstanding trades will be deducted from your account balance when determining how much money you can send. When you open an FXGlobalTransfer account, you are automatically given an FXTrade account and it is enabled by default. If you are an existing FXTrade client, you do not have to open a separate FXGlobalTransfer account; instead, you simply enable FXGlobalTransfer.

9. What do ABA / IBAN / SWIFT mean?

   The ABA (American Bankers Association number) is a 9-digit transit number assigned to each bank in the United States. IBAN (International Bank Account Number) is a unique number that identifies a specific bank account anywhere in the world. Generally it contains a two-character country code, two check digits, and the basic account number (which includes bank and account information). SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a worldwide financial messaging network. The majority of international interbank messages use the SWIFT network.

Technical Support

1. Is FXGlobalTransfer only available online?

   Yes, you can only set up money transfers through FXGlobalTransfer online. This means that you have full control over the process and can set up payments of any amount, at any time instead of waiting for a human operator to conduct and negotiate the transfer on your behalf.

2. Why can't I log in?

   FXGlobalTransfer requires that you have cookies and JavaScript enabled in your browser. See the technical requirements page for details on how to set this up.

3. Why was my transaction delayed in sending?

   The FXGlobalTransfer system has safeguards in place to detect fraudulent activity within your account. Hence, any transactions that display inconsistencies may be flagged for manual verification before the transaction can be processed. If you are wondering about the status of your transaction, please contact our customer service department.

Setting Up a Transfer

1. Which currencies are offered by FXGlobalTransfer?

   You can exchange and send many different currencies. The most commonly traded currencies are: Euro (EUR), British Pound (GBP), US Dollar (USD), Canadian Dollar (CAD), Japanese Yen (JPY), Australian Dollar (AUD), Swiss Franc (CHF), Norwegian Kroner (NOK), and the Swedish Krona (SEK).  Use the Quick Quote tool for the complete list of currently available currencies.

2. Why don't you offer the currency I want to send?

   We're working hard to roll out other currencies at the same great low rates. Visit our site often to see what's new, or send us your suggestions.

3. How do I fund my OANDA account?

   You must wire your funds to OANDA from your bank account. (You cannot use PayPal, personal checks, bank drafts, or credit, nor can third parties fund your account.)
   
   These funds should be in your OANDA account currency, so you will not have to pay foreign exchange fees to your bank. You can send one wire to OANDA to cover the funds for as many wires abroad as you need. We pay interest on your money and you can get your money back at any time (if it’s not already wired or not used by margin trading).

4. Why do I have to have money in my account before setting up a transfer?

   When you transfer funds with FXGlobalTransfer, you are actually making a spot trade between two currencies at the exchange rate offered at that moment. One of FXGlobalTransfer's benefits is that it gives you live interbank rates that are usually only offered to professional traders. To take full advantage of the best exchange rates as the market fluctuates, you must ensure that your account is always sufficiently funded to cover a transfer made on the spot.

   Keep in mind that money kept in an OANDA account does receive interest. In fact, we calculate the interest rates that we pay on a continuous, second-by-second basis. This is in contrast to other financial markets, where interest rate payments are made at daily intervals with the shortest increment of one business day. For further details, see the explanation of borrowing interest rates on the OANDA Interest Rate Calculation page.

5. How do I know how much money to deposit in my FXGlobalTransfer account?

   When you transfer funds through FXGlobalTransfer, you pay the applicable exchange rate (we offer you live rates that fluctuate with the market) and a flat fee based on the US dollar. You should always have enough money in your account to cover these costs, plus the amount you want to transfer. Note that we pay interest on any outstanding funds remaining in your account.

6. Should I maintain a balance in my account, or add to it only when necessary?

   Generally speaking, most people who use FXGlobalTransfer make multiple payments now and in the future. To ensure that you have funds available for your next transfer, it is better to fund your account now.

   We pay continuous interest on funds stored in your account. For further details, see the explanation of borrowing interest rates on the OANDA Interest Rate Calculation page.

7. How do I withdraw money from my FXGlobalTransfer account?

   You can withdraw money from your account at any time through the cash management system. Note that if you also use your account to trade currency through FXTrade, then the money in your account must be equal to or greater than the margin requirement before you can withdraw funds. You must withdraw funds in the same way in which you deposited them into your account (for all account holders based outside the U.S., the only option is wire transfer). For example, withdrawals for deposits received by check will be made by check, withdrawals for deposits made by wire transfer will be made by wire transfer, and so on.

8. Can I send money to my own bank account in another country?

   Yes. You simply have to set up your overseas account as a recipient.

9. Why does FXGlobalTransfer need so much information about recipients?

   Recipient information is required to ensure that we can perform the transfer while adhering to the many banking standards around the world.

10. Can I receive money in my OANDA account?

    At the moment, FXGlobalTransfer only processes the sending of funds. However, we’re working hard to offer this feature to our clients in the near future.

11. Can I set up recurring transfers?

    FXGlobalTransfer does not have an automated recurring transfer feature at this time.

12. How long do transfers take?

    The time it takes to complete a transfer depends on the banks around the world that process it. Generally speaking, a US Dollar/Euro transaction during business hours will take 2 to 3 business days. OANDA cannot guarantee transfer times, so we advise our clients to set up transfers well ahead of any deadlines (for example, six or seven business days in advance).

13. What happens if the recipient claims they did not receive the funds?
    
    Typical transfer to the EU, US and UK complete in two business days. Other transfers may take up to 5 to 7 business days. If your recipient claims that they have not received the funds after several business days, you should contact OANDA support so that we can begin a wire trace to determine where the funds are.
14. What is the maximum amount of money I can send?
    
    You can send up to 10,000,000 units of any particular currency. If you need to send more, you can set up a separate transfer.
15. What happens if my recipient cannot accept the funds I sent?
    
    The funds are deposited to your FXTrade account at the exchange rate current on the day the funds arrive back at OANDA.
    
    
16. Can I set up urgent transfers?

    FXGlobalTransfer does not offer urgent transfers at this time.

Fees and Exchange Rates

1. How much does it cost to send a transfer?

   FXGlobalTransfer clients receive some of the best exchange rates in the industry due to the low spreads and live rates offered by the FXTrade System. In addition, there is a flat fee to process your transfer. You can use our cost calculator at any time to see the current cost to send your funds.

2. Is there a monthly fee?

   There are no monthly fees. You pay a simple flat fee to take advantage of our low rates. You can use our cost calculator at any time to see the current cost to send your funds.

3. What are spreads? How do they affect the cost of sending a payment?

   The spread is the difference between the bid and ask price of a currency pair. When you send a money transfer, the spread determines the exchange rate that you are quoted. Basically, the lower the spread, the better the exchange rate, and the less you pay in hidden "fees" to your broker. Find out more about FXTrade spreads.

4. What fees will the receiving banks charge?

   OANDA aims to include all bank fees in our flat fee. However, in rare cases, recipient banks may charge for incoming wires (this is beyond OANDA’s control). Before sending funds, you should check with the recipient banks for details, and include these charges in your transfer amount if paying a specific amount.

5. What determines the exchange rate?

   There are many factors that determine the exchange rate at any given time, including large institutional transactions and news releases.

6. How often does the rate change?

   FXGlobalTransfer's exchange rates are live, fluctuating throughout the day according to market activity. Note that most other money transfer companies use a fixed daily rate that includes large spreads on interbank rates (so those companies can avoid potential losses from interday currency movements).

7. How can I monitor fluctuating exchange rates?

   FXTrade is an excellent tool for monitoring fluctuating exchange rates. OANDA also provides many other tools to help you learn more about the factors that affect exchange rates.

8. Can I fix an exchange rate for the future?

   You can “fix” future exchange rates by entering spot trades through FXTrade. For more information on reducing currency risk, visit the OANDA FXConsulting site.

9. What other ways can I hedge my foreign exchange risk?

   Visit the OANDA FXConsulting site for information on hedging.

Why Use FXGlobalTransfer with OANDA?

1. Who uses FXGlobalTransfer?

   FXGlobalTransfer clients include corporations, expatriates, international homeowners, and students. For further details, see the pages on how individuals or businesses use FXGlobalTransfer. 

2. Why is FXGlobalTransfer better than banks?

   Banks often charge exorbitant flat fees to process international money transfers, in addition to their exchange rate reflecting wide spreads.
   
   Conversely, FXGlobalTransfer offers you some of the lowest spreads in the foreign exchange industry and charges a flat fee for any size transfer. Go to the Cost Comparison page to see how FXGlobalTransfer can save you money. You can use our cost calculator at any time to see the current cost to send your funds.

3. Why is FXGlobalTransfer better than other international money transfer companies?

   We know we offer some of the lowest spreads in the industry, and we want our clients to know it too. FXGlobalTransfer clearly lists the applicable rates and fees so you always know exactly how much you’re paying for your transfer. Best of all, FXGlobalTransfer gives you complete control over your transfers because it’s entirely online, convenient, and secure. No waiting for the bank to open. No negotiating rates on the phone. No getting used to new account managers. With FXGlobalTransfer, you control the entire transaction from your own computer.

4. How does FXGlobalTransfer save me money?

   We offer some of the most competitive spreads in the currency trading industry and a simple low flat fee. The more money you transfer, the more economical it is for you.

5. Is OANDA licensed?

   OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA) in the United States. Find out more about OANDA's regulatory compliance.

6. Is my money safe with OANDA?

   OANDA keeps customer funds in accounts at top tier banks such as JPMorgan Chase, Royal Bank of Scotland, Deutsche Bank, and the Royal Bank of Canada. Funds are withdrawn from these accounts only as a direct result of customers' trading-related activities or withdrawal requests. The cash in these accounts exceeds at all times the net amount owed to all of our clients.
   
   OANDA's platform employs the latest in security and encryption technology to ensure that your transactions remain private and secure. We use the same security mechanisms as online banking sites (128-bit SSL) to protect your data. We also use ServerVault to host our servers. ServerVault offers multiple redundant tier-one bandwidth providers, a predictive network management system, and N+N power redundancy. ServerVault is the first commercial data center to meet Department of Defense standards for Sensitive Compartmented Information Facility (SCIF) protection.

7. How is FXGlobalTransfer connected to FXTrade?

   FXGlobalTransfer uses OANDA's FXTrade trading platform to provide low-cost, live exchange rates. You can use the funds in your OANDA account to send money through FXGlobalTransfer, or trade with FXTrade. (The margin required for any outstanding trades will be deducted from your account balance when determining how much money you can send.)  OANDA client accounts are connected to both FXGlobalTransfer and FXTrade, meaning clients can trade or transfer funds from the same account, and the account balance reflects all activities across both services.

8. FXTrade has a policy of withdrawing funds only in the same manner in which they were deposited. Does this apply to FXGlobalTransfer?

   Yes, this withdrawal policy also applies to FXGlobalTransfer. Since FXGlobalTransfer is a wire service, you can use it to send only those funds that were deposited by wire transfer; you cannot use FXGlobalTransfer to send funds that were deposited by PayPal or check.

9. I use FXManager but cannot send funds from all of my accounts. Why is this?

   If you are a money manager who trades client funds through FXManager, note that FXGlobalTransfer does not allow transfers out of managed accounts. This feature is designed to prevent FXManager users from transferring funds out of their clients' trading accounts.

   FXManager users can, however, enable FXGlobalTransfer and set up transfers from non-managed accounts.