Money Transfer – OANDA FXGlobalTransfer

FAQs

Common Questions


Account Administration

  1. How does FXGlobalTransfer work?

    FXGlobalTransfer is easy. Just open an account with OANDA, deposit money into it, and then send money around the world whenever you need to. 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 confirm 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?

    International money transfers involve exchanging currency so 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. 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.

  5. 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, we send funds to many different bank account currencies.

  6. Can I make third-party deposits?

    OANDA does not accept third-party deposits and rejects third-party deposits back to the sender. A third-party deposit is any deposit from a party other than the FXTrade account holder.

  7. 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, with the same margin applying to both services. 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.

  8. 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 verification before the transaction can be processed. If this occurs, please contact our customer service department and we will help you resolve the issue.

Setting Up a Transfer

  1. Which currencies does FXGlobalTransfer offer?

    We can exchange and send many different currencies. However, our lowest flat fee applies to the most commonly traded currencies: EUR, GBP, USD, CAD, JPY, AUD, CHF, NOK, and SEK. We are working to offer the lowest rates and fees across more currencies. See the pricing page for details.

  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. Can I send drafts?

    We don't offer drafts (international cheques). However, we are interested in hearing which services our clients are interested in, so please send us your suggestions.

  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. With all the fees involved, 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 of either USD$25 or USD$60, based on the currencies that you are transferring. You should always have enough money in your account to cover these costs, plus the amount that you want to transfer. For details, see our pricing info.

  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. However, we plan to offer this feature in the near future.

  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 USD-EUR transaction during business hours will take 2-3 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. Can I set up urgent transfers?

    FXGlobalTransfer does not offer urgent transfers at this time. We are working hard to offer this feature to our clients in the near future.

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 our low spreads and live rates. Clients also pay a flat fee of either USD$25 or USD$60 per transaction, based on the currencies involved. See the pricing page for further details.

  2. Is there a monthly fee?

    There are no monthly fees. You pay a flat fee of either USD$25 or USD$60 per transaction, based on the currencies involved.

  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.

  4. What fees will the receiving banks charge?

    We aim to include all bank fees in our flat fee. However, in rare cases, some banks might levy an additional fee for your transfer. For details, contact the receiving bank.

  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. Conversely, most other money transfer companies offer only a fixed daily rate, adding large spreads to interbank rates to make up for any potential losses due to 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. See the Currency Hedging Primer for more information on reducing currency risk.

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

    See the Currency Hedging Primer for more information on reducing currency risk.

FXGlobalTransfer with OANDA

  1. Who uses FXGlobalTransfer?

    FXGlobalTransfer clients include corporations, expatriates, international homeowners, and students. For further details, see Who Uses FXGlobalTransfer?

  2. Why is FXGlobalTransfer better than banks?

    Banks often charge exorbitant flat fees to process international money transfers, in addition to levying extremely large spreads. Conversely, FXGlobalTransfer offers you some of the lowest spreads in the foreign exchange industry and charges a flat fee of either USD$25 or USD$60, based on the currencies you are transferring. Check out our Cost Comparison page to see how FXGlobalTransfer saves you money.

  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 extremely low flat fees. 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.

  6. Is my money safe with OANDA?

    OANDA maintains all customer funds strictly separate from operational funds in accounts at highly reputable banks such as JPMorgan Chase, Citibank, UBS, 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.

    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 receives its rate feed from FXTrade, allowing OANDA's clients to take advantage of our low, live spreads whether they are trading or transferring funds (with the same margin applied to both types of transactions). 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.