Frequently Asked Questions

Learn more and find answers to commonly asked questions about our solutions and services

Frequently Asked Questions for New Business Customers

  1. What information do I need to send a payment overseas?
  2. How do I know what the foreign exchange rate is?
  3. Are there any costs to use the online system?
  4. Can you notify me when the rates hit my target rate?
  5. How do you keep my information secure?
  6. How do you protect my money?
  7. Are there maximum or minimum numbers of payments?
  8. How do I open an account with CFX Pay?
  9. How do I get a user ID and password for CFX Pay?
  10. How do I know how much money I need to send CFX Pay?
  11. How does my payment recipient know to expect the payment?
  12. How long can I book forward contracts?
  13. 13. How long does it take for my payment to reach its destination?

What information do I need to send a payment overseas?

The following information is required  by most countries for receiving international payments:

  • Full name and address of the Beneficiary/Receiver
  • Full name and address of the Remitter/Sender
  • Bank Name, Branch Address, SWIFT code, local bank code (Transit in Canada, SORT in England, BSB in Australia, IFSC in India).
  • Reference/Purpose of Payment

Additional information required by some countries are TAX ID numbers, phone numbers, and contact name for corporations.

 

How do I know what the foreign exchange rate is?

You can obtain exchange rates from your account manager or directly online. When you receive a quote online, you can book your order at that exchange rate. As exchange rates change several times a minute, it is only locked in when your transaction is booked. You will receive a confirmation via email.

 

Are there any costs to use the online system?

No. By opening an account with Commonwealth FX, you’ll gain access to our online payments platform designed to help you manage all of your FX needs. Open an account now »

 

Can you notify me when the rates hit my target rate?

Yes. Once you and your account manager have determined your foreign exchange needs, you can determine a target rate. Your account manager will notify you, or even book your trade as soon the market reaches the desired level, even if it’s outside of business hours. Learn More »

 

How do you keep my information secure?

We take privacy and security very seriously. Please view our privacy policy and ask your account manager for additional security details. Learn More »

 

How do you protect my money?

Commonwealth FX holds licenses throughout the USA with very stringent reporting requirements. Learn More »

 

Are there maximum or minimum numbers of payments?

No, we are a full-service partner. We can help you manage all your international payment and receivable needs. Depending on your volume, we can work with you to ensure your business runs smoothly by integrating your systems with ours, or customizing our online user interface to your needs. Learn More »

 

How do I open an account?

Sign up for an account and your dedicated account manager will contact you to walk you through the required documentation. Open and account now »

 

How do I get a user ID and password?

Once your account is approved, you will receive and email from your dedicated account manager with your Customer ID #, Username and Password for online access. Then you can login and make international payments and use risk management tools right away.

 

How do I know how much money I need to send?

Whether through your account manager or online, you will receive a receipt clearly outlining the amount of foreign currency bought/sold and the cost in your home currency. Or you can opt for pre-authorized debit and we will seamlessly debit your account the owed amount on the receipt.

 

How does my payment recipient know to expect the payment?

Once your payments are booked and sent, your payee will receive an email with the amount and currency sent, as well as any pertinent reference information.

 

How long can I book forward contracts?

Subject to certain conditions, you can lock in a rate today for use up to one year from now. Your account manager will work with you to determine market trends, and how they fit with your needs to determine what length forward contract is right for you. Learn More »

 

How long does it take for my international payment to reach its destination?

Though there may be a delay due to factors outside of our control, most international payments are generally credited to the foreign currency account in 24-48 hours. Country regulations and correspondent banks may delay this process.  Learn More »

Connect with us to answer your international payment questions