The Dealing Process
To make currency payments and transfers, the following steps need completing:
• Apply for an account
• Account approval confirmed by Direct FX
We will generally be in touch to confirm account approval and to discuss your currency requirements within 24 hours.
When you are ready to transact, you will now need to tell us:
• The currency you need to sell
• The currency you need to buy
• The amount you need to buy or sell
• Your required settlement date
You can give us this information by either email, phone or fax. Reading communication methods will help you decide what may work for you best.
You then have the choice of asking us to complete you transaction using one of three order types:
• At market order
• Limit order
• Stop loss order
Once your order is completed by us, you will receive our trade confirmation. To complete the transfer we now must both complete our respective settlement obligations. These are as follows:
• Client sold currency paid to Client Funds Account, as cleared funds, one day before settlement date
• On settlement date we will deposit to you or your beneficiary, your bought currency
The transaction is now complete.
• All settlement payments between us must be made electronically
• We do not make or accept cash, cheque, or card payments
• When paying us AUD or NZD, your bank may need to be told to pay as cleared funds
For a full explanation of the dealing and settlement process, please read the appropriate Products Disclosure Statement