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Frequently Asked Questions

XYLO Foreign Exchange is a fast, simple and secure online
payments platform which provides businesses with
live access to the competitive wholesale FX market.

01. XYLO Foreign Exchange

What currencies does XYLO Foreign Exchange offer?

With XYLO Foreign Exchange you can buy or sell your Australian dollars against the following currencies:

US Dollars (USD)
Euros (EUR)
Pounds Sterling (GBP)
Japanese Yen (JPY)
Swiss Francs (CHF)
Canadian Dollars (CAD)
New Zealand Dollars (NZD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
Brunei Darussalam Dollars (BND) *
Danish Kroner (DKK)
Fiji Dollars (FJD) *
French Pacific Franc (XPF) *
Indian Rupee (INR) *
Saudi Arabia Riyals (SAR) *
Solomon Island Dollars (SBD) *
South African Rand (ZAR)
Sri Lankan Rupee (LKR) *
Swedish Kroner (SEK)
Norwegian Kroner (NOK)
Papua New Guinea Kina (PGK) *
Philippine Peso (PHP) *
Thai Baht (THB) *
Vanuatu Vatu (VUV) *
Samoan Tala (WST) *

* Currencies only available to Business clients or Individual clients with a Westpac account.

 

What kind of FX deals does XYLO Foreign Exchange support?

XYLO Foreign Exchange allows you to book Spot FX (Spot Contract) and Forward FX (Forward Contract) rates.

How do Forward FX Contracts work with XYLO Foreign Exchange?

XYLO Foreign Exchange determines the FX rates used for Forward Contracts by calculating an interest adjustment to the applicable Spot Contract rate. This adjustment is known as the Forward Margin. You can nominate a Forward Contract term of up to 6 months depending on XYLO's credit assessment.

In order to use Forward Contracts with XYLO, you will first need to complete some additional registration information. Our Customer Care team is happy to assist you with any questions you may have.

Can XYLO Foreign Exchange receive funds in a foreign currency?

Yes. XYLO Foreign Exchange can facilitate the receipt of funds in a foreign currency. In this arrangement you will be selling XYLO your foreign currency in exchange for an equivalent amount of Australian Dollars. This is typically called a Foreign Inward Telegraphic Transfer.

After you have requested and accepted an FX rate to sell your foreign currency to XYLO, you will be provided with on-screen settlement instructions. You must arrange for the telegraphic transfer of the foreign currency as per these instructions, otherwise you will not be regarded as having met your obligation to deliver that amount to XYLO. Once XYLO receives your foreign currency, the contracted AUD equivalent will be paid into your nominated domestic AUD bank account.

What is a SWIFT code?

A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique code, 8 to 11 characters long, that is used by banks to send secure messages to other banks. It can be thought of as a bank's numerical address (as opposed to its postal address). Similar to a postal address, you need to get the destination bank's SWIFT code correct or the information (or funds) you're sending can not be guaranteed to reach its final destination in a timely and accurate manner (if at all).

Can I make a payment to a bank that does not have a SWIFT code?

No. XYLO Foreign Exchange can only make foreign currency payments to banks that have a valid SWIFT code.

What if the bank I want to send money to doesn't have a SWIFT code?

XYLO Foreign Exchange is unable to transfer funds to a bank that does not have a SWIFT code. However in some instances we are able to facilitate a transfer. Should you find yourself in this position, please call our Customer Care team.

What do I need to do before I make a deal?

First, you need to register with XYLO Foreign Exchange and you must have read and understood the Product Disclosure Statement . Before you book any FX deal with XYLO, you must ensure you have sufficient cleared funds in your nominated bank account to cover the FX deal.

What happens if I make a mistake when I make a deal? Can it be reversed?

Yes. Exact details of how XYLO Foreign Exchange handles deal reversals are available in the Product Disclosure Statement. However XYLO Foreign Exchange has been designed as an intuitive system. It moves you through easy to follow steps to minimise any chance of error. You'll always be prompted as to whether to accept or decline the FX rates offered and you can contact Customer Care at anytime to help guide you through the process.

Are different Access levels available for additional Users of my Account?

Yes. During your registration you can nominate specific Access levels for any Users you wish to grant access to your Account. This feature allows larger businesses to split the different levels of XYLO Foreign Exchange across a number of Users, thereby minimising workload for individuals and spreading the authorisation of payees and payments across a number of people in a company.

What does it cost to use XYLO Foreign Exchange?

XYLO's automated online service has been designed to minimise costs so you save on fees. Registration for XYLO Foreign Exchange is free, there are no on-going fees, and standard Telegraphic Transfer fees are a competitive $5* per Telegraphic Transfer (TT). A detailed breakdown of fees are set out in the Product Disclosure Statement .

* Subject to any promotional offers detailing a different TT fee structure.

Do I have to have a Westpac Banking relationship to use XYLO Foreign Exchange?

No. While XYLO Foreign Exchange is a division of Westpac Banking Corporation, you don't need to have a banking relationship, or even a Westpac bank account, to use XYLO Foreign Exchange. All you need is a domestic AUD bank account which has Direct Debit facilities.

Who can register for XYLO Foreign Exchange?

XYLO Foreign Exchange has been developed for importer and exporter businesses/sole traders who have a domestic AUD bank account.

How do I register?

You can begin your XYLO Foreign Exchange registration online. Simply complete the form, print and sign it. We will need copies of certain identification to complete your registration. Details of what identification you will need to supply and how to supply them to us are provided on the Registration page.

You can also save your registration online to complete within 7 days. If you have any questions regarding your registration, please contact Customer Care .

Do I need identification to register?

Yes. In compliance with Australian laws regarding Anti Money Laundering (AML) and Counter Terrorism Financing, XYLO Foreign Exchange is required to obtain, verify and record certain information during your registration process. This allows us to identify you, your business, and your nominated Users. Documents which you are required to provide vary according to whether you are an Organisation, Partnership or Individual. Details of what identification you will need to supply are provided on the Registration page.

What happens after I send in my registration?

We will despatch your XYLO Foreign Exchange Welcome Kit and Security Token within 3-5 working days after we receive your completed and signed registration form (with identification documents if applicable). Your account can then be activated.

How do I get help when using XYLO Foreign Exchange?

There are 3 types of help available when using XYLO Foreign Exchange:

1. Online Help Click the Help icon located in the top right hand corner of any screen in your Account. This will open a help panel which will include a brief description of the screen, steps for completing the screen and any field definitions.

2. Customer Care Contact XYLO Customer Care on 1300 XYLO FX (1300 995 639) for one-on-one assistance.

3. Email Email Customer Care at CustomerCare@XYLO.com.au with your query.

Can you set up a XYLO account if your business is based overseas?

No. XYLO Foreign Exchange is only available to Australian resident entities. You must also have an ABN (Australian Business Number) and an Australian Bank account with the name and address details matching those of the XYLO account.

Does XYLO Foreign Exchange have a branch to convert notes and coins?

XYLO Foreign Exchange is an on-line service designed to safely and securely manage your Foreign currency payments. XYLO is only available for the electronic transfer of funds.

0.2 About Foreign Exchange

What is Foreign Exchange?

Foreign exchange ("FX") is the simultaneous buying of one currency and selling of another. The FX market, where foreign exchange is traded, is the largest financial market in the world, with a daily average turnover of approximately AUD 2.2 trillion.

What is a Spot FX / Spot Contract?

A Spot Exchange Rate (Spot FX) refers to the exchange rate applicable to an FX transaction where the maturity date is two business days after the transaction date. Transactions for Value Spot (i.e. transactions with a Spot Exchange Rate) are also commonly referred to as Spot Contracts.

What is a Forward FX / Forward Contract?

A Forward Exchange Rate (Forward FX) refers to the exchange rate applicable to an FX transaction where the maturity date is more than two business days after the transaction date. Transactions for all such maturity dates (i.e. transactions with a Forward Exchange Rate) are also commonly referred to as Forward Exchange Contracts.

Who uses the FX market?

The FX market has historically been dominated by banks; including central banks, commercial banks, and investment banks. However the number of other participants is growing rapidly, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, small businesses and private speculators.

When is the FX market open for trading?

The FX market trades 24 hours a day from Monday 5:00am AEST to Friday 5:00pm New York time. FX trading starts each day in Sydney and moves around the globe as the business day starts in each financial centre; first to Tokyo, then London, then New York. Unlike other financial markets, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.

XYLO Foreign Exchange's online trading hours are Monday 5:00am AEST to Saturday 7:00am AEST. XYLO's Customer Care team can be contacted anytime Monday to Friday, between 7:30am and 6pm AEST.

Please note these AEST times do not take into account your own time zone or global daylight saving.

What currencies are most commonly traded on the FX market?

The most often traded, or 'liquid' currencies, are those of countries with stable governments, respected central banks and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies which include the US Dollar (USD), Japanese Yen (JPY), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD) and the Australian Dollar (AUD).

How are currency prices determined?

Currency prices are affected by a variety of economic and political conditions, but the most important factors are interest rates, inflation and political stability. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the FX market makes it impossible for any one entity to affect the market significantly for any length of time.

What is a mid-market rate?

A mid-market rate is neither a buy nor a sell rate but simply an indication of where the current mid-point of the wholesale inter-bank market is trading.