Q. How do I exchange currency through Canadex Forex Services Corporation?
A. At Canadex Forex, we deal in business-to-business transactions. We do not deal in cash. Each business must provide the information required on our business account set up form. Then, you can simply call your account manager, let us know how much you will be buying or selling and we’ll give you the best possible exchange rate to save your business money.
The trade is then confirmed and you can settle by cheque, bank draft or wire transfer depending on your business agreement. We offer a free same-day delivery/pickup service for corporate requests that are placed by 11 am and next-day delivery on orders placed after our 11 am cutoff time, Monday to Friday. Clients can also send couriers if preferred.
It’s that easy!
Q. How can I ensure that I get the best rate of exchange for my currency?
A. At Canadex Forex, we will do everything in our power to beat or match any exchange rate offered by your bank or other exchange companies. We are able to do this because we buy our currency in quantity on the market, and as a result our operations costs are regulated.
Q. What is a “forward exchange contract”?
A. Leave the details to us with a Forward Exchange Contract.
Forward Exchange Contracts help you manage the risk of foreign currency denominated payables or receivables. By entering into a Forward Exchange Contract, you have the benefit of locking in the rate of your currency exchange, thereby mitigating the risk inherent in a future foreign currency payment obligation.
A Forward Exchange Contract is a contract to conduct a foreign exchange transaction at a fixed rate of exchange on either a fixed future date (closed contract) or during a fixed period of time (open contract). Forward Exchange Contracts require a margin deposit and maintenance margin obligations throughout the contract duration. Forward Exchange Contracts are quoted at a premium or a discount depending upon the transacted currency.
Call a trader for more information about Forward Exchange Contracts 604.929.3754
Q. How are currency exchange companies regulated?
A. Canadex Forex Corp. is committed to helping detect and deter money laundering and terrorist financing activities and prides itself on compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
As a Money Services Business under the PCMLTFA, we have certain client identification, record keeping and reporting obligations. To that end, we have developed a series of policies and procedures designed to meet or exceed our regulatory requirements.
Know Your Client
We are required to take steps to identify our clients and keep records of our client accounts and transactions. We are required to report Large Cash transactions and Electronic Funds Transfers to the Financial Transactions Reports and Analysis Centre of Canada (FINTRAC – www.fintrac.gc.ca). We are also required to recognize and report transactions where there is a suspicion of money laundering, terrorist financing, or threats to the security of Canada.
Compliance Regimes
The PCMLTFA requires the implementation of a Compliance Regime , which includes the appointment of a Compliance Officer, implementation of policies and procedures, ongoing compliance training for staff and a periodic review of the regime.
All staff at Canadex Forex Services Corporation participate in ongoing compliance training to ensure the policies and procedures are working properly. Canadex Forex Services Corporation has appointed a Compliance Officer to oversee the company’s compliance regime. Further inquires can be directed to compliance@canadexforex.com
More information about the requirements of the PCMLTFA can be found on the FINTRAC website: www.fintrac.gc.ca