The spread between our “buy” rate and “sell” rate is our profit margin. Our spreads are tighter than banks so working with Custom House should result in significant savings.
Banks do not specialize in international payments. Custom House offers better rates, tools and service because the only thing we do is make international payments.
As a financial institution, Custom House is governed by a number of regulations and subject to audits by regulators such as FINTRAC. We need to know our client, the purpose of the transaction and source of funds in order to comply with the law.
Depending on the currency, payments usually take 2-3 business days at the most. It often takes the same amount of time to process a new application but some exceptions apply.
Once you’ve purchased a currency through Custom House you will be advised to settle with us in your home currency. In most cases, this is done by wiring funds to our account in your domestic currency.
Yes, with a small deposit (4, 6 or 8% depending on the term) you can lock in an exchange rate for up to a year. Please note that this is a buy now, pay later agreement which you must complete known as a “Forward Contract’. Forwards can not be extended or cancelled. They protect you from the downside (currency depreciation) but you do not participate in any upside. So if you choose to book a forward, make sure you’re happy with the rate and that you’ll use it within the term of the contract.
Limit orders (or currency bids) are a useful way of getting a better exchange rate on a currency. Exchange rates change constantly throughout the day and overnight. Bids can be placed overnight or for up to 30 days. You can also bid on forward contracts. Ask us for details.
That depends on a number of factors such as who you bank with, what currency you are buying and selling and how much. Often we save clients between 1-4%, which is a very good return for such a quick transaction.
Yes, our online program was developed to assist clients with payments in many currencies. There is no minimum amount for an online payment and you can access the program 24/7. We do not charge any fees to open an online account.
