Frequently Asked Questions
Q: Is it safe for me to send money overseas through Moneygram?
A: Absolutely! We provide you with an 8-digit reference number that only you and the beneficiary are aware of. When retrieving the funds, the beneficiary is required to provide a photo identification (I.D) such as a Passport, Driver License or any government issued I.D. In addition, you may also add a test question and answer that you need to convey to the receiver upon retrieving the funds.
However, we strongly advise you NOT to send money to people you do not know.
Q: How long will it take for the beneficiary to receive the funds?
A: This service is an express service. Once the 8-digit reference number is given to the beneficiary, the funds can be collected immediately.
Q: Does Ceylon Exchange purchase and sell all currencies?
A: Ceylon Exchange buys and sells more than 50 currencies. For a list of the currencies we handle please contact our office.
Q: Does Ceylon Exchange charge any commission for foreign currency exchange?
A: No. We do not charge any commission for foreign currency exchange.
Q: Do I need to place an order for purchasing foreign currencies?
A: We normally have all major currencies in stock. However, if you are after an exotic currency then we recommend give us a call beforehand. In cases where we do not have the currency, then you may place an order for it. All orders must be placed before 12pm AEST so that it can arrive the next working day. You may be required to place a deposit of 10% when ordering large amounts.
Q: Why do we need to provide an I.D.?
A: A: By verifying your identity you are helping to protect Australian businesses from being misused for the purposes of criminal activity. See http://www.austrac.gov.au for more details.
Q: What is the difference between the rate shown on TV/Websites and your rate?
A: The rates shown on the TV and newspaper are the wholesale rates for transactions over a million dollars. Ceylon Exchange offers competitive customer retail rates which are in line with the rates that the bank issues to customers on a daily basis.
Q: How long will it take for the funds to be transferred to the beneficiary’s account?
A: Generally, it takes 24 to 72 hours for the money to reach the beneficiary. In some cases it may take slightly longer depending on the account type, amount, laws and jurisdictions of the receiving country.
Q: Is it safe to send money?
As long as you provide us with the correct and sufficient details to go ahead with your transaction, then there will be no problems.
Q: What happens if my money hasn’t reached the beneficiary’s account after your stated time?
A: If the beneficiary has reported non payment then simply lodge a complaint via email. When lodging complaints please ensure that you include in your name and receipt number.
Q: Where can I view the live rates?