Foreign Currency Payments using ComPay FX. 29 June 2009

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1 Foreign Currency Payments using ComPay FX 29 June 2009

2 Pay and receive international payments quickly and securely in ComPay Partnership: Through our partnership with Custom House, ComPay can now efficiently process your international payments in-house and bring you benefits from Custom House s extensive network of global banking relationships. Who are Custom House? Custom House Ltd. is a global payments company that offers extensive international payment solutions using market-leading technology and a worldwide network of trading offices. Custom House set the industry standard for compliance by championing international security and regulations, while continuing to demonstrate outstanding quality of service, industry best practices, and ethical conduct. Founded in 1992, Custom House enables clients to make payment transactions quickly, efficiently and securely online via ComPay through dedicated global banking relationships. Through vast knowledge of the market and industry expertise, Custom House in partnership with ComPay remains committed to providing superior value and innovative, cost effective solutions for our diverse client base. This is done by addressing the needs of individuals, enterprise clients, Fortune 500 companies and industry specific markets. ComPay FX offers you: ComPay FX offers you reconciliation of payments, comprehensive tracking, aggregated payment processing and easy online payments. Make foreign currency payments within your ComPay on-line account Payments for FX are made in the same location as storage or AUD invoice or DO payments Scheduled and one off payments are easy and cost-effective with competitive exchange rates Track international payments from invoice creation to beneficiary payment Significantly reduced transaction costs through aggregated payments and easy reconciliation How to register to purchase & pay in foreign currency? For current ComPay customers go to and complete in the relevant Custom House documentation. This includes submitting photo ID for all users of the FX solution. For new ComPay customers, they must register for both normal ComPay and FX. Registration takes place at and for FX within the ComPay registration at Page 2 of 5 Vers 1.0

3 How to register to RECEIVE FX payments? For current ComPay customers simply download the International Bank account forms either on the ComPay login page or in the Support section of ComPay. Complete and return forms to 1-Stop. For new ComPay customers simply input your International receivables bank account when entering all receivable bank account details. Introductory Fees: $5.00 for each FX transaction made. Receivables registered: $ to register, $10.00 a month subscription. Benefits: Save Money Buying Your Foreign Currency ComPay provides a simpler payment process for our members buy allowing them to purchase and pay in foreign currency to ANY shipping line, freight forwarder or other party. Combined with same day or next day settlement and small transaction fee, using ComPay FX is the most efficient and cost effective way to make your foreign currency payments as well as improving the timely release of your cargo. Members of the logistics community pay significant fees to purchase and receive foreign currency. ComPay has worked with its members to identify ways in which we can reduce costs for senders and receivers of FX payments. ComPay has partnered with Custom House to develop the foreign exchange solution. The cost to purchase a ComPay FX transaction is $5.00 for each foreign currency payment. Anyone can be sent foreign currency payments via ComPay and receive funds into their bank account either same day or next day. Even if a current member has not registered their foreign currency account details they can receive FX via ComPay via the Pay Anyone feature. A payment notification is sent automatically via confirming you have transferred funds to the receiver relating to the particular invoice payment. For more information and to apply for a ComPay FX account visit: Page 3 of 5 Vers 1.0

4 Want to reduce the significant costs of receiving Foreign Currency and say good bye to intermediary fees? If you receive foreign currency payments today it is likely there are a number of bank costs that are hard to identify and can be quite expensive. Examples of bank fees you may incur include: Line item- for each foreign currency payment credited to your account. Intermediary determined by the correspondent bank used by your bank Commission and other account fees. While some members of the community may choose to pass some of these fees on to their customer, it is the fees that cannot be recovered from your customer that add up. For example, if you receive 20 FX payments a day from your customer, here are some typical fees you need to pay: $8 per payment per bank line item fee totals $160 per day $20 per payment for intermediary fee totals $400 per day This is a total of $560 a day. If you are trading a conservative 200 business days a year, this totals $112,000 a year in fees!! This has a significant impact to your bottom line in particular if you are unable to recover these costs from your customer. Foreign currency payments received through ComPay are aggregated and therefore will reduce or eliminate your fees imposed upon you by your bank. Some customer scenarios: Costs to a Shipping Line receiving payments via ComPay with registered FX accounts within ComPay FX payments received each year Estimated Costs to receive FX payments non aggregated Estimated Costs to receive FX payments aggregated inside of ComPay Savings when using ComPay FX to receive FX payments 400 $11, $ $ $22, $ $ $33, $ $ $44, $ $ $56, $ $ $84, $ $ $112, $ $106, The more payments received via ComPay FX the greater the savings Page 4 of 5 Vers 1.0

5 How our members receive the savings: To provide the savings in bank line item fees and intermediary fees ComPay moves one daily aggregate FX payment to our registered international bank account members. This means that the payment, even if made from 20 payments from 20 different customers enters the members international bank account as one ComPay FX payment. This one payment therefore only incurs a single bank line item fee and intermediary fee. FX payments made via the FX Pay Anyone feature will be delivered by the next day to the recipient but the receiver does not receive any savings as the payments are not sent as an aggregate but as single line items. To receive the savings a member must register their international bank accounts. What currencies can be purchased? All currencies can be purchased and received. The predominant currencies in our industry are AUD, EUR, USD, HKD, NZD, SGD, JPY and even the INR (Indian Rupee)! What currencies can be received? All currencies can be received if the recipient has a relevant international bank account. Parties needing to transfer funds to a parent company can... If you wish simply register your parent companies receivable account under your ECN within ComPay. This means that those funds can (if you desire) be delivered straight to the parent companies account overseas. Settlement timeline: Next business day settlement is available for approved ComPay FX customers. Page 5 of 5 Vers 1.0