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Frequently Asked Questions


Foreign exchange

What is Foreign Exchange?

Foreign exchange (also known as 'FX') is the simultaneous buying of one currency and selling of another. The Foreign Exchange 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.

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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, and private speculators.

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When is the FX market open for trading?

The FX market trades 24 hours a day from Monday 5:00 AM AEST to Friday 5:00 PM New York time. FX trading begins each day in Sydney, and moves around the globe as the business day begins 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

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What currencies are most commonly traded?

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 Australian Dollar (AUD).

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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.

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Using XYLO

What kind of Foreign Exchange Deals does XYLO support?

At the moment, XYLO allows you to do spot deals. For more information refer to our Product Disclosure Statement

The XYLO team are constantly looking at innovative ways to do business, and will continue to introduce new features and enhancements. We'll keep you informed as to how you can get the best out of XYLO - and feel free to find out more by contacting the XYLO customer care team.

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What currencies does XYLO offer?

XYLO supports trading in the following currencies against the AUD:

  • US Dollars (USD)
  • Swiss Francs (CHF)
  • New Zealand Dollars (NZD)
  • Pounds Sterling (GBP)
  • Euros (EUR)
  • Swedish Kroner (SEK)
  • Norwegian Kroner (NOK)
  • Danish Kroner (DKK)
  • Canadian Dollars (CAD)
  • Japanese Yen (JPY)
  • Hong Kong Dollars (HKD)
  • Singapore Dollars (SGD)

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

You must make sure you have sufficient cleared funds in your nominated bank account to cover the deal.

You must have read and understood the XYLO Product Disclosure Statement

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

XYLO moves you through an easy to follow process, to minimise the chance you'll make an error. You'll always be prompted as to whether to accept or decline the rates offered. Exact details of how XYLO deals with reversals are available in our Product Disclosure Statement.

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Are different access levels available?

Different access levels can be set up during customer registration. This allows larger organisations to split the XYLO process between a number of users, thereby minimising the workload for individuals and spreading the authorisation of payees and payments between a number of people in a company.

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How do I get help when using XYLO?

There are 3 types of help available when using XYLO:

1. Screen Help/Field Help

Click the Help link in the top right corner of any screen to open a help panel. You'll see a brief description of the screen, steps for completing the screen and field definitions. Alternatively, click i for information about a specific field.

2. Customer Care

Click the Contact Us link in the top right corner of any screen to obtain the XYLO Customer Care numbers for one-to-one personal assistance.

3. Email

Email us with a query at, or click the email link on the Contact Us page.

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What does it cost to use XYLO?

XYLO offers you competitive market rates. The exchange rates we offer are linked to the interbank market rate. You'll also be charged any telegraphic transfer charges; however, our automated service has been designed to minimise costs, so you save on transaction fees. These fees are set out in the XYLO Product Disclosure Statement and will be withdrawn from you nominated account.

If you're looking for competitive rates and low transaction fees, we encourage you to compare our pricing with your current FX provider.

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